Financial services headhunting can be a lucrative profession. This doesn't mean it's worth giving up a job as a managing director in an investment bank to become a search consultant.
Thomas Luglio made a move out of banking and into search in 2017. Five years later, he's just returned to the bank he left for something different.
We spoke to Luglio in 2017 when he was making his escape from banking. After 21 years at Lehman Brothers and nearly nine years at Barclays as global head of prime sales, he left Barclays to join search firm Shadowhound as a director in NYC. “I’ve worked across fixed income, equities and prime, and also have a lot of hedge fund contacts who were my clients at Barclays. I have contacts in all these areas so it makes sense for our recruitment efforts to work across sectors,” Luglio told us. Shadowhound's founder, Canice Hogan, also has a markets background.
Less than two years later, though, Luglio's headhunting career was at an end. In 2019, he made the ill-fated decision to stop being a headunter and to join Credit Suisse, which had cut a load of its prime broking team the year before and was hiring new senior people to replace them.
Credit Suisse, however, announced plans to close its prime broking business last November and so it is that Luglio has come full circle. His FINRA registration shows him rejoining Barclays on April 5th 2022. Once again, Luglio is a managing director at Barclays in NYC. Presumably he's back in prime broking sales at the British bank he walked away from. Luglio's decision that to revert to his previous employer comes as Barclays is building out its global prime broking business under co-head of equities, Paul Leech. “We view prime services as a big opportunity and are investing heavily in the business,” Leech told Financial News last November.
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