European Jobs' Roundup: Redundancies and departures in Germany and Switzerland
Talk of job losses and departures in the German-speaking area compensated for an otherwise dull week in the European job market.
German exits
Paul Manduca, the German chief executive of Deutsche Asset Management (DeAm) was understood to have begun negotiations about leaving the firm. Articles in the German press suggested he might lose his job following DeAm's imminent reorganisation.
There were fears for investment bankers at Deutsche Bank in Germany. Handelsblatt, the leading German business daily, said up to 3,000 jobs could go in Germany in the coming months, 2,000 of them at the investment bank. A spokesman for the bank said the decision about job losses had yet to be taken.
Meanwhile, in Switzerland Ecofin, the Swiss investment consultant, lost three consultants, including George Wessling, a senior advisor. Wessling is joining a hedge fund. Ecofin declined to name the other two leavers.
Cuts at the exchange
Deutsche bankers in Frankfurt weren't alone in facing the spectre of redundancies. Euronext, the pan-European exchange will soon cut 80 jobs in London, or 16% of its 500-strong workforce. The cuts will follow the rationalisation of Euronext's IT operations in the wake of next week's transfer of Dutch derivatives trading to its new Liffe Connect platform.
Fund management
Even as bonuses draw ever nearer, Europe's fund managers continued to hire.
Morley Fund Management hired Mark Watts as head of its global fixed income team. Watts comes from Baring Asset Management, where he was head of aggregates.
It emerged that Anne Healy, Schroder's long serving UK business development director, has left for MFS, a US-based mututal fund.
Andrew Fisher, the former chief executive of Coutts & Co, the private bank, joined John Scott & Partners, the UK retail financial advisor, as chairman.
AP Fonden 3, the state sponsored Swedish pension fund, hired Kerim Kaskal as head of asset management. Kaskal joins from Brummer & Partners, a Swedish hedge fund. He will join AP Fonden 3's executive team, which has been rebuilt following the departure of its former chief executive and former chief investment officer.
Investment banks
Investment banking recruitment has all but stalled until bonuses are paid out. There were a handful of moves nevertheless.
Richard Crossley, the top rated equity analyst at Teather & Greenwood joined NCB Group, Ireland's largest brokerage and advisory business. Crossley will spearhead Teather & Greenwood's London operations. NCB has hired four other staff this year, including Simon Willis from ING Securities and Peter Hutton from Bernstein Investment Research.
Simon Hussey is joining Nomura International. Hussey, a former star bond salesman at UBS, has been out of the market for 10 months. He is understood to be joining the fixed income sales team at Nomura.
Richard Gnodde, president for Goldman Sachs in Asia is moving back to London as vice chairman of Goldman Sachs International. Gnodde, a South African, had been in Asia for eight years.
