There’s a lot to be said for working at Goldman Sachs, not least the fact that you have a good chance of keeping your job. The bank’s first quarter results – out today, reveal that a mere 400 staff have been trimmed from Goldman over the past year, equivalent to less than 1% of the total. Nor is the bank showing any signs of cutting pay: at $136k per head for the first three months of 2013, pay is currently on a par with 2012.
Lloyd Blankfein said today that Goldman is, “very focused on controlling costs.” However, the emphasis appears to be on controlling rather than cutting. This puts Goldman at odds with rivals like JPMorgan, which are in the middle of big cost reduction programmes.
Goldman’s first quarter results painted a rosy picture for Goldman’s equity capital markets and debt capital markets bankers (revenues were up 53% year-on-year in ECM and 69% year-on-year in DCM) and a less rosy picture for Goldman’s rates traders and equity derivatives bankers (both areas were mentioned as having declining revenues.)
KPMG will be hiring lots of tax specialists in Glasgow, courtesy of a government subsidy. (The Sun)
John Cryan, former UBS CFO, is joining Deutsche Bank’s advisory board. (Financial News)
Labour wants everyone in the City to be licensed. (Telegraph)
Latifa Bouabdillah has won case against Commerzbank after being victimized when the bank discovered she was suing Deutsche for discrimination. (Bloomberg)
Senior Trafigura staff have earned $1.6bn through share deals. (Financial Times)
Ex-GLG hedge fund manager James Berger has set up has set up B1 Capital – a Pfäffikon, Switzerland-based fund. He’s hired Megan Kenney, a former managing director and European head of capital services at Credit Suisse. (Financial News)
UBS will be making 60 people redundant in Brazil. (Bloomberg)
Edward Allchin of Autonomous Research tried to avoid paying £90k in stamp duty on his house, failed. (The Times)
Jim O’Neill says Thatcher ended the class dominated system in the City, were it not for which he wouldn’t have got in. (The Times)
How to resign in style. (Twitter)