UK
Sector: Debt / Fixed Income
Structured credit bears the brunt of Bar Cap cuts
It seems Bar Cap has now made all the job cuts flagged up a few months ago, and surprise, surprise, the bulk of them appear to have fallen in structured credit. According to one headhunter, the bank’s London-based CMBS and corporate securitisation teams have gone from around 85 to 20 people. A banker let go [...]
ON THE SPOT: Master’s in finance student, London Business School
Brijesh Pande has just finished the master’s in finance at London Business School. Previously head of fixed income capital markets at Citigroup in Indonesia, he joined a leading Australian bank in Singapore as head of FX, interest rates and derivatives corporate sales for South Asia after his course finished. We’ve asked Brijesh a few questions [...]
Can you make the move to mezzanine?
The lack of liquidity in credit markets means mezzanine funds, which fill the gap between equity debt and traditional bank loans, are hot. But the bad news for anyone hoping to find work in the sector is that they’re not doing a lot of hiring. In a measure of the health of the mezz market, [...]
Where can BarCap’s leveraged financiers go?
Barclays Capital is said to have trimmed 20 people from its leveraged finance team (Independent), Citi is said to have cut its team in half (Private Equity Online), JPMorgan’s said to have chopped leveraged financiers in New York (Dealbreaker) and probably in London, and there’s been heavy trimming at ABN AMRO (Bloomberg). If you’re one [...]
Were Bear Stearns bankers quite good after all?
SocGen’s pinched Michel Peretie, Merrill’s pinched Fares D. Noujaim, and at least two Bear bankers (Jeff Mayer and Craig Overlander) are sufficiently confident of their own desirability to turn down Jamie Dimon’s offer of employment. Could it be that Bear Stearns had some pretty good people on its books? Off the record, one senior JPMorgan [...]
Guest comment: Recruitment will resume only when uncertainty lifts
We don’t need things to get better; we just need to know that they’re not going to get worse! The current situation is one that the experts are struggling to get to grips with because it has no real precedent. Yes, there have been bear markets, Black Mondays, recessions, depressions and Winters of Discontent, but [...]
Is Barclays really about to bear down on Lehman Brothers?
Seems unlikely. In fact, seems very, very unlikely. The likelihood of Barclays making an imminent move on either Lehman – or, even more improbably, UBS – is roughly equivalent to the chance that roads will be clear on Bank Holiday Monday. The main reason for scepticism is that Barclays can’t afford it. “Before it makes [...]
Is Dimon (only) doing it for the PR?
Jamie Dimon is apparently going out of his way to find new jobs for the 5,000 bankers out on their ear following JPMorgan’s emergency resuscitation of Bear Stearns. According to the Financial Times, Dimon’s taken it upon himself to write ‘personally’ to clients, vendors and rival banks asking them to find a refuge for his [...]
Editor’s take: The jobs are out there
What with thousands of redundancies and disappearing revenues, you could be forgiven for thinking that bankers who lose their jobs in the current environment won’t work again for a very long time. This isn’t strictly true. First (as ever), the bad news: Lehman Brothers is the latest to rejoin the redundancy parade, with a round [...]
Week in Review: Swinging the axe at Bear, JP, Morgan Stanley, Calyon, Natixis and UBS
There were lots more redundancies last week. Everyone from managing directors (Morgan Stanley) to associates (UBS) felt the steel. Bear Stearns continued to feel the pain of integration with JPMorgan. Reuters said JP has made job offers to only 6,000 of Bear’s 14,000 staff. Dealbreaker said they were being offered less than they got at [...]
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