It’s that time of year. You probably feel a bit fatigued. – Maybe you feel a bit rheumy with latest viral syndrome? Maybe you’ve been slowly destroying your mental and physical health with less than eight hours’ sleep a night? Maybe your two weeks off in the summer had as much resonance as a Michael Jackson song on a sticky iPod? Maybe you just need another holiday. If so, you will look upon 26 year-old Michael Summers and weep. He just had the whole summer off, and he just got a good new job at Deutsche Bank.
Summers is the latest ex-employee of Haitong Securities to find a new home. As we reported previously, Haitong has opped-off 67% of its staff in the past 18 months. Many – like Summers – were let go in April. Several, like Summers had the entire summer (appropriately enough) to kick-back and have just returned to work as the weather turns.
Summers declined to comment for this article. However, after leaving Haitong in April his LinkedIn profile suggests he just got a much better job working on Deutsche’s flow equity derivatives sales desk in London. His sojourn at Haitong lasted 16 months and he previously spent 17 months at Morgan Stanley. When Deutsche announced its second quarter results in July, it said it planned to stock up on ‘specialist sales and distribution” people for its equities business. Summers was clearly in luck.
Summers isn’t the only ex-Haitong employee to find a new job after a long summer at the beach. As we reported last month, Credit Suisse hired Jamil Hallak, a former Haitong emerging markets MD, who also left in April. Marcus Miholich, Haitong’s former head of Delta One trading, left in June and turned up at State Street Global Advisors as head of Nordics in September.
Not all former Haitong people have been re-homed however. Clemens Lancing, Haitong’s former head of global markets and an ex-head of European flow derivatives trading at J.P. Morgan, says he’s only just started looking for a new role after taking the summer out. He’s now open to opportunities in London, Frankfurt, or Geneva – and is very well rested indeed.