If J.P. Morgan and Deutsche Bank's banking analysts are right, some areas of fixed income trading (eg. U.S. investment grade and high yield credit) are likely to slow down in the second half of 2017. This isn't dissuading banks from hiring in the products that are still doing well.
With the mortgage backed securitization market expected to make a comeback this year, Goldman Sachs just hired Vanessa Resnick, the former head of residential legacy loan trading at Credit Suisse. Resnick joins Goldman as an MD in New York after 12 years at CS.
Nomura, meanwhile, continues to go for growth in emerging markets. After poaching Gokhan Buyuksarac, a top Goldman Sachs emerging markets trader in London in April, it's just hired Meraj Khan from UBS. Khan was UBS's head of emerging markets macro trading in Europe. He joins Nomura in New York, although his role there is unclear. Prior to UBS, Khan spent nearly two years at hedge fund Caxton Associates and six and a half years at Goldman Sachs.
Goldman's also lost someone. - Frederic Crosnier, an NYC-based managing director and former global head of markets solutions, has gone to Credit Suisse. Crosnier's not a trader: he specializes in market infrastructure, strategy and fintech. At Credit Suisse he'll be head of global markets and investment banking capital markets operations. This is a big hire for CS and reflects the Swiss bank's commitment to getting its global markets business right as it tries to boost revenues and cut costs. Goldman, meanwhile, is left with a Crosnier-shaped hole to fill: one year with UBS aside, he'd been with the firm since 1996.
Headhunters said Wall Street hiring this year is hotter than its been for a while, particularly in fixed income trading. Guaranteed bonuses are common, and are increasingly being extended over two years.