☰ Menu eFinancialCareers

There are signs that banks are hiring secretly

First quarter results reflect that banks are still getting rid of people, but there’s evidence to suggest that continued redundancies are being accompanied by furtive recruitment.

“A lot of houses are still subtly getting rid of people and don’t want to publicize the fact that they’re hiring at the same time,” says the fixed income-focused partner at one search firm. “There are legal implications, so they’ve kept it low key.”

Banks don’t appear to have been publicizing hires in the way they may have done in the past. Calyon, for example, was silent on its appointment earlier this year of Alexandra MacMahon, a former Morgan Stanley managing director. According to recruiters this was because they were in the middle of making capital markets redundancies at the same time.

Equally, BarCap is thought to have hired William Tovey from UBS, but is declining to comment on the subject.

The exceptions to the rule appear to be Merrill, which announced two big hires earlier this month – a new head of fixed income from JPMorgan and a new head of asset management investment banking from UBS – and Deutsche, which hired from both Merrill and UBS in March.

Interestingly, the chart below (which requires magnification to be visible), produced by the Financial Times and published earlier this month, confirms that banks may have been hiring more than they’ve been letting on. The data displayed covers October 2008 to April 1st this year and includes various names which never made it into the press.

Even more interestingly, Citigroup, which hasn’t stood out as an active hirer in the past six months, ranks as one of the biggest net gainers during the period.

Source: Financial Times

Comments (20)

Comments
  1. Sarah, can you post a higher resolution picture of the FT chart? i can’t read it when magnified

  2. you can’t read the picture as it’s too small, and you can’t click on it to open in a separate window…can i have a link to the website or have some way of seeing it?

  3. Sarah that chart isn’t visible at all. Are you going to make us open it in some image program to magnify it? You people could have done it yourself.

    Merchant Banker Reply
     
  4. Sorry. My technical prowess isn’t great. I was thinking you could do the thing where you click on the mouse and rotate the wheel to expand the page, but it won’t seem to work. I’ll ask for assistance and will repost in a moment with something larger, or magnifiable.

    Sarah, Editor, eFinancialCareers Reply
     
  5. Let’s face it, the investment banking industry still has the “Closed for Business” sign up and is bleeding talent and experience to other sectors. The financial services talent pool is highly mobile, with valued skills and unfortunately the senior managers are too shell shocked to even look at HR planning. A few senior musical chairs means very lttle.

  6. It’s clickable now.

    Sarah, Editor, eFinancialCareers Reply
     
  7. Jim Renwick just left for BarCap. UBS is undergoing a complete revamp this Spring. Off with the old..

  8. Deckchairs. Titanic.

  9. Let’s also face that all the insular gits in IB created the mess we’re in. Thanks.

  10. cool picture

  11. Sarah, the picture is clear now. Thank you

    GEORGE KWASI ADU Reply
     
  12. Look.

    If they are hiring secretly simply change your name to “secretly” and you are therefore hired. What’s the problem here?

    By the way, never change your name to “people”. No. These are the individuals that are being laid off. Just go read the headlines “People let go”. Or “Service Industry drops 2,000 people”, and so on. Spent a very bad winter when I was called “people”.

    Just don’t try.

  13. I am addressing the posting from “Wizard of EC1” here.
    You say, and I quote;

    start quote
    >
    end quote

    You use the word “talent” twice. Yet, surely, that is the attribute that was significantly missing from this sector. Do you not accept that they screwed up their own industry? Where’s the talent in that?
    I could have trashed it myself. Not as well as they did, obviously.

    Talent? No. Not in my dictionary anyway.

  14. Sarah,
    Any info for BarCap?

  15. Why does this website keep trying to put up stories that “hiring is starting again,” or “just around the corner”? It’s sensationalist, reminds me of a tabloid. Anyone in this industry knows that banks make people redundant while still making selected hires here and there. It’s no revelation and it doesn’t indicate a turning point.

  16. can you please provide us with bigger chart image………..

  17. Ainudeen – if you click on the chart image, you can expand it. And yawn, we don’t run endless stories saying that hiring has started again and also receive complaints that we are too negative. What is particularly interesting here is not only that hiring is taking place, it is that banks are not publicising hires they would usually crow about.

    Sarah, Editor. eFinancialCareers Reply
     
  18. the resolution is very poor …the information provided is good..but unfortunately we can view it ….can you please again load the image or the data in some 0ther format?

  19. I fail to understand theTopManagement in the Financial Services and Banking sector who are so short sighted in firing personnel instead of finding ways to Cut the huge cost of the operations other then the personnel cost.Any how I feel big companies should hire cost cutting consultants and share the percentage of the cost cutting suggestions

  20. I fail to understand theTop Management in the Financial Services and Banking sector who are so short sighted in firing personnel instead of finding ways to Cut the huge cost of the operations other then the personnel cost.Any how I feel big companies should hire cost cutting consultants and share the percentage of the cost cutting suggestions instead of paying huge consultancy bills

The comment is under moderation. It will appear shortly.

React

Screen Name

Email

Consult our community guidelines here