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Morning Coffee: How to make J.P. Morgan beg to hire you. Horrible shrinking investment banks

JPMorgan cyber-security

"We need this many digital warfare specialists."

You want to be wanted by J.P. Morgan. – Not just opportunistically desired in the style of Joe Gao, the Chinese princeling whom the bank went out of its way to recruit and retain in an effort to mollify his influential father, but really wanted. – Desperately, existentially yearned for. Try having a military background and working in cyber-security.

J.P. Morgan’s penchant for cyber-security professionals was already known. But the extent of its fixation still comes as a surprise. Paranoically or not, J.P, Morgan thinks it’s under attack from the governments of China, Iran and Russia, and that military-grade cyber-security professionals are its main line of defence. In the wake of last year’s security breach in which hackers stole the names and addresses of 83 million customers, Bloomberg reports that the U.S. bank has therefore built a team of 1,000 digital security employees. Led by James Cummings, a former head of of the U.S. Air Force cyber-combat unit, the new team is purportedly so desperate to hire ex-military cyber-security professionals that it’s actually built an office near Fort Mead, home of the U.S. National Security Agency. – If you work in cyber-security, you don't have to come to J.P. Morgan, it will come to you Share on twitter.

Separately, investment banks are shrinking. The New York Times points out that Goldman Sachs’ balance sheet has diminished by 6% since 2010 and by 24% since 2007, while pay has fallen by 13% and 43% over the same period. The Financial Times suggests that worse could be to come at UK investment banks if the Financial Conduct Authority imposes new restrictions on business practices following its investigation into competition in the banking sector: ‘Barclays’ investment banking division made a poor return on equity of 5 per cent in the first nine months of 2014. New restrictions on its ability to charge fees or win certain types of business can only push that down.’

Meanwhile:

UBS made five investment bankers in Europe into MDs this year. One of them was Nigel Howells, who joined in DCM from Deutsche Bank in 2014. (Financial News) 

Overworked bankers at Barclays have suggested cutting pitch books from 80 to 20 pages. (Financial Times) 

There are growing calls for a black book of badly behaved traders in the City of London. (Financial Times) 

Profits at Citi’s European M&A business doubled last year. (Global Capital) 

The ECB added 787 staff last year. Average pay per head across the bank was €117k. (Bloomberg) 

Programming advice from an MD at Goldman Sachs (in French). (Infoq) 

The top equity researchers in the whole of Europe, for the whole of time. (Institutional Investor) 


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