Swissquote reshuffles UK business as CEO Federico Cirulli quits
Swiss online bank Swissquote announced today changes in its UK subsidiary’s senior management structure, most notably with the departure of Swissquote UK’s CEO Federico Cirulli.
Cirulli had been the chief executive of Swissquote’s FCA-regulated business for more than 8 years, having joined its London office back in 2014. The 42-year-old executive landed there coming from Swiss financial giant MIG, where he spent less than two years as CEO of MIG Capital, the London-based subsidiary of the banking institution.
Cirulli has in-depth industry experience, having previously held the position of Head of Business Development for Southern Europe at CMC Markets. Prior to that, he was CEO of UK broker ActiveTrades. During his two-decade career, which dates back to 2003, he helped launch many business activities in the online forex brokerage sector.
Marc Burki, co-founder of Swissquote Group Holding Ltd and chairman of the UK entity board commented: “The UK office will remain a key pillar for our expansion and forex development, with the intention to broaden the instruments offered and serve our clients even better and faster. I would like to thank Federico for all his efforts in building our UK business, and I am confident that Michela and Jack will carry on this work and bring forward the commitment of the Group to the UK market”.
Meanwhile, Swissquote Ltd has appointed Michela Pollini, head of sales & vice director, and the listed group’s head of compliance Jack Rawlings as executive directors. Subject to regulatory approval, the company says these promotions guarantee “the continuity and stability of business development as well as the firm’s expansion on UK territory, following the departure of previous former CEO Federico Cirulli.”
Switzerland’s largest online bank reported earlier today solid financial results for 2021. The bank attributed the strong performance to a massive inflow of new clients and assets, leading to a rise in revenues to around 472 million Swiss francs from 317 million a year earlier.
A massive rise in revenue for Swissquote doubled its profits to CHF 223 million ($245 million) for the year. This figure was significantly higher from CHF 105.6 million it reported in 2020.
In 2021, net new money inflow was 9.6 billion francs, taking client assets to a record high 55 billion francs as of December 31, the company said in a results statement Thursday.