Malaysian Brokerage Lee Byers has gone on its second recruitment drive in equity trading since the financial crisis, a move that could bring up to 50 new traders into the firm.
Online PR News – 23-December-2010 – – The Brokerage, like most of its main rivals, recruited aggressively last year, hiring more than 200 staff globally as it sought to rebuild its equities franchise in the aftermath of the 2008 financial crisis.
Sources close to Lee Byers said it was seeking to build on last year’s momentum with an extra 30 to 50 equity trading hires across its various international offices this year.
The Brokerage recruited several high-profile traders last year, who joined from agency broker CA Cheuvreux in November, and Richard Evans, a former Citigroup trader who joined the firm in October.
Most of the largest equities trading houses, such as Credit Suisse, Deutsche Bank, Goldman Sachs, JP Morgan and UBS, are still hiring but expect to do so at substantially lower levels than last year.
Barclays Capital, which has taken on 700 equities staff in the past 18 months, plans to recruit a further 60 to 80 in Europe this year while other large banks said they are still looking, but have only a handful of positions to fill.
Stéphane Rambosson, partner at executive advisory and search firm Veni Partners, said: “Whereas last year a lot of banks were focusing on recreating teams lost in the aftermath of the crisis, this year there seems to be an emphasis on recruiting into new areas – including electronic trading.
As trading has developed on alternative venues, and technology advances, there is a greater need for firms to recruit specialists into this area.”
Adam Vaughan, European head of electronic trading practice at search firm Heidrick & Struggles, said: “The war for leadership, sales, trading and product development/technology talent is tougher than it has ever been.”