UK
Lost your job at a top-tier bank? There’s always the second (or third, or fourth) tier to consider.
The likes of Deutsche, JPMorgan, Morgan Stanley and UBS may be making redundancies, but headhunters say there’s no shortage of smaller players eager to hoover people up. Banks like Investec, Jefferies, Rabobank, Wachovia, West LB, and Bank VTB are all said to be hiring (even in structured credit). Dresdner added two synthetic CDO specialists this week. And according to Financial News, Deutsche is upgrading in M&A.
“We will definitely be hiring across fixed income sales and trading, origination, credit derivatives and equity derivatives,” says Steve Thunem, the newly appointed head of the banking practice at VTB. “Across the front office we expect to employ somewhere near 140 people by the end of next year – we still have 60 to 70 to go.”
Lee Thacker, a partner at search firm Heidrick & Struggles, says banks are being opportunistic: “With fewer options on the table, they know that people are more likely to consider a lesser brand.”
Those lesser brands may still need to put their money on the table. An insider at one firm admits most new hires are likely to demand guaranteed bonuses: “We are not a well-known platform.”
Unfortunately, anyone who’s been let go by the bigger boys is liable to stand second in line when it comes to filling the new positions. “Their first target will be quality people who were retained but weren’t paid,” says Thacker. “Only if they can’t attract those people will they turn to others who are out of the market.”
Who are the top tier anyway? To me the only obvious one is Goldman Sachs. But what about Credit Suisse, BNP or Lehman Brothers? Are they considered top tier?
Never, never, never….its either Goldmans or McD’s.
there’s always the national bank of egypt if things get really bad..
tier 1: GS, MS, DB and Citi (in some asset classes and IBD)
tier 2: CSFB,UBS,Lehman,JPM,ML,HSBC,BarCap,BNP P,
Tier 3: BoFA,WestLB,Dresdner,Commerz,HVB,Nomura,Mizuho,RBC,RBS (within capital markets and IBD),Rabo,Wachovia,ING,Wachovia,Standard bank, Calyon (but not within equity derivatives)
Never considered a 4th tier…thats new.
BS and SG nowhere in the tiers?? Too bad for them…:)
So…despite having the largest secondary equity franchise in the world, UBS is a 2nd tier bank ? HR & Recruitment is smoking….
what is the point of HR ?
HR & Recruitment, it seems to me like you have no clue. Ranking DB ahead of Lehman, JPM, ML and UBS???
Ah “HR & Recruitment”, the estate agents of the City.
First time I read all the way down on comments posts… some people definitely have too much time on their hands
ML as 2nd tier? thts not rite
HR are burnt out ‘City’ recruitment consultants, who get to tell rec consultants ‘where to go’, instead of being told ‘where to go’ by bankers.
That’s always the problem of ranking banks, there must be some disagreements. A lesson to learn, HR&Recruitment
Here is how I have always seen it/heard it from industry guys for ‘tiers’ in IB:
‘Superbulge’: MS, ML, GS
‘Bulge’: Citi, JPM, CS, DB, UBS
And the ‘rest’
Don’t believe the other postings. Apparently very few respondents really understand the banking business. Below the correct classification:
Global inv. banking:
Tier 1: GS, MS, JPM, ML, Citi, DB, UBS
Tier 2: CS, BoA, ABN, Lehman, BNP, HSBC
Tier 3: Wachovia, SG, BS, DrK,
Debt:
Tier 1: BarCap, RBS, Lehman
Financial advisory:
Tier 1: Greenhill, Rothschild
Tier 2: Lazard
Final word on the rankings:
King: GS
1st tier: MS, ML, JPM, Citi
2nd tier: CSFB, UBS, DB, BarCap, Lazard, Rotschild
3rd tier: Dresdner, BNPP, BofA, BS
Outsiders: all the others
BarCap 2nd tier, and the same tier as HSBC??!
Who is BS?
Investment Banks
1st tier : GS, MS, Ml
2nd tier : Lehman, Bear Stern
Bulge Bracket Banks
1st tier : (1st) Citi, (1st) Jp Morgan, indifferently CSFB, DB, UBS, BAR CAP, HSBC, BofA
2nd tier: BNP, SG, Commerzbank, Dresdner,
Financial Advisors :
1st : Lazard, Rotschild
British Steel.
Bear Stearns
Top tier: Goldman, Merrills, Morgan Stanley, JPMorgan, Deutsche Bank and UBS
Some people have failed to keep up with the developments in investment banking (BoA, ABN, Lehman, BNP, HSBC 1st tier ????? – in your dreams). Lehman is 2nd tier. I stick to my ranking. BS stands for Bear Sterns.
silly discussion. who gives a damn what tier you work in. all that matters is what you get paid.
Excuse me HR & Recruitment…are you a fresher just out of uni?i strongly advise you to update yourself with daily financial time…DB in front of JPM and ML?!
top tier – GS,MS,ML,LB,Citi,JPM,UBS,DB,CSFB
Very few will argue with this classification as these 9 banks clearly lead the way in IB, equities & debt worldwide..
how come no one even mentions NM Rothchild?
Whats the best route to becoming a fund manager , any advice
Why does no-one mention NM Rothschild? It looks like it is fairly big in corporate finance advisory and would do well in an M&A boom. But not prominent in the mainstream business of debt and derivatives in which most of the people looking at this website are probably interested. Not to be underestimated though – I’m sure the senior people there are quite well paid.
haha… anon… you’re right .. people do have too much time on their hands.. but its a recession.. what else is there to do but bitch n moan :P