In the world of small brokerages, small changes make for big percentage swings. Therefore, the fact that KNG Securities – a London-based fixed income brokerage, has added five Financial Services Authority (FSA) registered people since December may seem like no big deal – except that those five people have boosted headcount at KNG by 40% in only three months.
Bloomberg reports (accurately) that KNG is expanding. Last month, it hired Armando La Morgia, once a securitization banker at Merrill Lynch, to build a structured finance business in London. Now it’s hired Cedric van Kerrebroeck to strengthen its coverage of the Benelux region. Other recent hires include Derrick Lockley and Gwenaël Fort from Citigroup and Morgan Stanley, and Thomas Saler and Gabriele Balducci from UBS and JPMorgan.
Fixed income salespeople and traders who’ve lost their jobs at major banks know where to send their CVs.
Andrea Orcel has cut 35 senior bankers from M&A and capital markets teams at UBS in America. (Reuters)
Citigroup has closed its M&A business in the Middle East. (MarketWatch)
Barclays hired 100 people in the Middle East last year and wants to hire another 100 people in the Middle East this year too. (Bloomberg)
Despite being fined £440m for dubious Iranian transactions, Standard Chartered is only cutting bonuses 10%. (Sky)
Bank of Ireland has got rid of 5,000 employees – so far. (Independent)
Goldman Sachs has hired a Deutsche Banker as head of its Middle East securities division. (Emerging Markets ME)
Saville’s estate agent is allowing employees to defer their bonuses until next year to avoid tax. (The Guardian)
New money spinner for investment banks: corporate access – $20k an hour to meet with CEOs. (Financial Times)
Bruno Iksil killed Lehman Brothers. (Zerohedge)
Martin Wolf’s excellent, imagined, conversation between Tories, Lib Dems and Labour on banks and bonuses. (Financial Times)