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Tag: Bank
Goldman Sachs is Paying Its Employees 15% More This Year
Goldman Sachs announced its third quarter results today saying that profits are up 191% over 2011 and that average compensation per employee has increased 15% in the first nine months of 2012 versus the same period last year. Goldman’s revenues are up 9%. This looks pretty good compared to arch rival JPMorgan, where investment banking […]
Morning Coffee: Mortgage Gains Boost Banks’ Profits
For once, Wells Fargo and J.P. Morgan have reason to celebrate. Making news for all the wrong reasons this year, the two banks each booked strong third quarter performances, buoyed mainly by a gradually improving mortgage business. Wells Fargo saw its profit increase 22% in the third quarter, backed by $2.81 billion in mortgage banking […]
How banks are applying principles of exercise to get fit
Let’s face it. Our banks could be a lot healthier. With a slump in business and the heavy weight of regulation to wield, more than a few banks have been ill-performing and suffering from various aches-and- pains-in-the back. And many have chosen to self-medicate with layoffs and cuts that are as addicting and healthy as […]
Are Pay Cuts Coming for Junior Bankers at Morgan Stanley?
James Gorman has spoken, again. Gorman has a predilection for making aggressive statements about investment banking pay, but his statements are usually aimed at high-earning senior bankers. Now, he seems to have taken a pot-shot at juniors. In a lengthy interview with the Financial Times, Gorman says variously that investment bankers in general are still […]
The heart of the problem for financial services recruiters
Financial services recruitment firms are hurting. It doesn’t take much to see why. Although some quiet financial services hiring is still taking place, ‘strategic tourism’ is off the agenda and therefore there’s none of the recruitment that was previously driven by banks taking two year holidays in new areas. At the same time, staff turnover […]
What investment banks’ heads of recruitment are saying about hiring this year and next
eFinancialCareers held its latest breakfast meeting for investment banks’ senior recruiters at a secret subterranean location in London. We’re not at liberty to say who was there. Nor are we at liberty to say who said what. However, we can give you a taste of the discussion among the 13 senior recruiters who were in […]
Weekly Minute: Finding Alternative Jobs in Finance
Here are the main job opportunities of the last week. Tip: Compliance Hiring Spikes With job opportunities drying up in other areas, many financial services professionals are eying jobs in compliance and risk management – areas where banks are consistently adding talent to help them navigate the highly complex regulatory environment. For the year ended […]
Deutsche Bank Ramping Up Cost-Cutting, but No Cap on Comp Packages for I-Bankers
While the Euro crisis and the tumbling investment banking market are primarily to blame for Deutsche Bank’s recent financial woes, gaudy compensation packages for directors and i-bankers aren’t doing the firm any good either, at least according to one influential board member. Werner Wenning, a supervisory board member at the German bank, believes the firm […]
Insurance is providing an unlikely sanctuary for investment bankers
In the current market, it helps to have an exit route and an unlikely opportunity for M&A bankers is emerging – roles in insurance.Insurance brokers in particular are on the acquisition trail (or indeed looking at disposals) and over the past six months have been steady building their in-house M&A and strategy teams. It’s not […]
New role for quants, They’re going retail
Today, it’s easier than ever for bank customers to conduct most, if not all, of their bank business online, on their smartphones or at an ATM. Online services have not only transformed banking, but the entire financial services industry. In the past year, the number of bank customers who prefer to bank online has risen sharply, […]
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