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Morning Coffee: Senior bankers balk at interviewing 100s of interns. Junior bankers quit for £52k bonuses

Investment banking interns arrive for interview

Investment banking interns arrive for interview

What will you be doing on Saturday afternoon? If you’re any ‘normal’ person, you might be shopping, or snoozing, or doing some exercise to counteract your sedentary week. If you’re a junior banker, you might be busy with spreadsheets. And if you’re a senior banker, you might be interviewing hundreds of juniors who aspire to get busy with spreadsheets in the summer of 2015.

This is intern interviewing season. Most banks have already closed, or are about to close, their intern application processes. And with applications in, the intern interviews are on. Thousands will take place between now and the New Year. Take Jefferies, for example. Despite being a moderately sized bank with a workforce a fraction of the size of large rivals like JPMorgan, Jefferies reportedly asked its senior New York bankers to give up several hours of their Saturday afternoons to interview 120 eager candidates. Jefferies’ bankers don’t seem to have been very receptive to the invitation until ‘hotshot’ healthcare banker Ben Lorello hit reply-all and volunteered for a four hour slot. Encouraged by Lorello’s example, other Jefferies bankers reportedly offered to interview the interns too – only to find that Lorello himself didn’t turn up. Interviewing interns is not fun, it seems.

Separately. junior bankers are polishing up their CVs in preparation for a move into private equity. Financial News points out that the median bonus in PE is now £52k and up 13% on last year. In investment banking, it's £34k and up 6% Share on twitter over the same time frame.

Meanwhile:

How does private equity make money? (Roosevelt Institute)

General partners are seizing all the power in private equity firms. (PIOnline)

Goldman Sachs has got $7bn invested in private equity. Unless the Volcker Rule is delayed, it may have to sell its investments at a loss. (Bloomberg) 

Deutsche Bank may not have to pay its LIBOR fines until March. They may not affect this year’s bonus pool. (Bloomberg) 

A falling oil price could be bad for banks, which have benefited as resource-rich companies bought financial assets on the London markets. (Financial News) 

Bank of Tokyo Mitsubishi just hired the EMEA head of capital markets from Citigroup. (Bloomberg) 

Jobs at the FCA are not for life either. (Telegraph) 

Cambridge University students are the most employable in the world. (The Times) 

In London, the average house costs £402,800 – in Birmingham it is £133,700. This is why young people are moving to Birmingham. (Economist) 

Wall Street recruiters accused of naked revelry. (NY Post) 

Person makes $99.5m from cat with dwarfism and under-bite. (Business Insider) 

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