UK
Company: EDS
There are rumours that some VPs at Goldman have experienced a substantial cut in their pay
Back in July, we were the first to point out a clause in Goldman’s contracts that allowed it to reverse its 2009 salary increases after 24 months. Subsequently, it emerged that Goldman had indeed cut compensation for VPs and MDs, although we understood this was only by around 17% . Now we’re hearing that the [...]
So, what if the rumours about Shear leaving UBS are true?
We have it on fairly good authority that Neil Shear has left UBS. This has not been confirmed by the bank and may therefore be entirely spurious, but it would not be totally surprising: yesterday it emerged that UBS has reorganised its securities division in such a way as to leave Shear without much to [...]
Goldman bankers said to be getting most of their bonuses in cash; CS bankers aren’t
The line between the haves and the have nots in this year’s bonus round can be drawn not just between the people with the six figure bonuses and those with 1.50, but between the people with the six figure bonuses who get them paid NOW and the people with the six figure bonuses who have [...]
Senior M&A bankers will have BAML’s big hiring plans to thank for any increase in their bonuses
In a seeming example of serious premature revelation, Bank of America Merrill Lynch has divulged its intention of doing lots of senior M&A hiring this year. According to Christian Meissner, quoted on Bloomberg today, it wants to recruit as many as 30 managing directors in EMEA during 2011 after slipping from 4th to 11th in [...]
EDITOR’S TAKE: The new model – fewer staff, higher pay
According to various doom laden prognoses, we are in for a jobless recovery in the economy at large. It looks like investment banks are leading the way. In the first half of 2009, revenues at five leading banks (Goldman Sachs, Morgan Stanley, JPMorgan, Credit Suisse, Deutsche Bank) rose 24% compared to the same period last [...]
MDs: the final frontier
It’s the time of year when investment banks reveal who’s been promoted to managing director. For corporate financiers, recruiters say the move is harder to make than ever. “There’s still overcrowding at managing director level in corporate finance,” says Neil McKay, a consultant at search firm Sheffield Haworth. “Moving from executive director to managing director [...]
Outsourcing heralds sea change
According to Klaus Thoma, spokesman for Deutsche Bank, every new process is assessed for its Smartsourcing potential, where jobs are transferred to lower cost locations. Smartsourcing alone has saved 1,200 jobs within Deutsche Bank following efficiency measures taken in the fourth quarter of 2004, expected to reduce the bank’s permanent headcount by 6,400 staff. Como [...]
Shift in IT recruitment favours vendors
Banks are becoming increasingly more likely to hire in external IT consultants and integrators on a project by project basis than recruit IT employees to build, customise and maintain systems. Despite the fact that the overall global IT spend in financial services is continuing to increase each year, the split in budgets been internal and [...]
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