Four firms that are expanding and actually hiring bankers
If you lose your banking job, finding a new one is not easy. Figures from the UK Financial Services Authority (FSA) suggest that only 28% of people who left banking roles at leading banks in 2012 found comparable alternatives. Places like Barclays and Credit Suisse are laying off people. Yet all is not lost. Some firms are still expanding. According to recent news reports they include:
Berenberg, the German private bank, has been registered in the City since 2003, but its real expansion has happened in the past two years. Since 2010, it's gone from having 18 to 104 FSA Registered staff.
Although Berenberg's UK website makes no mention of current job vacancies, the Financial Times reports today that Berenberg wants to hire another 30 equity researchers in the City over the next two years. It also wants to hire another 40 people for its equities, private banking, and corporate advice businesses.
Berenberg did not respond to a request for comment.
2. STJ Advisors
Berenberg isn't alone. The FT says STJ Advisors, the equity capital markets (ECM) and debt capital markets (DCM) boutique set up by veteran City banker and former chairman of European ECM at Nomura John St. John, is hiring too.
Over the past three years, STJ has gone from three to 50 employees worldwide. St. John told the FT: “We are continuing to grow at a fairly rapid rate."
STJ did not respond to a request for comment.
3. Edmond de Rothschild Private Merchant Banking
Private banking group, Edmond de Rothschild has founded a new organisation, Edmond de Rothschild Private Merchant Banking, which FSA records show was granted FSA registration on Jan. 16. The new organisation will focus on catering to high net worth individuals, said Patrick Maddison, one of the directors at the new firm.
FSA records show that since November Edmond de Rotschild Private Merchant Banking has hired Richard Beggs, the former head of the UK investment advisory business at JPMorgan's private bank in London. It's also hired Emmanuelle Dotezac, a former vice president at Barclays Wealth, and Henrik Schliemann from Canaccord Genuity Hawkpoint.
Maddison said the firm is likely hire more but not big numbers. "It's possible that we'll take on two or three new people. The total number of new hires is not going to be huge."
4. Hannam & Partners
Hannam & Partners is the new investment and advisory firm said to be in the process of being formed by Ian Hannam, the ex-member of the SAS and ex-JPMorgan natural resources banker who resigned last year. Hannam is said to be hiring former colleagues for a business that will focus on natural resources in Africa and southeast Asia.
We were unable to contact Hannam for comment.