Here's where each bank should start hiring in one week's time

It is now precisely seven days until the bonus tax elapses. Once this happens, hiring in London should resume at its normal pace for this time of year. As we have pointed out on various occasions, hiring this year in the City appears to have been greatly muted due to the tax, which is levied on buyouts arranged before April 5th.

After April 5th, the merry-go-round should, hopefully, recommence.

"No one's signing contracts until April," says Zaheer Ibrahim at Kennedy Associates. "It doesn't make sense to pay a fee which can be avoided simply by delaying for a few weeks."

"Everyone's waiting to see what the fallout will be after April 5th," says another headhunter. "Most organisations won't hire until that's become clear."

At this stage, however, some hiring is possible to predict. We're anticipating post-April 5th recruitment in the following places.

Barclays Capital

After hiring thousands of people last year, BarCap's taking its foot off the pedal. Financial News reports that it plans to hire 'only' 60-80 equities traders in Europe this year.

The bank is also said to be aggressively building its FIG team.

BofA Merrill Lynch

Following last year's arrival of Sanaz Zaimi from Goldman as EMEA head of FICC sales, BofA Merrill is said to be on a big FICC build out, with Goldman the likely loser.

As we noted earlier this week, the bank also has biggish ambitions in M&A.

Credit Suisse

Last week, Credit Suisse declared its intention of making 30 new FX sales hires, 20 new leveraged finance hires, 40 new rates hires, and 40 new emerging markets hires.

In London in particular, the bank may also need to recruit to replace an expected exodus of managing directors after a Performance Incentive Package vests in mid-April.

Citigroup

Citigroup is expected to hire for equities sales and trading roles under Derek Bandeen. Globally, it also plans to hire around 100 people in commodities over the next three years.

The bank has also set up a new group to sell fixed income products to UK financial institutions, and is expected to hire 2 additional people here.

Deutsche Bank

Deutsche will need to hire to replace the five man hedge fund sales team who apparently left for UBS early this month. "They're all over the market looking for replacements," says one headhunter.

The bank is also continuing to build out its M&A business.

HSBC

HSBC is said to be on an equities push. According to Financial News, it intends to hire 10 equities traders this year. Headhunters confirm the build out.

Morgan Stanley

Morgan Stanley is still thought to be on the look out for 50 or more new hires globally for its sales and trading business. In a research report last week, Brad Hintz at Bernstein Research said the US bank is 'significantly expanding' headcount on selected desks such as governments, sovereigns, agency MBS and related sales support groups.

Nomura

Despite expanding its European workforce from 1,500 to 4,500 over the past 18 months, Nomura has made no secret of its intention to continue recruiting in London.

Rachid Bouzouba, who was recently promoted to co-head of Nomura's global equities business, said earlier this month that the bank plans to hire more than 300 people globally for its equities business in the coming months. Many of the equities hires are likely to be focused in the US.

In the UK, Nomura's said to be hiring 'across the board' in fixed income.

RBS

RBS has just appointed a new head of recruitment in the form of Jim Richardson, who previously led campus recruitment at Credit Suisse. The bank already has gaps to fill in some areas from last year, and may end up with significantly more after bonuses have been paid in June. Anticipating a rush of hiring in April hiring may therefore be a little premature.

SocGen

SocGen has been one of the few banks to continue hiring heavily in London through the bonus tax, adding around 12 M&A bankers over the past few months.

Recruiters say the bank is likely to hire in equities sales and trading after April 5th. It's also planning to hire 6 ECM bankers by the summer. As our French site pointed out last week, SocGen is also looking to reorientate its business towards fixed income, and may be expected to hire here too.

UBS

UBS is said to be one of the big hiring stories in London this spring. As of today, it's rumoured that the bank generated $2.3bn from its rebuilt fixed income unit in the first quarter, and headhunters say Rajeev Misra and Dimitri Psyllidis, co-heads of the unit, have ambitious hiring plans involving up to 200 new recruits. As we noted earlier, UBS also appears to be paying generously.