Macquarie is hiring, but is it paying?
As we noted last month, Macquarie has been making some significant additions to its headcount. Most it's down to acquisitions, but there's also some organic growth going on, with hiring in London taking place in both equity research, ECM and M&A.
It emerged last week that Macquarie has poached Bill Kennish, head of European TMT banking at Citigroup. Earlier this year, it added a managing director in the Benelux region. And late last year it hired Sam Small from Citigroup as head of European M&A.
But despite (or maybe because of) the expansion, there are signs that all may not be totally well at the Australian bank's European operations. Benoit De Savoret, CEO and head of EMEA left in April, less than one month after joining .
One headhunter says there have been recent redundancies in the capital markets business in London. Another points to gaps in the equity research business following the departure of senior analysts such as Raghu Hariharan, former head of insurance equity research at Fox-Pitt, Kelton, before Macquarie's purchase of the bank went through in December.
It's also alleged that Macquarie hasn't paid as well as it might. "They paid badly. There's a lot of unhappiness there," claims one M&A headhunter.
Macquarie declined to comment.
