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GUEST COMMENT: Much as everyone hates a banker, family and friends seem very happy to borrow money from oneInvestment bank research is seldom right, but in 2005 and 2006 Citigroup issued two now notorious reports, which they have since tried to “disappear”, although you can find them online if you look hard enough. In them, author Ajay Kapur posited that the rich were about to take over the world, and gave recommendations to [...] |
A selection of the highest paying roles in financial technology
Lunchtime Links: An MD in risk at Dresdner was expecting to earn £632k
There were 154 front office fixed income derivative hires last year; 140 people are still out of the market. Expect to move down a tier in M&A
Career stasis: when thousands and thousands of people want your job and you have few alternative options
GUEST COMMENT: How to survive investment banking without ageing twice as fast as the average human being
Doctor: “Hello ___ .” Investment banker: “Hi.” Doctor: “I understand that you’ve been having stomach problems, correct?” Investment banker: “Something has happened. Yes. Whenever I drink water or…any liquid for that matter…I feel a strange sensation when the liquid reaches the point before it enters the stomach. Doctor: “How long has this been going on?” [...]
Late Lunchtime Links: Why people may be trying to leave all French investment banks
Anecdotally, we hear that persons working in French banks are keen to get out. “In the French banks, everyone thinks they’re not going to get paid,” says the head of one fixed income search firm. “They all want to get out, especially from SocGen.” This may be true, or it may be exaggeration. However, what [...]
This is where you can still make retirement money in financial services recruitment
Times are tough for financial services recruiters, particularly financial services recruiters focused on investment banking. Some are trying to reinvent themselves as buyside recruitment experts. Others are digging into darker corners. One such corner where it still seems possible to bring in very big money is recruitment related to Solvency II legislation. For insurers, the [...]
Please note: there does not appear to be a cash bonus cap at Citi; this does not mean people are happy
While Morgan Stanley bankers are being asked to get a life and stop complaining about the paucity of their cash bonuses this year, there do not appear to be similar issues at Citi. Citi announced its bonuses this week, and some people appear to have received large quantities of cash. “I spoke to a Citi [...]
Some terrible news from the Association of Graduate Recruiters for credulous students trying to get into investment banking
Want to work in an investment bank in 2012? Forget it. The latest survey from the Association of Graduate Recruiters suggests you might as well apply to McDonalds (where you will at least have a strong chance of reaching board level). Or, failing that, you could always become an accountant. The AGR’s survey suggests that [...]
TREND WATCH: James Gorman and Eric Daniels are letting it be known that life is about more than just money
Today’s survey by the British Association of Graduate Recruiters confirms the perennial truth: graduates who go into banking earn more than graduates who go into anything else – £38.3k in the first year versus an average of £26k elsewhere. Nevertheless, if you have gone into investment banking for the money, you may have made a [...]
GUEST COMMENT: How to rework your CV for roles outside the financial services industry
In the current environment, many of you may be thinking of broadening your job search so that it’s not restricted to financial services. If so, it is advisable to bear the following points in mind. 1. Research before you rush in Carefully research what your target companies(s) and target sector value – what skills do [...]
Thanks to the FSA, we will soon know precisely how much hedge funds in London are paying people in terms of salaries and bonuses
The FSA has published a discussion paper on the implementation of the Alternative Investment Fund Managers directive. It doesn’t say much. “One of the things that really does stick out, is how little detail there is,” says Mike Newall, a partner at Norton Rose. “We are expecting a lot more information.” Most notably, the FSA [...]
Late Lunchtime Links: More cuts coming at Citi, 90% cost ratio at BarCap, it’s all going well now at BofA
It’s been a day of differing portents. On one hand, Citigroup has intimated that it might need to make more redundancies in its investment bank. Yesterday, Citi CFO John Gerspach made an investor presentation in which he confessed that: “While we are strategically committed to securities and banking, we are not oblivious to the fact [...]
Banks are more likely to hold on to their long-in-the-tooth technologists
In the current age of austerity, banks outsourcing IT development work is a sad fact of life and – with tech budgets becoming even more strained this year – it seems logical to conclude that this will accelerate. However, banks may be more reticent to let go of their technology employees than you think. In [...]
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