Managers can’t get resumes fast enough.
The job market is grim on Wall Street. Trading desks are shrinking, hiring is flat, even incentive pay is taking a hit. Except in one little corner of the financial world, where managers can’t read resumes fast enough.
Bloomberg News reports that the turnaround expert is in hot demand.
With company after company in oil, coal, retail and other industries in distress -- the Bloomberg Bankruptcy Index is at a six-year high -- business is booming. Banks are assembling or expanding teams, with Lazard, Guggenheim Partners, Perella Weinberg Partners and AlixPartners all hiring, often within a circle of familiar faces. Lazard’s global restructuring head, David Kurtz, just tapped Ken Ziman of Skadden Arps Slate Meagher & Flom; they worked on Millennium Health’s bankruptcy last year. Durc Savini, who’d headed Peter J. Solomon’s restructuring group, recently joined Guggenheim.
“Firms are hungry for experienced restructuring professionals, who are increasingly in short supply,” says Richard Shinder, hired in March to build out Piper Jaffray Co.’s efforts. “You need to reach deep into your Rolodex to find people you know who are capable, and you need to move fast.”
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