2011 and 2012 weren’t good years.

2011 and 2012 were bad years for cash equities bankers. In 2011, Unicredit closed its European cash equities business, MF Global went under, and Investec hacked away at the research team it inherited from Evolution. In early 2012, Royal Bank of Scotland also closed its equities business, making hundreds of people redundant. Banks like Barclays, Citi and Credit Suisse followed with equities layoffs later in the year.