There are very impressive hiring plans at and RBC, and fairly impressive hiring plans at KBW
Forget Jefferies, there are other pretenders to the up-and-coming banking throne.
RBC, which has already been hiring enthusiastically this year, is far from finished yet. And KBW has some substantive recruiting intentions too.
RBC's plans are outlined in the Financial Times today. Although it's already hired 530 people into its capital markets business this year (140 in Europe), the Canadian bank still wants to:
- Hire in equity research and sales (it's halfway through its equities build out, but is finding it more difficult to find people).
- Add around 25 new staff in government debt and interest rate trading (it's not clear whether recent rates hires count towards this).
- Hire M&A bankers and corporate financiers.
In total, the FT says RBC still plans to hire 50-75 more people. Rather than hiring anyone in M&A, it intends to buy an entire boutique.
The plans at KBW
KBW's plans are less excitement-making, but it also wants to hire.
According to Investment Dealers Digest, KBW is expanding its investment banking, research, and sales and trading businesses in Europe and in Asia.
The really big push seems to be in Asia, where KBW announced its expansion last month.
However, KBW, which is run by a former New York cabbie, also plans to double its current European investment banking operation from 10 people to 20 people, soon.
