Want to work at Citadel? Want to work for a hedge fund whose flagship funds have finally crested their high water marks and might start paying performance fees again? You will be fortunate.
Citadel apparently has 1,400 employees globally. In a good year, maybe it hires 300 people. Last year, however, it added 25,000 CVs to its database, which now contains a store of 150,000 potential Citadel employees. One can only assume that Citadel only added viable people to its database, implying that applicant numbers were far higher than 25,000. The ratio of applicants to jobs may be somewhere in the ratio of 133:1.
We are able to make these extrapolations because Ken Griffin divulged the CV database and applicant figures in his recent investor letter. Therein, he also said that when constructing a shortlist for a “given position” Citadel often has a pool of more than 100, “highly qualified candidates” to choose from, and that its decision making process often “extends beyond the traditional interviews and reference checks.” Sadly, he didn’t clarify the precise direction these extensions take.
Even waitresses earn a fortune in Switzerland. (Bruce Krasting)
Mr Barnier, who was addressing a sceptical audience atLondon's Guildhall, sparked audible laughter when he claimed "there is no plot inEuropeto undermine the City". (Telegraph)
"Troika stood for an entrepreneurial Russia and a pugnacious voice in financial markets, and sadly that Troika will be no more." (Moscow Times)
Bank of America’s stock has risen 30% this year; it’s planning another $3bn in cuts by April. (Bloomberg)
“They are promised bonuses only to be disappointed when the earnings come in below expectations. They don’t get the raise, they don’t get the bonus, they don’t get anything. And, they have been working 20 hours a day.” (CNBC)
Banks have 10 times more employees than technology firms with similar levels of capitalization, implying that as banking processes are automated employment will fall 90%. (Long Finance)
“Word is that second year Credit Suisse analysts will receive no base increase from $80k and no bonus this year.” (Dealbreaker)
George Monbiot: No one in the UK should be allowed to earn more than £500k. (Guardian)
"Camouflage" compensation – that is, payment expressly designed not to be noticed by the public and so not stir up outrage. (Guardian)
Maybe you should be working here: Goldman’s Principal Strategies Investment Group, in which a mere 19 people oversee 62 minority stakes in various companies. (Financial News)
Or maybe you should be working here: Siemens financing arm, which aims to double its business in the next five years. (Bloomberg)
McDonalds is creating 2,500 jobs in the UK. (Bloomberg)