A new agency brokerage has manifested itself upon the London sales and trading scene. Financial News reports that BNY Mellon Capital Markets EMEA has begun operations, offering electronic trading services to institutional clients. So far, so good. Less promisingly, however, the new operation won't be employing any research staff, nor will it need any of its own market making capabilities. As a result, it looks a little thin in terms of headcount: only 14 people are registered with the new operation according to the Financial Services Authority. Most of them have been working for BNY Mellon for sometime - albeit in different areas of the business.
Separately, HSBC has revealed that it plans to make an additional 3,166 UK redundancies as part of its ongoing cost cutting plans. Most of the cuts will reportedly be in wealth management, and the good news is that 2,017 people will be redeployed elsewhere. The bad news is that they will reportedly be redeployed into the consumer retail banking business, which is generally seen as less prestigious and less exciting. This may be a sign of the times.
HSBC introduces a new verb for making redundancies: to ‘demise’ people. (The Times)
The former head of European credit flow trading at UBS, Yassir Benjelloun-Touimi, has left the Swiss bank to set up a new hedge fund called Arcade Partners. (Reuters)
BGC Partners: Macho, boorish and homophobic, says ex-trader. (Daily Mail)
Azentus Capital Management Ltd., led by former Goldman Sachs Group Inc. proprietary trader Morgan Sze, returned 8% before fees this year. (Bloomberg)
“The good news for Credit Suisse is that unlike UBS they have an investment bank which can make money.” (Bloomberg)
James Oliver, a managing director and chief operating officer of Europe investment banking, has left Evercore. (Financial News)
Andrea Angelone, a former global co-head of prime broking at JP Morgan based in London, is leaving the bank. (Financial News)
Lazard is hiring Ken Fritz, head of investment banking for Germany at Credit Suisse. (Bloomberg)
Survival tips for the all day interview. (Daily Muse)
The best jobs to pursue as a career based upon pay, opportunities and working conditions. (Telegraph)