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 Thousands of layoffs by the big banks and worries about 90% tax rates on bonus money are proving to be a hiring boon for the small bond shops that were once the leading fixtures on Wall Street's debt markets. Banks are also seeing talent raids on the investment banking side as well, as private equity firms and boutiques like Moelis & Co. are busy beefing up their restructuring and M&A groups with some of the best talent around. Just Tuesday, Bank of America Corp. (NYSE:BAC) confirmed that Richard Bernstein, its chief U.S. quantitative strategist, was jumping ship to start his own money management company; David Rosenberg, BofA's chief North American economist, is also leaving, to join Toronto wealth management firm Gluskin Sheff & Associates. Similar things are happening in the bond desks of banks, where losses, write-downs and mergers are resulting in top talent moving elsewhere. According to Bloomberg, Jon Bass, who traded debt five seats from Salomon Brothers Inc. chairman John Gutfreund and later helped run fixed income at UBS, joined equity broker BTIG LLC to help start its credit operation last month. Other small partnerships like Broadpoint Securities Group Inc. are also out on hiring sprees that include $500,000 commissions in a week and plenty of other perks, according to the news service. Since the credit crunch began in mid-2007, Broadpoint has hired over 240 people, scooping up traders from Bear Stearns Cos., Lehman Brothers Holdings Inc. and Merrill Lynch & Co. as they either collapsed or were bought out. Cantor Fitzgerald LP added 100 new hires in just the last month, according to Bloomberg. While the job market on Wall Street is nothing like it used to be, it's good to see that there are still new opportunities opening up every day. Looking for a new gig yourself? Check out The Deal's Career Center. And read our Movers and shakers column for the latest on what career moves top dealmakers are making. - George White See Bloomberg story See The Deal's career center See Dealscape posts on Ken Moelis See Movers and Shakers column See Dealscape post on banker exodus
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