If you're a well educated, well spoken, well connected, public school educated, young Briton with a passion for markets but without the requisite numerical facilities for becoming a quant or the stamina for becoming a trader, one area of City banking has traditionally presented itself as the perfect option: corporate broking. A very British phenomenon, corporate brokers act as an informational conduit between markets and publicly listed companies. Sadly, it seems corporate brokers are being savaged.
“If you’ve got to cut a few heads, I think corporate broking within the bulge brackets is one [area] that gets trimmed back to a minimum,” one senior broker at a City firm told the Financial Times.
Last time we looked at the corporate broking jobs market, in April 2010, it was still a bastion of hiring and job security. But as layoffs are pushed through there is less continuity in corporate broking teams than there used to be. “Clients are looking for organisations that have been stable during the downturn, and among some brokers there’s been a lot of change in both personnel and the corporate ownership of broking firms,” Oliver Hemsley, chief executive of London broker Numis told the FT.
Last year, Jefferies acquired Hoare Govett, the corporate broking arm of the Royal Bank of Scotland. Last month, Jefferies said it had won 18 new clients as a result of the acquisition, although there was little sign of it progressing up the equity capital market league tables as result.
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