Jefferies is still hiring in high yield

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When big banks are cutting-back, there’s usually one pretender that’s opportunistically hiring. This year, it seems to be Jefferies. The smaller U.S. bank has been recruiting in London across both fixed income and equities in 2019, and it’s still adding people even as the year sputters to a close.

Jefferies’ latest London recruit is Peter Schmidt, a high yield credit salesman who left Credit Suisse for the second time and arrived this month. Schmidt joins as a senior vice president.

His arrival comes after Jefferies picked up Daniel Cohen as head of high yield trading and Giovanni Visentin as head of high yield strategy, both for EMEA, in June. The two men joined from Nomura, which trimmed its European business after it changed its strategy in April.

Earlier this year, Jefferies’ CEO Richard Handler was seen commenting that Jefferies could become the new Deutsche Bank as the German bank also retrenches.

Meanwhile, Bobby Dziedziech, the former head of European high yield and distressed debt trading at Jefferies, this month joined U.S. agency credit broker BTIG in London, which is building a new team under Michael Carley in New York.

Schmidt began his career at Credit Suisse in 2004 before leaving for Nordea in 2013, where he became global head of high yield sales. He returned to Credit Suisse in 2017 and stayed less than two and a half years.

As we’ve noted before, Jefferies is a popular place to work in London because it pays cash bonuses. However, it also operates a clawback system whereby those bonuses are retrieved if employees leave within years of their receipt.

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