Tag: Emerging Markets

Some European bankers who lose their jobs may be able to find new ones in Nigeria

In Europe, blood is on the floor. Virtually all the big banks have announced redundancies, as have smaller ones. But while jobs in developed markets are being chopped, jobs in emerging markets are still growing. Last week, Goldman Sachs highlighted the multiplier effect of GDP growth on its revenues, saying the average impact varies from [...]

By Nicol Degli Innocenti, 21 November 2011 • 11 comments

An LSE graduate and ex-Lehman banker is accused of embezzling 14m from his colleagues’ enormous signing bonuses at Otkritie

Russian bank Otkritie seems to be extremely generous to its new hires. In January this year, it recruited a team of five people from Knight Capital and agreed to pay them an impressive $5m (3m) each in signing bonuses. Somehow, however, it’s alleged that the money never reached its intended recipients. Instead of getting $5m [...]

By Sarah Butcher, 16 November 2011 • 6 comments

Late Lunchtime Links: Banks’ presentations show people stay at Goldman Sachs for years and years, and confirm that hiring is in the emerging markets

Today is the day of the Bank of America Merrill Lynch Financial Services Conference. Goldman Sachs and Morgan Stanley and Bank of America all made presentations. From these, we conclude the following: 1) People stay at Goldman for an average of 5 years and the average tenure is increasing (see below, click to expand). Source: [...]

By eFinancialCareers UK, 16 November 2011 • 0 comments

If you work in asset management, emerging markets funds are the place to be

Working in asset management is becoming a more insecure place to be; tumbling equity prices have panicked investors, ensuring that assets under management are heading southwards. While big redundancy announcements have been rare, there’s now little in the way of front office recruitment taking place. The exception, however, is in the global and emerging markets [...]

By Paul Clarke, 9 November 2011 • 5 comments

Lunchtime Links: A lot of people want to leave BAML in the US; a lot of people are being made to leave Credit Suisse in London

As we’ve said, there appear to have been a few issues in Bank of America’s sales and trading business recently. Normalised FICC revenues were down 91% year-on-year in the third quarter. William Wright at Financial News points out that of the 14 senior managers named in November 2008 to run BAML’s markets division under Tom [...]

By eFinancialCareers UK, 3 November 2011 • 0 comments

Nomura IS going for a serious pullback from Europe; Credit Suisse now making 3,500 redundancies in total – but also hiring

Two banks have reported this morning: Nomura and Credit Suisse. There is one word for both: redundancies. The redundancies at Nomura – more than just a quick cost cutting exercise It turns out the Wall Street Journal was right when it said a few weeks ago that Nomura was rethinking its investment banking operations. After [...]

By Sarah Butcher, 1 November 2011 • 6 comments

Lunchtime Links: Credit Suisse is hammering FICC in London and building investment banking in Brazil

In the second quarter, the cost income ratio at Credit Suisse’s investment bank was 91%. Ahead of the bank’s third quarter results tomorrow, another round of cost cutting has been leaked. Credit Suisse announced 2,000 redundancies in July, most of which were expected to happen in investment banking in London and the US. According to [...]

By eFinancialCareers UK, 31 October 2011 • 9 comments

GUEST COMMENT: We have formed a virtual investment bank, staffed by freelancers

Back in 2007, as an Associate at Credit Suisse Investment Bank, I was asked to travel to India and train a group of off-shoring / outsourcing analysts on financial modeling, valuation and other financial skills. What I discovered there made a strong impression on me: a group of highly qualified and motivated financial analysts hungry [...]

By Edmond Sassine, 18 October 2011 • 17 comments

GUEST COMMENT: An internal overseas transfer may not be such a good idea after all

In the good old days when a bank sent you abroad it was a good gig; the first time I ever had servants was when Citi put me up in Sydney in a rather nice apartment. The general principle was that you’d be kept at the standard you had back home, plus a bit to [...]

By Dominic Connor, 26 September 2011 • 8 comments

This week it’s FICC redundancies at Credit Suisse; last week it was FICC redundancies at BarCap; next week it may be FICC annihilation at UBS

The great fixed income currencies and commodities retreat is underway. After months of consultation, people are actually losing their jobs. In the last couple of weeks, recruiters claim around 60 people have been plucked from BarCap’s FICC business and tossed onto the employment market. “It seemed to be a question of last in first out [...]

By Sarah Butcher, 20 September 2011 • 2 comments