JPMorgan Cazenove lost two senior bankers last week. Nick Wiles and John Lydon, co-head of corporate finance and a vice president in the equity capital markets team respectively, left the firm for Morgan Stanley and Deutsche Bank.
Wiles had been tipped as a potential successor to David Mayhew, Cazenove chairman. Three senior bankers have now left the firm since the formation of a joint venture between JP Morgan and Cazenove at the end of February.
Diamond joins Barclays main board
Bob Diamond, chief executive of Barclays Capital, joined the main board of Barclays Plc. as president last week. Years of speculation about the size of Diamond's pay package were quashed with the news that he will receive up to 15m.
In another investment banking move, Rothschild hired Douglas Daft, former chairman and chief executive of Coca-Cola Co., to its European Advisory Council.
Research: resignation at Morgan Stanley, hires at Cazenove
Robin Down, a member of Morgan Stanley's top rated banks research team, resigned. David Williams is now in charge of UK banks with Peter Toeman, who previously worked with Down. Huw Van Steenis will cover European banks in place of Williams.
JP Morgan Cazenove, hired two analysts from its equity research team from Panmure Gordon & Co. Jonathan Helliwell and Jesper Jensen joined Cazenove's equities team as analysts in the media sector.
Fixed income: Bank of America hires for ABS, CMBS and syndication
Bank of America was the big hirer in European fixed income last week. It raided UBS to boost its asset backed security (ABS) team in London. Andrew Allan and Steve Skerett join as heads of syndicate and origination respectively.
Other hires were Nigel Milner, a former real estate consultant, as head of European commercial mortgage backed securities, and Scott Lampard, a senior fixed income banker at JP Morgan. Lampard is thought to be joining Bank of America's global markets group as something senior in fixed income syndication.
Dresdner Kleinwort Wasserstein hired Kathy Walsh from Deutsche Bank as head of trading the investment-grade debt of financial institutions.
Equities: JP Morgan boosts coverage
JPMorgan added two people to its European equities business. Andrew Beswick joins from Deutsche Bank to cover specialist sales to the communication and technology sectors. Nicklas Johansson joins from Chevreux, a brokerage, to specialize in pan-European equity coverage to US investors.
Dresdner Kleinwort Wasserstein hired Piergiorgio Canessa from Citigroup as a senior Italian equity sales trader. Canessa will be based in London.
Barclays Capital hired Nick Nassuphis from Credit Suisse First Boston as head of equity exotic and structured product derivatives trading. Nassuphis headed European exotic equity derivatives at CSFB.
Asset Management: McEvatt quits CAAM
Ian McEvatt left Crédit Agricole Asset Management (CAAM) to set up a fund management boutique. McEvatt was chief executive of CAAM in London. He will be replaced by chief investment officer Bruno Crastes.
Simon Davies, chief executive of Threadneedle Asset Management, will replace Lindsay Tomlinson as chairman of the Investment Management Association.
Threadneedle Investments hired Peter Lindqvist from Citigroup Asset Management as head of strategic alliances.
Sarasin Chiswell hired Nicholas Lambert from Cazenove as a director in its private client department.
Northern Trust hired Ray Bloom from Bank of New York as senior vice president and head of UK corporate pension funds.
Schroders hired Gary Clarke from Gartmore as an equities fund manager.
Egerton Capital, a hedge fund group, hired Raphael Kanza, a senior fund manager at Schroders in a strategic role. Before joining Schroders, where he managed absolute return funds, Kanza co-founded Beaumont, a hedge fund specialist.
Commodities: ABN Amro expands
ABN Amro expanded its commodity trading business and hired Stewart Peters from Standard Bank with responsibility for trading oil fuel derivatives in London. The Dutch bank also added to its New York commodity trading team and set up a new business in Singapore
Andy Smith, a precious metals analyst at Mitsui, is leaving for a new commodity hedge fund.
Walton joins MPC
David Walton, the Goldman Sachs economist is to take over from Marian Bell on the Bank of England's monetary policy committee from July 1st..
CEBR forecasts return to heady dot com days
Finally, things could be looking up for bankers and financial services recruiters in the City of London. The Centre for Economics and Business Research (CEBR) forecasts the number of employees in the Square Mile will average 320,000 in 2005, up just over 4,000 on last year. In 2006 the CEBR forecasts a further rise, taking City employment back to the peak levels of the 2000 dot com boom.
The greatest number of additional jobs is forecast in the corporate finance and professional services sectors. Fund management, which topped the CEBR's previous job growth forecasts, is expected to come off the boil due to difficulties in the hedge fund sector.