If you've lost your job in an investment bank, Nomura's unwanted equities professionals should be an inspiration to help you find a new one. Months after Nomura closed its equities business, Nomura's unwanted analysts are still finding new jobs elsewhere.
The latest to get rehoused is Matt Lofting, a former VP-level oil and gas researcher at Nomura who joined J.P. Morgan. Lofting left Nomura in May after joining the bank in 2011, prior to which he spent seven years at Morgan Stanley.
As we've reported throughout this year, good equity researchers are hot property in the City of London. Banks are hiring experienced equity researchers before the introduction of MiFID II regulations in January 2018. The new rules will compel clients to pay separately for research, with the result that clients are expected to favour research produced by well known analysts.
J.P. Morgan isn't the only bank hiring: Barclays has also made an addition. The British bank recently recruited William Bowles, an experienced credit trader from RBC. This marks a departure from CEO Jes Staley's policy of refusing to hire externally (unless it's someone senior he worked with at J.P. Morgan). Bowles had been at RBC for over five years after joining in 2010 from Morgan Stanley.
Barclays has had a good year in fixed income trading. Staley, however, is in the process of cutting £4.2bn of costs across the bank in 2016, which makes the addition of a seasoned credit trader in the second half of the year look unusual.