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Equities hiring hotter than at any time in living memory
26 June 2009By Sarah Butcher
COMMENTS
If the client is competent and know what he is doing then he also doesn't need the research provided by the big banks. All this means that Equities hiring is mainly for top producers who are few and far between........ Read all comments »Fixed income trading made all the headlines in the first quarter, but equities is shaping up as the place to be for the rest of the year.
According to headhunters, cash equities recruitment is now so feverish that 2006 and 2007 look tepid by comparison. “This is the most fluid hiring market I’ve seen for eight years,” says Alex Williams at search firm Pelham International. “There’s still a lot of recruitment going on, and it’s happening later in the year than it usually does.”
“We’re seeing a high level of hiring across the board and astronomical numbers given in guarantees,” confirms another equities headhunter.
The excitement around equities is being generated by banks like BarCap and UniCredit, as well as brokerage houses like Icap, Evolution and Execution.
“There’s an element of desperation,” says one headhunter. “Hiring banks are trying to pull people out before we get too much further into the year, and banks are becoming much more aggressive about trying to retain people.
“They’re offering packages that compare to 2007.”
In a research note out today, Credit Suisse analysts predict that Deutsche Bank's Q2 results will show revenues from equities sales and trading doubling in the second quarter compared to the first, and that its ECM revenues will have risen 70%.
COMMENTS
Sarah, Editor, eFinancialCareers, HR & Recruitment, Sat 27 Jun 09
@bc and FItrader - I've clarified within the article that it refers to cash equities. I agree that margin compression is an issue, but it isn't preventing recruitment - Barclays Capital, HSBC, Evolution, ICAP, Execution, even RBS are/have been hiring, with BarCap hiring significant numbers. Increased competition, reduced commissions and high volatility all mean that sales people and researchers are still valued.
Add your comment »bc, Derivatives, Sun 28 Jun 09
hiring has been opportunistic by places without a business and in big blocks (this is the case in many areas) but not to a degree where people can command 2007 money or the cash - equities job market having the "fluidity" exaggerated in the article. That is just an advertisement ploy by your sponsor HHs.
barclays and evolution were purely opportunistic as supply is so great and cheap. barcap did the same in m&a at the end of last year. It is not an indicator to the market in general.
"Increased competition, reduced commissions and high volatility all mean that sales people and researchers are still valued"
equity researchers are not "still" valued. banks have been removing researchers since 2006 in fairly large volume. It is also an area with a very strong supply line for new people to banking.
IPO'ing will increase for sure - only way is up from zilch. ECM is at 2008 levels
I would ask proper industry workers i.e. get contacts at different banks, AMs etc - headhunters are no experts on financial matters nor really can call trends.
EquityTrader, Trading, Sun 28 Jun 09
This is the funniest thing i have read in a very long time! I head an Cash Equities Trading desk in one of the top 4 and I can tell you what you have written is incorrect - BIG TIME!
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