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ELI LEDERMAN: It’s not sufficient simply to be a perfect robot if you want to make money in finance now
Back in the big banks’ glory years, clever professionals progressed up the ranks almost mechanically, like perfect robots programmed to achieve their appointed tasks. In that environment – now a forlorn memory – just pulling levers on established businesses was enough to post higher numbers every year, and if one wasn’t richly rewarded for it, [...]
Late Lunchtime Links: You can’t even get work at the FSA; now is the time to take a job at a very big bank
Back in the day, you could lose your job at an investment bank and attempt to move to the regulator for a reduced salary but improved lifestyle. Now, even that door appears to have closed. Although the FSA may still be hiring big names like William Samuel from Lazard, it’s severely constrained when it comes [...]
Investment banks’ graduate interview questions
What questions will you be asked if you interview with an investment bank, either as a graduate or as an intern? As ever, we have some sample questions for you. The list below has been sent to us by eFinancialCareers readers. We can’t totally verify their authenticity: this is what people are telling us they’ve [...]
The average bonus at BarCap will be around £46k for 2011
It’s a lot more than the £12k at RBS, but it’s a lot less than six figures. The average, non-member of code staff, at BarCap appears likely to receive £46k this year. This follows widespread reports this morning that BarCap is going to reduce its bonus pool by 25-30%, to $1.5bn. Bloomberg reports that the [...]
GUEST COMMENT: This is what you’ll need for the perfect private equity CV
What should you have on your CV if you want a job in private equity? An equally valid question is what should you not have on your CV if you want a job in private equity? And that answer is too much detail: it’s not your autobiography; keep it simple, brief and relevant. You need [...]
Late Lunchtime Links: Who was Lucas Van Praag?
In Goldman Sachs terms, Lucas Van Praag is no more. The bank had allegedly been wanting to get rid of him for some time now, but had resisted for fear of looking desperate. Now, after a decent delay, the deed has been done. So who was/is 62 year old Lucas Van Praag, the Machiavellian ex-master [...]
Deutsche sets out its stall: no big redundancies, a moderate reduction in bonuses, long term commitment to growing investment banking market share
Today is the day of Deutsche Bank’s fourth quarter results. Things are looking comparatively fine at Germany’s big bank. Despite a fourth quarter pre-tax loss of €138m (down from a profit of €719m last year) despite a full year cost/revenue ratio in the corporate and investment bank of 76% (up from 69% last year), despite [...]
In 2007, Credit Suisse’s 33 year old head of CDO trading earned £4.6m and a 25 year old telecoms analyst at Dresdner earned £1m
Times have changed. Just how much is being emphasised by two things: the Commerzbank bonus case and the Credit Suisse CDO arrests. As we noted last week, an MD in risk at Dresdner was expecting to earn £632k in 2008. Although Martin Blessing says Dresdner’s bankers were working for loyalty rather than money, they all [...]
GUEST COMMENT: The first 48 hours of redundancy are critical
Have you ever had a sporting injury? If so, you’ll know that taking some key actions in the first 48 hours plays a key part in minimizing damage and speeding your recovery. Whether you’ve strained a muscle, damaged some ligaments or incurred something more serious, it will help if you rest, apply ice or compression, [...]
The French transaction tax could make French bankers unemployable – in London
However you look at it, some kind of French transaction tax looks likely, possibly unilaterally. Sarkozy has said he wants to impose one in August if he’s elected. And if he’s not elected? Francois Holland wants one too. The tax, as defined by Sarkozy, would be levied at a rate of 0.1% on credit default [...]
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GUEST COMMENT: This is what you’ll need for the perfect private equity CV
