There is pressure, and then there is the pressure of working for a small equities brokerage in challenging times. As we noted last week, small equities houses are closing down and slashing pay. Today the Financial Times offers an insight into the stress of working for such an employer.
The FT paid a visit to Canaccord Genuity, the Canadian bank which acquired UK brokerage firm Collins Stewart in late 2011. Since the acquisition, Canaccord has trimmed around 100 people and now employs 700 bankers, traders, and operations staff in Europe. The bank wants to expand (in business rather than headcount terms), but the heat appears to be on – particularly in cash equities. Every day, the FT says that Canaccord broadcasts the amount of secondary equities trading commission it’s made to its people on the trading floor. Canaccord needs to make £75k to break even – anything less and it’s making a loss. Too many days of losses and the implication is that more jobs will go.
By 1pm on the day of Canaccord’s visit, the FT says commission was £56k. By the end of the day, it was £117k. Canaccord traders were granted a reprieve – temporarily.
Phil DeSantis, co-head of global credit products at Credit Suisse Group, is leaving the firm after 13 years and will be replaced by David Miller. (Bloomberg)
BlueCrest has hired Oliver Dobbs, formerly the CIO at CQS. (FinAlternatives)
Citigroup’s Moscow-based equities head Igor Kan and sales chief Anatoly Darakov are leaving the bank. (Bloomberg)
The kind of people who can rise to the level Erin Callan did at a relatively early age tend to be filling a hole in their psyche, an indistinguishable yearning for something more that is experienced as a kind of pain. (CNBC)
David Buik has been made redundant from BGC Partners. (The Times)
Ex-City oil trader shows nature-man credentials, starts selling wood-fired maple syrup, lavender soap and grass-fed beef. (Bloomberg)
“A man’s satisfaction with his salary depends on whether he makes more than his wife’s sister’s husband.” (Financial Social-Media)