UK
How the FSA’s remuneration policy has killed hiring, and what you can do about it
In a normal year, banks might be getting ready to hire people around now. Hiring plans would have been laid and recruiters would be preparing to bring them lovingly to fruition. This year, there is none of that. “The only thing that is certain is that there is not going to be much happening,” says [...]
GUEST COMMENT: Are you aware what Michel Barnier is proposing for banking pay?
Last week Michel Barnier, the EU financial services commissioner, cause shockwaves in the financial services world with comments he made in an interview with Reuters on bankers pay. In particular, he indicated that one idea being explored is the imposition of a ratio between fixed base salary and bonuses. Another idea being mooted was a [...]
GUEST COMMENT: Much as everyone hates a banker, family and friends seem very happy to borrow money from one
Investment bank research is seldom right, but in 2005 and 2006 Citigroup issued two now notorious reports, which they have since tried to “disappear”, although you can find them online if you look hard enough. In them, author Ajay Kapur posited that the rich were about to take over the world, and gave recommendations to [...]
This is where you can still make retirement money in financial services recruitment
Times are tough for financial services recruiters, particularly financial services recruiters focused on investment banking. Some are trying to reinvent themselves as buyside recruitment experts. Others are digging into darker corners. One such corner where it still seems possible to bring in very big money is recruitment related to Solvency II legislation. For insurers, the [...]
GUEST COMMENT: There are lots of benefits to working in Luxembourg – it’s a mystery why more people don’t give it a shot.
Months before finishing my Masters degree in Investments at the University of Birmingham, I applied for jobs in all the usual places – the big investment banks and the major financial cities, London,New York and Hong Kong. During this process, I came across an advertisement for a role in Luxembourg and decided to give the [...]
Cash bonuses will be down substantially at Goldman Sachs, junior and back office staff have been disproportionately let go and 5 other implications of yesterday’s conference call
Following yesterday’s conference call to discuss its fourth quarter results, we have a little more colour on what’s happening there. 1. Cash bonuses are going to be down a lot for 2011 Last year Goldman was very generous with its cash bonuses: we reported that non-MD level non-code staff received just 20% of their compensation [...]
Does BarCap need to make a lot of redundancies too?
BarCap and RBS have a few things in common. They are both British banks. encumbered by the UK’s banking levy and Vickers legislation. They both have investment banking arms. And they have both engaged in building up those investment banking arms very considerably in recent years. Global banking and markets (GBM) headcount at RBS went [...]
GUEST COMMENT: Why a Tobin tax for Europe would never work
The prospects for a Tobin tax have seemed never more favorable. Angela Merkel said today that European ministers should map out plans for its implementation. The hope is that such a tax would curb financial speculation and, as long requested by tax proponents, collect vast sums for the global fight against poverty. These hopes may [...]
These are some of the credentials of some of the people working at Paulson Europe, where pay averages £760k a head
Compensation per head at Goldman Sachs is forecast to decline to ‘only’ $385k this year. Over at Paulson Europe, by comparison, it has recently emerged that pay per head for the year to March 2011 averaged £760k and that three London-based directors probably shared £11m. Even better, Paulson has been hiring. A quick look at the [...]
DAVID CHARTERS: In investment banking, 2012 looks like being the year of the whiner. Get a grip
Forget the Year of the Dragon. 2012 looks like being the Year of the Whiner. This year’s bonus season seems to be characterised by a greater degree of self-pity than even this beaten up industry has grown used to. The industry has been through the wringer, it is still shrinking, facing unprecedented challenges on many [...]
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