Most big banks have done something about working hours. Banking, an industry which used to be renowned for its mammoth working weeks followed by working weekends, has tried to curtail weekend work. Junior bankers now have rights: they can go home on Saturdays, or every other Saturday, or maybe have one weekend off every month.
This new gentler treatment, however, doesn’t seem to have percolated through to independent banks and boutiques. Business Insider has looked at the Vault’s reviews of various banks’ summer analyst and associate (internship) programs. One bank particular stands out for its relentlessness: Lazard does not seem to have drunk of the ‘treat-juniors-gently’ kool-aid.
“You are on call 24/7, 365,” says one former Lazard intern quoted by Business Insider. “There was not one weeknight the entire summer where I left the office before 9/10, and most nights I was here until 11-12. You won’t get most weekends off, and the stress does take its toll.” Another Lazard intern tells the Vault there’s, “significant weekend work.”
So much for giving millennial hires the ‘flexible, holistic’ working experience banks like Goldman Sachs say they need. However, Lazard is, at least, non-discriminatory in its insistence of long working hours: everyone does it there – “even your boss’ boss’ boss’ boss is sometimes in on Saturday,” reflects the bank’s intern. Other Lazard interns are more upbeat, however: ” Senior bankers communicate very clearly when work does/does not need to be worked on late or over the weekend,” one tells the Vault. If you want an easy life, however, you should probably try Barclays instead. There, the interns complain of nothing to do during “down-times” in which “the hours drag by.”
Separately, The Times reports that John Cryan, CEO of Deutsche Bank, has gone nuclear and called in consulting firm McKinsey & Co to help him get a handle on the troubles at Deutsche. This follows last week’s dismal Deutsche Bank results for the third quarter and a grilling from analysts on how on earth Deutsche plans to restore bonuses whilst cutting costs. The Times suggests that McKinsey is recommending that Deutsche invests more heavily in its U.S. business, in its trading platform, and in updating its IT systems. None of this is a bad thing, but with a cost ratio of 85% in the first nine months of this year and 86% in the third quarter, it looks increasingly like Deutsche needs another round of dramatic cost cutting in its corporate and investment bank sometime soon and McKinsey could well be the catalyst for this.
European banks in London want to know whether they need to re-register their wholesale banking businesses in the UK as subsidiaries of their domestic EU operations. The process could take up to year. (Financial News)
UBS is moving London-based employees into the EU from next year. (Bloomberg)
UBS might only move 250 jobs out of London because of Brexit. (Financial Times)
The European head of KKR says France is the place to be. (Financial Times)
George Soros’ investment office has been laying people off, mostly in the back office. (NY Post)
UBS is spending money on technology and not much else. (Economist)
UBS’s chairman Axel Weber says that when he asks technology industry “disruptors” to join the UBS board, “they think for a while and say no”. (Straits Times)
It’s a great time to work in leveraged loans. (Financial Times)
When you’re a senior partner at Apollo Management, but you’re illicitly billing clients for your personal spending. (Hedgeco)
When you’re an equity researcher who moves into investor relations: ‘The ex-analyst IR person knows the analysts who cover the company; they used to be her colleagues and competitors. She knows the investors who invest in the company; they used to be her clients. She knows what analysts want, and what investors want.’ (Bloomberg)
Apple has a finance arm called Apple Capital. It has $262bn of assets, $108bn of debt, and has traded $1.6trn of securities since 2011. (Economist)
Senior Apple engineer’s daughter gets him fired. (Complex)
Man pretends to work for J.P. Morgan, scams multiple cab rides this way. (The Argos)