Unsurprisingly, London is the favourite overseas location for Greek investment bankers and financial services professionals. Equally unsurprisingly, a large number of Greek financial services professionals have been looking for jobs in the past 12 months.
1,639 people who state their nationality as Greek have uploaded their CVs to our database in the past year. Most of them (1,179) did so between June and January 2011, suggesting that any Greek bankers who decide to start looking for new jobs at this stage may be a little late.
Most Greek financial services professionals tend to be based in one of two places: Greece, or London. Of the 1,639 Greek CVs in our system, 681 are from Greeks in the UK and 641 are from Greeks at home. Very few Greek bankers work in Asia.
Whereas last year, however, we had a rush of CVs from Greeks based in London, so far this year, most CVs have been from Greeks deciding to look for a job from Athens. The implication is that Greek bankers in Athens have belatedly decided they ought to get their CVs onto the market.
Famous/notorious Greek bankers in London include Achilles Macris, the 50 year old former head of JPMorgan’s chief investment office in London, who is credited with much of the responsibility for the CIO’s big loss. Macris hired other Greeks into the CIO, including George Polychronopoulos, who is still employed at JPMorgan according to the FSA register.
Last year we spoke to Linos Lekkas, a Cambridge-educated senior Greek M&A banker at Citigroup. Lekkas explained that Greece had been a very interesting market for investment bankers to work in from 1996 onwards:
“From the mid-1990s and privatisations such as Hellenic Telecoms in 1996, Greece started developing a strong corporate sector. For a country of 11m people there was a lot of activity in the investment banking space. Along with the Olympic Games in 2004 and the introduction of the euro and before that the ERM, this made Greece a buzzing location for around 12 years.“
In the short term, yesterday’s vote is expected to stabilise the country. “The fact that New Democracy has won the most votes will be viewed as market friendly because it reduces the likelihood of a near-term Greek exit from the euro area, and will be viewed as making successful negotiations with the Troika somewhat more likely,” say analysts at Deutsche this morning. “Overall, however, we expect the effect on the EUR and risky currencies and assets to be muted.”
Needless to say, Greece is unlikely to be buzzing with deals and banking jobs in future. The ever-pessimistic Nouriel Roubini laid out the worst case scenario on Twitter yesterday: “ In 6-12 months ND-Pasok gov will fall as economy will fall into a depression. Then new elections will lead Syriza to win & Grexit to occur.”