UK
Company: Natixis
Late Lunchtime Links: Is this the worst possible bank to be working for now?
Where should you not be working in the current circumstances? Is it Unicredit? Is it BNP Paribas and Barclays, both of which have big exposure to Italy? Is it the amorphous mass of ‘US banks’ which have combined exposure of €269bn to Italy and €179bn to Spain? It’s Natixis. According to analysts at Morgan Stanley, [...]
Lunchtime Links: HSBC expanding in infrastructure and commodity finance; Natixis building a ‘global hub’ in London
While student protestors take again to the streets of West London and snow is forecast (soon), we have good news for the City: HSBC and Natixis are making noises about hiring. Natixis has hired already. It’s acquired five new people, of whom only two are in London, but is making pleasing noises about making the [...]
Sorry, but structured credit hiring is still DEAD
For a brief, flickering moment, it looked like something might be going on in the structured credit space. Deutsche hired a US head of structured credit sales and trading from Bank of America a few months ago. In January, UBS hired for high yield CDS, and JPMorgan and UBS began marketing something called ‘collateralised synthetic [...]
Lunchtime Links: A brief history of bankers who died of overwork
Now that it looks like the new UK government will be curtailing bonuses, increasing taxes on trading income, and undertaking ‘long-term structural reforms of the banking system,’ is it really worth working yourself into an early grave? Research is out suggesting that anything more than 10 hours work a day is bad for your heart; [...]
How French banks get away with paying badly
One particularly notable thing about the recent bonus round is the apparent stinginess of French banks. Total compensation per head for investment bankers at BNP and SocGen came in at less than €200k ($271k), compared to $400k+ at big US firms. And these are French banking’s top payers – at Natixis the average bonus for [...]
2008 options at Morgan Stanley, Natixis, and Goldman all massively in the money
As the chart below shows, bankers at Morgan Stanley, Natixis and Goldman Sachs are on track to do very well out of options issued in the last bonus round. Since January, the share price at their respective houses has risen 44%, 40% and 35%. With options issued towards the end of the year and typically [...]
Lunchtime Links: Maybe Nomura needs to cut 4,000 more people
Although our sources at Nomura in London say everyone’s perfectly happy there and there certainly won’t be an exodus after Lehman guarantees are paid, Reuters seems to think differently. In an article today, it cites one London-based Nomura employee who says, “The mood within the office is very bad.” Worse still, Reuters has also extracted [...]
Lunchtime Links: If things are so much better, how soon before the hiring starts?
If you’re a bank CEO, it has become de-rigueur to talk up your business. Vikram Pandit did it earlier this week, to great effect and Jamie Dimon has now done the same. Yesterday, Dimon said JPM’s bond business had just had its greatest two months ever (possibly because the US government is supporting this market) [...]
Beware the coming cull in equity derivatives
We’ve warned about big cuts in equity derivatives before. It now seems those cuts have either come already or are coming very soon. Rumour has it that JPMorgan has trimmed various senior members of its equity derivatives team, including Neil McCormick, global head of its equity exotics and hybrids and hedge fund-linked business, David Choukroun, [...]
Who got dinged in 2008?
2008 was a cold year to be a banker: for all the warm spots in financial services last year, there were multiple icy ones. It was most freezing in the vicinity of: 1. Lehman and Bear Stearns Suffice to say, neither institution still exists. After their demise, around 6,000 out of 14,000 Bear Stearns bankers [...]
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