Stifel has been cutting jobs, but hiring too
When various people left Stifel last year before bonuses were announced, it seemed like peculiar timing. They promptly turned up at a new boutique, Continuum Advisory Partners, which explained their departures. More recent exits from Stifel in London and the US seem less intentional.
Sources say that Stifel made a round of job cuts in London a few weeks ago. A spokesman for the firm said this wasn't the case and that there had simply been a "strategic realignment of resources in response to the market environment and client needs," and that some people had left as a result.
The Trade has the names of the London departees. They reportedly include Daniel Arnold, an MD in equities trading, Adam Lawson, a director in specialist technology equities sales and several equity researchers. We understand that there have been exits in the US too - Joe Bowman, an MD in sales and trading, was let go after seven years at the end of last month and is now looking for a new job.
As with all strategic alignments, however, there is hiring as well as firing. Most notably, Jarrod Dean just joined Stifel as head of electronic trading, based (curiously) in Nevada, and Ray Powell joined as head of European execution from Panmure Gordon in July. David Harris joined to trade convertible bonds in New York in June. Before Bowman left, Vito Scarola joined from Carnegie in New York in May.
Stifel acquired Germany's Mainfirst Bank in 2018 and Oriel Securities in 2014. Many of those who joined at the time have since moved on.
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