At last: a sector in which banks are bullish and promising to hire tens of people in the UK. Unfortunately, it’s not core investment banking – it’s real estate. BNP Paribas has declared its intention of hiring another 50 senior property staff to accompany the 22 it’s hired since last summer. The French bank has also said that it wants to move into UK residential property development.
BNP isn’t the only bank keen on the UK real estate market. US bank Wells Fargo is broadening its UK commercial property lending business, Chip Fedalen, head of the bank’s real estate division told Bloomberg. Wells Fargo is transferring three senior property executives (Mark Marino, Robert Maddox and Cullen Powell) to the UK to build its business. Bloomberg said Marino, Maddox and Powell will lead Wells Fargo’s client development, underwriting and loan production teams – implying that there may be some considerable hiring to come.
Charles Roberts, a finance partner at law firm Paul Hastings, told Bloomberg that US banks like Wells Fargo are bringing Commercial Mortgaged Backed Securitisation (CMBS) back to Europe. Banks may yet be compelled to hire for their CMBS teams too.
JPMorgan has cut two dozen equities traders and sales staff, some of whom left voluntarily after low bonuses. (Bloomberg)
Commerzbank is cutting as many as 6,000 jobs over the next four years. (Bloomberg)
People keep leaving Deutsche Bank’s asset and wealth management business. (Reuters)
It’s proving to be a big year for US M&A. (The Times)
Stock prices are booming for M&A houses like Evercore and Greenhill. (Bloomberg)
Peter Fisher, head of fixed income at Blackrock, is stepping down. (Financial Times)
Assets under management at Winton Capital fell $3bn last year. (Telegraph)
Deutsche Bank wants to create a ‘corporate liquidity hub’ for bond trading. (Financial Times)
Rich Ricci says he won’t be leaving Barclays’ investment bank. (Financial News)
Richard Gnodde and Michael Sherwood argue that Britain divorced from the EU would be seen as a less attractive place. (Goldman Sachs)
An ambulance driver working 16 hour days for £15 an hour objects to the use of ‘modest’ to describe Stephen Hester’s pay. (Guardian)
Flying causes flatulence. (Medical Express)