eFinancialCareers

Deutsche Bank promoted Mark Fedorcik to head of leveraged capital markets, responsible for leveraged finance, high yield, loan capital markets and loan trading and sales businesses globally. He was U.S. head of high yield and leveraged loan capital markets. Fedorcik replaces David Flannery, who left in August to take the same role at Bank of America. According to Leveraged Finance News, the move is part of a complete overhaul in... Read more

Inducing recruiters to pay attention to you is a lot like borrowing money. If you don't ask until you desperately need it, then you're sure to be rejected. So if your current job isn't on the chopping block yet but might get axed next year, now is the time to reach out to people who can open a door to new opportunities. A recent Forbes article offers several tips for attaining... Read more

Barclays Capital promised to pay the full accrued bonus amounts and maintain current terms of employment – including severance in case of dismissal – for some 10,000 U.S. employees of Lehman Brothers, if Barclays' proposed purchase of Lehman's U.S. investment bank takes place. Citing documents filed with the U.S. Bankruptcy Court in New York, Financial News reports that Barclays agreed to pay 100 percent of the accrued bonus pool for transferred... Read more

While hiring is slow among Chicago's financial firms, a number of sell-side equity analyst positions have opened up recently. "These are replacement searches," says Edward Storm of Comprehensive Recruiting, a Phoenix -based executive search firm that focuses on various sectors of the global financial markets. Top-tier firms are terminating analysts who have had poor performance and are replacing them with established, senior equity analysts, he observes. Some of these candidates are being... Read more

As recently as mid-August, Lehman Brothers was reportedly trying to raise cash by selling off one of its few remaining valuable assets, the venerable asset manager Neuberger Berman, which it acquired in 2003. The sale didn't happen fast enough and now, in the wake of Lehman Brothers' demise over the weekend, Neuberger Berman employees are wondering what comes next. "The mood is tense," says one portfolio manager who declined to be... Read more

Another platoon of the newly jobless is set to flood Wall Street in the wake of Lehman's Chaper 11 filing and Merrill's acquisition by Bank of America. Monday's bankruptcy filing by Lehman Brothers Holdings and the surprise deal for Bank of America to acquire Merrill Lynch will each trigger mass layoffs, Wall Street headhunters say. Although it's too soon to estimate how many jobs will be lost in the restructuring of... Read more

Some 10,000 Lehman Brothers employees in investment banking and capital markets businesses got a reprieve when Barclays agreed to buy the insolvent parent company's core assets within North America. UK-based Barclays said Wednesday it agreed to acquire Lehman's North American investment banking and fixed income and equities sales, trading and research operations, along with Lehman's New York headquarters building and two New Jersey data centers. According to Lehman, the definitive agreement... Read more

Employees at Merrill Lynch's sprawling campus in Hopewell, N.J., are cautiously optimistic about their future with Bank of America, saying their skills in investment banking and wealth management are needed by their new parent. While reporting, "nobody really knows what's going on," one employee, who spoke on condition of anonymity, told the Times of Trenton he thought the purchase of Merrill by B of A was "a good thing. I... Read more

Citadel Investment Group is capitalizing on Wall Street’s shakeup by naming Tobias Gehrke and Anita Nassar to spearhead the fund’s international growth plans. The two will serve as co-heads of international distribution and marketing, and lead its fundraising efforts in Europe, the Middle East, and Northern Africa. Both join the firm from Merrill Lynch, acquired yesterday by B of A for $50 billion, where they headed government institutional sales. Nassar... Read more

If you're a financial services professional hoping to land a job in a bulge-bracket institution, your prospects just nosedived. And if you've been aiming for a slot in a hedge fund or in one of the many boutique banks that are still hiring, get ready for a flood of new competition. Monday's bankruptcy filing by Lehman Brothers Holdings and the surprise deal for Bank of America to acquire Merrill Lynch will... Read more

