Banks tap local European equity derivatives sales talent

As equity derivatives volumes boom, recruiters say banks are increasingly building a sales presence on the ground in continental Europe.

"A lot of houses are tending towards a more local base," says Andrew Littlestone, an equity derivatives specialist at search firm Kinsey Allen. "Clients prefer to have local coverage so they can meet staff face to face. As business increases, that is becoming easier to justify."

Calyon is already understood to base most of its equity derivatives sales staff in local markets. Morgan Stanley recently hired five equity derivatives sales professionals to work in Frankfurt, while Santander is understood to be building an equity derivatives sales team there as well. Banco Bilbao Viscaya Argentaria is understood to be building an equity derivatives sales team in Milan.

"A high proportion of equity derivatives sales hiring is for continental Europe right now," says Littlestone. "I'd expect that to continue."