Another day, another big move in emerging markets. As strategists at Bank of America warn of the potential for a correction as investors withdraw money that poured into emerging markets over the past two years, job moves in the sector seem to be speeding up.
In the wake of yesterday's emerging markets layoffs at Nomura, BNP Paribas is understood to have lost Mary Egundebi, one of its top emerging markets salespeople in London. Egundebi had been with the French bank after joining from Barclays Capital in 2013. She is understood to be joining Standard Chartered, although this is not confirmed.
Egundebi's exit comes as some banks are understood to be losing money on emerging markets desks, and staff are therefore fearful of poor pay at the end of the year. BNP Paribas built its London emerging markets desk last year with hires like Shokat Khan, who came from Cantor Fitzgerald, and Iftikhar Ali, who came from hedge fund Rhodium Capital Management.
Eyebrows have been raised at Egundebi's alleged choice of Standard Chartered as a port in the storm. Insiders say that Matthew Dunker, an emerging markets trader hired in January 2017 from J.P. Morgan, has recently left, along with Paul Savini, the bank's global head of credit trading in Hong Kong. Standard Chartered didn't immediately respond to a request on the exits, but Savini is no longer listed as an employee and Dunker did not pick up his phone when we called.
While some banks are pruning emerging markets teams, others are hiring. Citi, for example, announced the hire of Michele Ferrulli from BAML in May. Ferruli is joining as managing director and Head of CEEMEA sales and sales trading.
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