Investment banks hiring, recruiters busiest since 2010, FT says
21 August 2013
The Financial Times reports that major investment banks have begun hiring “dealmakers and traders” across Europe and even breaking their traditional summer freeze in order to secure the best talent.
Wed, 21 Aug 2013The Financial Times reports that major investment banks have begun hiring “dealmakers and traders” across Europe and even breaking their traditional summer freeze in order to secure the best talent.
Recruiters tell the paper they are at their busiest since 2010.
This follows a marginal decline of 0.8% in the staff levels of the front offices of the 10 largest investment banks between Q1 and Q2 2013 to 54,165, according to data the FT has seen from research firm Coalition, due to be published tomorrow. This follows annual rates of decline of 8% over the past two years.
Joseph Leung, founder of executive search firm Aubreck Leung, tells the paper: “I think it’s fair to say that there’s been a pent-up desire to hire and all of the recent positive data are making it much easier for them to pull the trigger.”
Bank of America Merrill Lynch (BAML), Citigroup and Nomura are among firms reportedly recruiting, as Jon Terry, a partner at professional services firm PwC, comments: “We are not talking about thousands of staff but we are definitely seeing green shoots.”
Earlier this week, recruiter.co.uk reported that an impending cap on banking professionals’ bonuses meant staff could expect higher wages, although the companies fear the new laws could make jobs overseas more tempting.
Recruiters tell the paper they are at their busiest since 2010.
This follows a marginal decline of 0.8% in the staff levels of the front offices of the 10 largest investment banks between Q1 and Q2 2013 to 54,165, according to data the FT has seen from research firm Coalition, due to be published tomorrow. This follows annual rates of decline of 8% over the past two years.
Joseph Leung, founder of executive search firm Aubreck Leung, tells the paper: “I think it’s fair to say that there’s been a pent-up desire to hire and all of the recent positive data are making it much easier for them to pull the trigger.”
Bank of America Merrill Lynch (BAML), Citigroup and Nomura are among firms reportedly recruiting, as Jon Terry, a partner at professional services firm PwC, comments: “We are not talking about thousands of staff but we are definitely seeing green shoots.”
Earlier this week, recruiter.co.uk reported that an impending cap on banking professionals’ bonuses meant staff could expect higher wages, although the companies fear the new laws could make jobs overseas more tempting.
- Following last week’s death of Mortiz Erhardt, a London-based intern at BAML, the FT also notes today calls for a shake-up of City banks' working culture. BAML would not comment on the matter nor plans to change how it communicates with potential interns, saying now it was more appropriate to wait for Erhardt’s death to be fully understood, and support Erhardt’s fellow interns and family.
