Citigroup is right now in the market for a large number of junior M&A bankers

Citigroup is supposed to be one of this year's really big hirers. Having lost 14% of its European headcount between 2007 and 2009, it's expected to compensate with a rush of recruitment in 2011.

That rush may have started.

Last week, Citi said it wanted as many as 20 senior corporate and investment bankers in Europe in the first half of 2011.

Now, recruiters say it also wants to hire lots of junior M&A bankers, at analyst and associate level.

The precise numbers are vague, but anything from 15-30 appears to be on the cards, with poaching people from rival firms a particular priority.

One recruiter claims Citi is being extremely choosy about who it takes: "Their benchmark's pretty high. They'll see 20 people and hire 1. They want top tier and nothing else."

Citi's able to be discerning because it paid well. As we mentioned a while ago, an abnormally high proportion of its bonuses for 2010 were in cash, with as little as 20% being deferred up to director level.

Moelis & Co is also said to be looking for around 15 analysts in London. However, according to one recruiter (who may be biased from exposure to Citigroup), people prefer Citi because the lifestyle there is considered less onerous.