The first quarter is over and the post-bonus hiring rush (such as it was) is slowing fizzling out. Who have banks been hiring? Here’s our selection of the most interesting and senior moves at Credit Suisse, Nomura and UBS over the past month.
1. Credit Suisse has hired Edward Marlow as managing director, fixed income, emerging markets
Credit Suisse’s most senior hire in the last month was Edward Marlow who rejoins a large investment bank after years out of the business. Marlow worked for Credit Suisse as an MD from July 2010 to September 2011 after a stint as global head of coverage principal investments and head of principal investments for Africa at HSBC.
For nearly four years, though, he has been CEO of African Potash, which invests in assets and projects related to potassium fertiliser in sub-Saharan Africa.
Conclusion: Marlow’s appointment suggests that Credit Suisse – like a number of investment banks – is realising the importance of investing in Africa. Hires lower down the ladder could follow.
2. Credit Suisse has hired Matthew Rogers as an equity sales trader
Despite starting his career in equity capital markets at Morgan Stanley, Rogers is a trading veteran. Before he joined Credit Suisse this month, he was head of equity sales trading at Berenberg Bank in London – a grand title that meant leading a team of four other traders. But this was three years’ ago. It’s not clear what Rogers has been doing since, but he has not been in an FCA-authorised position since that time. During his career, Rogers has also worked for a hedge fund (Tiger Global Management).
Conclusion: Rogers’ appointment is encouragement for senior traders everywhere and shows that years out of the market is not necessarily an impediment to getting a job at a top investment bank.
3. Nomura has hired Robert Joynson as an equity research analyst
Nomura lost a string of equity researchers last year and appears to be trying to replace them now. Joynson, a senior equity research analyst at Macquarie with a focus on the transport sector, signed up to the Japanese bank in March.
Conclusion: This shows that the game of musical chairs among equity researchers is still going on, and that banks who lost people last year still need to indulge in replacement hiring.
4. Nomura has hired Alexander Wotton as a director in power and utilities M&A
Wotton joined Nomura after over nine years working for Macquarie. At the Australian bank he was a VP, which – as we’ve mentioned many times before – is a difficult rank to break out of and one where a lot of people leave the industry. His new role at Nomura is a director.
Conclusion: Wotton's move suggests that moving firms is a fast-track to a promotion even after years of loyalty to your current employer.
5. UBS has hired Steven Craig as executive director, leveraged finance trading
Having quit Citigroup in December. where he was a director in its distressed credit trading business, Craig joined UBS’s investment bank in March, Before starting out in banking he worked as an analyst at Mercer for seven years, but signed up to RBS’s special situations trading desk, where he was eventually promoted to director.
Conclusion: The latest role looks related to former jobs, but certainly has a different focus which suggests a career switch is still possible.
6. UBS has hired Frédéric Bloquel as an M&A associate
Bloquel joined UBS’s M&A team earlier this month as an associate. It’s common knowledge that junior bankers are being fished out of investment banks and that banks are having to cast their net ever-wider. Bloquel is an example of this – although he worked at Deutsche Bank for two years in London, his previous role was as an M&A analyst for Swiss agricultural firm Syngenta in Basel, Switzerland.
Conclusion: Bloquel's move is interesting for two reasons – it shows banks are looking outside of the UK for London based roles, and it also demonstrates that a move to an M&A role at a corporate is not a one-way ticket.
7. Frazer Wilson, director, equity sales trading, Credit Suisse
Wilson’s move to Credit Suisse is notable because it looks like a step up not only in rank, but in bank. Before Credit Suisse, he was working at Sanford Benstein and RBS’s investment bank previously for six years until 2012.
Conclusion: Wilson’s appointment suggests that banks are recruiting traders based on performance not brand names.