UK
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 [...]
Goldman’s head of wellness says mental health is probably the biggest issue at Goldman Sachs, its people want to know how to be happy
Goldman Sachs takes the health and happiness of its staff seriously. It has its own ‘head of wellness,’ Patrick Watt. Today, Patrick gave a webinar on wellness at Goldman Sachs. We were in attendance. This is what Patrick said. – Health at Goldman Sachs has been impacted by the uncertain times Specifically, Patrick said recent [...]
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 [...]
Deutsche and BarCap confirm it: there will no hiring, no firing. Deutsche sets the pace with a 20% compensation cut
If you’re going to get a new job in financial services, you should be able to pick one up in the second quarter. Historically, this is when most hiring happens. This is, however, the second quarter and recruiters are still complaining of hiring freezes. “Bank of America, UBS, Deutsche, Goldman Sachs , they’ve all got [...]
How parental wealth is proving a game-changer at pivotal points of banking careers
Generally, it helps in life to have rich parents. Yes, there are plenty examples of prominent bankers who don’t (Lloyd Blankfein, Ian Hannam). And yes, Goldman is known for its propensity to hire hungry people from ordinary backgrounds, but for every British banker from a council estate there are probably at least two who are [...]
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 [...]
Credit Suisse’s investment bank has not made many redundancies and would like to hire. It may be paying badly
It’s Credit Suisse results day. Last time Credit Suisse reported, it had a few issues in its investment bank: the cost income ratio was 228%. In the circumstances, you might think Credit Suisse would have made a lot of investment banking redundancies. It hasn’t. Since the fourth quarter of 2011, it’s reduced headcount in the [...]
GUEST COMMENT: I have attended a positively mind-blowing class as part of my Masters at the London Business School
Gabriel Chen is a Singaporean student at London Busines School and a former financial journalist for Singapore’s Straits Times. I recently wrapped up one of the best courses of my Masters in Finance at London Business School (LBS). Called Topics in Asset Management, it was taught by Robert Jenkins, an external member of the Interim [...]
Late Lunchtime Links: The crazy cheapness of labour in the UK and the hole in the budget from lower bonuses
This isn’t strictly related to banking and banking pay, but it’s nevertheless interesting and under-reported. Figures out today from Eurostat show the average labour cost per hour in Euros across the European Union. Notice anything significant about the UK? In theory, the country should be super-competitive compared with almost all its Western European competitors (except [...]
Excitement as a bank declares its intention to hire 200 traders, sales and research staff
It all appears to be happening at Mitsubishi UFJ. The Japanese bank has placed itself above the parapet and said it wants to hire 50 currency and interest rate derivatives traders and 150 sales and research staff. It may find itself submerged beneath CVs. Exciting as Mitsubishi’s plans are, they may not make a great [...]
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