Today is a day of league tables. Institutional Investor has produced several on sales and trading. Bloomberg Magazine has produced a ranking by M&A and capital markets fees. And Greenwich Associates has produced a ranking of the top banks for commodities trading.
Here is the distilled version of each:
– If you want to work in sales and trading in Europe, try: Deutsche Bank.
– If you want to work in the world’s biggest bank for M&A and capital markets fees, try: Goldman Sachs.
– If you want to work in global commodities trading, try: Goldman Sachs, JPMorgan, Barcap, or Morgan Stanley.
Deutsche’s achievement in sales and trading is particularly spectacular. The bank ranked as Europe’s top brokerage, as Europe’s top research house, as Europe’s top sales house and as Europe’s top trading house. In equity research in particular, it rose from sixth to first place. Citigroup also did rather well, suggesting all its research hiring has not been for nothing. UBS and Credit Suisse both did badly, suggesting UBS – in particular – will prove susceptible to equity research defections.
Separately, in terms of big-fee-earning-banks, Goldman Sachs displaced JPMorgan in Bloomberg’s ranking, as JPMorgan fell to third position.
And in global commodities trading, Morgan Stanley and Goldman Sachs were the former joint leaders, but Morgan Stanley has been supplanted by JPMorgan and BarCap. In metal derivatives there is only one option: JPMorgan owns the market, with 60% market penetration.
Make RBS and Lloyds into a sovereign wealth fund. (Telegraph)
Vince Cable secretly wants to split up RBS and convert it into something that lends lots of money to small businesses run by nice people. (Financial Times)
Bank of America has barely begun making its 30,000 redundancies. (Forbes)
Nomura has hired 3 FX traders in Dubai! (Investment Europe)
There has been a big bidding war for staff in the interdealer broking market. Pay has risen, making it necessary to cut staff. (Financial Times)
Only four of the nine directors named in Goldman Sachs International’s last set of annual accounts, for the year ending December 31 2010, remain in that position. (Financial News)
Deutsche is dumping its head of HR. (Finews)