From Deutsche Bank to the world
Japanese giant MUFG is freshening up its global capital markets business, with a couple of senior new hires. It has poached one of them from Deutsche Bank, some of whose alumni are corralling their efforts for a capital markets advisory business.
Raj Kapadia is starting in January as international head of capital markets. He was most recently co-head of technology, media and telecom leveraged finance at JP Morgan.
And Tom Joyce is joining from Deutsche Bank and will lead a new capital markets strategy team, advising clients at the C-suite level on market and macroeconomic developments. Joyce previously led Deutsche's own capital markets strategy group.
Kapadia's role fills a gap left by Paul Young, who stepped down a year or so ago. Since then Randy Chafetz has acted as interim international head of capital markets.
While he is based in New York, Kapadia's remit includes overseeing the capital markets business in Europe, the Middle East and Africa too, which has already been undergoing change.
John Winter in still early on in his reign as head of MUFG Securities for this part of the world. Among his priorities have been integrating the investment bank more fully, and winning more business from financial institutions — both of these with the help of Matteo Ferrario, who was hired to lead the public and private side distribution team in the region.
While Joyce is heading to MUFG, other Deutsche alumni have different plans. Hakan Wohlin, once the head of global debt capital markets origination at the German bank, has linked up with 40 of his former colleagues to form a capital markets advisory firm.
He has remodelled KingsRock, originally formed to advise asset managers on their investments, into a boutique that helps clients source private capital or originate investment opportunities.
Sticking with the theme of big bank alumni resurfacing somewhere else, Christian Meissner — who stepped down as head of global corporate and investment banking at Bank of America Merrill Lynch in 2018 — joins Credit Suisse next week, based in Zurich.
He has been given one of those excessively long and preposition-deficient investment banking titles — co-head of international wealth management investment banking advisory — as well as the role of vice-chairman of investment banking.
Along with Babak Dastmaltschi, fellow co-head of what can more helpfully be abbreviated to IWM IBA, he will work on the wealth management unit's strategy for what the bank calls "entrepreneurial high net worth clients", linking them up to the investment banking offering.
Elsewhere, the leading US banks posted third quarter numbers last week. These showed how they reaped the rewards from what was the third highest quarter on record for global equity capital markets issuance, according to Dealogic.
Goldman Sachs, Morgan Stanley and Bank of America all more than doubled their equity origination revenues year-on-year. This was a counter-weight to fewer advisory fees in a slow M&A environment.
This week it's the turn of UBS and Barclays to report results, on Tuesday and Friday respectively.
Elsewhere, Citi has appointed Christopher Perkins and Sabrina Wilson as global co-heads of its futures, OTC clearing and FX prime brokerage business, while Barclays has hired Gauthier Le Milon from BNP Paribas to be head of M&A for France, Belgium and Luxembourg.
Finally, the revolving door between politics and banking just keeps spinning, with UniCredit selecting Italian parliamentarian and former minister of the economy and finance Pier Carlo Padoan as chairman designate.