Wall Street star Blythe Masters is heading to Santander Consumer, one of the biggest auto loan financing companies in the U.S.
There, she will serve as the non-executive chair of the company’s board of directors.
The market seemed to respond well to the news, sending Santander Consumer (SC) stock up more than 3% after the announcement Wednesday afternoon.
Masters has been the CEO of bitcoin trading platform Digital Asset Holdings since March of this year. However, that’s not what she is best-known for.
Masters spent seven years running JPMorgan’s global commodities business until her 2014 resignation. She made the decision to split JPMorgan after the company revealed it would sell the commodities business to Mercuria, a Swiss commodity trading company.
At JPMorgan, she was a pioneer of the credit default swap. It solidified her legendary status on Wall Street, where she was once arguably the most powerful woman in finance.
The transition comes at a very interesting time, both for the auto financing industry and for Santander. The company’s interim chairman, Stephen Ferriss, stepped away from that role just two weeks ago. The auto financing industry is under some pressure as a small percentage of borrowers are having a harder time paying back loans. But, at the same time, Wall Street is pumping billions into auto financing.