So, you want a new job in finance? Do you want a job with a Chinese brokerage that’s hiring 100 people in Hong Kong, or with a British supermarket that’s bolstering its M&A team in Hertfordshire? Either way, you’d better be good – VERY good.
Lin Yong, deputy chairman and chief executive officer of Haitong International, told Bloomberg, adding that he’s, “interested in talking to almost all of the finance professionals available in the market” – especially those who’ve been let go by foreign banks in Hong Kong. While this may make Yong sound a bit ‘desperate’, this isn’t the case at all: “We could take 100 people if they’re the best, but we may not increase our headcount if none of them is suitable for us,” he added. In other words, even a Chinese bank that’s feverishly hiring 100 people can afford to be choosy in the current market.
Tesco seems equally fastidious when it comes to boosting the corporate finance team at its head office in Hertfordshire. The Financial Times reports that the British supermarket, which has had a few problems of late, is building a small corporate finance department which will focus on, ‘investment opportunities, portfolio reviews, disposals and mergers and acquisitions activity.’ Right now Tesco is hiring a head of corporate development to go with the head of strategy it hired from Credit Suisse last year. Despite the supermarket’s predicament, it too is being picky – it’s reportedly appointed headhunters who’ve been approaching only “senior bankers” about the role.
Separately, if you’re looking to join an investment banking team which will see you through to retirement, try Citi’s US ECM team. Financial News reports that 12 out of 15 people on the team have worked together since 2000. Who said bankers are mercenary types who skip from job to job in search of more money?
Interesting new concept: “A vast asset swap to turn Deutsche into a pure-play investment bank and Barclays into a retail bank.” (Financial Times)
The difficult passage to promotion in an investment bank: “The key threshold for promotion is to generate business for the bank – but there is a sense that that threshold is increasing, the bar is being set higher and it’s becoming more difficult.” (Financial News)
Jean-Pierre Mustier has quit Unicredit for private banking. Sounds like a good move: “It’s not out of the question that we could double in size over the next five years.” (Financial Times)
But…This is a really bad time to be working for a Swiss private bank, Job cuts are coming. (Financial Times)
How to negotiate your salary: Research what other people are getting, decide what you’re happy asking for, add 25%. (Elle)
Lehman Brothers rates trader still wants that $84m bonus. (WSJ)