Evolution Securities rumoured to raise salaries twice in quick succession to discourage departures

Evolution Securities has been making redundancies: in March, it reportedly cut 30 people as it pulled out of European equities.

However, headhunters say it's also been losing staff involuntarily. And this is becoming an issue.

"A lot of people seem to be leaving Evolution," claims one headhunter. "They're being poached by everyone- from BarCap to KBW, to RBS."

"Evolution has made people redundant, but has lost another 10-12," says another. "It's in danger of becoming an exodus."

In an effort to dissuade people from leaving, Evolution is rumoured to have raised salaries, twice.

According to recruiters, it raised them once in March - before it announced the redundancies, and again April - when everyone started leaving.

"Base salaries at Evolution have gone from around 125k in February, to 175k in March and 200k in April," alleges one recruiter.

"They've increased salaries twice," confirms another. "But not for everyone - it's selective and only for the top people."

Evolution didn't return a call for comment.