Junior investment bankers can leave for private equity funds. Junior salespeople can leave for fintechs.
The latest to make the fintech move is Jeremy Gzaiel, a former emerging market sales associate at JPMorgan. After four and a half years at JPMorgan and nearly two years at Commerzbank, Gzaiel has joined United Fintech, a London-based fintech firm that acquires fintechs in the capital markets space with the aim of scaling them up.
We spoke to United Fintech founder Christian Frahm in May. Frahm told us he planned to add to United Fintech's existing staff of 63 with a further 10 hires this year (in NY, Singapore, China and maybe the UAE), but that he was extremely fussy about his recruits. - "When we post a job we get thousands of applicants. We are very, very selective about who we hire - it's one of our big differentiators."
On this basis, Gzaiel is presumably one of the lucky few. Describing the move as a "fantastic career opportunity," Gzaiel said: "I know this is ideal timing to be focusing on accelerating the digitization of banks and hedge funds."
Gzaiel's move comes as markets professionals have also been moving to Coinbase, the crypto exchange. The latest to join Coinbase is Karina Olevsky, a former director in Deutsche Bank's prime broking business in New York.
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