Discounting the takeover of Dexia Investor Services by Toronto Royal Bank, the eight largest Canadian Banks added 1,574 people in the three months to July, says Bloomberg. Among the hirers: Toronto-Dominion added 778 people, Scotiabank added 349, National Bank of Canada added 242, CIBC added 113, and Bank of Montreal added 50.
Unfortunately, many of these jobs have been added in retail banking or in the US and Canada. RBC was a big hirer of investment bankers globally in 2010, when it recruited more than 500 people. More recently, RBC's hiring in London appears to have fallen off and there may even have been some trimming.
Jain said investment-banking revenues were solid in July and August. (Bloomberg)
Deutsche has also been cutting its industrials M&A team, which was supposed to be an area of focus. (Dealbreaker)
Bank of America’s head of European equities strategy appears to have resigned. (Bloomberg)
There’s no restructuring work in Dubai, which is disappointing all the restructuring bankers who thought there would be. (Financial Times)
Lazard’s expanding in Australia and has bought a local advisory boutique. (WSJ)
New hot thing: collateral transformation. (Bloomberg)
Goldman’s decision to pool M&A analysts (and associates) is a return to the 1980s when there were no sector specialists until associate level. (Reuters)
When did the financial services industry develop a culture of working such long hours? (Quora)
What to do when you’re rejected. (James Altucher)