There are a bunch of new butts to kiss on Wall Street.

    In the past few months nearly every Wall Street firm has named a new head of either its entire investment bank or one of its key businesses. Two big banks, Goldman Sachs (GS) and Citigroup (C), have made significant changes to their boards of directors. German financial giant Deutsche Bank has recently overhauled its entire management ranks following the promotion of its head of investment banking, Anshu Jain, to co-CEO.

    "It's unusual to have this many changes at the top of investment banking organizations," says Wall Street recruiter Russ Gerson. "There has been a fundamentally significant change going on Wall Street."

    So far this year, Bank of America (BAC), Deutsche, Credit Suisse and UBS have all named new heads of their investment banks. Citigroup has shaken up its lagging mergers and acquisition by naming a co-head of that division. That bank also has a new chairman of its board, Michael E. O'Neill. Hong Kong-based HSBC also has a new head of its mergers practice. French bank Societe General, which last year was dogged by rumors that it might need a bailout, reportedly has an entire new team of bankers running its investment bank. Goldman has also made some changes in Europe, with a new head of so-called financing and capital markets in the region. And it's not just the large global banks that were battered by the financial crisis changing up their management. Eduardo Mestre, who had headed up U.S. investment banking at boutique firm Evercore, said he was giving up the role in late February. Evercore has yet to name his replacement.

    Wall Street recruiters say there are a lot of reasons for the management shuffle on Wall Street. First of all, it was overdue. While nearly every bank fired its CEO during the financial crisis or leading up to it, many investment banking chiefs were able to hang on. Now, with the prospect of new business for Wall Street growing with a stock market that has been rising until recently, those executives are being pushed out, or moving on as well.

    The new appointments also likely mark a shift on Wall Street. For much of the past decade, banks made much of their money from underwriting and trading debt. By the mid-2000s, debt traders and bankers from the firm's bond divisions came to run many of the businesses at financial firms. That reign appears to be over. The world appears to be over leveraged already. And Dodd-Frank and other regulations are making it tougher for banks to generate a lot of income from trading. What's more, debt traders didn't turn out to be the best at managing Wall Street's risks. "The fixed-income takeover of Wall Street was a bloody disaster," says top Wall Street recruiter Rolfe Kopelan, who heads up the Capstone Partnership.

    猎头们还表示，令人失望的奖金以及普遍对华尔街前景感觉沮丧也促使一些银行家退出。一些猎头表示，即便是华尔街一流的银行家也感到了手头拮据。“我的一部分观点是这些人的现金流和流动性都出现了问题，”专为华尔街公司提供猎头服务的CREW Advisory Services的负责人约翰•欧文表示。“很多银行家最近告诉我，我需要X来帮我付账单。过去我可从来没听到过这样的话。”

    获得升职的案例包括范昆仑。现年39岁的范昆仑被任命为德意志银行投行业务联席主管，成为华尔街新晋领导层中最年轻的一员。而且，范昆仑还是债券业务出身。这位在加拿大长大的华裔银行家目前常驻伦敦，工作的很大一部分时间都放在新兴市场上。获得升职前，范昆仑在德意志银行管理的部门创造的年营收达到了35亿美元。某行业出版物近期一篇文章将范昆仑称为“他这一代最前途无量的投资银行家之一”。

    译者：早稻米

    Recruiters also say disappointing bonuses and a general feeling on gloom on Wall Street have caused some bankers to call it quits. Some recruiters say even top Wall Street bankers are feeling strapped. "Part of my theory is that these people have cashflow and liquidity problems," says John Owens, who runs CREW Advisory Services, which specializes in recruiting for Wall Street firms. "A number of bankers have recently told me I need X to cover my bills. I have never heard that before."

    One example of those being elevated is Colin Fan. Fan, 39, who took over as co-head of investment banking at Deutsche, is the youngest of Wall Street's new leadership crop. Even so, Fan does come from the debt side of Wall Street. But the Canadian-born, Chinese banker, who is based in London, has spent a good deal of time working in the emerging markets as well. Before the promotion, Fan ran a division of Deutsche that generated $3.5 billion in revenue a year. A recent article in a trade publication called Fan "one of the most promising investment bankers of his generation."