European Jobs' Roundup: The axe man returneth
Prospective redundancies loomed large in Europe last week, with both Deutsche Bank and Commerzbank said to be contemplating job cuts. Collins Stewart Tullett has made cuts already.
City soothsayers suggested that Deutsche could make as many as 6,000 staff, 10% of its total, redundant within the next four months. The German bank is trying to cut costs by up to 700 million euros.
In the same week that it emerged that Nicholas Teller, a board member in charge of corporate clients, is likely to become head of investment banking, there was additional speculation that Commerzbank was on the verge of making hundreds of job cuts. If redundancies are announced, it is likely to happen soon: November 9th is the day that the bank releases it results.
Meanwhile, Collins Stewart Tullett, the UK broker and manager, has made 125 brokers and 30 technology staff redundant since being acquired by Prebon.
It wasn't all doom last week. A few brave banks continued to hire, despite the growing proximity of bonus payouts. SG hired five people for its financial institutions group in the UK and Spain. David Grignani joins from Lehman Brothers as a managing director in Milan. Dolf Kohnhorst joins from Nomura as a managing director in London. Ole Falhort joins from JPMorgan Chase as a director for Scandinavia, based in London. Chris Gottardo joins from Calyon; he will be based in London with responsibility for insurance, reinsurance, pensions, and other regulated funds. Guillermo Kessler joins SG in Madrid as a managing director.
Dresdner Kleinwort Wasserstein hired derivatives staff: Jan Sass Kindberg joins from Hypovereinsbank as director responsible for distributing liquid market products in the Nordic region; Alex Grobman joins from Commerzbank as a director responsible for marketing credit products to hedge funds; Mike Egerton joins from Deutsche Bank as a director covering financial institutions in the UK; Albert Shamash joins from Swiss Re as a vice president covering UK life insurance companies; Scott Nichols joins as director responsible for credit product distribution in the Nordic region.
Fund managers and private equity firms also kept the hiring flame alight. Fidelity Investments hired Achim Gloger from Barclays Capital to front its expansion in the European fixed income market.
Nicola Horlick made three hires for Bramdean, her fund management operation. Pippa Knight and John Osbourne join from SEI, a multi-manager. Mike Kinney is also understood to be joining from Northern Trust Global Investments.
3i, the UK quoted private equity group, named Simon Ball from the Department of Constitutional Affairs as its new finance director. Ball is a former chief operating officer at Dresdner Kleinwort Benson and a former group finance director at Robert Fleming.
Kohlberg Kravis Roberts appointed Johannes Huth, as sole head of its London office and European operations. Huth had been co-head with Ned Gihuly, who is returning to the US.
Finally, Bank of New York made two hires to its European business. Angus Cameron, former finance director for Barclays Stockbrokers joins as chief financial officer for Europe. Clare Few joins from JP Morgan as manager of the global transitions business.
