As the end of year approaches, banks were putting their houses in order. Hiring remained surprisingly robust, but there was also plenty of restructuring and talk of job losses.
Goldman Sachs, UBS, ABN restructure
Goldman Sachs reshuffled top staff in Germany. Marcus Schenck, a managing director and partner, was promoted as co-head of investment banking for Germany and Austria, alongside Alex Dibelius. Dibelius takes responsibility for the bank's Frankfurt operations after Wayne Moore, former co-head transferred to Chicago.
UBS promoted Robert Gillespie to chief executive for investment banking in Europe, the Middle East and Africa. Gillespie, who is already joint global head of investment banking with Ken Moelis, will assume the new title in addition to his current role. He has been with the bank for 23 years.
ABN Amro overhauled its fixed income division, combining its credit, interest rate and distribution activities in a new fixed income unit to be led by Niall Cameron, former global head of credit markets.
Job cuts announced at Deutsche, rumoured at CSFB, JP Morgan, DeAM
CSFB appointed Francois Roussely, former chief executive of Electricite de France, as head of its French operations. It also emerged that the Swiss firm may make hundreds of job cuts when it unveils restructuring plans later this week.
Deutsche Bank revealed plans to axe 2,300 jobs in Germany over the next two years as part of a cost cutting plan. The bank said 1,650 jobs would go in administrative areas such as risk management, information technology and human resources; 500 jobs will be axed from the global investment banking unit and 100 jobs will be axed in the global markets division as a result of combining some processing, clearing and settlement activities. The bank also said it would be hiring for 350 new jobs at subsidiaries in Germany, and that 450 people would be added to 'client facing and product oriented areas.'
Significant job cuts may also be on the cards at Deutsche Asset Management. Sources close to DeAM said it would close London desks which manage UK and European equities and combine them with Frankfurt operations, leading to significant cuts in the UK.
It emerged that JP Morgan may be about to prune staff numbers. Sources close to the bank said it was preparing to axe 150 investment bankers as part of a combined business and annual talent review. Sources said resultant savings will be invested in the bank's prime brokerage and exotic options business.
Hiring and firing
As well as making redundancies, Deutsche Bank was also hiring. After axing three research heads globally, including Nimrod Schwarzmann as head of European equity research, it appointed Guy Ashton to run its European research teams and strategy.
Following an overhall of its equity team, Axa Investment Managers made three fund managers redundant and hired Kieron Nutbrown, formerly a global bond portfolio manager at Investec Asset Management, as its new head of tactical asset allocation. Richard Prew, former director or UK equity retail growth funds also joined as a UK equity manager from Henderson Global Investors.
Nomura raided Merrill Lynch for six equity derivatives staff, all at assistant vice president or vice president level. They included: Isabel Abellan, Heike Fuerpass, and Dominic Ash. Nomura poached 13 staff from Merrill for its equity derivatives team in July.
Dresdner Kleinwort Wasserstein hired Ronan Donahue from ABN Amro as head of hybrid capital. Donahue fills a gap left seven months ago by Mark Woolley, who left for Deutsche Bank.
SG Corporate and Investment Banking and BNP Paribas both boosted their London debt teams. SG brought Demetrio Salorio, its head of capital markets from Spain, to London, as head of its financial institutions origination business. Last week it hired seven bankers for its financial institutions group in the UK, Italy and Spain.
BNP Paribas hired Peter Michel, from Nomura and Mike Meiss from JP Morgan, as head of corporate client coverage in Germany, Austria and Switzerland and a senior derivatives marketer to German and Austrian corporate clients respectively.
Private equity: friends reunited
Roger Holmes, former chief executive at Marks & Spencer will join Luc Vandevelde, former Marks & Spencer chairman at Change Capital, the private equity firm founded by Vandevelde two years ago. Both men left Marks & Spencer six months ago following a putative bid from Philip Green, the retail entrepreneur.