Banking jobs: Signs that fixed income traders are going out of fashion
2022 was a good year for fixed income traders in investment banks. Revenues increase across the board (with the exception of Credit Suisse, where they were down 47%), but there are signs that hiring is slowing for fixed income currencies and commodities (FICC) traders.
FICC jobs posted here on eFinancialCareers roles declined by 66% in January and February 2023, compared to the same period last year, despite an overall increase in the volume of total postings.
2022 was a big year for fixed income trading jobs as well as fixed income trading revenues. Bank of America, for example, went on a hiring spree last year, with European macro traders a big focus. Initially, there were signs that recruitment was continuing this year, with Morgan Stanley adding the likes of Sebastien Fonlupt and Michael Sansen in London.
However, things may now be cooling. Bank of America and Goldman Sachs have implemented freezes. Deutsche Hiring at Deutsche Bank is slowing, even though CFO James Von Moltke said in the bank’s Q4 investor call that the bank will continue to invest in strategic areas and adjacencies (like metals trading, for example).
While fixed income trading recruitment declined steeply year-on-year in the first two months, jobs grew in areas like operations and corporate banking, with increases of 22% and 23% respectively. Private banking also had a 9% rise in postings.
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