Financial News has some baddish news for anyone out of the market and trying to get back in: only 14 of 132 RBS staff registered as inactive on the FSA database on April 11th have found a new job since.
For those of a pessimistic frame of mind, this could be seen as a bad thing. But for optimists, it doesn’t look too bad: in the past 19 days, 14 people have found new jobs. In another three months, all the RBS staff could be re-employed.
Who’s hired them? Ten ex-RBS equities bankers have joined Exane BNP. The French JV has hired 16 people in London and could be described as on a spree.
"The current market conditions have created a window for us to properly reinforce our franchise in the UK, the region offering the highest upside to us," Vincent Rouviere, head of cash equities at Exane BNP Paribas, told Reuters. Rouviere said the expansion was part of a long term plan and therefore not purely opportunistic by any means.
Exane BNP has also hired 4 four people from Bank of America Merrill Lynch (3 analysts and 1 specialist sales banker) and 2 retail analysts from Citi. Unfortunately, its spree may now be over. "In the UK we've always been known for selling debt and convertible securities; this completes the set," said Ben Canning, head of UK equity capital markets at BNP Paribas.
Financial News says other ex-RBS bankers have been rehoused at SocGen, Sanford Bernstein, RBC Capital Markets and Credit Suisse.
"I have heard about a lot of people who didn't get the promotions they were expecting. That's usually a sign that banks are getting ready to get rid of people." (Fortune)
Orcel’s arrival at UBS may upset the apple cart in investment banking, where the team is run by bankers of a certain vintage who have been with the firm since the days of SG Warburg. (Financial News)
“Client activity has definitely slowed [in the second quarter]. Clients are uncertain how to position in some European countries, with spreads on Spain, Belgium and Holland widening out.” (Financial News)
Goldman Sachs has made some promotions in Brazil. (Bloomberg)
HSBC is pretending to make fewer redundancies than it really is. (Telegraph)
Investors in Standard Chartered are being encouraged to vote against its remuneration policy. (Telegraph)
The Prudential Regulation Authority is moving out of Canary Wharf and into the City. (Bloomberg)
Bob Diamond is only ranked 718th in the rich list. Most people aren’t rich by working, but are rich from entrepreneurialism. (The Sunday Times)
Work for HM Treasury! It is mentioned in almost every major news story and has ultra-modern offices. (HM Treasury)
Lehman was pursuing a ‘counter-cyclical growth strategy’ in order to make the most of the ‘significant pool of talent’ it thought was becoming available. (Financial Times)
Today is the start of screen-free week. You are supposed to log off. (Marketplace)