Morning Coffee: UK broker haemorrhages 25% of staff. Nefarious traders develop new method of cheating on clients

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Are you looking for a job in equity research or sales? Try Oriel Securities. The Financial Times reports that the UK stockbroking firm has suffered a wholesale exodus of its staff after 25 of its 100 people left for an independent research consultancy being set up by former Oriel chief executive David Knox. Another five people have quit Oriel for Canaccord Genuity.

The exits are said to have taken place in the 'last few months' and seem mostly to have impacted Oriel's researchers, of whom Oriel admitted 'a number have left.' Oriel has taken some steps to fill its gaps already and has recruited new healthcare and cleantech teams. In the past few months, the broker said it's hired 30 people, although its not clear whether these hires happened before or after the Knox-inspired exodus.

Separately, Bloomberg has unearthed new information in the ongoing saga of (FX) traders front running their clients. It says that currency traders at banks in London have been passing information about client orders to day traders (working at 'rented trading desks in offices on the outskirts of London') who've been placing trades on their behalf. The profits made as a result of these trades have allegedly been split between the parties involved.


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