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DAVID CHARTERS: Stephen Hester deserves to be knighted
I don’t know about you, but to me there’s a nice ring to Mister Fred Goodwin. If that sounds petty, I should explain that I used to have a lot of friends at RBS. Now I only have a few. Most of the others have landed (eventually) elsewhere. The issue of stripping bankers – or [...]
Late Lunchtime Links: The highest paid London Business School fresh MBA graduate had a £350k starting salary last year; a US MBA graduate earned £478k
Business schools pride themselves on their ability to inflate the pay of their MBA students. The Financial Times’ recent MBA ranking revealed increases as high 148% for graduates of the top 10 schools worldwide. Some fresh MBA graduates, however, earn far more than even very experienced financial services professionals can expect to command. The blog [...]
Reasons to fear the Misys-Temenos deal
Whenever significant deal like Misys’ potential merger with Swiss rival Temenos emerges employees within the firms understandably start getting a little nervous. On the one hand the announcement talks of how Temenos’ focus on banking, wealth management and business intelligence software “complements” Misys’ expertise in core banking, treasury and capital markets IT, which is slightly [...]
Lessons for keeping your job: You do NOT want to be working for a bank’s hobby business
Piyush Gupta, chief executive officer of Singaporean bank DBS coined the phrase. Thanks to a lot of ill-thought out expansion under his predecessors, DBS had ended up with a lot of, “hobby businesses,” he explained when the bank announced its results this week. At DBS, these were especially in the UK, the US and the Middle [...]
Update on BarCap’s bonuses: Actually bonuses paid immediately are down 68% AND there’s a £65k cash cap
We may have spoken to soon this morning when we said BarCap was ‘only’ reducing its bonus pool by 32%, to £1.5bn (compared to the 60% reduction at UBS). Although the overall bonus pool is down by his amount, closer investigation reveals that non-deferred bonuses at BarCap are, in fact down 68%. This state of [...]
GUEST COMMENT: Why you might want to consider working in a family office
So you want to escape the grind of the corporate world and join the niche environment of the family office? Be aware, that you will have plenty of competition. Family offices are typically small entities built and developed by business entrepreneurs looking for key players that can bring their broad knowledge and expertise. For UHNW [...]
Is BarCap the only big bank doing any real hiring?
Tomorrow is results day at Barclays Capital. As we considered a few weeks’ ago, Barcap might need to make a few redundancies. Like RBS, it’s massively increased its headcount in recent years. Unlike RBS, it has not announced a programme to alleviate itself of several thousand staff. But despite various other people also thinking that [...]
Late Lunchtime Links: Senior bankers are being dumped to make way for cheap juniors; the horror of telling your pregnant wife about your redundancy
It’s not looking good if you are an expensive senior banker, especially if you’re an expensive senior banker in fixed income. As we noted earlier, Credit Suisse has been targeting its senior staff in its job cuts. Eric Varvel chief executive of the investment bank, elaborated a little during this morning’s call: “We let go [...]
Is it really appropriate to claim you are the most unflaggingly hard worker in the world in your application to an investment bank?
US website Business Insider has availed itself of a covering letter sent by a student at New York University to JPMorgan. The letter is part of the student’s effort to gain a place on JPMorgan’s summer intern programme. We have reproduced it for your delectation below. Notable errors: – Referring to Morgan Stanley whilst [...]
Carnage at Credit Suisse: bonuses (seemingly) down 50%, with more paid in cash. Yet there may still be hiring
Credit Suisse’s investment bank does not appear to be in a healthy state. In the fourth quarter of 2012, it had a cost income ratio of 202%; for full year 2012, the cost income ratio was 98.6%. Something seems to be up. The fourth quarter horrors can be partially attributed to one off events: “Net [...]
