Now that FICC businesses aren’t going to be a big investment banking growth engine after all this year, it was probably only a matter of time before the oracles of FICC redundancies came out from their caves.
And now they’re here.
“Any hiring in FICC went very quiet a few weeks ago,” claims the head of one fixed income search firm.
“There’s another round of redundancies coming in a few weeks’ time,” he adds. “We’ve heard there will be cuts at Deutsche and BarCap.”
This has not been confirmed by the banks concerned.
Another fixed income headhunter confirms the quietness. “There’s nothing going. This year is very different to 2009 – back then, you had UBS, Bank of America, Mitsubishi, Evolution and Newedge all hiring. That’s not happening this time.”