It's been a bad weekend for people working in sales and trading at smaller players. Both Evolution Group and Unicredit are eviscerating their businesses. Around 300 jobs will go.
The Telegraph reported yesterday that Investec has decided it can do without as many as 140 out of Evolution's 190 broking staff. Meanwhile, following our intimations of paranoia last week, the Financial Times reported that UniCredit is pulling out of Western European equity sales and trading, with the loss of 150 jobs.
What next for the Evolution and Unicredit people who find themselves without an office to inhabit?
Cantor says it's hiring a few hundred people. So too, we understand is Kepler Capital markets, albeit in somewhat smaller numbers. Last week, there were even rumours that Kepler might acquire the equities business of Unicredit, although these seem to have been spurious.
Formed from a management buyout of the operations of Landsbanki Kepler, the continental European and US securities arm of defunct Icelandic bank Landsbanki, Kepler completed a €57m capital raising last month. It's small: the FSA Register shows only 13 people undertaking regulated activities in London. However, 9 of them have joined this year - many in the past few months - including from Evolution and Deutsche.
It's only a tiny safety net, but Kepler may yet prevent some people from falling out of the City entirely.