Credit Suisse First Boston has watered down its New York equity derivatives sales and structuring hiring proposals since the market downturn but still plans to hire several pros, according to a company official. He declined to specify the number of hires, but market officials said it is looking to add at least five. The officials said CSFB would also look to further build the team by shuffling employees to the equity derivatives group.
The hiring is part of an ongoing expansion of the firm's equity derivatives group, which began earlier this year with a series of hires in both sales and research. Steve Kim, global head of equity derivatives research at Merrill Lynch, was one of the highest profile hires. He joined as a managing director responsible for coordinating the equity derivatives and convertibles unit's research and strategy in North America (DW, 7/8). In light of the downturn the firm will relocate existing employees and slim its hiring down, but the CSFB official was adamant that some hiring would still go ahead.
The build up has been prompted by the firm's decision to form a close link between its cash equity market team, investment banking and equity derivatives group, the CSFB official said. "Our goal is to make a one-stop shop for clients. We're working extremely closely with our cash sales force to offer our corporate clients a successful product," he added.
