Time is passing on by if you’re one of the many, many, many people working either in RBS’s swollen equity research team, or elsewhere in its equities business and you don’t have anywhere else to go.
Lazard has until the 23rd of January to find a buyer. So far, none appears to have come forward. Admittedly, Jefferies is buying Hoare Govett, but it’s only interested in 50 of Hoare Govett’s 125 people, and they’re all MDs.
Other potential buyers, such as Cenkos, Oriel Securities, Bank of Montreal, Wells Fargo, Bank of China, and Mizuho, don’t seem to have manifested. Cenkos is apparently buying Panmure Gordon instead.
So what do you do if you’re an RBS equities professional in danger of eviction? Try boutiques. In particular, try Shore Capital, which has – only today, announced the appointment of people from Evolution and MF Global.
“As a leading corporate adviser we are committed to strengthening our offering and as the broker market continues to consolidate, we remain open to opportunities for further hires who are able to add incremental value to our team,” Shore Capital CEO Simon Fine, said – clearly inviting further applications.
Failing, that? Try Redburn Partners or RBC, advises Financial News. Try Peel Hunt or Numis, advises one equities search consultant. Don’t bother using recruiters, he suggests – boutiques will be trying to pick up RBS people directly.
Meanwhile, at Macquarie
Macquarie also appears to be hiring a utilities research analyst in Europe. However, we hear some bad things are happening in its European structured products business.
According to one headhunter, this business is being shut down with the loss of 70-80 jobs, mostly in equity derivatives and many of them in Frankfurt.
Macquarie declined to comment.