RBS steps hiring up a gear
Royal Bank of Scotland is beefing up debt headcount aggressively. In its fixed-income division, RBS Financial Markets, staffing was up 25% last year. This year it aims to accelerate that growth. If it is to fulfil its ambitions to grow from a strong sterling and loan house to a broader business in euros and dollars, it has no choice but to recruit fast.
When Rob Jolliffe joined in July 2002 as head of primary markets origination, he was charged with growing the debt capital markets business across the credit spectrum from investment grade to high yield and across all currencies. He found that recruiting in large numbers was relatively easy last year because so many good people were available. He thinks RBS can increase the momentum this year, even in a tougher hiring environment, because it now has a bigger profile in the market.
"We are one of the last of the big banks to build out fixed income in Europe," he says. "We're expanding, which is the appeal of coming to RBS. If you're coming from a traditional investment bank, you can be more influential here." Formerly at Goldman Sachs, where he headed FIG debt capital markets origination, Jolliffe is a good example of this.