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Posts by Sarah Butcher
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 [...]
The unspoken nightmare faced by non-EU nationals working in the City of London today
Many non-EU nationals working in the City of London are being heavily penalised under new immigration rules which came into force in April. Most notably, a high proportion of non-EU nationals who lose their jobs in the City of London are now obliged to leave the country for a year before they can come back [...]
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 [...]
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 [...]
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 [...]
As Russian banks appear to falter in London, here’s what they appear to pay
For a while now, Russian banks’ international push has been the big story. As emerging markets boutique Riverhouse Partners notes in its latest newsletter, Chinese banks’ much awaited push has yet to materialise. Russian banks, however, have been going for it. Hence, Renaissance Capital has gone from having FSA 56 registered persons in London in [...]
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 [...]
A quick and easy way of knowing whether you will lose your job in Bank of America’s coming 2,000 redundancies
The Wall Street Journal reports this morning that Bank of America will be making another 2,000 redundancies soon in its investment banking, commercial banking and non-US wealth-management units. Given that Bank of America has been highlighting forthcoming redundancies as part of ‘Project New Bac phase two’ for some time, this doesn’t seem big news. Except [...]
Credit Suisse’s investment bank has not made many redundancies and would like to hire. It may be paying badly
It’s Credit Suisse results day. Last time Credit Suisse reported, it had a few issues in its investment bank: the cost income ratio was 228%. In the circumstances, you might think Credit Suisse would have made a lot of investment banking redundancies. It hasn’t. Since the fourth quarter of 2011, it’s reduced headcount in the [...]
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