With the ink on bankers' bonus checks barely dry, the war for banking talent is already heating up.
"2010 is shaping up for another busy round of inter-bank hiring," Financial News reports. It cites an anecdote about a senior FX salesman recruited by a U.S. bank last year with a $1 million guarantee, who gave notice the same day he cashed the payment - reportedly to hop to another firm for another guaranteed bonus.
Financial News adds:
The hiring market is at least as big and competitive as it ever was. From sales and trading groups to mergers and acquisitions and capital markets advisory teams, the signs are that most banks are in the market for new staff and are not shy about paying up to get the people they want.
"Hiring really is across the board at the moment. I can't think of any bank that is not currently in the market looking to build or rebuild a team or teams," headhunter Stephane Rambosson at Veni Partners told the publication.
The story goes on to detail specific hiring plans for a long list of global institutions including Bank of America Merrill Lynch, Barclays Capital, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, JP Morgan, Morgan Stanley, Nomura, Royal Bank of Scotland and UBS.
Bank Hiring Continues Across the Board
[Financial News, via Wealth Bulletin]
Barclays Profit Tops $18 Billion [Reuters]
BarCap investment bankers were paid 191,000 pounds on average for 2009, including an average bonus of 95,000 pounds. Compensation was 38 percent of revenue, in line with peers, and investment bank chief Bob Diamond expects to maintain that level in future years.
Barclays Capital's 2009 Pay to Exceed Goldman Sachs [Bloomberg News]
Barclays Soars as Profit Doubles; Varley Shuns Bonus [Bloomberg News]
How to Watch the Banks [NY Times]
Former Treasury Secretary Hank Paulson's essay argues for creating a powerful systemic risk regulator and giving the government authority to impose an orderly liquidation on any failing financial institution.
Libya Invites Foreign Banks to Set Up Shop [WSJ]
Freehold Capital Partners Announces Relocation of Corporate Offices to Manhattan
[Freehold Capital, via PRN]
Phibro Boss Said to Seek Cash for Hedge Fund [NY Times]
For Office Romance, the Secret's Out [WSJ]