If you work in fixed income, you might feel a little despondent. While M&A bankers are incomparably alluring, fixed income traders are not. European banks are getting rid of them. So too is Morgan Stanley.
Fear not, however: some banks are hiring. Those banks are small and Japanese. They are Mizuho International and Mitsubishi UFJ Securities.
The UK's Financial Conduct Authority register shows that Mizuho recently hired Andrew Friend from Lazard, while Mitsubishi recently hired Nicholas Wright from SocGen. We also understand that Mizuho hired Torben Botts, a former MD in CVA and FVA trading from RBS.
A spokesman for Mizuho said Friend is joining the structured solutions business headed by Andrew Feachem and Juan Carlos Martorell. Feachem and Martorell joined the bank in September. Both came from Lazard, where they established the bank's derivatives and credit advisory business. Friend's arrival at Mizuho suggests the two men are hiring and tapping their former employer.
Mitsubishi, meanwhile, hired Nicholas Wright, a veteran of SocGen and RBC Capital Markets. The Japanese bank didn't respond to requests for information on Wright's role. However, given that Wright also spent time at Vyapar Capital Market Partners, a brokerage firm specializing in fixed income derivatives, we assume that he has a fixed income focus too.
Mizuho hired Nordea's Christian Heiberg as its new head of fixed income trading in May. In June, Heiberg told us he planned to grow the business "organically", with some judicious recruiting: "We may hire five or six more in the next one or two years, but that exact number is not certain right now.”