Investment banking jobs in Europe are hard to come by, particularly at big banks that are hamstrung by new regulations and strict capital requirements. The fact is: many of the few growth opportunities for investment bankers in Europe are popping up at mid-sized U.S. firms that are expanding their business overseas. The latest example is Oppenheimer & Co., which plans to roughly double its investment banking headcount in the U.K. over the next five years.
The U.S.-based firm is poised to expand its advisory business to give EU clients access to equity research and trading and fundraising capabilities in their home markets, according to Financial News. Oppenheimer Europe became a member of the London Stock Exchange just this week.
The company will also build out its capital markets business across equities, fixed income and M&A, a source told Financial News. Its roughly 60-person London staff should double in the next five years.
In the U.S., Oppenheimer appears to be focusing much of its hiring on the financial advisor industry, an area of financial services that continues to grow in the U.S. and abroad as clients become more risk-averse.
Oppenheimer didn’t immediately return requests for comment on their hiring plans, but typically financial advisors are entrepreneurs who partner with a firm to build their individual book of client business. The firm usually provides expertise and technology in exchange for a share of the profits.
Two more Wall Street veterans have packed up and walked away from the business. Twins Paul Scialla and Peter Scialla left Goldman Sachs last week to join a home-design firm. Both had been partners since 2008.
Even with industry-wide cost-cutting, it’s shareholders – not bankers – who have seen a bigger reduction in their returns, said Brady Dougan, chief executive at Credit Suisse Group. “That’s not sustainable,” he said. “That’s not right.”
Goldman Sachs has named company veteran Andy Fisher the new head of technology equity capital markets, a division that rebounded in the fourth quarter of 2012 following a difficult start to the year.
Data collected by the Commodity Futures Trading Commission to help the agency prevent a future trading blunder like the “London Whale” is not usable in its current form, according to Republican Commissioner Scott O'Malia. The data overwhelms computer systems fails to give regulators a clear picture of the derivatives market, he said.
Financial services headcount in London has fallen by nearly 30% since 2008, with similar job losses occurring in other large global cities. Surprisingly, the financial sector in Frankfurt, Germany has come out relatively unscathed, with headcount dropping by just 2% during that period.
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