Piper Jaffray has scaled back previous plans to hire more than 50 additional bankers and traders during 2010, and is close to completing its reduced goal of 30 new hires for the year.
After hiring about 60 "senior producers" during 2009, Piper initially planned a similar target for this year. Instead, Chief Executive Andrew Duff says the Minneapolis-based bank is "moderating" and "re-mixing" staffing plans, so as "to keep driving the productivity of those who have joined us."
Along with allowing time for the newcomers to reach full producitivity, the shift recognizes that "The competitive landscape has changed fairly significantly," Duff said during the bank's first-quarter earnings conference call Wednesday.
Last Quarter's 25 Hires Include More Junior Roles
Of the 30 new heads now planned for 2010, he said some 25 were already added in the first quarter. Some new slots involve more-junior roles than previously contemplated, and almost one-third of the past quarter's hires are located in Europe and Asia.
Earlier this month, Piper announced two MD-level additions to its restructuring advisory group. Both group head Peter Schwab, based in Chicago, and Teri Stratton, based in Los Angeles, came over from Macquarie Capital.
Piper's first-quarter earnings press release shows company-wide headcount grew by 53 during the period, to 1,092. Along with new hires, that increase includes staff from the Advisory Research asset management business which Piper acquired on March 1.