Jefferies has been quietly building its markets business

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While the larger investment banks hunker down for the summer lull and post-Brexit fallout, Jefferies - which has been experiencing a fair amount of churn in its London operation - has been hiring regardless and is building its sales, trading and research business.

In the past few weeks, it's been hiring across functions for its markets business in the UK and has been tapping larger rivals, according to the UK's Financial Conduct Authority register.

Jack Czarnota, who was director of European high yield sales at HSBC and is currently on gardening leave, is set to join the bank later this month. He was at HSBC for nearly three years - having joined in July 2013 from BNP Paribas - and is also a former managing director at Cantor Fitzgerald in London.

Meanwhile, Ashik Kurian, who has worked as an auto industry research analyst at Goldman Sachs for the past seven years, has also just joined Jefferies in a similar role.

Then there's Peter Douglas, a vice president in Credit Suisse's Delta One trading desk, who has just joined Jefferies as an equity finance trader.

This is another example of Jefferies taking advantage of the retreat of some larger rivals. It took on Benjie Creelan-Sandford and Juliet Gillam from Nomura's now shuttered London equities business. Jason Doyle, the former head of European cash trading and sales trading at Bernstein also joined in June, as did Tom Halton, a former equity research associate at Morgan Stanley.

It's not all been one-way traffic, however. 22 people have left Jefferies in London since April, including a number of senior investment bankers. Most recently, Steven Hulett, the co-head of the mortgage and asset-backed securities group for Europe, departed.

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