UK
Tag: Senior Private
Lunchtime Links: If you hang around in banking for 10 years before leaving to become a billionaire entrepreneur, it will be too late
The trouble with banking is that there is always the next bonus. There is also always the next vesting date and always all that deferred stock that will be walked away from. However, if you park yourself in banking while you become marginally wealthy before leaving to set up the company that’s supposed to make [...]
GUEST COMMENT: The CFA is becoming the quality standard for private bankers
An increasing number of private bankers are taking the CFA. In 2009, 11% of all charterholders worked as private client wealth managers/advisors. We see more and more private bankers taking the CFA for the following reasons: 1) Regulation After the events of the past 3 years, it’s fairly safe to say that regulators will expect [...]
Lunchtime Links: Swiss voters REJECT proposal to raise income tax to 22%
While the UK looks like it may be stuck with a 50% higher rate of income tax for a long time, Swiss voters know where their priorities lie. Over the weekend, they voted to reject proposals to increase the marginal rate of tax to 22% on incomes above $250k and to impose a 0.5% levy [...]
There is an unnoticed hiring spree in wealth management
While much of the focus has been on the Asian private banking hiring spree (and the new-found appetite to recruit European candidates), the UK market has also been quietly booming. In the last week alone, Deutsche Bank has unveiled six new hires for its UK wealth management business, Brewin Dolphin has lifted a seven-strong investment [...]
Lunchtime Links: “I can promise you that everyone is looking at volumes very nervously”
A little bit more gloom to match this delightful British summer’s day, courtesy of the Financial Times, which suggests paranoia over job security has returned to banks’ trading desks. It’s a rather evident conclusion that, having beefed up trading desks in the first quarter of this year when volumes unexpectedly recovered at the end of [...]
Lunchtime Links: Big hiring and collapsing EMEA revenues at JPMorgan; and revisiting some scary bonus suggestions
JPMorgan’ has initiated 2nd quarter reporting season and released its 2Q results. There’s a lot of excitement about how overall profits are up 76%, but it’s not all wonderful. In particular, something seems to be up at JPMorgan’s investment bank in EMEA. While revenues across the bank fell 24% q-on-q, revenues in EMEA fell 45%. [...]
Guest Comment: even senior private bankers make serious interview mistakes
Attending a job interview for private bankers these days is getting trickier than ever. After the era of hasty hiring (with little due diligence undertaken) just a few years ago, banks are becoming smarter and more cautious in their hiring approach. Private bankers can no longer ace their interviews purely with the promise of potential [...]
Lunchtime Links: Where Credit Suisse is and will be hiring
Credit Suisse’s third quarter results presentation today contained some interesting information for anyone aspiring to work for the bank. In a slide on page 17 (reproduced below), CS outlined the areas in which it plans to increase its market presence, and in which it says it’s hiring. According to CEO Brady Dougan, these amount to [...]
Incredible fussiness in a hirer’s market
Needless to say, employers now have their pick of candidates. The latest figures from recruitment firm Morgan McKinley put the number of job seekers to vacancies at 2.2:1. Front office recruiters put it a little higher than this: they say they’re receiving several hundred applications for every job in the front office. The glut of [...]
Guest Comment: Is training too much to ask?
Rodolphe Mortreuil, managing director of Mckinsey Mortreuil Clarke Ltd., on why private banks need to do more to cultivate a pipeline of talent. Until a few years ago, to become a private banker one needed mostly a decent education, and a groomed appearance. A bright young graduate could hope to join a reputable firm out [...]
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