Wells Fargo, Morgan Stanley latest to lose trading execs to crypto challengers

Both banks have seen senior traders depart for digital asset start-ups in recent weeks, as the crypto exodus continues.  

Thomas Restout

Morgan Stanley’s global head of macro electronic trading, Thomas Restout, this week joined digital asset liquidity provider B2C2 as its new CEO of EMEA, the latest senior executive to join the crypto exodus.  

Restout, who will report to B2C2 group CEO Phillip Gillespie, has long experience in the digital asset space, including as a member of Morgan Stanley’s Securities Digital Currencies working group and as the driving force behind the adoption of crypto trading within the bank’s fixed income division. He was previously at Goldman Sachs and began his career at Natixis. 

“The tremendous growth of crypto assets during recent years shows its acceptance as an established asset class, attracting a growing range of institutional participants. B2C2 is a highly successful and strategic innovator in this market. I am excited to be joining the team to help accelerate expansion by widening the offering further, through leveraging technology and quantitative approaches,” said Restout. 

“Institutional interest in cryptocurrencies is spurring more TradFi participants into committing significant resources towards the understanding, productisation and commercialisation of digital markets,” added Gillespie. “B2C2 has grown to become one of the leaders driving this convergence. Our appointment of Thomas adds additional and complementary market knowledge, as well as risk management and product innovation expertise to B2C2. I am thrilled to welcome Thomas to B2C2.” 

In other news, Wells Fargo also recently lost its head of electronic sales and trading, Peter Eliades, who departed in August to join crypto prime brokerage Floating Point Group as global head of distribution. Eliades, who also held the role of head of Americas trading for JP Morgan for over 10 years between 2008-18, will be responsible for sales and business development in the US and APAC, reporting to co-founder Kevin March. 

“Peter has built world-class electronic trading businesses for decades and understands the role that crypto will play in shaping the future of global financial systems. Bringing Peter on is a ground-breaking moment for our team, as we continue to see demand for best-in-class institutional offerings from our clients and potential participants,” said John Peurifoy, co-founder and CEO at Floating Point.