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Morning Coffee: BNP Paribas keeps hiring fixed income bankers; Deutsche banker writes best seller on train

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BNP Paribas isn’t known for generosity when it comes to paying investment bankers. According to recent figures from Emolument, a banking pay specialist, the French bank ranks somewhere near the bottom of the league for compensation. This isn’t stopping people from leaving big banks to go and work there.

The latest defector destined for Paribas is Laurence Mutkin, global head of rates strategy at Morgan Stanley. Mutkin reportedly left Morgan Stanley on July 4th and will resurface soon in an unspecified role at the French bank.  BNP Paribas has been building its fixed income business since 2010 and headhunters say it’s been one of the big hirers again this year. Further recruitment is likely – BNP has several gaps to fill in high yield. Meanwhile, defections at Morgan Stanley’s resurgent fixed income business may be the price for paying allegedly poor bonuses at the start of this year.

Separately, Bloomberg has been speaking to Paul Fraser Collard, a 39 Deutsche banker with a two hour commute from Kent. For the past nine years, Collard has been using this commute to write a series of (hopefully best selling) historical adventure novels, which are now being published by Headline books. The commute is the best time for writing, says Collard. “Banging it out, headphones on, two hours a day. You don’t have to sit on your commute being miserable and moaning about delays. Use the time properly.”

Even if he does achieve a bestseller, Collard doesn’t expect to make a living from his writing. In his day job, he’s a director of agency securities lending at Deutsche Bank and has been in the same team since 1996. Writing is a form of escapism, he suggests: “You make stuff up. Working in banks is great but it’s hard, fast facts. You can’t make up data.”

Meanwhile:

You may not want to be working in commodities for JPMorgan, Morgan Stanley or Goldman Sachs. (Bloomberg) 

It is very rare for an investment bank to produce a better return on equity than a wealth management business over the long term. Every step UBS takes away from investment banking will therefore boost returns and should lead to a higher rating for the shares. (Financial Times) 

Here’s how much you can (supposedly) earn as an intern at Goldman Sachs… (InternshipKing) 

What it’s really like to work for Steve Cohen. (Reuters) 

Be warned: emigrating will make you no happier. (PhysOrg)

One out of 3 30 year olds who grow up in the top 1% earns $100k in family income. At the bottom half of the income distribution, only one in 25 is. (Owen Zidar) 

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