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Company: UBS
A whole new FX-focused bank has opened in London, and other stories of big hiring in FX businesses
Tens of thousands of jobs may be disappearing in the City of London, but there is still hiring in FX. Swiss-based online FX trading specialist MIG Capital announced the opening of its new office in the City last week. The FSA register shows that MIG currently employs only four registered people in the City, but [...]
First quarter pay hierarchy suggests American banks still pay more. Generally, they also pay a LOT more cash
Now that we know how much JPMorgan, Goldman Sachs, UBS, Credit Suisse and Deutsche have accrued for their investment bankers in the first quarter, we can say two things. 1. American banks pay more (with the exception of Deutsche, whose pay per head figures for the corporate and investment bank aren’t comparable because, unlike elsewhere, [...]
UBS M&A bankers should be afraid: today’s results give Andrea Orcel a licence to clean them out
It’s UBS Q1 results day. Amidst the high own-debt charge, the falling compensation, the falling headcount, the ok performances in FICC (except in rates) and equities, one thing stands out: M&A has done very badly. UBS even admits as much. “Advisory revenues decreased 33% to CHF 169 million from CHF 254 million, as our market [...]
Forget investment banking league tables, this shows places like Goldman Sachs are doing less well than they seem
League tables for the first quarter of 2012 are out. The usual suspects are at the top of the pile: Goldman Sachs was top in completed M&A globally, JP Morgan was top in investment grade DCM underwriting, Citi led global ECM. However, charts from research firm CreditSights, reproduced below, reveal that standard league tables can be [...]
Morgan Stanley and Oliver Wyman have produced their annual report on the state of the investment banking industry. This is what you need to know if you want your career to last
First there was the enormous report from JPMorgan on the state of the investment banking industry. Now we have another enormous report from Morgan Stanley and Oliver Wyman, also on the state of the investment banking industry. Morgan Stanley/Oliver Wyman’s report is an update of something they produce every year (last year they gave a [...]
While BarCap is capping cash bonuses at £65k, persons at Credit Suisse can earn £346k in cash this year
Where would you rather work? Somewhere at which your cash bonus will be restricted to £65k, fin d’histoire, or somewhere where you can earn £346k in clean cash? BarCap has the initial, unappealing, compensation structure. Credit Suisse has the second. BarCap’s nastiness may be somewhat mitigated by the fact that half its deferred bonuses appear [...]
Deutsche and UBS both paid their risk-taking staff exactly staff the same for 2011. Deutsche bankers are now fully incentivised to get rid of their unproductive colleagues ASAP
In theory, Deutsche Bank is an amazing payer. When you look at average compensation per head in its corporate and investment bank, it appears to pay considerably more than anywhere else. Hence, in 2011 average pay per head at Deutsche CIB was €333k ($439k). Average pay per head at Goldman (which continues to defy gravity [...]
JPMorgan’s analysts have produced another report full of essential information for anyone with a career in global banking. This is what it says
Intermittently, the banking team at JPMorgan will produce an exceptional report on the state of the industry. They did it in November and they did it in February.They’ve just done it again. Their report is huge, at 232 pages. This is what you need to know. 1. Revenues are stagnating. FICC is still crucial. M&A [...]
Everything we know so far about bonuses and deferrals, bank-by-bank
As a follow-up to our earlier article on the state of bonuses, cash caps and deferrals on a bank-by-bank basis this year, here’s what we know now. Feel free to email us at Editor@eFinancialCareers.com or to leave a comment if you know additional details that we don’t. Bank of America Cash bonus cap? Yes, but it [...]
This time next week, Goldman bankers should know their numbers: the bonus calendar for 2012
This time next week, bankers at Goldman Sachs should know their bonuses for 2011. Morgan Stanley will follow shortly after. Everywhere else will come after that. Here’s the bonus announcement and payment schedule for the next few months – as we understand it (feel free to suggest amendments if you disagree). Goldman Sachs Goldman Sachs [...]
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