There’s been a mad dash for talent as Wall Street firms quickly overhauled their 2020 playbooks.
Equity and debt trading have surged as a result of the financial turmoil caused by the coronavirus outbreak. Hedge fund managers are responding to investors’ expectations to outperform amid the chaos by aggressively hiring experts to fine-tune their strategies.
While many banks pledged not to cut jobs during the pandemic, it is expected those guarantees will wear off soon. While upper-middle-management roles might be at risk, firms are likely to want to hold on to senior executives and bankers in hopes of an eventual rebound in business.
The upheaval of normal life due to the pandemic has also put a huge focus on digitalization, accelerating plans for firms across industries to upgrade or build out new tech.
Here’s a roundup of some of the biggest appointments, exits, and hiring initiatives across the world of finance:
Trader moves have been happening left and right.
Banks have been busy hiring for different initiatives, from chief marketing officers to teams to build out tech projects. Dealmakers have also reshuffled to lean into hot coverage areas.
There’s been a shuffle of quant leadership in at big-name shops in recent months, as firms rethink their data plays while the markets are upside down. They’re also hiring in hot areas like bond trading.
Wells Fargo has been shaking up its wealth management leadership team, including finding a new head who previously oversaw JP Morgan’s adviser unit.
Google and IMB have been bringing on Wall Street talent in order to attract more clients from the finance sector to their cloud services.