The first quarter was good for fixed income sales and trading. Most banks achieved a year-on-year increase in revenues. Morgan Stanley achieved a 34% year-on-year increase in revenues. Rates was generally cited as an area of strength.
Does this mean all those fixed income salespeople and traders who were made redundant at the end of last year, especially from rates desks, are getting re-employed?
Based on the comprehensive list of ‘leavers’ assembled by search firm Nicholas Scott for quarters three and four 2011, it would appear that very few people are finding new jobs. Out of 90 leavers registered with the FSA in London, 73 remain inactive up to six months’ later. That’s a re-employment rate of: 19%.
Some banks’ former staff appear more employable than others. Of 10 people let go from Nomura’s rates business only 1 has found a new role (with Citadel). Of 11 people let go from RBS’s rates and FX business, three have found new jobs (with Credit Suisse, HSBC and Commonwealth Bank of Australia). Of around 16 people let go from Credit Suisse’s rates and fixed income business, five have found new jobs (with Western Asset Management, Lloyds, Bank of America, Millennium Capital Partners and UBS).
None of the three people who left Goldman Sachs appear to have got new jobs. None of the people who left UBS appear to have got new jobs. Nor do any of the people who left Citigroup. Of 8 people who left BarCap in London (who we can find) only one has been rehired - by Credit Suisse.
Other places that have picked up 2011’s leavers include: JPMorgan (hired someone from BNP Paribas), Marex (hired someone from Lloyds), Bank of Tokyo Mitsubishi (hired from Nordea and Westpac), and Mizuho (hired from State Street). If you’re one of the 73 people still out of the market, you may want to focus your job search here.