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Late Lunchtime Links: Senior bankers gloat about leaving London for Brazil

London is for losers. George Osborne will probably increase the tax on banks in tomorrow’s autumn statement. Investec’s making big job cuts and Citi’s making even bigger ones according to a (possibly spurious) comment on this article.

Down in Brazil, however, all is samba and success. Roger Jenkins, the man fabled for earning more than Bob Diamond through BarCap’s tax structuring activities, has gone Brazilian. So has Huw Jenkins, the man who led UBS’s investment bank in slightly happier times. Huw and Roger are both at the Brazilian firm BTG Pactual, which has been hiring. They recently took time out to confide to the Telegraph just how great things are going.

“Brazil is a terrific, young, growing economy and if you could start afresh today and you were a young banker you would go there. You wouldn’t go anywhere else,” says Roger, who (like Huw) has become “tanned and fit” and laughs during the interview.

Huw says bankers are kind of like heroes in Brazil: “Everybody celebrates us. The government likes it, the business sector likes it, the individuals in the companies that get share options like it. It’s a joyous thing. It’s just a completely different stage in the cycle.”

There have been a few nasty noises being made about Brazil recently, with one Credit Suisse investment banker predicting retrenchment and RBS cutting jobs. But Huw and Roger seem unphased. If you can’t get any joy in London this Christmas, you know where to look.

Citigroup last week started a consultation with employees over the future of dozens of traders globally in equities, fixed income and foreign exchange. (Financial Times)

The number of people working on the buyside in the UK has risen 8% in 3 years; the number of people working on the sellside has fallen 2.5%. (Financial News)

Leading fund managers want banks to reduce salaries. (Financial Times)

Two thirds of fund managers have failed to meet their benchmark this year. (Telegraph)

An investment-grade-bond trader who is a managing director at a top securities firm is likely to make $1.7m- $1.8m in 2011. That is down from $2.9m last year. (WSJ)

City professionals expect an average bonus of 24% of their basic pay for 2011, indicating a payout of 19,920 on an average salary of 83,000. (Guardian)

Banks in France and Italy in particular are not creating backup plans, bankers say, for the simple reason that they have concluded it is impossible for the euro to break up. (NY Times)

Totally unconfirmed rumour: Nomura is shutting down all US investment banking activities by the end of the year – 2,000 people are expected to be fired (subsequently confirmed as completely untrue). (Dealbreaker)

Nomura says it’s reduced its Southern European assets by 75% since September. (Bloomberg)

If you want to work in financial services after doing an MBA at a US business school, you should probably study at Columbia. (Poetsandquants)

She could have opted for a banking career but, having chosen public service despite lower rewards, now feels the terms are being changed unfairly. (Financial Times)

I’m tired of all the exaggerated lies about Goldman Sachs. (Forbes)

David Harding, the chief executive of the $26bn Winton Capital, says he’s not averse to a Tobin tax. (Financial Times)

Investment bankers from institutions including Morgan Stanley, Goldman Sachs, HSBC, Citigroup and BNP Paribas are flocking to Iraq. (Financial News)

Sex among the investment bankers. (EpicureanDealmaker)

Josef Ackermann sees off some Occupy protestors. (Spiegel)

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