Cantor Fitzgerald may be cutting staff in London, but the new House of Jain is still hiring in the U.S.
Anshu Jain, the former co-CEO of Deutsche Bank, joined Cantor as president in January, and the firm is now making good on his mandate to take the firm through the “next phase of growth” to hire within fixed income sales and trading.
The latest recruit is Matthew Clark, a former managing director in credit sales at J.P. Morgan in San Francisco, who has just joined Cantor Fitzgerald in a similar role. Clark spent the last seven years at J.P. Morgan, having joined in 2010 from Citigroup, where he was also a managing director in credit sales. He left J.P. Morgan in March and arrived at Cantor earlier this month.
Cantor has also hired Michael S. Miller, formerly Macquarie’s head of fixed income trading in New York, who has been working at boutique investment bank CastleOak Securities as a managing director for the past year. He joined in July as another managing director within fixed income trading.
The two hires suggest that the people coming on board at Cantor in the U.S. are getting more senior as the year progresses. In May, it hired Ryan McDuffy as a managing director from BBVA (where he was an executive director in bond trading) and James Papas, an experienced credit trader at Royal Bank of Scotland.
When Jain arrived in January, CEO Howard Lutnik said that he was joining to “drive the firm’s momentum as it enters the next phase of growth”, with the FT suggesting his focus would be to help Cantor “push deeper” into prime brokerage and fixed income sales and trading.
So far, Cantor’s new hires have been focused on fixed income, but this is part of a broader revival of recruitment on Wall Street. Research firm Coalition suggests all the major investment banks are in the market for credit sales and trading staff, while consultants Greenwich Associates believes that there’s more fixed income recruitment in New York now than at any point since the 2008 financial crisis.
Nonetheless, staff are leaving Cantor in the UK, with around 25% of employees registers with the Financial Conduct Authority departing over the past two years. More recently in the U.S., senior staff have also parted ways – Rafeal Elias, a managing director and head of emerging markets strategy, left in June, while Todd Sycoff, an MD and senior high yield trader, departed in May.
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