Senior-level talent movement, notable deals shaping the banker market, and the professionals driving FIG & Fintech investment banking forward.
This issue covers the FIG & Fintech investment banking talent market from May 2026 through today. As always, our Senior-Level Movement Tracker is built entirely from publicly confirmed moves — no rumors, no unconfirmed lifts.
Below you'll also find the notable deals and platform moves that are reshaping the industry, our new FIG Analyst Compensation study, plus interviews with John Butler, Head of Insurance Investment Banking at Piper Sandler and Avi Upreti, a leader in AI & Product Strategy for Hebbia.
Hovde Group, long known for bank-focused M&A advisory, launched a dedicated FinTech/TMT investment banking vertical, citing the convergence of financial institutions and technology as the driver. Read the press release →
Hovde has said more team hires are coming, so watch for follow-on adds under Ali and Khoshbin. The build tracks a wider shift: fintech-backed buyers and investor groups are increasingly bidding for community bank charters, which raises demand for bankers who can cover both sides of that table.
U.S. Bank completed its acquisition of BTIG (announced January 2026), a specialist in investment banking, institutional equity sales and trading, equity capital markets, electronic trading, research, prime brokerage, and M&A advisory, for a target price of approximately $725 million plus performance-based upside of up to $1 billion in total. BTIG continues to operate as a separate broker-dealer, with CEO Anton LeRoy and Executive Chair and Co-Founder Steven Starker remaining in place and reporting into U.S. Bank's wealth, corporate, and institutional banking leadership. Read the press release →
The acquired bench has become a hiring platform. Since closing, BTIG — now operating as a U.S. Bancorp company — has added senior investment banking MDs in power & utilities (June), energy & infrastructure (July), and metals & mining (August). None of those adds are FIG yet, but bank ownership clearly hasn't slowed senior recruiting.
Fenchurch entered a definitive agreement to combine with Broadhaven Capital Partners, creating a combined platform of 110+ dedicated financial services bankers across London, New York, Chicago, and Paris. Broadhaven contributes ~40 professionals and a New York/Chicago footprint, materially expanding Fenchurch's U.S. presence in financial services and fintech advisory. Read the press release →
Broadhaven's senior leadership joins the combined firm as partners and co-founder Gerard von Dohlen takes a board seat, so the U.S. bench is being kept intact rather than absorbed. With 30 SMDs and MDs across the combined platform and Natixis CIB backing a scaled build-out, expect Fenchurch to keep adding senior U.S. FIG and fintech coverage as integration proceeds.
StoneX launched a Financial Institutions Group (FIG) research practice within The Benchmark Company, adding specialized research, sales, and trading coverage of regional and community banks, led by experienced FIG research talent. Read the press release →
A research build staffed with sector veterans — Head of FIG Research Brett Rabatin (25+ years covering regional and community banks) is joined by senior analysts Andrew Liesch and Kenneth James and associate Kyle Gierman. StoneX framed the practice around ECM, research, and distribution, but recently hired Chris Keith as Managing Director of FIG Investment Banking, signaling a desire to build out that capability as well.
FHN Financial Securities Corp. stood up a new Financial Institutions Investment Banking Group to serve banks, credit unions, and financial services clients on M&A, capital raising, and valuation — built around the Donnelly Penman & Partners FIG banking team. Read the press release →
A textbook team-driven launch — Christians and Cunningham brought the DPP FIG bench over with DPP's support, and their coverage reaches beyond depositories into commercial finance, mortgage banking, and fintech. The timing fits the market: bank M&A is picking back up, approvals are running roughly 90–100 days, and advisors expect the pace to hold into 2027.
Calling-officer-level movement across the FIG & Fintech investment banking landscape, May 2026 through September 2026. This intelligence is a core part of Travillian's market monitoring service.
