ECM bankers are finding new jobs, in different sorts of banks
It might have been a tough year for equity capital markets (ECM), but that’s not stopping banks from hiring good ECM bankers.
Nomura picked up Johnson Chui from Credit Suisse last month. He spent 13 years at the bank, for the last eight years as the head of CS’ entire ECM business in the Asia-Pacific region. He is now Nomura’s head of ECM (and vice-chairman of IB) for Asia ex-Japan, based in Hong Kong.
Wells Fargo, meanwhile, took on Jamie Cohen from Goldman Sachs. Cohen only spent a year and a half at Goldman, which he joined as an MD from Barclays. He’ll be an MD at Wells Fargo, too, and is based in New York.
ECM had a tough 2022, with unfavourable conditions due to war, pestilence, and other horsemen of the apocalypse (is “recession” one?). Figures from Dealogic earlier this year showed that at some banks, including Goldman Sachs, revenues fell by over 84% YoY compared to 2021.
With 2023 shaping up to be pretty much on par with last year, it’s no surprise that some banks are letting go of senior staff.
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