Are there really nearly 200 people currently on gardening leave waiting to join BofA's FICC business?
BofA Merrill Lynch is known to be indulging in a bit of FICC hiring. Its fixed income business was trimmed particularly enthusiastically in 2008 and early 2009, and there has been a need to make amends.
A rumour doing the rounds in London suggests the restitution is extreme: around 175 people are currently said to be tending their gardens in anticipation of joining BofA Merrill's FICC unit later this year.
The bank declined to comment, although one insider said the figures are 'wildly incorrect.' Various headhunters, however, claim they're totally feasible.
"BofA are probably in line for hiring 300-400 people across their markets business this year, so it wouldn't surprise me at all," says the head of one London fixed income search boutique.
"They're the biggest hirer on the street," says another. "We see them on the other side of nearly every move that's taking place."
Last year, BofA hired Sanaz Zaimi from Goldman Sachs as head of sales for fixed-income, currencies and commodities and debt and equity structured products in Europe, the Middle East and Africa.
Revenues in BofA's FICC unit rose 16% in the first quarter, while its share of FICC revenues among banks which have already reported went from 10% to 14% year-on-year.
