'One Of The Biggest Banker Poaching Exercises Seen In Europe'
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According to The Financial Times, 'one of the biggest banker poaching exercises seen in Europe for years is under way', as firms like Barclays, Credit Suisse, Deutsche Bank, Greenhill, Lazard and Rothschild take the opportunity to snatch debt & equity capital markets and M&A professionals from firms, like UBS and Bank of America Merrill Lynch, which have been savaged by the financial crisis. And Bloomberg reports that the latest to go at Bank of America are a group of 6 investment bankers specializing in power companies in Asia. The team, led by James Chapman, are off to Barclays. They are said to have been at BofA for less than 6 months.
And Reuters reports that a team of hedge fund managers are leaving Societe Generale to set up their own firm. The group of 15, lead by Arie Assayag, are likely to be provided some investment funding by the French bank.
The news agency also reports that Merrill Lynch has closed its private equity office in Tokyo. The closure it thought to be down to a lack of deal flow.
Finally, although Royal Bank of Scotland announced 9,000 job losses Tuesday, the firm's Global Banking & Markets businesses are thought to be largely unaffected. Sources say that, although some of the IT and support staff that will lose their jobs over the next 2 years may well (directly or indirectly) support the wholesale banking units, the latest lay-offs do not include any employees who have Global Banking & Markets contracts. Those guys will presumably be dealt with separately.
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