Here's who will hire you, now

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There is a quick rule of thumb that can be applied to finding a new financial services job at this point in time: don't try for a front office position in a large investment bank. As the chart below, taken from our own job postings during April shows, front office jobs in investment banks aren't growing. Actually, they seem to be shrinking.

On the other hand, hedge funds, private equity funds, information providers (ratings agencies, newswires etc), and commodities houses (although we don't break them out specifically) have all increased their hiring dramatically. Anecdotally, there's also some hiring happening in small brokerages and boutiques, but we don't have categories for these.

So what should you do if you want a job new job? What if you work in equities and can't find anything? What if you work in M&A at Credit Suisse and are worried?

Here's what the headhunters we've spoken to (who are themselves frantically sniffing around for any hiring that might be happening) suggest.

Where the jobs are now for equities sales, trading and research professionals 

Equities salespeople and traders are towards the top of banks' redundancy lists. As SocGen's analysts noted in their recent European banking research, it's much easier for banks to pull out of equities than fixed income. Even though fixed income is far more capital intensive, equities businesses have therefore been at the forefront of the cuts. And equities traders and salespeople have suffered most of all. "If there's no business to be done, you don't need the distribution people," reflects one headhunter.

So where should equities professionals send their CVs?

Equities recruiters reel off a long but not necessarily definitive list of everywhere that they've heard to be hiring. It includes:

Autonomous Research: 

Independent research house focused on banking and insurance stocks. Made some redundancies last year, allegedly. Now looking to, "replace and rehire."

Berenberg:

Building its equities team slowly and sensibly, say recruiters.

Bloomberg: 

Revealed today that it's built a 30 man equity research team in Europe. May be hiring still, although this not made explicit.

Cantor Fitzgerald:

Often claims to be hiring equity sales and trading professionals. Headhunters say this is true: it is.

Citigroup:

Allegedly looking for, "replacement hires."

Exane:

Hired 16 people in April, including 10 from RBS. More hiring hopefully coming, although it may all be over.

Liberum:  

"In pockets."

Mirabaud Securities:

Recently rumoured to have hired a few people.

Olivetree:

Said to be hiring researchers, sales staff, traders. Just received an investment from a private equity fund which will enable it to, "further develop its unique offering."

SocGen:

Possibly still interested in hiring for its banking research team.

UBS:

Allegedly looking for, "replacement hires."

Where are the jobs now for M&A professionals?

DC Advisory Partners: 

Still rumoured to be looking, but only at the top end. Recently hired a senior European TMT banker from Citigroup.

Evercore:

Hired two senior investment bankers in London in April. Said that both would be building teams of 10 people focused on restructuring and transportation.   

Greenhill:

Said it was going to be hiring in April. Recently hired Luca Ferrari from Goldman Sachs as head of North European M&A and said that Ferrari will focus on expanding Greenhill's presence across Continental Europe.

Lazard:

Said to be: "Looking at people."

UBS:

Andrea Orcel will turn up in July. UBS has hired six other BofA bankers alongside Orcel, but it seems likely that he'll want to hire more.

Where are the jobs now for FICC professionals?

We refer you to our article of last week, on the 21 places where fixed income professionals who lost or left their jobs in 2011 have been getting re-employed. Click here.

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