As we reported last month, Chinese bank Haitong Securities has been cutting headcount in London. Back then, it was cutting in equities. Now, it seems to have turned its attention to fixed income.
Headhunters say Haitong has dispensed with "a whole load of people" from its fixed income business. How many is unclear, but the Financial Conduct Authority Register indicates that Dean Tyler, managing director and co-head of markets distribution has gone. Marcus Ashworth, head of fixed income left in May and David Le Broussois, head of structuring, is no longer at the firm.
Haitong was unable to provide anyone to comment on the cuts. They also included more junior staff like Prashant Tiwari, a fixed income emerging markets salesman, hired from Commerzbank last July.
The cuts follow Haitong's acquisition of Espirito Santo's investment bank in May 2015. Headhunters say the exits reflect a change of strategy, although Clemens Lansing, the ex-UBS MD who was hired as head of markets in July 2015 to build out Haitong's business, is still in place.
Big names have also left from Haitong's equities business. Luis Luna Vaz, global head of markets, left in May, while the FCA register indicates that a raft of other equities professionals also left Haitong last month, including Mathew Holland, head of equity product strategy, and Edward Stacey, an experienced equity analyst in the aerospace and industrials space.