Equities sales and trading professionals are no longer the darlings of investment banks’ markets businesses. If banking analysts are correct, equities divisions are in for a tough 2016. This isn’t preventing one European investment bank making a big push into U.S. equities.
Headhunters say Berenberg Capital Markets, the privately owned German bank which launched a U.S. equity trading business in New York City last year, is in the process of hiring dozens of people for its fledgling operation.
“They want to cover 150 U.S. stocks by the end of next year,” says one recruiter. “- We’re expecting them to hire around 20 analysts and another 10 salespeople.”
Berenberg didn’t immediately respond to a request to comment on its hiring plans. However, the German bank has been busy recruiting already.
Earlier this month it hired James Ramp, a veteran equity capital markets banker in the U.S. Ramp will be charged with growing Berenberg’s capital markets business.
Berenberg’s global sales and trading business is run by Lars Schwartau. Schwartau moved to NYC from Berenberg’s Hamburg office last October. The U.S. team is led by Scott Duxbury, who joined from Jones Trading in December 2014.
Berenberg isn’t the only European bank looking to build its U.S. equities business. Deutsche Bank is also looking to expand its equities presence on Wall Street and is reportedly adding 100 staff across the U.S., Europe and Asia.
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Photo credit: NOW HIRING by***Karen is licensed under CC BY 2.0.