UK
Company: HSBC
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 [...]
If you work anywhere in investment banking, you should familiarise yourself with Stuart Gulliver’s vision of the future
Today is HSBC investor day. Stuart Gulliver made a presentation. So did Sean O’Sullivan (COO) and so did Ian McKay (CFO). You may think HSBC is no massive deal in investment banking. But this would be wrong. In the first quarter, net revenues in the investment bank were $5.6bn, versus $8bn at Citi, and $4.7bn [...]
Late Lunchtime Links: Most people quit banking aged 26-30 because their lives are spiritually hollow. Zynga boss explains why he got out
As we’ve mentioned before, it’s quite usual for investment banking careers to be short lived. One columnist recently calculated that 73% of investment banking careers are over in less than six years. Now a new infographic sheds a little light on why. Published in New York Magazine and sourced from Escape the City, it suggests [...]
Late Lunchtime Links: 56 year old trader who went from tea boy to global head, is giving it all up to travel and be artistic
Jeremy Charles had the sort of career path that was possible in the 1970s, but is impossible now that everyone is hired through graduate programmes. 56 year old Charles began his career in 1975 as a tea boy at Rothschild. From there, he moved into trading before joining HSBC in 1999 and remaining there ever [...]
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 [...]
Investment banks’ tablet and smartphone recruitment plans have crashed, but could be rebooted
Digital developers swayed across to lucrative investment banking contracts are hoping that phase two of these projects kicks off soon. For the time being, however, banks’ appetite to recruit for these roles has been dampened by over-riding cost concerns. At this point last year, the majority of investment banks were looking to hire interaction designers, [...]
Fewer people must get promoted and other things Boston Consulting is saying about the future of investment banking
Management consultants make a lot of money out of banks. McKinsey & Co are said to have been all over RBS and responsible for the closure of its equities and investment banking businesses. Boston Consulting, on the other hand, is said to be favoured by HSBC, and was behind the bank’s plan to remove all [...]
Late Lunchtime Links: How to both resign and make your former employer think it’s the most amazing investment bank in the world
Never burn your bridges. Never do a Greg Smith. Never write a letter of resignation that is anything other than deeply regretful. Never attend an exit interview in which you say a negative word about anyone you’ve worked with. Michael Rubinoff, the (former) chairman of Global Corporate & Investment Banking at Bank of America shows [...]
Late Lunchtime Links: Bank of England wants to defer bonuses for an entire decade; Credit Suisse says the second quarter is worse
As we’ve explained before, the financial services hiring market is in a state of stasis, partly because people have so much stock and banks won’t buy it out. In the circumstances, someone suggesting stock should be even more deferred is not needed. This is what Andy Haldane, executive director for financial stability and a member [...]
The investment banks winning and losing in EMEA so far this year
It’s not been a good quarter for investment banking fees. Globally, they’ve slumped by 14% year-on-year, but in EMEA they’ve tumbled by nearly 22% compared to the first quarter of 2011, according to new Thomson Reuters figures. In terms of sectors, hot spots include financials, energy & power, industrials and materials, which accounted for 64% [...]
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