UK
Sector: Credit
Living dangerously: Diary of an ABS professional, Week 3
Bankers are only human and need to be loved, says the anonymous ABS pro (who hasn’t been reckless regarding his mortgage). Our global head has paid us a memorable visit. My boss got global head-butted in the face. He had to clear his desk and leave on the same day. A few days later there [...]
Living dangerously: Diary of an ABS professional, Week 2
You can’t live on base salary alone, says the anonymous ABS professional. It’s unfortunate, therefore, that a bonus looks like wishful thinking. Last week I had a go at sub-prime lenders, but my main concern now is not to become sub-prime myself. My mortgage is reverting to my lender’s base rate next summer. There have [...]
Living dangerously: Diary of an ABS professional, Week 1
He works in the ABS department of a big bank. And in the first of a weekly series, he says the omens aren’t looking good. It’s now been in the financial press for more than a month that the bank for which I have the pleasure of working is going to make job cuts. Four [...]
Credit professionals succumb to irrational optimism
A recent survey suggests credit professionals are expecting bonuses to rise by an average of 10% this year. Pigs, as they say, will fly. The survey, of 236 credit types engaged in everything from prop trading to quantitative analysis, strategy, sales and research, found that around 10% expect 2007 bonuses to be double last year’s [...]
Slow death for structured credit professionals
First came RBS, then Barclays Capital, then Deutsche Bank. Now Credit Suisse is lynching its CDO professionals. Who’s next? Deutsche Bank, again, according to The Times. The German bank , which reportedly shut its credit proprietary trading desk in June, is thought likely to write down loans worth as much as 1.2bn when it announces [...]
CDO axe starts to fall
Not to blow our own trumpet, but RBS Greenwich Capital and Barclays Capital are losing staff in CDOs. Let’s just say we saw it coming. The website Creditflux.com reports that RBS is thought to have let around 10 of its US CDO staff go. It also says Barclays Capital has lost Edward Cahill, its London [...]
Credit strategists bask in the limelight
Credit strategists have been getting a lot of airtime recently, but their moment of glory isn’t matched by glistening job prospects. “Just about anything in the credit world is doom and gloom right now,” says one headhunter. “Most of the jobs are on the interest rate side.” You wouldn’t think it, given credit strategists’ suddenly [...]
Redundancy for CDO specialists?
With the market for CDOs deader than a Sunday in Surbiton, the future looks hazy for professionals in the area. Investment banks aren’t known for keeping unproductive staff on their books, particularly when retaining them means spending money on bonuses. And with bonuses announced in December (at US banks), some headhunters and recruiters are forecasting [...]
Sector snapshot: Leveraged finance
What’s happening, who’s hiring, and how much are they paying in the world of leveraged finance? What’s the temperature? Cooling fast. After years of scorching temperatures, leveraged finance recruitment looks set to hit a mini ice age. “There’s no hiring in leveraged finance,” says Lee Thacker, partner at search firm Heidrick & Struggles, who specialises [...]
Ratings agencies ratcheting up pay
According to one recruiter, ratings agencies are being forced to increase bonuses to stop the exodus of staff to banks. “They’re not keeping up with investment banking compensation levels, but they have gone some way to trying to keep good people,” says Bruce Wheelan, a consultant at recruitment firm Andersons. Where in the past ratings [...]
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