Portofino Technologies, a Swiss crypto market making firm recently authorized by the Financial Conduct Authority (FCA) to service institutional clients in the UK, has witnessed a significant wave of staff departures. This occurred after the firings of its co-founder and CFO in July.

Key Details:

• The organization faced the resignations of key personnel, including Vincent Prieur, the head of strategy and operations, and Shane O'Callaghan, the global head of business development.
• Reports suggest that 10 to 12 employees have either left the firm or are currently fulfilling their notice periods, which constitutes approximately 30-40% of the firm's workforce at that time.
• New hires include Mark Blackborough as CFO and Olivier Sultan as a senior sales trader.

A spokesperson remarked, “Portofino made the decision to strengthen certain components of our leadership team to ensure we are best positioned to capitalize on what is projected to be a record year.” As a result, the firm is actively recruiting and claims their headcount has returned to summer levels, with four positions currently open.

Portofino Technologies was established by former Citadel Securities executives Leonard Lancia and Alex Casimo in 2021 and raised $50 million in equity funding in late 2022. Despite their traction in the market, the CEO has faced scrutiny regarding the firm’s work environment, with some reviews on Glassdoor describing it as “toxic.”

“The CEO is inexperienced and volatile. His decisions do not favor the business, only himself,” declares a review on the site.