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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 [...]
You really don’t want to be working in the back office of a Nordic investment bank
We’ve mentioned previously that there’s an argument for some of the Nordic investment banks to start paring back headcount in the front office, but it seems that the back office is still target for the majority of cuts. Carnegie Investment Bank has told Bloomberg that it’s planning on making eight people in support functions in [...]
GUEST COMMENT: When you’re joining a new firm, be careful it’s not just someone’s trophy-lifestyle personal-fiefdom business
If you’re getting out of a big investment bank into a start up on the buyside, you might feel excited. You might feel like you’re leaving behind the stodge of corporate culture for something a little more fast-flowing and zingy. You might be disappointed. In my experience, a lot of small buyside businesses are no [...]
This is how good you’ll have to be to compete with the best students in Europe, the Middle East and Africa for a job as an analyst
Ever year, the CFA Institute runs the, ‘CFA Institute Investment Research Challenge (IRC)’. An annual competition for university students across the world, it requires students who enter to work in university-based teams and put together a presentation on a company in the style of an analyst working in an investment bank or fund management firm. [...]
Goldman has 12,000 VPs and only promotes 261 MDs annually. There appears to be a less than 1% chance of getting promoted
The Greg Smith debacle has thrown up an interesting and potentially depressing statistic: Lloyd Blankfein wrote a memo pointing out that Smith (allegedly a Vice President or VP) was only one of 12,000 vice presidents at the bank. Goldman employed 33,000 people at the end of 2011, suggesting a massive 40% of its staff are VPs. [...]
GUEST COMMENT: Three years ago, I worked in financial services in New York, London and Paris. Today, I am one of the new poor
Until 2008, I was part of the elite. I worked in banking in New York, London and Paris as a fund manager and trader. And then I lost my job. Since that time, my professional and my psychological situation has deteriorated. Despite all that I’ve done to try and resolve things, nothing has worked. I [...]
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 [...]
Goldman’s head of US EMEA equity derivatives has left AND written a scathing article about the firm’s unscrupulousness
This is a first. Usually, when someone leaves Goldman Sachs – or any bank – they sign a compromise agreement ensuring their silence upon pain of forfeiting their stock. Not Greg Smith, former head of US EMEA equity derivatives at Goldman in London. Smith has written a long article, just published on the New York [...]
GUEST COMMENT: Four habits of unscrupulous recruiters
It’s almost a rite of passage for a banker to fall foul of a recruiter. I’d even go so far as to say that you haven’t really cut your teeth in the City if this hasn’t happened to you yet. Sure, there are a few exemplary recruiters out there who genuinely care about their candidates, [...]
GUEST COMMENT: Three questions M&A interviewers often ask graduates to try confusing them
We’ve already looked at the three questions which will determine your success in an M&A interview, but what about the questions interviewers will ask to try throwing you off balance? Be aware, that these often come in the second half of an interview: after you’ve answered the first three questions and are feeling confident about [...]
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