"Banks are in the business of firing people," he said.
Headcount across investment banking, equities trading, and fixed-income, commodities, and currencies trading continued falling in the first half of this year whileThere were 50,400 front-office banking jobs midyear, according to a September report from Coalition. That's down from 56,700 at the same point in 2014, with headcount shrinking each year along the way.
"Middle-market firms are able to attract talent from the bulge-bracket banks like never before," DuFresne, of the Whitney Group, said. "It was very rare that years ago you would see somebody, a headliner, leaving a big bank like a Barclays or a Citi to go to a Cowen or a Stifel. Now those firms are growing by acquiring like firms or smaller firms."launches are the lowest point in a decade, as the biggest players continue to squeeze out tinier competitors.
Lauren Callaghan, a recruiter at the global leadership search and advisory firm Spencer Stuart, said fundraisers and marketers in the alternative investments space were in high demand as more firms look to roll out new products.
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