If you’re trying and failing to attract a single job offer, it may interest you to know that someone has had 20.
The Independent reports that Andrew Osborne had 20 job offers to choose from. He opted for Renaissance Capital.
Osborne is the former Merrill Lynch banker fined £350k by the FSA for market abuse for improperly passing on information about Punch Taverns to hedge fund manager David Einhorn. Although Osborne was fined by the FSA, he kept his banking license and said at the time that although he thought the fine was unfair, he was going to pay it so that he could move on.
“The FSA accepts that I did nothing deliberate, dishonest or reckless and at worst this was an error of judgement,” Osborne said.
His 20 would-be employers would seem to agree. One of them is said to have been Credit Suisse.
In a tight hiring market, Osborne’s desirability appears to spring from his fulfillment of a crucial need: he can attract business.
Aged 43 and having been a corporate broker for 18 years, both at Hoare Govett and Merrill Lynch, Osborne is networked.
Corporate brokers funnel investment banking business into the banks they work for and Osborne is credited with being one of the best.
Having built the oil exploration and production team at Hoare Govett, he’s particularly close to oil clients. When Osborne left Merrill Lynch, it was claimed the bank lost the Tullow Oil account to Morgan Stanley (although Tullow denied Osborne was involved). His clients have also included: BT Group, Scottish & Southern and Logica/CMG.
Fortuitously, Osborne also finds himself in a hot area. As investment banking revenues slump, banks are looking to build their corporate broking businesses this year. HSBC is on a significant hiring spree for corporate brokers. BarCap Barclays has also been strengthening its corporate broking team.
Osborne is the right man in in the right place, at the right time. You may not get quite the same reception if you’re a junior equity researcher.