Morning Coffee: Behold, investment banks are hiring again!

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Remember 2010, when every bank breathed a sigh of relief after the ‘credit crunch’ of 2008 and decided it was time to hire back all those people they’d fired over the past two years? Then the Eurozone crisis hit and the investment banks decided to cut even deeper in 2012?

Well, when it comes to demand for revenue-generating positions, 2013 is surpassing that, suggest recruiters talking to the Financial Times. Everything from M&A to equities trading is picking up and “green shoots” are emerging. Research company Coalition, which tracks the movements of front office positions in investment banking, suggests that banks have at least stopped cutting – headcount fell by 0.8% in the second quarter, compared to an 8% average decline over the past two years.

Citigroup is revitalising its European investment bank with new hires, Bank of America Merrill Lynch is recruiting in M&A, financial institutions advisory, debt capital markets, equities and fixed income trading and Nomura is unveiling senior hires in both the U.S. and Europe.

We’ve pointed to the fact that investment banks have been indulging in pockets of recruitment activity in the last two months. In London, however, there’s little evidence of a big recruitment spree. Our own analysis of FSA approved persons at the major investment banks suggests headcount has declined by an average of 0.07% over the past month and 6.26% over the last 12 months.


Investment banks have competed for the children of influential Chinese officials for years – banks lost business if one jumped to a rival (Dealbook)

£4.2bn worth of bonuses were paid after the end of April to miss the 50p rate of income tax in 2013, a £1.7bn increase on last year (Financial Times)

The nightmare of holidaying with a workaholic banker who never switches off (Financial News)

J.P. Morgan is close to choosing two new directors (Reuters)

ONS: The average bonus in the City was £11.9k, a £100 decline on last year (Times)

Calls for long hours in internships to be scaled back following Moritz Erhardt’s death (Financial Times)

Fat finger syndrome hits Goldman (Bloomberg)

An increase in sexual activity is tied to an increase in earnings (Bloomberg)

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