The Firms hiring against the grain on Bond trading and Sales…
(efinancialcareers)The job market on Wall Street is rather difficult to describe in any uniform sense. There’s plenty of hiring happening in certain sectors and just as much firing happening in others. It’s interesting then to see two firms that are bucking the trend by adding staff where others are cutting.
First, there’s Oppenheimer, which is apparently sweeping up as many bond traders, salespeople and researchers that investment banks are willing to cut, according to Business Insider. That’s a lot of people considering the fixed income pains being felt by large bulge bracket banks.
Oppenheimer’s head of fixed income told the site that it has no specific ceiling, “but [it] can continue growing.” However, a few readers were quick to point out that Oppenheimer’s hiring faucet is always on because employees keep leaving. Whether that is true or not is up for debate.
Elsewhere, Wells Fargo, a historically dominant mortgage house, is looking to expand into other businesses that aren’t hurting quite as much. The San Francisco bank is joining the highly competitive world of commercial banking – specifically targeting New York’s apparel industry, according to the Financial Times.
Wells has already hired two commercial bankers from HSBC, a mainstay in the Manhattan market that accounts for nearly $100 billion in annual sales. The move, like Oppenheimer’s, could be looked at as a bit odd considering commercial lending isn’t exactly booming, but several banks have shown a willingness to enter tight markets as others recede, hoping to get the timing right. Here are two of the latest examples.