UK
If you want to work in trading and don’t want to do so at a hedge fund, Goldman Sachs is still the place to be. As yesterday’s report from Morgan Stanley and Oliver Wyman made clear, Goldman is the clear market leader in both equities trading (18% global share) and FICC trading (16% global share), and has increased its portion of both markets since 2007.
However, what with the threat of new regulation and increased risk aversion, trading at Goldman may not be as exciting as it once was. The Financial Times today highlights research from Barclays which suggests Goldman traders’ have had their wings severely clipped.
For the seven quarters prior to the final quarter of 2009, they point out that Goldman averaged 17 days where it made trading revenues of between plus or minus $50m, and 29 days where its revenues exceeded $100m. In the most recent results, the number of mediocre days doubled and jackpot days halved.
Lloyd Blankfein gets 75-100 pieces of hate mail per day. (Fox Business)
Deutsche reveals Jain’s compensation for the first time. (Financial News)
Deutsche board members paid nine times more in 2009 than in 2008. (Wall Street Journal)
13% month on month increase in London financial services job vacancies in February. (Reuters)
The UK will push other countries to adopt similar bonus rules. (Bloomberg)
SocGen recruits two people (one from RBS) for ECM push. (Financial News)
Ex-SocGen trader sues, claiming he was let go for being “too successful” (Financial Times)
BarCap: focused on building out the global equities business and building out the investment banking business. (Financial Times)
There are no women in the who’s who at Barclays Capital. (Financial Times)
Concerning “ex-SocGen trader”.
First, it was a head of the sales team, and not a trader.
Second, being an insider, I can assert that in my opinion his achievements at SocGen weren’t as great as they may seem.