From my conversations in the market, Q1 was slow but there were good reasons for it. Bonus season kept most people in place, budgets were still being finalised well into the quarter, and the US-Iran conflict in late February added uncertainty that made a lot of firms pause and reassess.
Q2 feels very different, and the shift has been noticeable.
The market has opened up, but not evenly. The market has opened up, but not evenly. Activity is concentrated in specific areas and it is worth knowing where things are actually moving.
Equities and desk strategy are picking up
Equity sales, trading, and desk strategy roles are coming through. Banks are rebuilding coverage, expanding client-facing desks, and hiring tactical professionals who can generate revenue in a market that has been rewarding active positioning.
Energy is one of the busiest spaces on the sell side right now
The energy transition and volatile European power prices were already creating real demand before this year. Then the US-Iran conflict escalated, the Strait of Hormuz became contested, and energy markets moved sharply. That kind of volatility does not just move prices, it moves desks and accelerates hiring decisions. Banks are actively looking for EU power and gas traders and exotic energy specialists who can navigate this environment.
Rates is more selective but still active
From what we are hearing, the appetite is there but the headcount approval is not. A number of desks do not have approval to add new strategists or traders right now, partly because the focus and the budget has shifted towards equities and energy where the revenue opportunity is more immediate. It does not mean rates talent is not valued, just that the timing is more complicated and internal prioritisation has shifted for now. The mandates that are moving in rates tend to be replacement hires rather than new seats.
The window matters more than people realise
This is the thing I keep saying to people and I genuinely mean it. Hiring managers with open roles right now are trying to close them before end of June. After that, summer hits, hiring managers go on leave, and momentum slows down until September at the earliest. I have seen good candidates miss out simply because the conversation happened a few weeks too late, not because they were the wrong profile.
If you cover equities desk strategy, or energy trading in London or continental Europe and you are starting to think about your options, now is the time to have that conversation.
At Laz Partners, we work exclusively across front-office investment and trading talent.
