It’s not that long ago that RBC Capital Markets was riding to the rescue of fixed income traders rejected by the rest of the market. Now RBC seems to be quietly shunting a few fixed income professionals of its own into the wilderness.
The UK’s Financial Conduct Authority (FCA) register suggests there have been several departures from RBC this month, and headhunters say the register doesn’t tell the whole story. Stephane Siffredi, an inflation trader who joined from Natixis in June 2007, is gone. So is Matt Whittaker, a director in fixed income trading who took a sabbatical in February and seems to have decided not to come back. Headhunters say Vladimir Sankovich, a managing director and global head of fixed income rates and credit quants has left too. There was no answer from Sankovich’s line when we called.
The FCA Register suggests RBC’s exits in the past month haven’t been restricted to fixed income trading desks. Three analysts in the investment banking division (IBD) have also left the London office: Radhika Patel, Matthew Soltys and Cliona McDonnell. Olivia Peters, an equity researcher focused on the construction and services sector, has gone along with them.
RBC didn’t immediately respond to a request for comment on the departures, but one headhunter suggest it’s cutting costs before its fourth quarter results. RBC reports before other banks – on December 2nd.
Who’s hiring? In IBD, pretty much everyone. RBC’s departing IBD analysts may simply be moving to other banks, as happened at HSBC. Fixed income traders coming out of RBC will find it harder to get rehoused and will face competition for new jobs from traders coming out of RBS. Banks like Citi and Mizuho and Nomura are hiring in fixed income, however. If you’re emerging from RBC, now may be a good time to give them a call.