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Morning Coffee: No one’s hiring, except… And don’t join a bond fund that’s breaking into equities

Which bank is naming big front office hires in December?

Which bank is naming big front office hires in December?

Hiring managers are approaching lockdown. 2015 is looming into view and further recruitment in 2014 is being snuffed out in the tourniquet of Christmas cheer. – Why sign-off new senior hires when you could be shopping online? Unless, of course, you’re Deutsche Bank, in which case the quest for new fixed income sales and trading talent continues unabated.

Recruitment firm Astbury Marsden, confirms that hiring in the City of London has taken a turn for the worse. Last month, it thinks new jobs in the City fell 5% compared to October. Rather than Christmas- come-early, it says recalcitrant bankers were to blame – “Staff are waiting to see the size of their bonus cheque before they move so there is less replacement hiring going on,” Astbury Marsden director Adam Jackson told Bloomberg. Deutsche Bank, however, is swimming against the seasonal tide. – The German bank just named Kemal Askar, formerly of JPMorgan, as its brand new head of European rates trading. It’s late in the year for such large hires and Askar might have been expected to wait at JPMorgan until January just to see the size of his ‘bonus cheque’ too – unless of course, he was quietly dumped by JPM or Deutsche made him an offer he couldn’t refuse.

Separately, it’s probably not a good idea to join a bond fund that’s opportunistically diversified into equities. While Brevan Howard and BlueCrest have been having a terrible time with their equities efforts, ‘proper’ equity managers have been doing great. Bloomberg reports that David Einhorn’s long/short equity fund Greenlight Capital rose 5.8% in November, bringing year-to-date returns to 11%. In a letter to investors, Einhorn reportedly said that he, ‘wished the October correction in the stock market had been longer so that he could have made more investments at bargain prices.’ Try telling that to the equity portfolio managers who left Brevan Howard and BlueCrest in the past few months.

Meanwhile:

Colm Kelleher at Morgan Stanley warns against Brexit: “. To access the single market, Norway is forced to obey circa 75 per cent of EU laws, as well as paying an increasing sum into the EU budget and allowing freedom of movement – but has no say on how the rules are set.” (Financial Times) 

RBS is shutting its restructuring business in Europe outside the UK. (Bloomberg) 

Citigroup is relocating David Cohen from New York to London to be head of EMEA credit trading. Cohen was head of US investment grade trading until April, when he went on a leave of absence for reasons unknown. (Bloomberg)

Greenpeace is lobbying investors to discourage them from investing in damaging projects, like coal production. (Financial News) 

Her children are impressed. “I stare at six screens each day. I have a 13-year-old, and when he comes into the office he says, ‘Oh my God, Mom, it looks like you work for the FBI here,” she said. “My 7-year-old daughter says she doesn’t know what’s going on, but that it’s great.” (TradersMagazine)

Top media investment banker started out as a classified ad salesman at the Express. (Guardian)

Economics professor seeks employment for two students via his blog. (Marginal Revolution) 

Humanities students are lazy. (NY Mag) 

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