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Foreign Exchange

FX: Higher hires

At the start of the week, we intended to write how little there was happening on the recruitment front. We conjectured that with the 50% tax on ex-gratia payments (ie the recruiting bank would have to absorb the tax on the bonus buy-out and sign-on fee), beefing up the headcount had got a lot more expensive. We also thought that banks – with the exception of CIBC and BNP – were generally holding off until after April 6 when the tax is supposed to end (though I’ve heard rumours that the deadline will be extended).

That’s what we were going to write. But it turns out we’ve got more moves than John Travolta this week. Make sure you check our people moves section for some stories exclusive to theweeklyFiX.



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