As we reported a few weeks ago, people let go from major banks' equities divisions at the tail end of last year are finding new jobs despite COVID-19. All is not lost.
The latest to fall into this category is Chris Hagstrom, the former co-head of Americas equities distribution and head of global finance Americas at UBS. Hagstrom left UBS in November 2019, when the Swiss bank trimmed costs in its equities division. After six months' likely spent hanging out watching Netflix and tending the garden, he's back.
Hagstrom is now the New York-based CEO of Karenta, a London fintech company that builds treasury software for hedge funds. Kayenta's other three employees, including ex-Nomura MD and COO and co-founder Matthew Peakman are based in London. Hagstrom, who didn't respond to a request to comment, is presumably planning to sell Kayenta's software to hedge funds in the U.S..
Hagstrom spent over 15 years at UBS. Other popular destinations for equities staff during the coronavirus include Jefferies and Redburn. In their recent Blue Paper, analysts at Oliver Wyman and Morgan Stanley said fintech firms might be a good bet for the future as finance firms look to outsiders to help them automate. However, they cautioned that it's necessary to choose your fintech carefully.
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