Wells Fargo and Mizuho are in the market for U.S. banking MDs

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Wells Fargo and Mizuho are in the market for U.S. banking MDs

While it's still far too early to call a definite recovery in banking recruitment after the pandemic, banks are tentatively hiring. There are definite signs that players from outside the top tier are opportunistically recruiting senior staff from rivals.

In San Francisco, Wells Fargo poached software banker Greg Thorne from Deutsche Bank after little more than 18 months. Thorne joined Deutsche from Stifel in March 2019 to help the German bank "capitalize" on deal "momentum" in the tech sector. Officially, Thorne is still with DB. Unofficially, he's just signed with Wells Fargo in a similar role.

In New York, Japanese bank Mizuho has also been adding senior talent. Mizho hired at least two managing directors (MDs) in the past two months. Sameer Kishore joined as a managing director this week after leaving JPMorgan (where he was an executive director) and taking three months' gardening leave. Mizuho also recruited David Whitcher, a former member of UBS's power banking team, as an MD in August. 

The moves come after announced M&A deals fell nearly 70% year-on-year in North America in the first half according to Dealogic. They suggest that some banks are either anticipating a revival, or are lining up staff for a potential recovery next year.

While Mizuho has been hiring M&A bankers in New York, it's also been adding convertibles talent in London. Andy Bourne has joined from Deutsche Bank to build out an EMEA convertible bonds trading business. Ross Webster joined from Morgan Stanley to focus on convertibles sales.

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