Here's a roundup of some of the biggest appointments, exits, and hiring trends across Wall Street — from banks to hedge funds.
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There's been a mad dash for talent across Wall Street in 2021 — and it's only expected to continue next year.
From hedge funds to investment banking, business has been booming for the finance industry, despite climbing coronavirus cases disrupting banks' efforts to get people back to the office.
Wall Street banks have benefited from surging demand for mergers and acquisitions, which reached a record $5.5 trillion globally last year. Hedge funds, meanwhile, ended the first 11 months up close to 9% — even after a nasty November tripped up tech-focused managers like Tiger Global and Whale Rock.
The goldrush has led to some notable staffing hiccups, including complaints by overworked junior bankers.
See more: 6 top M&A bankers from firms like Goldman Sachs and JPMorgan reveal which sectors they think are ready to catch fire in 2022
In an effort to keep young bankers from jumping ship, banks have rushed to hike their pay. But ongoing tensions between Gen Z bankers and everyone else could lead to even more departures next year, as Insider recently reported.
In a rare case of business suffering in 2021, Credit Suisse lost $5.5 billion tied to the collapse of family office Archegos Capital Management in April. In all, the Swiss bank has seen dozens of senior bankers, traders and other employees depart this year, including from its healthcare investment banking team.
Thanks to the booming job market, however, there's been no shortage of new opportunities for bankers, traders and other financial employees looking for a new start.
Here's a roundup of some of the biggest appointments, exits, and hiring trends across the world of finance, which reflect where banks, hedge funds, and other financial firms think the opportunities will lie in the new year.
Banking and trading
Wall Street is set to report its most profitable year ever, which will result in massive bonuses for its investment bankers and trading desks. During 2021, it meant a lot of poaching and job hopping.
https://www.businessinsider.com/svb-leerink-unveils-new-tech-banking-team-poached-ubs-bankers-2021-9
https://www.businessinsider.com/citi-hires-tasnim-ghiawadwala-barclays-head-commercial-bank-2021-4
https://www.businessinsider.com/hsbc-hires-8-credit-traders-team-credit-suisse-chris-bathon-2021-6
https://www.businessinsider.com/deutsche-bank-hires-dan-crowley-to-run-us-credit-business-2021-9
https://ift.tt/3JlJgy7
Wall Street's tech push
Wall Street is competing with Silicon Valley for tech talent as it seeks to beef up its digital banking offerings and improve the flow of information. The hiring frenzy is only expected to continue in 2022.
https://www.businessinsider.com/jpmorgan-chase-key-hires-bolster-digital-banking-team-sonali-divilek-2021-4
Brokerage and wealth management
The business of managing other people's money has also become hyper competitive as Wall Street seeks to compete with the proliferation of no-fee trading accounts and the independent financial advisor.
Hedge funds
Hedge fund hiring has also been on fire this year with funds poaching directly from competitors and from Wall Street as industry capital surpasses a record $4 trillion to start the year.
poaches-macro-stars-pablo-duran-steinman-mukesh-murarka-2021-9
https://www.businessinsider.com/hedge-fund-schonfeld-just-hired-two-new-macro-traders-2021-12
https://www.businessinsider.com/vatic-hires-former-citadel-de-shaw-quant-allen-poteshman-cio-2021-4
https://www.businessinsider.com/kirk-mckeown-departing-steve-cohen-point72-hedge-fund-data-2021-2
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