While the once hot market for fixed income jobs has lost its spark, high yield trading is on the uptick. But is it a good time to flock to this side of the business?
Given its boom and bust nature, it's hard to say how long the ride will last. There's certainly a whiff of desperation to start up desks, but don't move from a choice spot on the lure of big money - unless you can get a guarantee on pay and bonus.
Meanwhile, posts in equity research continue to grow. According to Lars Gloessner, manager of global markets for recruiter Huxley Associates, a number of smaller players - like including MF Global and Jefferies - are actively looking for bodies. Former Goldman Sachs co-CEO and ex-New Jersey Gov. Jon Corzine, who's been at MF Global since March, has indicated plans to move into investment banking. Meanwhile, Jefferies recently announced its intention to add a futures division.
Look to Brazil
But if stateside jobs are still passing you by, you might want to check out opportunities in emerging markets. Goldman Sachs continues to expand private wealth management services in Brazil, and in April UBS said it will reenter the market with the acquisition of the local brokerage firm Link Investimentos. BNP Paribas Securities recently opened an office in Sao Paulo. Scotiabank announced plans to buy Sao Paulo-based Dresdner Bank Brasil S.A., expanding its growing presence in Latin America. The purchase, pending regulatory approval, gives Scotiabank the ability to offer wholesale banking services.
If you've got a bit of wanderlust and an entrepreneurial streak, Gloessner says there are always spots at international investment firms and banks starting up or growing operations in Brazil. But speaking Portuguese is a must. Hiring is pretty much across the board, he says, in everything from sales and debt capital markets to FX and fixed income trading.