The pain has probably not passed in equities. According to a report from Morgan Stanley and Oliver Wyman, there will be more redundancies in banks' equities teams this year. As we noted this morning, Nomura laid off a lot of equity researchers in March (and then hired one of then back again). And yet, there's one place in the world where equities bankers are doing fine. That is: Poland.
Poland is becoming Central Europe's number one financial centre, says Bloomberg. SocGen, J.P. Morgan and Unicredit are all growing in Poland. Unicredit has 80 people in Warsaw, which has been elevated as the Italian bank's main central European equities centre after its offices in Moscow, Bucharest and Istanbul were all closed last year. HSBC is in Warsaw. Goldman Sachs is there too. VTB Capital is also there. Polish M&A is increasing. Polish IPOs are increasing. Banks are bullish.
Basically, if you want an equities job, Poland looks hot.
Women fall behind men at work because they don’t put in enough hours. (Quartz)
Frank Quattrone was the only banker to get a look in on the Tumblr deal. (Dealbook)
Bankers network among the narcissi at the Chelsea Flower Show. (Guardian)
Yes, banking is becoming boring. (Wall Street Journal)