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Posts by Sarah Butcher
Merrill Lynch International made an operating loss of $268m last year, increased headcount 30%, and paid its average employee $488k
Merrill Lynch International, the London-based business of what was once known as Merrill Lynch before it was subsumed into Bank of America, has released its results for the year to December 2011. They show some considerable hiring. Merrill Lynch International started the year with 2,600 people and ended it with 3,390 – an increase of [...]
Does Goldman Sachs need to hire some new salespeople and researchers?
Things are not what they used to be at Goldman Sachs. As we reported a few weeks ago, transformational changes are reportedly taking place there, changes which are mostly alleged to involve a big focus on electronic trading and quiet culling of superfluous salespeople and trading staff. However, a comment in Financial News today suggests [...]
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 [...]
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 [...]
Guy Hands is paying £286k retention bonuses and private equity hiring is up more than one third
Private equity has long been the holy grail of financial services careers. This may be changing with today’s revelation that Guy Hands is so stuffed he’s having to sink £20m or one fifth of his personal wealth into Terra Firma in the form of guaranteed bonuses to stop people leaving, but still. According to our [...]
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 [...]
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 [...]
Two economics professors describe how investment banks lure their students, and why students should resist
Joris Luyendijk, the anthropologist and journalist who’s been interviewing bankers and their friends for the Guardian, has spoken to two professors of economics, one at Oxbridge, one at an unnamed university in London (probably the LSE) about the career choices of their students. Both paint a remarkably similar portrait of naïve undergraduates tempted into banking [...]
Goldman Sachs’ business model is in a state of transformational change. This is what you need to know
When analysts at Bernstein Research put out a note on Goldman Sachs’ business model after Goldman Sachs’ first quarter results, they said the firm was “modifying” itself but was afraid to say so publicly for fear of upsetting some of its most powerful employees. Goldman’s “partnership culture – whose shared values and cultural traditions have [...]
Want to work for a successful FICC sales and trading business that’s taking more risk? Try SocGen. Also: an update on French banks’ voluntary redundancy programmes
Forget Morgan Stanley and its 34% year-on-year increase in fixed income trading revenues. Forget Goldman Sachs and its mitigating factors. Forget JPMorgan. If you want to work for a bank that’s outperformed the rest in fixed income so far in 2012 AND is willing to take risk where appropriate, think: SocGen. SocGen’s first quarter results [...]
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