Job cuts in investment banks are rarely a simple occurrence. Even when a bank is cutting costs, it will also need to make strategic hires. Such is the case at Berenberg, the German privately owned bank that's been trimming investment bankers in Europe.
Amidst the exits of recently hired senior staff and the pruning of juniors, Berenberg has also been rehiring key talent from the past. Richard Payman has just resurfaced at the bank's London office after a two-year interlude at UBS.
Payman worked for Berenberg between 2013 and 2020 and was instrumental in building the bank's high touch merger arbitrage business, for which Berenberg ranks in the top three in Europe. He'll be working alongside former colleague Peter King, who runs Berenberg's event driven trading business.
It's not clear why Payman quit UBS, where he was (briefly) head of special situations risk arbitrage.
Berenberg employs around 500 people in London, a number that's flat on last year. The bank embarked upon a hiring spree in late 2021 and added a new floor to its office at the Royal Exchange. Payman is understood to be one of this year's only big hires.
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