AU
Company: Bank of America
Sectors explained – Corporate Banking
Corporate banking is the broad term applied to the various banking services offered to large companies – those worth $25m and above. This may sound simple, but it’s not. It can mean arranging loans (a service which comes in various forms), offering cash management services – such as helping minimise tax paid by overseas subsidiaries [...]
Redundancies and reduced recruitment as i-banks cut back in Australia
Investment banks in Australia are cutting jobs and doing less recruitment as global cost constraints and a decline in local deals force them into a period of retrenchment. Oliver Darkes, managing director, Wellesley Partners, says roles at VP level and above are mostly on hold until 2012. And unfortunately the bad employment market can’t be [...]
From high school to high finance: Here’s how to get more women into banking
It’s a measure of how much investment banks want to attract more females that Bank of America Merrill Lynch, Citi, Credit Suisse, Deutsche Bank, Goldman Sachs, J.P. Morgan, Macquarie Group, Morgan Stanley, UBS and Westpac Institutional Bank are all targeting high school students and (perhaps even more surprisingly) are all cooperating. The rival firms got [...]
Australian banks are still open in Tokyo, while other firms are even interviewing, but recruitment will take weeks to recover
Most banks in Tokyo are open this week and some are even carrying out job interviews, despite the devastation in coastal Japan and the nightmare surrounding the Fukushima nuclear plant. The four Australian banks with staff in Japan – ANZ, Macquarie, National Australia Bank and Commonwealth Bank of Australia – are keeping their employees in [...]
Superstars aside, Aus bankers are in subdued mood when it comes to 2010 bonuses
With the payment season just around the corner, it seems only senior front-office stars can look forward to bumper bonuses. The view of one recruiter, who asked not to be named, is that bonus expectations have been tempered following offshore redundancies made by Barclays, Credit Suisse and Bank of America Merrill Lynch, as well as [...]
Aussie i-banking hiring is now in a fairly serious slump
If you want a job at an investment bank in Australia, you should probably have made the move earlier this year. With deal volumes falling, firms are pegging back their recruitment as they take stock of their headcount needs. Dealogic figures for the first nine months this year show takeover activity down 31 per cent [...]
Macquarie: the bank we’d all love to work for?
It boosted its international headcount last year with a global acquisition spree, and this week it lured a Wall Street star to run its DCM team (not to mention that one of its bankers is now infamous on YouTube). So is Macquarie making a comeback as the aggressive, world-beating Aussie bank we’d all love to [...]
Daily Dispatches: a mixed day for Macquarie
Macquarie Group has achieved another win in its campaign to expand its US operations, appointing a top Wall Street executive to run its debt capital markets business. Christopher Hogg, developer of a corporate financing tool that was hugely popular in the 1990s, started with the investment bank this week as a managing director. Macquarie lured [...]
Merrill gets merry in Sydney
Bank of America Merrill Lynch has made more than 35 new hires in Australia in the past three months, with rival foreign i-banks providing a happy hunting ground. At the top of the hiring tree, Merrill has managed to sign Craig Drummond from Goldman Sachs JBWere to lead its Aussie business. Its other recent recruits [...]
Give us $100m and we’ll hire you
Foreign private banks aren’t in the mood to relax their rigid recruitment rules in Australia. If you’re from another sector of financial services, or (worse of all) unemployed, you just aren’t welcome in the high-net-worth world. The “real” private banks – like Credit Suisse and UBS – want to poach relationship managers with bulging client [...]
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