RBC Capital Markets is hiring for its fixed income business. Last week it signed-up Stephen Kaminsky from Goldman. Now it’s also hired a rates structurer from Barclays.
Emmanuel Canavaggio, a French structurer with an Italian (-sounding) family name has left Barclays after nearly seven years and joined RBC, where he’ll be doing much the same thing.
Canavaggio’s arrival comes as recruiters say rates hiring is in the throes of a revival and that talent is starting to become tight. Last month, Citi hired ex-J.P. Morgan gilt trader Martin Cross out of retirement. UBS has been hiring macro salespeople from Goldman Sachs. Meanwhile, banks’ available stock of rates professionals is being depleted by hedge funds.
RBC’s appearance in the London rates hiring market comes three years after the bank embarked upon a “strategic build” of its London fixed income business and two years after it seemed to have second thoughts.
Rates businesses have been putting in a mixed performance this year. At HSBC, revenues from macro (rates and FX) trading were up 3.8% year-on-year in the first six months. At Citi, they were up 1%. At Barclays, however, rates revenues were down 20% in the first half following problems with the U.S. rates desk. Could this encourage additional departures across Barclays rates business as the year goes on? Maybe, particularly if the U.S. revenue hit makes the bank’s rates professionals fearful for their bonuses.