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Sector: FX & Money Markets
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 [...]
Despite haemorrhaging all those staff, Barcap’s doing well in FX. UBS isn’t
Wonderful news for BarCap’s FX professionals: they’re close to achieving their avowed aim of displacing Deutsche Bank as the world’s number one in FX. The new Euromoney FX survey is out. It reveals that BarCap is now the world’s number two in FX, above UBS, which has slipped to position 3. Arguably, this is a [...]
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 [...]
As Chris Fleming and Steve Ashley prepare to start at Nomura, is RBS’s rates business going downhill?
It’s now nearly three months since Steve Ashley and Chris Fleming, ex-head of rates, and a senior rates salesman, left RBS. After spending much time in the garden, the two men are reportedly getting ready to start their whole new lives at Nomura. RBS’s first quarter results, released today, make their timing look rather fortuitous. [...]
Lloyds said to be paying very handsomely to attract people to its wholesale business
Somewhat surprisingly for a bank that’s firmly under the thumb of the Treasury, and where two thirds of bonuses are typically less than 1k, The Telegraph today accuses Lloyds of paying excessive and distortionary packages to attract people to its wholesale business. The Telegraph fails to elaborate on the precise nature of these distortions and [...]
Is working in government debt in 2010 like working in securitization was in 2002?
If you’re looking for a hot new area with wonderful growth potential and the possibility of new and exciting products, government debt may be it. According to the FT’s Gillian Tett, ‘the word inside some big western investment banks is that public finance is set to be a focus for innovation in the coming years, [...]
This doesn’t sound good for FX jobs, but Morgan Stanley’s still hiring hundreds of traders
Adair Turner isn’t going to let the ‘socially useful’ mantra die. In the closing days of Davos he turned his social filter on FX trading (and the carry trade in particular), claiming that a big part of FX trading in London is “economically valueless” and serves, “no social purpose.” Turner supports punitive capital requirements which [...]
Sadly, there are now only 50 new sales and trading jobs left at Morgan Stanley
Morgan Stanley has been hiring. After declaring its intention of recruiting 400 sales and trading professionals in August, it said it had hired 200 of them by October. Yesterday, it revealed there are now only 50 more of those vacancies to be filled. The emphasis so far seems to have been on rates and FX. [...]
Will FX jobs be the first to move out of London?
This may all be a mere coincidence, but it may equally be a coincidence worth noticing. When those rumours erupted last week about Goldman threatening to move teams overseas in response to the bonus tax, FX teams (along with prop trading and operations) were among those said to be in line for migration. When Standard [...]
Much sought after FX tech professionals securing double digit pay rises
Technologists with expertise in developing foreign exchange e-commerce platforms are in the rather privileged position of having an increasing number of banks vying for their services. As a result, salaries are on the up. According to Euromoney rankings, the top five investment banks for FX are Deutsche Bank, UBS, Barclays, Citigroup and Royal Bank of [...]
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