As MiFID II looms and investment banks look to make some difficult decisions about the size of their research teams, it pays to be working for a bank where your area of expertise is central to the organisation you work for – even if that means accepting a smaller job title.
In the case of John Clemmow, a macro strategist and salesman who has held senior roles at UBS, Barclays and Investec over the last 15 years, that landing spot is Macquarie.
Clemmow is a commodities specialist who has just taken a job at the Australian bank known for its focus on commodities. However, after more than ten years as a managing director – first at UBS and then, from October 2011 until February this year, at Barclays – he has just joined Macquarie as an associate director in macro research.
Analysts in banks are facing tough times as MiFID II regulation requires them to charge for research separately from other trading costs. Much of the focus has been on equities, but fixed income researchers and strategies are also likely to be hit.
As we pointed out yesterday, two senior strategists within Oleg Melentyev, Deutsche’s head of U.S. credit strategy, and Daniel Sorid, a director in its U.S. credit strategy business, departed shortly after it was revealed that Deutsche plans to slash the cost of its fixed income research.
Clemmow started out in equity research in 1988 after spending nearly seven years working for a South African goldmine. He graduated from the University of Nottingham with a degree in Mining Engineering. According to his LinkedIn profile, he also held summer jobs while studying as a ‘chicken killer’ at Thornhill Chicken Packers and as a ‘sewer operative’.
Importantly, he’s maintained a sense of humour. His LI profile has the missive “Specialties: Chicken Killing, the importance of wearing natural fibres in explosive situations, Africa, advanced childrearing.”
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