If you're a bank looking for a reason to hire in times of uncertainty, then Berenberg — the German private bank — may this morning have provided you with it. After some heavy hiring, Berenberg has declared a 47% year-on-year increase in profits in 2024, driven by the investment bank.
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The hiring admittedly didn't entirely happen last year. Nor did it apply to the entire organisation. But in the London investment banking team specifically, Berenberg says it has quintupled headcount since 2018. Once it had 10 people, now it has 50. Much like Deutsche Bank, Berenberg says this leaves it well positioned to take advantage of an expected resurgence in banking activity this year.
Globally, Berenberg employs 400 people in its investment bank. 90 of them are in equity research, up from 86 in 2023. There are intentions to hire again in 2025, with the German investment bank an area of focus, along with wealth management where «strong expansion» is intended.
Across all businesses in all locations, Berenberg’s employee headcount was in fact down very slightly in 2024, at 1,528 vs. 1,536 the previous year. However, compensation spending rose 9.2%, partly due to «increased bonus payouts» before Christmas.
Happy times. And a dramatic change from several years ago when Berenberg paid many people no bonuses at all.
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