UK
Sector: Corporate banking
Just how hard will HSBC’s investment bank be hit by the planned 30k job cuts?
HSBC has kick-started what is likely to be another bleak week for banking job prospects by saying that it’s cutting 5,000 jobs this year (700 in the UK) and another 25,000 by 2013 as it looks to save $2.5-3bn in costs. This is around 10% of the bank’s current headcount. In some ways, this is [...]
BNP Paribas proves that hiring in FICC last year was worthwhile
Continuing to hire in fixed income currencies and commodities (FICC) last year may not have been a pointless exercise after all. Firstly, there’s the fact that Credit Suisse, which announced plans in March last year to hire 130 people (mostly in FICC), was the only bank to increase overall revenues in this division in Q1 [...]
This is where you should be working, bank by bank, market by market
If you aspire to work for a bank that’s the global market leader in your product area, but for some reason are ignorant as to which bank that is, we have the answers. Derived from figures from analysts at JPMorgan, who last week released a detailed analysis of each banks’ revenues, by product, for 2010 [...]
Just be thankful you don’t work for an Irish bank in London
Irish banks, as they’re weaned off ECB funding and learn to “stand on their own two feet once more”, are going to be decidedly slimmer. But while those in Ireland sweat it out on future redundancy announcements, banks are struggling to keep hold of talent in their UK capital markets divisions. Irish banks have substantial [...]
You could always try a Chinese bank
Chinese banks have plans to expand their UK operations. Unfortunately, the vast majority of recruitment is happening at a retail level. There are, however, more interesting opportunities available – and the banks are looking for candidates locally. “Firms like Bank of China are targeting the UK mortgage market and offering more competitive rates than domestic [...]
Corporate banking recruitment heating up
With losses around bad loans shrinking in the first half of this year, there’s a growing sense of expectation that a number of firms are set to increase headcount in their business banking functions in the second half. Lloyds last week posted a profit of 742m in its commercial division in the second quarter (compared [...]
Investment bankers will be excluded from first half party within UK firms
Analyst predictions of a dramatic recovery in UK banking profits in the first half of 2010 are unlikely to see any investment bankers popping champagne corks. The big five UK banks – HSBC, Barclays, Lloyds, RBS and Standard Chartered – are expected make a combined 10bn in the first half, leading many to point to [...]
BNP Paribas may now reconsider all those fixed income hires
BNP Paribas has just revealed its second quarter results and, by and large, they’re very good. Second quarter profit came in at €2.1bn, a 31% increase year on year and a performance which beat consensus analyst expectations of €1.9bn as most divisions stepped up to the plate. Unfortunately, the same can’t be said for its [...]
When bankers get trapped in the Gulf
The ordeal of David Proctor, a British banker held in Qatar for 14 months at the behest of his employer, finally came to an end last week. However, it provides a stark warning to expat financiers of the potential pitfalls of the Middle East’s employment law. Locally, Proctor’s story has gone relatively unreported. The full, [...]
Some very good news for anyone at RBS
The problems RBS has faced attracting and retaining staff (particularly in its investment bank) over the last year or so is no secret. The fact that a large proportion of bonuses are being paid in paper at a time when its share price is languishing probably doesn’t exactly add to its appeal. But things are [...]
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