This is where the big banks intend to hire

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If you have a long memory, you may recall that we ran an article in November which piggy-backed on a Financial News analysis of where major banks were expected to hire in 2010.

Yesterday, Financial News updated its analysis. We have therefore taken the opportunity to update ours too. Here are the results.

BofA Merrill Lynch

Financial News says:

· There will be notable hires for advisory teams, given that BofA Merrill is looking for metals and mining, oil and gas, and power and utilities bankers.

· It wants to hire 10 top dealmakers across Europe.

We say:

· Recruiters say the really big hiring will be in fixed income, where Sanaz Zaimi is engaged in filling the bank's many gaps. "They've got a business to build," says one.

· BofA Merrill is also understood to be building in equity derivatives.

· And it emerged today that the bank plans a 25% increase in global commodities headcount.

Barclays Capital

Financial News says:

· Barclays is continuing to grow its advisory and equities businesses, and will be hiring M&A bankers and capital markets staff.

We say:

· Barclays said today that the days of big hiring are over.

· But it also said it plans to expand in prime services, Asia and emerging markets.

· Recruiters say FIG bankers are an area of expansion, with the bank allegedly aiming for a 20 man FIG team by 2011 (the team is currently said to number around 2).

· Recruiters also say there's still an appetite for hiring equities staff across Europe and Asia.

· And there's some non-aggressive hiring said to be happening across fixed income.


Financial News says:

· There are important hires to be made in the markets business.

· Absolute hiring levels will be low as gaps are filled by promoting juniors rather than hiring externally.

We say:

· Headhunters say Citigroup has lost a broad range of relationship bankers and is trying to hire senior sector coverage people.

· Equities sales and trading (cash and derivatives) hires are expected under Derek Bandeen.

Credit Suisse

Financial News says:

· Credit Suisse made some big advisory hires last year and should continue to do so in 2010.

We say:

· Last year, Credit Suisse said it would be targeting expansion in commodities and FX.

· Investment banking headhunters say it's interested in hiring corporate brokers, and possibly Scandinavian M&A bankers.

· Credit Suisse is also said to be hiring, "across the board" in FICC.

Deutsche Bank

Financial News says:

· Deutsche wants to hire 225 analysts, associates, and vice presidents globally into its IBD business.

· The focus for these hires will be FIG and natural resources, as well as French and Italian country teams and Asia.

· There will also be corporate broking recruitment in the UK.

We say:

· Deutsche is looking for 40-50 analysts in London alone.

· Recruiters say there are lots of holes in fixed income.

· However, while there's lots of interviewing there hasn't been much in the way of hiring action.

Goldman Sachs

Financial News says:

· Not a big hirer. Searches out for sector and country teams.

We say

· Selective.


Financial News says:

· Continued equities build out.

· Some senior advisory hiring.

· Some fixed income growth.

We say:

· They've apparently got a search out for a senior metals and mining banker.

· In fixed income they're just doing "little bits here and there" and aren't usually willing to pay particularly generously.

JP Morgan

Financial News says:

· Selective hiring

· Focus on retaining staff at Cazenove

We say

· JP Morgan is rumoured to be on the cusp of a "quite large" recruitment spree in structured products.

Morgan Stanley

Financial News says:

· 75% of last year's 400 hires are now complete.

· Hiring is focused on fixed income

· The bank is looking for selective hires for its advisory business

We say

· Morgan Stanley is giving out some confusing messages.

· One minute it said it only had 50 sales and trading roles left to fill.

· The next minute, it indicated that it could grow sales and trading headcount by 25%.

· Headhunters say it's engaged in rebuilding its cash equities and equity derivatives businesses.

· It also needs to hire in rates, with the European head of rates sales understood to have recently left.


Financial News says:

· Nomura will pay big money to hire in areas it wants to build in. Eg. FX.

We say

· Despite Nomura's purchase of a boutique corporate finance firm and all its staff last year, recruiters say there are still some big holes in corporate finance, with FIG an area of focus.

· Nomura's also said to be hiring "across the board" in fixed income. Yesterday it emerged that it had hired a senior salesman and a senior trader from RBS.

· Equities hiring is likely to be muted.

· The real action is likely to take place in the US.

· As kindly pointed out by a reader below, Nomura also has aspirations in commodities. Yesterday it acquired the European operations of Nexen as a quick means to expand its commodity trading business.

Royal Bank of Scotland

Financial News says:

· Not many people want to work there.

· RBS wants coverage people for its industry groups

· It also wants salesmen, traders and analysts, across markets and geographies.

We say:

· There's not much going on until bonuses have been announced around April.

· Once this happens, RBS is expected to hire broadly across fixed income, currencies and equity derivatives.

· They're also hiring for corporate finance.


Financial News says:

· They've engaged some large recruitment agencies and want to build fixed income.

· Equities bankers might leave after bonuses are paid.

We say:

· UBS is rumoured to be hiring on base salary only.

· A massive drive in fixed income involving the recruitment of "100s of people" is rumoured to be starting soon.

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