The small U.S. bank that's hiring from Deutsche and Nomura

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If you lose your job with a big bank now, you might want to give Cowen & Co. a call. The U.S. based brokerage firm is hiring in London and in New York.

In London, Cowen has just picked up a team of around 10 high touch sales traders from Deutsche Bank, led by Matthew Cyzer, the head of sales trading, when Deutsche announced it was closing its equities sales and trading business this week. In New York, Cowen has recently hired Peter Finn, a former managing director at Nomura, who joins as an MD in its M&A team. 

When we called earlier this week, Cowen declined to comment on its London hiring plans. However, Cyzer isn't its only recent recruit - headhunters say Cowen has been building its London equities business throughout this year, with previous recruits including Thomas Whitaker from SocGen in electronic equities trading in January, Ricky Bhatt from Natixis electronic sales trading in July, and Dean Malyon - also from Natixis, as a sales trader, in May. 

Cowen is more established and well-staffed in the U.S., which may work against any equities traders cast adrift from Deutsche who hope to find jobs there. However, it does seem to be building its presence in U.S. M&A. - Before Finn, technology bankers Neil Motwani and Pierre Oustinow joined from BMO Capital Markets in May and June, for example.

Cowen & Co. has been in the UK since 2005, but its London operation remains relatively small. - Its most recent accounts for the year ending December 2018 show it employing 75 people in the City, of whom 14 were in sales and trading, 10 were in prime services, six were administration and 45 were in operations and IT. 

In 2018, Cowen's average London employee received a salary of £111k ($139k), plus deferred cash and shares to a value of £4k. In other words, Cowen doesn't appear to pay that well on average (particularly compared to Deutsche Bank) - although Deutsche's salespeople and traders probably don't feel very assertive in terms of compensation right now. 

Some people at Cowen & Co. do earn big money, however. Last year, the highest paid director in London received a total of £1.4m. The Deutsche Bank hires at least have something to aspire to.

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