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Churn at the top.

Head of sales follows trading head out the door

There is churn in the top ranks of Mizuho in London. 

As we reported last week, Claus Jorgensen, the not entirely popular head of credit trading at Mizuho EMEA, officially left the bank after what insiders said were months of sick leave. Now, Roy Martins, the EMEA head of sales, has exited too.

Sources say Martins also left last week and has promptly disappeared on holiday. Amidst suggestions that his exit was not entirely voluntary, a spokeswoman said Martins informed the bank "of his decision to leave Mizuho to explore entrepreneurial opportunities in the disruptive finance space."

She added: "We would like to sincerely thank Roy for all of his hard work in managing the impact of Brexit on the structure of our client facing teams and for stabilising, and then developing the distribution side of the client business.  Roy remains with us until the end of June to ensure there is a smooth and effective transition and we wish him the very best in his future endeavours."

Sources say that Martins is being replaced by Guy Cornelius, who joined in August 2021 as UK head of credit sales. Cornelius was formerly a managing director at UBS, Nomura and Jefferies. Martins said: "I have had a fabulous time at Mizuho. We have grown the product and client set in the markets business and it is an appropriate time for me personally to pursue opportunities in disruptive finance. I look forward to being a friend and trusted partner with Mizuho".

Prior to joining Mizuho, Martins was an MD at Morgan Stanley, Credit Suisse and Bank of America. He lost his job at Bank of America in 2018 and arrived at Mizuho a year later, where he set about building out his team. However, several of those he hired left again within comparatively short spaces of time. Martins' detractors say he hadn't been a head of credit sales before, and that Mizuho's traders had become dominant.

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AUTHORSarah Butcher Global Editor

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