JPMorgan MD tempted away to fintech Stripe before bonuses
It's not just hedge funds that can hire banking MDs before bonuses come in. Stripe, the high-paying payments fintech, an MD from JPMorgan.
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Dana Westfall joins Stripe as its global head of commercial and legal operations. He spent the last 11 years at JPMorgan as its associate general counsel, joining the bank from law firm Morgan Lewis, where he was an associate.
His work with the bank encompassed a number of areas Stripe operate in. He not only worked with the bank's payments legal team, but its digital assets and blockchain legal teams; Stripe might be particularly interested in the latter experience, as it spent $1.1bn acquiring stablecoin platform Bridge back in October.
Leaving amid bonus season is always a risk, but JPMorgan staff seem less confident than most about their bonuses, albeit slightly. In our 2024 bonus expectations report, JPMorgan ranked second lowest among banks for bonus change expectations, but still foresaw a 31.4% bonus increase.
Westfall appears to be the only MD to have switched to Stripe this year. The most recent to swap JPMorgan specifically was Robert Waugh, who joined Stripe last October and continues to serve as the tech lead for front-office risk.
Instead of banks, Stripe is hiring from other fintechs and eCommerce firms for tech senior roles. This month, Stripe also hired Brad Goff, head of commerce engineering at Shopify, as its tech lead for data science. He joins Ganish Iyer, an ex-Shopify data science head, who arrived the month before as Stripe's head of risk data science.
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