Investment banking jobs in Europe are hard to come by, particularly at big banks that are hamstrung by new regulations and strict capital requirements. The fact is: many of the few growth opportunities for investment bankers in Europe are popping up at mid-sized U.S. firms that are expanding their business overseas. The latest example is Oppenheimer & Co., which plans to roughly double its investment banking headcount in the U.K. over the next five years.
The U.S.-based firm is poised to expand its advisory business to give EU clients access to equity research and trading and fundraising capabilities in their home markets, according to Financial News. Oppenheimer Europe became a member of the London Stock Exchange just this week.
The company will also build out its capital markets business across equities, fixed income and M&A, a source told Financial News. Its roughly 60-person London staff should double in the next five years.
In the U.S., Oppenheimer appears to be focusing much of its hiring on the financial advisor industry, an area of financial services that continues to grow in the U.S. and abroad as clients become more risk-averse.
Oppenheimer didn’t immediately return requests for comment on their hiring plans, but typically financial advisors are entrepreneurs who partner with a firm to build their individual book of client business. The firm usually provides expertise and technology in exchange for a share of the profits.
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Two more Wall Street veterans have packed up and walked away from the business. Twins Paul Scialla and Peter Scialla left Goldman Sachs last week to join a home-design firm. Both had been partners since 2008.
Pointed Words (Bloomberg)
Even with industry-wide cost-cutting, it’s shareholders – not bankers – who have seen a bigger reduction in their returns, said Brady Dougan, chief executive at Credit Suisse Group. “That’s not sustainable,” he said. “That’s not right.”
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Buzz Around the Office
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A 21-year-old Indian woman is married to five different men, all of them brothers. They share a house together.
List of the Day: Happy Hour
Had one too many at happy hour and said the wrong thing? Here’s what to do next.
- Show up to work on time, if not early.
- Don’t let what you said fester. Confront the issue.
- Move on from it.
(Source: The Daily Muse)