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When bankers turn consultant

Professional services

What do you do when you've clocked up 10, 15 or more years' experience at an investment bank and decide it's time for a change? Right now in Europe, it's increasingly popular for investment bankers to take off to a professional services firm.

These companies, intent on expanding corporate finance and transactions services teams, have been snapping up banking talent and are seeking more. “I've got a search mandate out to hire three more partners at the moment and, yes, we're looking for bankers,” says David Barker, global head of financial services M&A at Ernst & Young.

In the past month, the pace of hiring has increased. Deloitte hired HSBC's head of corporate finance consumer services, Jonathan Grassi, who had spent 15 years in investment banking, to become a director in the consumer business part of its corporate finance practice, and Dan Martin from Morgan Stanley to work in the technology, media and telecoms team.

Also last month, KPMG hired Stephen Dunn from the leveraged finance department of Sumitomo Mitsui Banking as manager in its debt advisory team to provide advice on structuring new debt issues, refinancing existing obligations, structured finance, securitizations and leasing products.

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