Where can you switch jobs and get a promotion these days?
Try Canaccord Genuity. The independent investment bank is said to be recruiting senior M&A bankers from major investment banks in London and raising them up a notch as it does so.
In recent weeks, Canaccord has recruited at least three top M&A people according to headhunters who asked to remain anonymous. The new recruits are said to include Mark Palmer, a former MD in metals and mining at UBS and Manuel Santiago, a managing director and head of oil and gas investment banking at CIBC. Palmer left UBS in November 2013 according to the FCA Register. A colleague of Santiago's at CIBC confirmed that he's currently on gardening leave.
Canaccord is also said to be hiring an managing director in business services from JPMorgan Cazenove. The latter is said to be a promotion of the kind that is increasingly rare in the current market. "It's incredibly difficult to get a bump-up from ED to MD when you change jobs now," one headhunter said.
Earlier this year, Canaccord hired Shachar Familia, a former executive director from UBS as a special advisor.
Canaccord was not available for comment.
Strong M&A activity bright spot in Wall Street’s sluggish Q1
Here’s how much you can earn as an associate in M&A, city by city
Banks’ weird hierarchies: what analysts, associates, VPs, MDs do really