UK
Company: UBS
Want to work for Brevan Howard? It looks quite unlikely in London
Brevan Howard is hiring – in Hong Kong. It’s just announced the appearance of David Adams, former head of rates trading at Morgan Stanley in Australia. Not long ago, it hired Farouk Juma, a former prop trader at UBS in Singapore. In London, meanwhile, enthusiasm for recruiting appears to have abated. Last March, Nagi [...]
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 [...]
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 [...]
FX technology hiring is still hot
Front office technology hiring is thin on the ground this year, but in the FX space banks can’t afford to take a break from innovation and are continuing to invest in IT and technical staff. Citigroup has leapfrogged Barclays and UBS on the annual Euromoney FX rankings and is, we understand, recruiting for a number [...]
A whole new FX-focused bank has opened in London, and other stories of big hiring in FX businesses
Tens of thousands of jobs may be disappearing in the City of London, but there is still hiring in FX. Swiss-based online FX trading specialist MIG Capital announced the opening of its new office in the City last week. The FSA register shows that MIG currently employs only four registered people in the City, but [...]
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 [...]
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 [...]
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 [...]
First quarter pay hierarchy suggests American banks still pay more. Generally, they also pay a LOT more cash
Now that we know how much JPMorgan, Goldman Sachs, UBS, Credit Suisse and Deutsche have accrued for their investment bankers in the first quarter, we can say two things. 1. American banks pay more (with the exception of Deutsche, whose pay per head figures for the corporate and investment bank aren’t comparable because, unlike elsewhere, [...]
UBS M&A bankers should be afraid: today’s results give Andrea Orcel a licence to clean them out
It’s UBS Q1 results day. Amidst the high own-debt charge, the falling compensation, the falling headcount, the ok performances in FICC (except in rates) and equities, one thing stands out: M&A has done very badly. UBS even admits as much. “Advisory revenues decreased 33% to CHF 169 million from CHF 254 million, as our market [...]
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