NL
Sector: Credit
Rumour has it that Lloyds wants to hire 150 people for its markets business before the end of the year
This has not been substantiated by the bank, but nor has it been denied: Lloyds allegedly wants to recruit 150 people for its wholesale banking business before the end of the year. The rumour is creating trepidation among other banks’ fixed income recruiters who fear their discontented salespeople and traders might be poached. Needless to [...]
A disturbing omen from Goldman Sachs with regards to job prospects in fixed income
Last week, Gary Cohn of Goldman Sachs made a largely ignored Investor Presentation at the Sanford Bernstein banking conference. Buried amongst it was a worrying fact about headcount trends in the equity markets. Cince 2000, Cohn said, revenues in Goldman’s equities business have tripled. Over the same period, he said headcount in its equities business [...]
If the axe falls, it will fall hardest at UBS, BofA Merrill, Nomura, and Morgan Stanley
Earnings season kicks off this week, with JPMorgan, BofA and Citigroup finally expected to divulge what happened in the three months from April. Given that this includes the difficult month of May, it’s not likely to be pretty, although results may be massaged by debt valuation adjustments. If Q2 results aren’t matched by an improvement [...]
This company wants to hire 250 people thanks to incipient OTC derivatives regulation
Think OTC derivatives regulation and you’re likely to think standardisation, the disappearance of many hundreds of jobs structuring and selling bespoke derivative products, and the probable demise of at least some of the people currently engrossed with filling out derivatives documentation once all or most OTC products are centrally cleared on exchanges. Financial News has, [...]
Why would anyone want to work for a ratings agency now?
Ratings agencies aren’t looking particularly hot as a result of Andrew Cuomo’s latest investigation into what precisely went wrong in the world of CDOs. As blog Naked Capitalism points out, agencies were either duped or dumb. Neither sounds particularly appealing. Five years ago, banks were all over ratings agencies. The New York Times claims that, [...]
Here’s who’s still hiring in FICC (possibly pointlessly)
The party may be over for fixed income, currency and commodity (FICC) professionals. At last week’s investor day, JP Morgan said margins in the fixed income business were down 50% and likely to stay that way. US banking analyst Dick Bove says senior traders have told him they’re not making money. And yesterday Bove cut [...]
Redundant high yield professionals remain rather hot
Last year we observed that high yield was giving hope to the long term unemployed. Today we’d like to reiterate that. According to Financial News, UBS has continued its strategy of hiring out of work people and brought on a team of five former high yield/distressed debt professionals who previously worked at Credit Suisse. The [...]
Is UBS going to be rehiring all those fixed income people it let go?
Like BofA (and sadly unlike RBS), Goldman Sachs, Morgan Stanley and JPMorgan, UBS ranks among banks that have escaped the shackles of government funding. And in a remarkably rapid return to form, it intends to use its freedom to ramp up in fixed income and is proclaiming an increased appetite for risk In last month’s [...]
Why it’s worth recruiting in FICC – even now
With bonuses imminent and most fixed income currencies and commodities staff expecting theirs to be large, buying someone out in November may seem lunacy. But UBS’s third quarter results illustrate why – even at this late stage in the year – it may be worthwhile. Having scaled back its fixed income operations dramatically in 2008, [...]
Roaring recruitment in FX and interest rates
If you wanted to get hired this year, it would have helped considerably if you’d worked in FX or interest rate sales. Hiring in both areas has been brisk. Morgan Stanley yesterday said it’s increased headcount in FX by 20% this year. And earlier this month, Brady Dougan said the bank’s interest rates business was [...]
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