UK
Tag: Senior Credit
A strategy for identifying the banks that will hire you now if you’re made redundant
Jobs are being lost by their hundreds in the City of London. At this time of year, most banks are in lockdown: it’s all about preserving the bonus pool until the end of the year. Nowhere will hire for fear that new recruits will dilute what’s available for existing employees. However, there are exceptions: banks […]
Q&A: A senior Credit Suisse banker explains why she thinks attitude is more important than expertise when she’s hiring
Marisa Drew is a managing director in the investment banking division of Credit Suisse, based in London. She is also co-head of the global markets solutions group and co-head of leveraged finance origination and restructuring and a member of the investment banking management committee. This is Marisa: How long have you been working in financial […]
The compensatory element in the Credit Suisse bonus situation?
As you will know, it has not been a very great year for bonuses at Credit Suisse. Deferrals are nasty and the bank is thought to be preparing for lots of exits. However, it is not that bad. We understand that senior Credit Suisse bankers are counting on benefiting from a bonus plan initiated several […]
Trading is starting to look like a bad career move
In a fit of political correctness, banks are eschewing prop traders. First it was JPMorgan. Now it’s Goldman Sachs. There are not places for all these prop traders in hedge funds. As we have noted previously, hedge funds are fussy about the prop traders they take on. They only want the very best. Does this […]
Lunchtime Links: Headcount has shrunk by 16,000 at Lloyds
Lloyds Banking Group is back in the black again to the tune of 1.6bn, after managing to stem loan losses that battered it in the first half of 2009. In keeping with recent form, its earnings statement is a veritable tome, coming in at over 130 pages. While the bank battles questions on the politically […]
Lunchtime-ish Links: Tragedy strikes the JPMorgan commodities bonus pool
Just when physical commodities traders were revelling in their earning power, something has come along to spoil the party – or at least, something has come along at JPMorgan. The New York Post is reporting that JPMorgan has lost as much as $250m, and maybe more, on a bad coal trade in the past quarter. […]
Lunchtime-ish Links: This sounds bad for Deutsche’s London fixed income business
Confusion appears to reign this morning over what Germany’s naked short ban refers to exactly. “The whole market is after a bit of clarity to be honest,” the head of one government bond trading desk tells us. Into this miasma, steps Robert Peston, the BBC’s vocally challenged business editor. Pesto points out that the ban […]
Lunchtime Links: Senior people won’t be leaving Credit Suisse for the next five years
Someone at Credit Suisse deserves hefty congratulations. While Goldman struggles through the PR mire, the Swiss bank is managing to both pay its staff well, lock them in, and to come out looking virtuous. The Wall Street Journal reports today that the $5bn pool of toxic assets which constituted the bonus pool for around 2,000 […]
Lunchtime Links: Goldman’s new pay policy
While the world waits to see exactly what the G20 will do about bonuses, the New York Post reports that Goldman is considering pre-empting the G20 decision by introducing longer vesting periods, and by paying its senior executives entirely in stock. Although Lloyd Blankfein has been very vocal about reforming banking pay, Goldman is one […]
Lunchtime Links: Continued wild hiring in fixed income
If cash equities were the hiring story of the first half, fixed income currencies and commodities will be the tale of the second half. UBS and Morgan Stanley are both recruiting; so (still) are the independent brokerage houses. Financial News reports that UBS has hired a further six senior credit sales staff after hiring 20 […]
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