At a professional gathering last week, someone described the current pace of Wall Street hiring as "back to 2007." Bank hiring in London is booming too. "Figures from recruiters suggest it will be the busiest period since the downturn began in 2008," says Financial Times, adding, "there were twice as many vacancies last month as there were in April 2009, according to figures from recruitment consultancy Morgan McKinley."
To be sure, there are potential potholes. Royal Bank of Scotland is still cutting UK jobs. And a recruiter at Korn/Ferry Whitehead Mann told the FT that, although demand for banking pros is "certainly whirring.... it's not as fast as it was three years ago because of increased regulatory scrutiny and a more considered approach from banking leadership."
Employers on the prowl for talent in London include Nomura, Barclays Capital, advisory boutiques such as Greenhill and Moelis, emerging markets boutiques such as Renaissance Capital, Troika Dialog and Religare, as well as Bank of America Merrill Lynch, which is seeking replacements for some senior executives who left after the merger.
London hiring by buy-side firms has also picked up, especially in the past two months. As for compensation:
Recruiters say that while there's no blank cheque, the market seemed to turn in February when premiums returned for the most hard-to-find talent. Multiple offers also made a comeback for the first time since 2007, while more employers are starting to offer improved deals to keep staff from defecting to rivals.
City Recruitment Nears a Return To Pre-Crisis Levels [FT]
RBS Turns to Investment Bank to Drive Business [WSJ]
The Huge Winner From These Widening Wall Street Investigations Is... You Guessed It [ClusterStock]
Prosecutors Ask if Eight Banks Duped Rating Agencies [NY Times]
Another career door about to slam shut? "Mr. Cuomo is also interested in the revolving door of employees of the rating agencies who were hired by bank mortgage desks to help create mortgage deals that got better ratings than they deserved..."
Financial Firm In Big Park Ave. Move [NY Post]
Piper Jaffray signed a leas for 65,000 square feet at 345 Park Avenue, where it's expected to relocate staff from two other addresses during next year's first quarter.
Shadow Building [New Yorker]
A close look at the new lower Manhattan headquarters where several thousand Goldman Sachs employees recently moved.
MBA Employment Outlook on the Mend But Still Challenging, GMAC Survey Finds [Graduate Management Admissions Council]
How Goldman Trainees Used to Learn About Client Service
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