Now that most banks have reported their first quarter results, it’s possible to get a handle on what’s going on, which business areas are doing well, which business areas within which banks are doing best, and which are doing badly.
Research firm Tricumen has put together the following arrow-filled chart depicting what has been hot and what hasn’t. It doesn’t include SocGen, which has been exceptionally hot in FICC.
Based upon the arrows below, we’d suggest this isn’t a good time to be working in prop trading or ECM, but it’s a great time for rates, DCM, equity derivatives, prime services and securitisation. Evidently, this varies bank to bank.
Has RenCap over-expanded again? (eFinancialCareers Russia)
ICAP has opened in Dubai. It has…four employees there. (Arabian Business)
Bank of America’s top man in the Middle East has resigned. (Reuters)
Expat divorces have risen 33% in Dubai since 2009. (Telegraph)
Apply for a Harvard MBA in your final year of university, start studying two years later. (Poets and quants)
A review of UCLA’s financial engineering programme says 80% of the students are Chinese and the careers service is very poor. (Quantnet)
Star energy trader John D Arnold is retiring at 38 to become a philanthropist: After seventeen years as an energy trader, I feel that it is time to pursue other interests," Mr. Arnold wrote. (Wall Street Journal)
Mike Ward, head of equity sales for EMEA at BAML, is leaving to join C8 Investments, a computer-driven hedge fund firm set up last year by two principals from Bluecrest. Ward will be a partner with responsibility for sales and marketing. (Financial News)
Richard Ruzija, the ex-Goldman special situations chief, who left to set up a hedge fund, has had a stroke aged 53. (Finalternatives)
League table of the world’s strongest banks. (Bloomberg)
The EU wants to dilute Basel III rules, the UK doesn’t. (Telegraph)
Mervyn King was responsible for the crash. Along with Ben Bernanke they were fast asleep at the wheel and now they just blame the bankers for just doing their job.(Fintag)
The full text of Mervyn’s speech. (BBC)
Never dry clean your tie. (Bloomberg)