Week in Review: It's alright - Macquarie's hiring

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Its chief exec is retiring, 16 years of profit growth may be coming to an end, and its business model is under question. But who cares when Macquarie seems to be one of the only banks hiring wholesale right now?

Macquarie said last week that it's added 330 people in London over the past year and that it wants more. It's got around 30 people in its new equities business in London and New York and plans to double this "soon".

So far, Mac Bank has remained fairly impervious to the credit crunch. But there are doubts about the Macquarie business model - and the new chief exec has said beating last year's profits will be "challenging".

Hiring is also happening in restructuring. Lehman and Morgan Stanley are both moving in.

Redundancies are unfortunately likely to outpace the appetite for fresh blood.

Last week's slashers included Credit Suisse (in asset management), JPMorgan (on behalf of Bear Stearns), JPMorgan on behalf of itself, Deutsche, Morgan Stanley, KBC, Lehman and - TBC - Citigroup (again).

17,000 banking jobs are expected to go in NY between 4Q07 and 2Q09, according to the Mayor of New York's budget office.

Credit crunch revelations were good and bad.

Among the good -

George Gross at Pimco seems to think mortgages are now a good bet.

HBOS securitized some mortgage debt.

Among the bad -

Corporate defaults are starting to look nasty.

European politicians got excited about a super regulator.

UBS sold $15bn of mortgage securities, said its rights issue, priced at a generous 31% discount, will raise more than expected and that it can't "see" any more writedowns happening soon.

More troublingly, it lost 18 private bankers to a joint venture with Goldman Sachs. This was followed by revelations of a new bonus plan to try and retain people in the US.

Lehman had a nasty few moments when its stock fell 5.8% on Wednesday after an analyst said its hedges weren't working.

Citigroup stock fell 4.8% on the same day, due to problems at one of its fixed income hedge funds, whose value has fallen 75%.

Moody's had a bad week after the Financial Times unearthed that a neglected computer glitch had led it to wrongly assign triple A ratings to CPDOs. Its shares subsequently lost $1.5bn in market cap.

Standard & Poors promptly put Moody's debt on credit watch negative, while quietly telling some its own NY graduate hires that they wouldn't be required after all.

Cheering news wasn't entirely absent.

Estate agents are at least in as much pain as bankers.

The RHS is looking for a marketing executive to work on the Chelsea Flower Show.

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