European Jobs' Roundup: Redundancies at CSFB and DrKW

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Dresdner Kleinwort Wasserstein (DrKW) and Credit Suisse First Boston (CSFB) were the latest in a long line of banks to announce job cuts last week.

Losses at DrkW, CSFB and Dankse

DrKW announced it was firing 240 bankers in London, Frankfurt, New York and Asia. Corporate financiers, middle and back office staff, and those working in capital markets are most likely to be affected. Sources close to the bank said the cuts were intended to refocus its attentions on high margin areas such as derivatives and structured products.

Brady Dougan, chief executive of CSFB warned that 200-300 jobs may go in the next few months as part of a restructuring aimed at aligning all businesses at Credit Suisse into three divisions (private client services, corporate and investment banking, and asset management).

Danske Bank, the leading Danish bank, revealed plans to shut its UK corporate and wholesale operation, resulting in substantial job losses among its 170 staff.

Last minute shopping: SG, HSBC and DrKW hire

HSBC hired Ahsan Ellahi as a managing director. Ellahi joined from Eurohypo, the German bank, where he was a senior real estate banker. He said HSBC is reviewing its real estate business with a view to expanding. Before joining Eurohypo, Ellahi was at GE Real Estate, and prior to that he spent 18 years at the investment banking group of HSBC, where he was most recently head of property finance.

SG Securities hired three senior equity sales traders for its French trading team. Jean Bruneau joined from HSBC. Gilles Meyruey joined from Dexia Securities France, Olivier Peypoux joined from Credit Lyonnais Securities, which became part of the merged bank Calyon earlier this year.

DrKW may have been firing, but it was also hiring. The bank brought in Richard Huston, a former Merrill Lynch debt trader, to run its proprietary trading business based in London. He joins as a managing director and head of capital markets risk trading. Huston is a former head of London fixed income trading and former head of debt markets for the Pacific Rim at Merrill Lynch; he left the US bank in 2001 to set up his own company.

In a spate of other last minute hires in 2004, ING Financial Markets hired Gerald Kopecky, a foreign exchange and interest rate products salesman from Commerzbank; ECI Partners, a UK mid-market buyout firm, recruited Gordon McNair, a former senior executive at Ernst & Young, the accounting firm; Arbuthnot Securities hired Robert Taylor from HSBC as a senior institutional salesman; and finally, Alain Papiasse, former chief operating officer of Calyon, joined BNP Paribas to lead its asset management business.

Fund management: Insight hires and reshuffles

Insight Investments appointed Charles Farquharson as head of distribution. Farquharson was formerly head of European, Middle Eastern and Asian institutional business at Merrill Lynch Investment Managers (MLIM), but he recently accepted a redundancy package.

Insight also made Duncan Owen, head of its property division, an executive director. Owen's appointment reflects the strong performance of the property division and property's increasing popularity as an asset class.

D'Souza makes his mark at Merrill

Merrill Lynch reorganised its Europe, the Middle East and Africa equity team. Kevin Burke, former co-head of regional sales trading with Nick Lacey, is going back to the US, leaving Lacey solely responsible. Andrew Thompson, a senior equity trader has been named head of large cap sector-based equity trading. Grant Turner was made head of customer risk taking; Jamie Lebetkin was made responsible for small and mid cap trading in emerging markets. Lebetkin and Turner previously headed the regional cash equity trading desk. The changes follow the appointment of Rohit D'Souza from Morgan Stanley as global head of equity trading in September.

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