MUFG AI hire, Wells QIS push signal bank tech race

MUFG has appointed Stu Taylor to a newly created role heading AI strategy for its global markets division, excluding Japan. Taylor joined the bank in 2020 as head of electronic trading. Sheryl Wang, previously head of fixed income e-trading, replaces him in that role.

The move is the latest sign that large banks are embedding machine learning and automation directly into trading operations, rather than keeping AI in separate innovation labs. Taylor built e-trading businesses at UBS and Merrill Lynch before founding Algomi, a fixed-income fintech that matched buy-side and sell-side credit participants. BGC bought Algomi in 2020 and folded it into its Fenics division.

Wells Fargo is also expanding in quantitative strategies. Natalia Naber has joined to run the bank's quantitative investment strategies business. She comes from UBS, where she headed QIS distribution for Asia. Before that, she spent 14 years at Barclays in equity derivatives structuring and QIS roles, according to her LinkedIn profile.

Earlier this year, Wells Fargo hired Jasdeep Maghera to run equity derivatives structuring. Maghera previously led equity structured derivatives trading at TD Securities and traded equity derivatives at Goldman Sachs. A Wells Fargo spokesperson did not respond to a request for comment.

The QIS push at Wells Fargo follows a broader trend. Banks are building out rules-based, systematic strategies that can be sold to institutional clients as alternatives to passive index funds. The hires suggest Wells is trying to catch up with rivals that already have established QIS platforms.

Barclays lost its operational risk head Steve Portway, who left after 14 years. His destination is unknown. Portway oversaw the bank's operational risk framework, capital and stress-testing, and product approval. In January, Chanel Rock was promoted to head of group op risk strategy at Barclays, alongside her existing role as head of operational risk for Barclays UK.

Citi added two traders. Florian Eichert joins the sovereign, supranational and agency and covered bond team in Frankfurt from Crédit Agricole, where he spent 16 years, most recently as head of covered bond and SSA research. Andrei Kazantsev will become global head of foreign exchange exotics trading starting September 1. He spent 15 years at Goldman Sachs, most recently heading FX flow exotics and structured products, and held roles on crypto derivatives and options trading.

Societe Generale named Marc Saffon as group country head for Japan, effective September 1. He replaces Bruno Gaussorgues, who moves to Paris as group head of credit portfolio risk management. Saffon has led SG's global markets division for Japan since 2020. Several FX traders and salespeople have left SG recently, including London-based Ruchir Sharma, co-head of FX options trading, who joined last summer from Nomura.

Mizuho promoted Guy Reid to head of banking for Europe, the Middle East and Africa. Reid was previously head of primary capital markets for EMEA. He replaces Slava Slavinskiy, who left his role as head of investment and corporate banking for EMEA in May.

Jane Street hired George Fordham, a former Barclays director in electronic FX trading, for a sales and trading role. Fordham spent almost 10 years at Barclays in London, most recently on the automated market-making desk covering G10 and emerging market currencies. Jane Street has expanded its spot FX market-making business over the past couple of years to include direct bilateral streaming.

Two former Citi FX exotics options traders have moved. Jay Steinberg joined Millennium in New York as a portfolio manager in May. Thomas Roberts joined Morgan Stanley in London as an FX options trader focusing on correlation and structured products.

Cboe hired Boudewijn Duinstra as chief risk officer, a newly created role. He joins from ABN Amro Clearing, where he was CEO for the US business since 2021. He previously headed risk management at Ice Clear Europe.

Oberon Knapp joined Digital Asset Holdings as global head of equities. He spent 25 years at Options Clearing Corporation, most recently as head of strategy. Digital Asset owns the Canton network, a privacy-enabled blockchain that works with DTCC for repo of tokenized Treasury securities.

Patrick Schorno joined the Commodity Futures Trading Commission as chief economist. He was previously deputy chief economist at the Public Company Accounting Oversight Board.

Kevin Warsh took oath as chairman of the Federal Reserve Board of Governors on May 22 and was unanimously selected as FOMC chairman. President Trump nominated him on March 4; the Senate confirmed him on May 12.

The Bank for International Settlements appointed new board members. Bank of Italy governor Fabio Panetta began a three-year term as board chair on June 3. Gabriel Galípolo, governor of the Central Bank of Brazil, will chair the meeting of governors of major emerging market economies starting September 1. Michele Bullock, governor of the Reserve Bank of Australia, will chair the Asian Consultative Council. Kazuo Ueda, governor of the Bank of Japan, will chair the committee on the global financial system.

Giulio Mignola has been appointed chair of operational risk management association ORX. Mignola is deputy chief risk officer at Intesa Sanpaolo.

For investors tracking the sector, the cluster of hires in AI, QIS, and FX exotics points to where banks see growth. MUFG's Alpha Score is 57 out of 100, labeled Moderate. Wells Fargo scores 66, also Moderate. Goldman Sachs scores 55, Mixed. The race to automate and systematize trading is accelerating, and these personnel moves are the leading indicator.