UK
Unlike BarCap, signs of secret hiring at Citi and Goldman
15 October 2009
When Barclays Capital wants to hire people, it lets it be known very publicly.
Citigroup and Goldman Sachs appear to be a little more discreet about such matters.
Although Citigroup’s third quarter results reveal the removal of another 3,000 staff across the organization in the past quarter (making 47,000 redundancies since the start of this year), the Wall Street Journal reported this week that Citi has added 300 staff in European ‘capital markets’ since January.
Separately, Goldman’s third quarter results reveal the addition of 500 people over the past three months alone.
As everyone knows, BarCap has also been busily hiring. However, while the BarCap news archive is abuzz with stories about all the people it’s been attracting, both Goldman and Citi are notably silent about their new recruits.
When we called Citi to enquire who all these people are, we were met with a “no comment.” However, an insider at the bank pointed out that as an ‘established institution’ they have no need to talk about all the people they’ve been bringing on unlike Barcap.
There may be an alternative reason for Citi’s surreptitiousness. Headhunters say many of its new recruits are for the equities business, which is being rebuilt under Derek Bandeen. That business was trimmed in early 2008, leading to the possible conclusion that Citi may have overfired.
The other important reason here is that both Citi and Goldman and a huge number of other organisations have done is fire underperforming staff and replace with better candidates. Unfortunately as this is often illegal, or complicated, the easiest way to do it is to make their position redundant and re-hire under a slightly different job title.
M 15 Oct 2009
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