Citigroup and ABN Amro made redundancies in their European equities divisions last week, while HVB Group announced as many as 2,400 job cuts in Germany. Fixed income, corporate finance and fund management saw a spate of hires.
Equities: the highs and lows
Citigroup made two senior redundancies in European equities. The bank cut Susan Lewis, head of European equity-linked capital markets, and Toby Smith, head of corporate equity derivatives in the region. It said it was making limited staff reductions.
ABN Amro made its large cap oil and gas equity research team redundant. An analyst familiar with the situation said Peter Nicol, global head of oil and gas at the bank, and his team would not be replaced. ABN Amro is cutting 1,350 jobs at its corporate investment bank.
HVB Group, Germany's second biggest bank, said it would cut 2,400 jobs after restructuring charges and provisions for bad loans dragged it into the red for the third year in a row. Cuts will hit staff in the domestic German market, many of them in the bank's retail network.
It wasn't all bad news in equities, however. NCB Group, Ireland's biggest broker, hired two European equities bankers for its London operation. Robert Winterton, a European equity salesman, joined from BNP Paribas. Peter Smythe joined from Citigroup as a sales trader in European stocks.
JP Morgan hired Suzanne Lloyd as a vice president in its London corporate equity derivatives team. Lloyd, who joins from the International Accounting Standards Board (IASB), will focus on accounting-related issues.
Fixed income: NewsSmith hires three
Independent debt advisory firm NewSmith Financial Solutions took on three new staff. Jan-Erik Andersen, former chairman and chief executive of Bank One Europe, joined as a partner, as did Michael Woodman, a former director at GE Capital. NewSmith also hired Matteo Battaglia, a London-based analyst in the collateralized debt obligations group at Fitch Ratings.
Barclays Capital hired Jane Privett from Deutsche Bank for its credit sales team. At Deutsche, Privett was a director in UK structured sales. She joins the institutional sales group at Barclays.
Corporate finance: Fox-Pitt hires Brimecome
Fox-Pitt, Kelton hired Ian Brimecome from Putnam Lovell to its European corporate finance team in London. Brimecome, who was global head of investment banking at Putnam Lovell, joins Fox-Pitt as a managing director and chairman in the European insurance advisory group.
Reshuffling: Lynch at Lehman
Lehman Brothers broadened the responsibilities of Philip Lynch, head of equity capital markets in Europe. Lynch will also head debt capital markets and leveraged finance.
Hedge funds and headhunters
Stephen Dizard, managing director of the global special situations group at Citigroup, is understood to be leaving to set up a hedge fund. Dizard spent 20 years with the bank.
Anthony Fobel, a director of CVC Capital Partners, left to become a partner at Och-Ziff, a hedge fund.
Goldman Sachs lost two senior bankers in its London financial sponsors team, including Markus Noe-Nordberg, the team's managing director and co-head. Noe-Nordberg left for Pamplona Capital, a recently launched alternative asset manager. Separately, Saba Nazar, an executive director in the team, is joining the financial sponsors team at Lehman.
Mark Tidy quit Deutsche Bank, where he was regional head of the global securities lending business. The bank confirmed his departure, but declined to comment further.
Hugh Pye, former head of banking research at BNP Paribas in London, left to join recruitment firm Korn/Ferry International as a headhunter.
Andrew Tunks, former head of global bonds and treasury at Isis Asset Management, resurfaced as head of fixed income at Old Mutual Asset Managers. He left Isis a year ago.
Belgravia Asset Management appointed Simon Bailey as chief executive. Bailey joined Belgravia in September from Daiwa SMBC Hong Kong, where he was senior vice president, head of Asian sales trading.
Northern Trust Global Advisors appointed Elspeth Lumsden as senior researcher. Lumsden joins from Axa Investment Managers, where she was deputy chief investment officer of the multi-manager business and chair of the investment committee.
Private equity and private banking
Duke Street Capital appointed Xavier Clarke as an analyst in its French team in Paris; Lili Hoff also joined as a legal advisor in its London team.
Investec Private Bank appointed James Stirling to its London growth finance division. Stirling, who will be responsible for deal origination and execution, joined from Livingstone Guarantee, a mid-market advisory boutique.