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If you work anywhere in investment banking, you should familiarise yourself with Stuart Gulliver’s vision of the future
Today is HSBC investor day. Stuart Gulliver made a presentation. So did Sean O’Sullivan (COO) and so did Ian McKay (CFO). You may think HSBC is no massive deal in investment banking. But this would be wrong. In the first quarter, net revenues in the investment bank were $5.6bn, versus $8bn at Citi, and $4.7bn [...]
Last week, the CEBR predicted bonuses will fall 48%. This week, a renowned pay consultant says they’ll rise
Alan Johnson, the Wall Street pay consultant who works with numerous Wall Street banks, and Credit Suisse has produced his first set of bonus predictions for 2012. Given his exposure to actual banks, you’d think Johnson knows what he’s talking about. This is good, because he thinks bonuses will increase in 2012. Johnson thinks FICC professionals [...]
Q&A: JPMorgan’s Asia Pac CTO says JPMorgan is hiring 100 technologists in Singapore and that people like working there so much that only 3% leave
We spoke to Stewart Carmichael, chief technology officer of JPMorgan in Asia Pac. This is what he told us. Q: Did you always want to work in financial services? No, I originally joined a technology firm because I was looking to leverage on the education I had in computer science. Twenty five years ago, there [...]
Goldman’s global head of growth markets succinctly explains how investment bankers can ensure they’re never without work in future
Goldman Sachs has been making videos and placing them on YouTube. They don’t appear particularly popular: some only have a handful of hits. Some appear to have none at all. However, this one, featuring J. Michael Evans, its global head of ‘Growth Markets’, deserves some attention. In it, J. Michael volunteers a perspective on what [...]
Heads of recruitment at investment banks and fund managers give their verdicts on pay and hiring for 2012
This morning we held our quarterly roundtable in London for heads of recruitment at financial services firms. Numerous investment banks’ heads of recruitment were present. So were some fund managers’. The event was confidential, so we’re not at liberty to disclose who exactly was there, nor what was discussed on a bank-specific basis. Generically, however, [...]
Local expertise will be invaluable for international private equity firms entering the Nordic region
The appetite to recruit private equity professionals in the Nordic region is increasing as more and more international companies look to enter the market. In the last month private equity firms Advent International and HIG Europe have made some key hires in the Nordics, and the expectation is that more global firms will look to [...]
JPMorgan London is said to be an immensely political place to work. However, its people are not going to leave
What with the alleged paranoia about bonuses at JPMorgan falling 50%, you might think its London staff would be queuing up to leave. You would be mistaken. In the current environment, most headhunters say JPMorgan’s woes will make absolutely no difference to its staff turnover. “There’s so little poaching going on, that – to be [...]
By 2014 London salaries at Goldman Sachs may be £2m, salaries at Citi may be £1.5m, salaries at Barclays £650k and salaries at Deutsche £550k
Starting at 4.30pm today, the EU Parliament’s Monetary Affairs Committee will debate and then vote upon the proposal that banking bonuses should be restricted to no more than 100% of banking salaries. By all accounts, they’re likely to vote in favour of the move. Members of the Monetary Affairs Committe include various prominent socialists: You [...]
This is the new man implicated in JPMorgan’s loss. This is the risk manager who’s going to rectify the problem. These are the fears for JPMorgan’s bonuses
Heads will roll. Bloomberg reports this morning that the entire London staff of JPMorgan’s chief investment office (CIO), numbering ‘several dozen’ are at risk of dismissal. Bonuses in London will fall, maybe by 50%. Seal Team 6 risk managers have been summoned to sort out the mess. Things at JPMorgan Europe are going to be [...]
10 important repercussions of JPMorgan’s CIO blow-up
If you don’t know already (which is unlikely), JPMorgan has fallen suddenly from its pedestal of earning an average of more than $4bn a quarter for the past two years. The bank held a conference call last night to coincide with the release of its Form 10q to confess that it will post a loss [...]
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