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ELI LEDERMAN: It’s not sufficient simply to be a perfect robot if you want to make money in finance nowBack 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, [...] |
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 [...]
It’s ok: financial services recruiters will still be able to go into pre-pack administration
For a moment, it was looking a little unnerving: the government was proposing to overhaul the pre-pack administration rules so beloved of financial services recruiters. Under the proposed overhaul, any company contemplating a pre-pack would have had to notify creditors in advance and allow them three days to challenge the proposals. Instead, things will carry [...]
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 [...]
Lunchtime Links: The really great news about Nomura’s redundancy programme and aspirations for the future
As everyone one knows, Nomura is making redundancies. The Asian bank is endeavouring to save $1.2bn and is making thousands of redundancies, especially among the 4,436 people working for in Europe. Today, however, it emerges that those redundancies are nearly done. Wholesale CFO Jonathan Lewis told International Financing Review that 80% of the job cuts [...]
Ravi Sinha and the terrible trauma of co-investing in the fund that employs you
Poor Ravi. He may have escaped a minimum three year prison sentence. He may have had the £1.4m he illegally appropriated covered by the employer he appropriated it from. But he still has the enormous £2.9m FSA fine, and he must now cover this himself. As a result, Sinha, the former UK boss of JC Flowers [...]
It’s OK: hiring managers in banking technology are willing to forgive CV gaps
Recruiters generally view any gaps in your CV with suspicion. If you’ve been out of work for a few months – even a year – have you been using your time effectively? Does your lack of success speak volumes about your quality as a candidate? In short, a leaky career history needs to be explained. [...]
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GUEST COMMENT: This is what you’ll need for the perfect private equity CV
