Where will hiring be hottest in 2010? According to Financial News, Financial Institutions Group (FIG) groups will be on fire.
The paper claims that BarCap, Evercore, Moelis, Jefferies, Fox-Pitt Kelton, Greenhill, Lazard, and Fenchurch Advisory Partners all want to build up FIG teams, while Citigroup and Rothschild may be hiring to fill gaps.
One (anonymous) headhunter confirms the BarCap build-out. "BarCap have got recruiting initiatives in most sector areas, but in terms of the really juicy stuff for 2010, it's a FIG push," he says.
However, after a big year for FIG hiring in 2009, the number of candidates willing to move next year may be woefully small. "The proportion of FIG bankers who've moved in the past year is so high, that they'll struggle to find anyone who's willing to swap houses," says one headhunter.
Barclays Capital hired Stefano Marsaglia (who's now said to be building out his team) from Rothschild in September. Resolution hired senior FIG bankers from Lazard and Goldman in August; Moelis hired Caroline Silver as head of FIG from Merrill Lynch in July, and Deutsche hired 12 US FIG specialists from Merrill in February.
"The pattern of moves this year has been at a very senior level. I'd say it will probably move further down the food chain next year," says one search consultant.
However, another points out that FIG hiring is nothing new: "This has been going on all year, the same as in oil and gas and utilities - they're the sectors that just keep going on and on."