UK
Company: Credit Suisse
These are the investment banks that can’t afford their staff. And these are the banks losing share in ECM, DCM and M&A this year
As a follow-up to yesterday’s look at JPMorgan’s deteriorating predictions for investment banking revenues in the second half of this year, we’d like to highlight two further elements of Kian Abouhossein’s latest oeuvre: employee affordability and IBD performance for the year to date. Who’s spending too much on their staff? Abouhossein’s report contains the table [...]
Things you may not know about this year’s Nomura bonuses
Nomura announces its bonuses after everyone else. When all other bank have put bonus announcements behind them and are getting on with the year, Nomura is breaking the bad and good news to the inhabitants of St. Martin’s Le-Grand (where we understand there to be, incidentally, not only bee hives but also vegetable beds). In [...]
Late Lunchtime Links: JPMorgan is making 0.25% of its employees in London redundant; many banks’ share prices have plummeted since March
It’s not just Ina Drew and Achilles Macris. JPMorgan is cutting other people too. Bloomberg reports today that JPMorgan is cutting 20 jobs in London which are unrelated to its recent loss and therefore, we assume, external to the chief investment office. As the bank employs 8,000 people in the City, this amounts to only [...]
Here are the banks recruiting most heavily for technology right now
This time last year, most investment banks were recruiting heavily for technology in the UK. Most firms had more than 100 vacancies and many of these were related to front office technology projects. In 2012, tech budgets are both smaller and more strained by regulatory requirements, so it’s perhaps not surprising to see fewer opportunities [...]
7 facts that you’ll need to assimilate if you’re going to get a job in banking now
In the event that you’re seeking a gloom-laden metaphor to describe the current state of the banking industry, Bloomberg news has the answer. It’s spoken to Kevin Conn, an analyst at Massachusetts Financial Services Co, who says banking is in a situation similar to the setting of Ray Bradbury’s science fiction story The Long Rain, [...]
Late Lunchtime Links: BNP just wants to get the remaining 40% of its job cuts over with so that it can look to the future
BNP is cutting 1,400 jobs at its investment bank. As we noted yesterday, around 300 of them are apparently being encouraged to take voluntary redundancy. We can only assume the rest are being commanded to leave involuntarily. BNP’s insomniac chief executive Jean-Laurent Bonnafe appeared on Bloomberg earlier to say that they’re actually only 60% of [...]
Banks are pulling out of longevity swaps, but insurers are hiring
Investment banks may be pulling out of the longevity swap market, but insurers, reinsurers and consultants are all starting to build their teams. Unfortunately, hiring is relatively diminutive. Longevity swaps are complex, but essentially they’re a tool that allows pension schemes to mitigate against the risk of members living longer than expected. Last year was [...]
Fewer than 20% of the fixed income sales and trading professionals who lost or left their jobs in the second half of 2012 have been re-employed
The first quarter was good for fixed income sales and trading. Most banks achieved a year-on-year increase in revenues. Morgan Stanley achieved a 34% year-on-year increase in revenues. Rates was generally cited as an area of strength. Does this mean all those fixed income salespeople and traders who were made redundant at the end [...]
Late Lunchtime Links: Only 11% of the recently redundant RBS staff have found new jobs, but this bank is hiring a lot of equities bankers
Financial News has some baddish news for anyone out of the market and trying to get back in: only 14 of 132 RBS staff registered as inactive on the FSA database on April 11th have found a new job since. For those of a pessimistic frame of mind, this could be seen as a bad [...]
Late Lunchtime Links: Barclays is certainly not going to be paying its very talented people zero bonuses
It has been a chaotic morning at the AGM’s of Barclays and Credit Suisse. On one hand, nearly a third of Credit Suisse shareholders rejected the bank’s pay plan. On the other, there was heckling and laughter at the Barclays AGM, where protestors turned up wearing Robin Hood hats and dressed as blue birds with money [...]
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