A number of senior-level traders tell eFC News they're interviewing at Morgan Stanley and BNY Mellon. It's a surprising bit of news given reports of a hiring freeze at Morgan Stanley, and seems to contradict the rotten hiring news of late. (We're thinking of cutbacks in Bank of America's prop trading division and predictions for additional layoffs industry-wide.)
The signals from BNY Mellon are a bit more encouraging. The bank recently announced a spate of senior level promotions and expansion of wealth management services. But no matter the firm, people are looking around their office and wondering where the top talent went, says Ken Murray, president of Mercury Partners, a New York City-based boutique executive search practice dedicated to the front office. Mass layoffs aren't always a selective process, he notes. "It's a great time to upgrade the group."
Still, hiring isn't easy. Managers have to make a strong case about the new rock star they want to hire. "There certainly is a hiring freeze for most firms, unless there's an immediate need," says Murray. "There's just too much demand out there on the trading side."
This just might be the time to segue to another division. If you've got the skills, Murray recommends taking a look at banking, M&A and hedge fund posts.
Some of the folks garnering interviews have the feeling some are a bit of a fishing expedition, with the banks looking to see just who's out there and getting names on file for the new year. Just when those names are going to be pulled out of the file is still a big question.