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Global restrictions on banking and bonuses – where’s it’s punitive, where it isn’t (Updated)
In advance of tomorrow’s UK budget, next weekend’s G20 meeting, and the likelihood of further measures to curb banking pay and profitability, here’s a quick roundup of where we are right now in terms of global banking punitive rankings. Notably, the most worst place so far is probably Holland. However, the EU is keen on [...]
In real terms, your net income is probably a lot lower now than it was in 1997
The past is the past, but ahead of today’s probably punitive budget, here’s a moment of nostalgia. Figures from accountants Smith Williamson show just how much the UK’s highest earners have lost from their post-tax pay packets over the past 13 years. The amounts are substantial. In 1997, someone earning the equivalent of 200k today [...]
Why Nordic custodians are banking on experience
The rapidly evolving Nordic custody market is likely to fuel demand for experienced “grey hair” relationship managers, a pool of people already in limited supply within the Nordic region. The past few years have seen the Nordics become an increasingly significant market for international asset servicing players such as BNY Mellon, Northern Trust, JP Morgan, [...]
A risk manager is setting up his own hedge fund; this is not normal
Risk managers everywhere will be feeling encouraged by the fact that Gregg Weinstein, a former Goldman Sachs partner, is setting up his own hedge fund. Gregg (not to be confused with Boaz) had been a Goldman partner since 2002. In his most recent incarnation he was global head of risk management for Goldman Sachs Asset [...]
GUEST COMMENT: Why investment banks like their juniors inexperienced.
There’s no issue more sensitive than age. In the UK, and the US age discrimination is illegal, which means banks are unlikely to explicitly ask you how old you are. But this doesn’t mean that they won’t be able to work it out. Most banks will assess your “age” by looking at how much full-time [...]
Are HQ Bank woes a sign of things to come?
The twists and turns at Swedish financial services operation HQ Bank have kept markets and analysts on the edge of their seats – but whether, against a backdrop of both generally improving conditions locally but growing unease at the wider European situation, its woes are a one-off or the first signs of a deeper malaise [...]
How to dress up your middle office CV for a move into the front office
So you work somewhere in the middle office (risk/finance/trade support), and you want to work somewhere in the front office (sales/trading/structuring)? What do you need to do to your CV to make this happen? Firstly, a qualifying point. It is not that easy to move into the front office from a middle office role. It [...]
Who is Julian Barnett? (Or how an IT programmer became a ‘star’ hedge fund manager)
Julian Barnett is in the news. Aged just 33, and 11 years out of university, he is setting up his own $200m hedge fund, Ridley Park Capital. The Financial Times describes it as, ‘one of the most anticipated start ups among London’s hedge fund community this year.’ How did Julian achieve such acclaim? 1) He [...]
Nordea capital markets shake-up could create new jobs
Nordea will this autumn undertake a wholesale restructuring of its capital markets function, a move that is expected to include an audit of the numbers of people and types of roles it will need within capital markets in the future. The bank has appointed former Goldman Sachs managing director Casper von Koskull to lead a [...]
Lunchtime Links: 400m of fees lost in a sad day for bonuses
It’s a sad, sad day for ECM bonuses at Credit Suisse, HSBC and JPMorgan, and a sad, sad, day for M&A bonuses at Credit Suisse, J.P. Morgan Cazenove, Ondra Partners and Lazard. The Prudential deal is, needless to say, off. According to various estimates, had it been completed, the deal would have generated 850m in [...]
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