Working in a senior cash equities job an investment bank is a perilous place to be. Tim Throsby aside, few heads of equities come out looking better from the current slide in revenues well and many are falling on their sword.
The latest exit is Ian Burn, global head of cash equities at Natixis. He departed the bank earlier this month after nearly three years in the role. Burn joined Natixis from MainFirst Bank, where he worked in equity sales, and was global head of equity sales and sales-trading at ING in London before that.
Burn’s exit comes after Jeff Marine, its head of cash equities for North America, left to join HSBC late last year.
It’s been a brutal time to work in cash equities. Revenues declined by 17% year on year, according to data from Coalition, and by 21% within equity derivatives desks. Senior equity professionals have been flooding the market.
In February, Neal Hallett, head of EMEA cash equities at Barclays, left the bank. Barclays’ equities team had a particularly bad 2016, with revenues declining by 41% year on year. Laurent Marquis, head of EMEA equities trading at J.P. Morgan in London, is also on his way out and Jonny Potter, head of European equity sales at Deutsche Bank, also quit in February.
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