As is often the case in Q4, we saw quite a polarized hiring ecosystem across Credit, Risk and Quant spaces. The buy side was where the overwhelming majority of the hiring activity took place, as large IBs on the sell side became more focused on the 2023 hiring plans. Any sell side hiring in Q4 usually had either an urgent regulatory deliverable or a specific exemption in line with the growth strategy. Fixed income and credit/distressed debt have been particularly high areas of focus for firms, as traditional equity investment portfolios have seen a downturn in the past year, so there has been a focus on diversification of asset class exposure.

With less competition for signatures in Q4, as well as pressure on cost saving, firms have been tempted to try to make hires directly through their channels. However, we have seen that in many cases, this sees time wasted and a lack of high-calibre and diverse candidates entering the pipeline. We’ve also seen a tendency for firms to look for comparison candidates despite an individual progressing well at the interview, which can jeopardise a successful hiring process, especially in niche, high-demand/low-supply markets.

From a compensation perspective, we have produced a comprehensive salary and working trends guide, which will deep-dive into each specific area of our coverage on basic compensation, bonuses and thoughts on well-being and working patterns. On a high level, bonuses this year are set to be down on last year on average, which could see several moves in Q1.

Overall 2022 saw an exceptionally busy and active hiring market within the Credit, Risk and Quant domains. We were able to achieve record results as a team and would like to thank all who partnered with us in the past year. Going into 2023, Bruin Financial are broadening geographical coverage into Frankfurt and the United States and has made strategic growth hires to support this. If you are looking to hire in the US or mainland Europe, or looking at exploring opportunities in these areas, we will be happy to assist.