In a reminder that it's not just technologists who can join technology-driven start-ups, a former London-based investment banking associate at JPMorgan has joined an online bank in Berlin.
Filippo Galassini, who left JPMorgan in March 2018 after working there for five years, has arrived at German online bank N26 as an international expansion manager. N26 provides banking services through mobile devices and is backed by Insight Venture Partners, GIC, Tencent and Peter Thiel's Valar Ventures among others.
Galassini began his career at JPMorgan as an investment banking analyst in 2013 after working as a summer analyst at the US bank a year earlier. He became an associate in July 2016 but left the firm two years later for African Entrepreneur Collective, a non-profit organisation which creates jobs through business development to tackle youth unemployment in Africa.
It's not unusual for junior bankers to leave. - One Goldman Sachs IBD associate estimated that over 80% of his analyst class left after a few years. However, it's typically the case that juniors leave for private equity funds or boutiques rather than German online banks.
Like rival banks, Morgan Stanley has it shortened its analyst program to two years from three. It also hiked salaries for its junior bankers last year depending upon the region and the class.
An Italian by birth, Galassini has an MSc. in Finance from Universita Commerciale Luigi Bocconi.
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