| Name | Previous Firm | New Firm | Focus | Date | |
|---|---|---|---|---|---|
| Ryan Willingham | Bank of America Managing Director | → | Citigroup Managing Director, Specialty Finance | Specialty Finance | May 2026 |
| Jonathan Alpert | Bank of America MD, Head of EMEA Insurance | → | Citigroup Global Head of Insurance | Insurance | May 2026 |
| Enrique Pani | Citigroup Managing Director | → | Citigroup Vice Chairman, FIG (internal promotion) | Financial Institutions | May 2026 |
| Mark Karasik | Fenchurch MD, Head of Asset & Wealth | → | Lincoln International Managing Director, Head of Asset & Wealth | Asset & Wealth | May 2026 |
| Hussain Ali | Bank of America Director, Head of Emerging Fintech | → | Hovde Group Managing Director, Head of TMT & FinTech | Financial Technology | May 2026 |
| Derek Bomar | Deutsche Bank Head of Asset Management | → | Falkon Partners Co-Founder & CEO | Asset Management | Jun 2026 |
| H. Lenwood Brooks, V | Federal Home Loan Bank of Dallas | → | Performance Trust Capital Partners Managing Director | Financial Institutions | Jun 2026 |
| Christopher Mihok | Keefe, Bruyette & Woods Managing Director | → | JPMorgan & Co. Managing Director, Banking | Banking | Jul 2026 |
| Ari Brandes | TAG Financial Managing Director | → | Citizens Capital Markets & Advisory Managing Director and Head of Insurance M&A | Insurance | Jul 2026 |
| Jayson Yost | Jefferies Managing Director | → | RBC Managing Director, Banking | Banking | Jul 2026 |
| Rahul Singla | Citigroup MD, Head of North America Financial Technology | → | UBS Global Head, Fintech | Financial Technology | Jul 2026 |
| Jim Blanco | Guggenheim Securities Managing Director | → | Archwell Capital Chief Operating Officer (family office) | Financial Services | Jul 2026 |
| Andrew Christians | Donnelly Penman & Partners | → | FHN Financial Securities Corp. Managing Director & Co-Head, Financial Institutions Banking Group | Financial Institutions | Aug 2026 |
| Greg Cunningham | Donnelly Penman & Partners | → | FHN Financial Securities Corp. Managing Director & Co-Head, Financial Institutions Banking Group | Financial Institutions | Aug 2026 |
| David Kimmel | Insurance Advisory Partners Co-Founder | → | Marsh Capital & Advisory Managing Director, Insurance | Insurance | Aug 2026 |
| Blake Jones | William Blair & Company Managing Director | → | Guggenheim Senior Managing Director, Asset & Wealth | Asset & Wealth | Aug 2026 |
| Ben Froehlich | Barclays MD, Fintech Investment Banking | → | Goldman Sachs Managing Director, Fintech | Financial Technology | Aug 2026 |
| Joe Gulash | Keefe, Bruyette & Woods MD, Head of Banks | → | Citigroup Global Head of Banks | Banking | Aug 2026 |
| Chris Keith | Stephens Vice President | → | StoneX Group Managing Director, FIG | FIG | Aug 2026 |
| Christopher Grosse | Bank of America Managing Director | → | Citigroup Managing Director, Head of Payments and Digital Assets | Payments & Digital Assets | Sep 2026 |
| Cem Altuntas | Guy Carpenter Managing Director | → | Truist Securities Managing Director, Head of Insurance Distribution & Services | Insurance | Sep 2026 |
| Sanjay Patel | Nomura Executive Director | → | Edgar Matthews & Co. Managing Director, Specialty Finance | Specialty Finance | Sep 2026 |
| Mauro Rossi | Perella Weinberg Partners Partner | → | Deutsche Bank Head of Financial Institutions Group, North America | Financial Institutions | Sep 2026 |
| Matthew Morris | Wells Fargo Securities Managing Director | → | Insurance Advisory Partners Partner | Insurance | Sep 2026 |
Prepared by Michael Federico, Travillian · September 2026
Where do FIG & Fintech analysts land this bonus cycle? Our study bands analyst bonus as a percent of base by platform tier. The right-hand column shows what each band works out to in all-in dollars at Analyst 3, which is where the tiers separate most clearly.
2026 Analyst bonuses paid over the summer were a modest improvement on 2025 numbers for many top and mid bucket bankers, still far below peak-cycle years, and highly group-dependent. Street-wide, what we're hearing is Analyst bonus increases of 5–15% for 2026.
Nope…If you're interested to do the back of the napkin math on the hourly rate, most Analysts on the Street are telling us that they work between 80–100 hours/week. And (generalizing) Analysts at middle market and non-elite boutiques are only clocking 60–80 hours/week. Nothing new here, but overworked Analysts are certainly complaining a lot less now that they're getting paid.
Check out this article from June by Reuters: Junior bankers will survive the AI onslaught
Good news for Analysts, no signs of AI reducing head count. In fact, the position could get far more interesting, but most likely not less demanding…per this excerpt from the Reuters article below.
A more contentious issue is whether the job will get more interesting. A positive spin is that AI will enable juniors to finish earlier, or use their time to do more interesting tasks like meeting clients or researching growth opportunities. A distinct possibility, however, is that the extra productivity simply encourages MDs to make more requests.
A sit-down with a senior FIG investment banker on where deal flow, compensation, and lateral demand are heading next in insurance investment banking.
A conversation with a leader shaping AI & product strategy in financial services — on where technology is heading and what it means for the next generation of FIG & Fintech coverage.
Our Investment Banking Search practice is led by senior professionals with deep networks across the FIG, Fintech, and Real Estate investment banking ecosystem. We combine market intelligence, relationship depth, and a consultative approach to deliver the right talent to the right organizations.