Investment banks are hiring again, partly in response to better marker conditions and also because they’re anticipating an increasing number of people will leave in the wake of smaller bonuses.
Most of these jobs are, however, fairly standard advisory and trading positions. There are also some unusual and interesting opportunities that the banks and other financial services organisations are seeking to fill. Here’s our pick of the bunch currently.
For a role that is supposedly aimed at supporting the team, JPMorgan is asking for some serious qualifications and skills from its interns. The ideal recruit will come armed with either a Masters or PhD in engineering, maths, physics or economics and will be expected to “help with the analytics development on various aspects of managing a large portfolio of financial assets”. This requires an understanding of market risk, regulatory and accounting changes (and how they affect the portfolio) as well as, obviously, a key understanding of analytics. Extra interesting points are allocated to this role because of the fact that it’s attached to JPMorgan’s ‘London Whale’ division, which has been cutting jobs since the crisis hit.
As we pointed out last week, Goldman is recruiting for the challenging position of executive compensation associate who will ultimately advise on how much the senior management team is paid. In the current climate, this both a hot potato and something that is likely to be highly political internally. What’s more, banks have been hiring more and more compensation consultants and have been struggling to fill the positions.
This sounds grand indeed – “planning designing and implementing an overall risk appetite process”. In other words, establishing the risk parameters around which all of the EMEA front office staff in BAML will have to abide. It requires an in-depth knowledge of each risk area, including credit, market and operational, and complex regulatory ideas will have to be presented to the business in an easily digestible format. In reality, the fact that the role involves “supporting” the risk management team suggests that responsibility is diluted somewhat and the need to support, educate and train staff around risk awareness also implies facing up to some irate traders – or doing the risk team’s dirty work.
An undisclosed fund of hedge fund manager (advertising on eFC) says it’s looking for experienced prop traders from investment banks to work in its Mayfair office using its seed money for a variety of strategies including long/short equity, FX and commodities. A long and solid track record is required.
Citigroup is looking for someone to lead its South African office, originate business and make a case for expansion in the country. It’s a rare opportunity that can often lead to a career switch, as was the case for Bradford Gibbs, who led Morgan Stanley’s South African operations before moving to private equity firm Mara Group.
Most investment banks are reviewing their business models currently, and inevitably it’s the fixed income currencies and commodities divisions that are receiving the most scrutiny. Credit Suisse and UBS are pulling back from certain fixed income businesses, while Deutsche Bank, Morgan Stanley and JPMorgan have all curtailed their commodities divisions. RBC Capital Markets is currently looking for a global business manager to work with its FICC senior management and advise on strategy and “operational effectiveness”. They will be supporting the “strategic direction and implementation excellence of transformational end sustaining strategies”. Engaging with the business in matters like this will take some guts.