FIG DCM hires: Don't hold your breath

It's been a good start to the year for debt capital markets bankers specialising in financial institutions. According to a recent article in EuroWeek, volumes in the sector exceeded €30bn in January, with the likes of Banca Popolare di Milano, Banco Santander Central Hispano, Citigroup, Crédit Agricole, and Irish Life & Permanent all making sizeable issues.

Despite the rush of financial services DCM activity, recruiters say there's no hiring on the horizon, largely because financial debt bankers are often amalgamated into larger Financial Institutions Group (FIG) outfits.

"Banks have created combined FIG groups out of debt capital markets, equity capital markets and corporate finance bankers," says James Richardson, a consultant at search firm Odgers Ray & Berndtson. "When there isn't much going in equities in terms of FIG, the equities guys will be redeployed to work on the debt products," he says.

The latest bank to follow this model is UBS, which announced earlier this week that David Soanes, its former head of financial institutions DCM, was moving to become head of the bank's financial institutions group, a role also encompassing equities and M&A advice.