Mystery exit of entire investment banking team before bonuses
A team of London investment bankers has mysteriously disappeared only months before bonuses are paid.
Simon Barass, Garth Hackshall and Anurag Verma are understood to have left Keefe, Bruyette & Woods (KBW), along with members of their team.
None of the men responded to a request to comment on what they're up to next. However, sources suggested they have left to form their own boutique. Insiders at KBW confirmed there have been multiple exits from the team.
KBW is part of Stifel Financial Corp, the diversified financial services firm. When Stifel reported its third quarter results in October, it revealed a 39% decline in investment banking revenues and a 25% decline in compensation spending.
While most large investment banks have experienced substantial declines in their revenues this year and some are trimming jobs (Barclays, Goldman, Citi, for example), boutiques have been making bullish noises. Moelis & Co., for example, says it's still hiring; it recently recruited the head of M&A from Deutsche Bank.
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