Credit analysts should prepare for a long, cold winter: Caveat Emptor column

Research and destroy

Analysts may soon be scouring the classified ads for jobs

“Wanted: Head of Credit Research, £ negotiable, two-year guarantee, managing director level. Needed to build team of up to 10 analysts to support enthusiastic but incompetent team of three traders and two salespeople, no notable primary business.” Back in 1999 and 2000, in anticipation of a pan-European corporate credit market, every fixed income house in the region was eagerly building up its research capability. Junior analysts were suddenly becoming senior analysts; senio