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Making the right move in fixed income

Debt capital markets is one area of European banking that is hiring rather than firing. But most of the new jobs are at banks still building a presence, and it is only skilled, experienced staff that they are after at modest cost.

Banks jump to hire new staff. Only experienced staffers need apply

LAST YEAR WAS bad news for bankers in Europe, even in the buoyant area of fixed income. Recruiters estimate that 10% of the fixed-income workforce were laid off and still more took pay cuts to keep their jobs. But debt market revenues have been a nice meal ticket this year and the good news is that after months of retrenchment, managers in some banks have a mandate to expand and hire again or will have soon.

The bad news is that they are looking for people with specific skills to help build out businesses and are not likely to offer big pay packages.

The banks that are hiring at the moment are not established market leaders but those still seeking to build out their European debt platforms. Some have been on a hiring drive for a while.

Niall Cameron, global head of credit markets at ABN Amro, has been increasing his team since the end of last year and is still seeking staff. The bank has been hiring in every area, from sterling credit and leveraged finance to government bond trading and asset-backed securities.

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