Investment banks may be stuck in quagmire of static revenues and upwardly elastic costs, but the same can't be said for high frequency trading firms. As we noted yesterday, quite a few are hiring.
Now, Dutch firm Optiver has put out its annual report for the year ending March 2012. Unfortunately, the company has opted to use ink that's not legible to a photocopier for some of its most recent figures, making it difficult to establish precisely how many people Optiver now employs and how much it's paying them. However, the company does reveal that it's profits rose 132% last year and that its net trading income was up 75%. It also says that it sees, "significant growth potential," across geographical areas and asset classes, and that it runs an employee lifestyle programme focused on fitness, health and well-being.
Separately, New York Magazine offers some insights into how summer interns become habituated to the investment banking lifestyle. "It's weird," says one intern, "Like, having a black car take me home every night, having a $25 meal delivered to my desk. That’s over the top. But eventually, you start to expect more. You’re definitely seduced. You think, 'If I did this for two years, went to private equity, did the stair-step path that everyone does, I’d never have to think about money again.'”
Awful: another suicide at the Coq D'Argent. (Evening Standard)
Berenberg has ‘lured’ an economist from the Bank of England. (Bloomberg)
Deutsche Bank has cut one third of its Asian equity derivatives staff. (Reuters)
Deutsche is also cutting 85 jobs in total at its Hong Kong and Japan equities units. (Bloomberg)
Stuart Lund, a former Scotland-based analyst at Cenkos, is suing his former employer for £3m in allegedly unpaid bonuses. (Financial News)
Around 40% of Goldman's London intern class appear to be women. But there is definite discrimination against redheads. (Twitter)
Dull work enhances your creativity. (PeerReviewedbymyneurones)
If you are an introvert back office clerk with no social skills etc... The CFA sadly won't help you so much. (Wall Street Oasis)