US
Execution, the independent UK institutional brokerage, is adding to the excitement surrounding the UK corporate finance advisory/ cash equities sectors. According to the Financial Times, it has ambitious plans to grow headcount from 120 to 300 and to triple revenues by expanding its corporate broking and advisory business. The Financial News also reports that it has a more modest urge to supplement its equity sales and trading business with an additional eight people.
In a previous incarnation, Execution sought to lure staff with such dotcom craziness as in-office space hoppers and crazy golf. But the Financial Times says it is putting such things behind it and is becoming a “serious institutional franchise rather than a maverick outpost.”
Average bonus at the FSA 8k, up 40% on 2008. (The Times)
RBS hires Antonio Polverino from BofA/Merrill. (Financial News)
UBS hires Rajeev Misra, formerly of Deutsche. (Credit Investment News)
Half of Lehman’s Japanese investment bankers agree to forego job for life contracts. (Financial Times)
New outlet for quants: advertising. (ReformedBroker)
Anshu Jain: Complex derivatives are not dead. (Euromoney)
Blanchflower sees UK unemployment rising by 100k per month for the next year or so. (Bloomberg)
Secretaries and accountants are particularly happy at work. (Reuters)
UBS hired Misra?! What gives?! Now I can really believe the rebound is real. Time to short USD like there is no tomorrow..
Hello, I work at Execution.
LongShort, the rebound is real, and best of all every dipstick who said investment banking / bonuses are dead for good/ever have proven to be wrong. Bonuses this winter will be FANTASTIC.
double dip henry….this rally ain’t going to last
bad news, Henry: in Singapore there IS no winter ;)
FTSE up 28% since March? I know it happened but doesn’t sound right.
If the rebound is real what’s changed? The monsters are still in the closet. It’s quiet. Too quiet.
Until the CMBS market tanks and bad loan losses start to filter through on P&L’s of banks…
Let’s not forget that about every ‘developed’ market government is simply shifting the position of over-leverage away from the private sector and onto their own balance sheet.
Yes, this rebound is real. In the minds of clowns who have no real experience outside of 2006-2008 of how the world works…
I hope the RBS trading corridors and trading floor is sound proof as little Polverino like to talk so loudly both on his private calls on the mobile and on business calls with his cordless headset! Good salesman thought ;-)
poverino is quite a hire, one of the most successful and aggressive sales people around , a real coup for RBS – but must have cost huge amounts.