Bank cuts the safest jobs in Europe after 90% fall in profits
efinancialcareers.comIf there's one bank that's been consistently bullish about recruitment, it's Alantra, the mid-market Spanish investment bank that's been expanding for the past few years. More recently, however, Alantra's expansionary message has become a bit more equivocal.
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When Alantra released its full year 2023 results in March '24 and revealed a nearly 90% fall in profits, there was talk of a «strategic transformation», a «strengthening of hubs,» of «renewed leadership» and «deepened sector expertise.» There was talk of «21 senior hires» But there was also mention of «consolidation» of expertise and of an 8.5% cut in headcount, amounting to more than 50 people.
Bloomberg reported yesterday that at least 15 of these cuts have occurred in Germany, where Alantra's Frankfurt office appears to have undergone a period of turbulence following the appointment of a new CEO, Jan Casper Hoffman, in April 2023.
Sources at Alantra's German business say Hoffman was unpopular internally because he didn't have a mid-market background. Instead, he spent most of his career at Merrill Lynch, SocGen, and Moelis & Co. Alantra said yesterday that Hoffman will step down from the CEO role, but will continue to work with clients. Michael Maag, Morgan Stanley's former head of investment banking in Switzerland, who joined Alantra last year, is joining the German board instead.
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