Accounting professionals in New York and New Jersey are often seen as immune to changes in the financial markets, bumps in the economy and even employment changes on Wall Street. Skilled CPAs, after all, are always in demand. Aren't they? Not necessarily, says Frank Fusaro, president of the Forum Group, a New York City-based recruiting and consulting firm. A CPA for 36 years, Fusaro is hearing rumblings of regional CPA... Read more

Royal Bank of Scotland said it hired Christiane Mandell from Bank of America as head of FX and local markets trading for the Americas, a new position that rounds out RBS’ senior management team in its U.S. sales and trading business. Mandell led the global foreign exchange group at Bank of America. In her 18 years there, her past roles included head of investor client management for debt and equity, head... Read more

Even in today’s shrinking economy, some career coaches say liberal arts degrees can still pave the way to a successful career in financial services. Former Merrill Lynch campus recruiting head Connie Thanasoulis told the New York Daily News that the skills obtained in English literature and other arts degrees can be an ideal training ground for finance and management. She points to a job like a research analyst, heavy on writing,... Read more

Lehman Brothers ousted its international banking and global fixed-income division chiefs, and announced a $3.9 billion quarterly loss and another mass layoff. Merrill Lynch, RBS Greenwich Capital and Wachovia joined the lengthening list of institutions hiring recent Bear Stearns alumni for senior roles. JPMorgan ceased dealing in municipal interest-rate swaps. Lehman Brothers replaced the heads of its international and fixed-income businesses, as the firm struggles to raise capital and announced... Read more

Wachovia Securities said it hired former Bear Stearns fixed-income co-head Craig Overlander as its global head of fixed income. Starting Sept. 15, he'll be based jointly in Charlotte and New York and will report to Ben Williams, head of global markets and investment banking. Overlander is the latest in a long list of senior-level Bear Stearns alumni landing prominent roles at other financial institutions, both buy-side and sell-side. He spent 26... Read more

Blackstone Group launched a technology-sector mergers and acquisitions advisory operation in Silicon Valley, led by former Citigroup investment banker Ivan Brockman. Blackstone said Brockman joined as a senior managing director and will open a new office in Menlo Park, California. He was co-head of Citi's West Coast technology investment banking, and led Citi's global investment banking efforts in the enterprise systems and software industries. Before joining Citigroup, he was an investment... Read more

Lehman Brothers replaced the heads of its international and fixed-income businesses, as the firm struggles to raise capital and is expected to announce next week a quarterly loss and its fourth mass layoff of 2008. The latest appointments "are likely to trigger further management changes," according to the Financial Times. Lehman named Riccardo Banchetti and Christian Meissner as co-chief executives of Europe and the Middle East. They replace Jeremy M. Isaacs, who... Read more

RBS Greenwich Capital said it hired 16 mortgage-backed securities traders and sales people, all but one of whom came from Bear Stearns. The highest-ranking among the group, Scott Eichel, was named co-head of asset-backed and mortgage trading, alongside of RBS veteran David Cannon. The RBS release confirms media reports from late June that Eichel had agreed to join the Royal Bank of Scotland subsidiary. He had co-led mortgage-backed and asset-backed bond... Read more

Merrill Lynch hired mortgage securities executives from JPMorgan and Citigroup to lead securitization and trading operations. Michael Nierenberg joins Merrill as global head of mortgages and securitized products. He headed global securitized products at JPMorgan since the acquisition of Bear Stearns, where he'd led various fixed-income trading desks since the mid-1990s. Before joining Bear Stearns, Nierenberg spent seven years at Lehman Brothers and was instrumental in building up that firm's adjustable... Read more

JPMorgan is exiting the municipal swaps business and closing nine of 19 regional offices devoted to tax-exempt capital markets, according to media reports. The office consolidation "will affect about 15 people, most of whom will be given the option to relocate," according to Reuters. The bank reportedly will tighten controls within the tax-exempt capital markets unit, including reducing the use of external counsel. The decision to stop selling interest-rate swaps to state... Read more