Merrill Lynch, Lehman Brothers and Citigroup Private Bank are suffering delays in filling what are in some instances long vacant slots for equity derivatives marketers, in spite of market conditions that many professionals think should be ideal for snapping up candidates. Cutbacks made by most Wall Street players have flooded the market with equity staffers hopeful of work while many other derivatives specialists have left their posts in response to what they perceived to be disappointing bonus pay outs, noted several industry officials.
"A lot of equity derivatives sales staffers looking for work have been laid off and may not be the strongest players," noted one head at a firm looking to hire. On the other hand, concern about end of year bonuses is continuing to drive the best players away from taking jobs. "A lot of the best guys don't see any point in working without a good guaranteed bonus and are happy to hang out at the beach until the market comes back" said one headhunter.
Merrill Lynch posted a vacancy on its Web site for an equity derivatives marketing v.p. in May, and has not yet been able to fill the post, according to officials familiar with the situation. Michael DuVally, spokesman in New York, declined comment. Lehman, meanwhile, is on the prowl for a sales professional for its structured equity derivatives division, according to an official familiar with the search. Kerrie Cohen, spokeswoman in New York, did not return calls.
