With bonuses safely banked there were several voluntary departures in the European job market last week, and some that were not so voluntary.
Departures at Lehman, DrKW, Calyon and Odey
Mark Benson left Lehman Brothers to pursue personal interests. Benson was responsible for the bank's wealth and asset management, private equity and mortgage businesses.
Ishbel Macpherson, head of the UK emerging markets group, left Dresdner Kleinwort Wasserstein after nearly two decades with the bank. She will pursue other interests.
Philippe Jeanne and Andreas Putz, senior staff at Calyon, the investment banking business of Crédit Agricole, resigned. The bank said a replacement is being sought for Putz, but Jeanne will not be replaced.
Hugh Hendry, a fund manager at London-based Odey Asset Management, is expected to leave and set up his own hedge fund business. He has been replaced as manager of Odey's $360m pan-European fund by Feras Al-Chalabi, whose uncle is vying to become the next prime minister of Iraq.
Equities hit at Merrill, Deutsche and Citi
Seven traders on Merrill Lynch's pan-European equities market making desk left the bank. Recruitment sources said they had been made redundant. They included Gary Hayes, a managing director in equity arbitrage and traders, Jacques Demyttenaere , David O'Flynn, Pierre Ardaud-Ladoux, and Andrew Dowling.
Phil Stavely, head of emerging market cash equity products at Deutsche Bank, left the firm following restructuring.
Two specialist equity salesmen covering oil and energy stocks were understood to leave Citigroup in London. They were Aiden Bradley and Peter Lynch. Neither they nor the bank could be reached for comment.
Investment banking: Restructuring and bonus moves
Citigroup said it will cut 1,400 jobs from its corporate and investment banking unit in the first quarter as it begins the cost-cutting effort prompted by a 62% plunge in net income at the unit last year.
There was also a flurry of first quarter hiring as bankers whose bonuses had been paid became free to move on. Morgan Stanley lost three senior bankers in London in the process. Goldman Sachs hired Peter Sheridan from Morgan Stanley as co-head of European algorithmic trading in its European equity trading and execution unit. Peter Stott, a former co-head of UK investment banking, also left, as did William Vereker, an MD in the European energy and utility group. Stott and Vereker are understood to be joining Greenhill, the M&A boutique, and Lehman Brothers respectively.
Bank of America appointed Kenneth Leet, a former Goldman Sachs banker, as head of corporate and investment banking for Europe, the Middle East and Africa. Leet wouldn't have been waiting for a bonus payout: he left Goldman in 2003 to join the U.S. government.
ING raided CSFB to boost its financial markets division. Bas van Rhijn joins ING's wholesale markets division as managing director and global head of sales, based in Amsterdam.
Dresdner Kleinwort Wasserstein (DrKW) and Barclays Capital boosted credit teams. DrKW hired Malcolm Perry from JP Morgan Chase as head of credit products, based in London. The German bank also recruited Brian McBride of UBS as co-head of a newly merged department combining leveraged finance with financial sponsors.
Barclays Capital hired Jane Privett from Deutsche Bank as a director in its UK institutional credit sales team.
BNP Paribas raided Lazard to boost its Frankfurt corporate finance team. Markus Schneider, a director at Lazard & Co, will join BNP Paribas as a director on March 1.
HSBC Corporate, Investment Banking and Markets hired two foreign exchange salesmen to cover currency option sales to hedge funds. Mike Spencer joins from Citigroup; Patrick Schartner joins from Morgan Stanley.
HSBC also offered a ray of hope to equities analysts, who have suffered disproportionately from redundancies recently. It announced plans to double the number of analysts it employs to around 100 by 2006.
Merrill builds in commodities
Merrill Lynch hired three commodity derivatives specialists from J. Aron, the Goldman Sachs commodities division, for its new Europe, Middle East and Africa commodity solutions group. Diego Parilla joins as a managing director heading the commodities group. Kamal Gajree joins as a vice president with responsibility for hedge funds coverage. Achim Traut joins as a vice president focused on structured commodity products.
Separately, Merrill appointed Andrea Podesta from Morgan Stanley as managing director and head of EMEA debt wholesale distribution.
Hedge funds and fund management: Corley joins Allianz
Allianz Global Investors appointed Elizabeth Corley, a former managing director at Merrill Lynch Investment Managers, as its European head. Corley fills a post left vacant by Johann Goldbrunner, who will return to academia at the end of the year.
Northern Trust appointed Justin Chapman and Ian Scott as senior vice presidents in its worldwide operations team based in London. Chapman joins from Mondas, the accounting and solutions business, where he was head of industry marketing. Scott joins from JP Morgan Chase where was head of operations in the institutional trust division.
Paul Marshall, a founder of hedge fund Marshall Wace, is giving up full time fund management and becoming the fund's chairman. The move will enable him to devote more time to his political and philanthropic activities.
Fitch raids CDC
Fitch Ratings raided CDC IXIS in Paris for Raffaele Carnevale, who joins as senior director for international public finance ratings, based in Milan. At CDC Carnevale was in charge of fixed income research in the European public sector.