Investment banks are pretty generous to their interns. In return for 10 to 12 weeks of hard slog over the summer, you can expect a pro-rated salary of £40k. That amounts to £3.3k a month, which is pretty good when you’re only 19 or 20 years-old and haven’t even graduated from university.
However, before any prospective investment banking interns feel too smug about their pay, they’re advised to look at the following chart, taken from a Tweet which went viral yesterday and has been picked up by various news sites. It suggests investment banks’ aren’t the best places to get compensated as an intern: if you want to earn a lot pre-graduation, you need to spend your summer with a technology firm in Silicon Valley. Question and answer site Quora, for example, is paying its interns a total of $9.8k (£6.2k) per month, including housing allowance. Unfortunately, it has no plans to open an office in London anytime soon.
Separately, Financial News says Deloitte is hiring as it attempts to launch a ’boutique’ equity capital markets business. FN says the big four firm has just regained its status as a ‘sponsor’ that helps coordinate initial public offerings (IPOs). It’s advertising for an assistant director withing its all new equity advisory arm. The preferred candidate will reportedly be a, ‘senior banker’ with a ‘level of experience.’
Citigroup’s been fined $15m for failing to supervise analysts’ interactions with clients. (DealBook)
One Citi analyst attended ‘ideas dinners’ with clients, where he advised they short stocks he’d publicly rated as hold or neutral. Another advised companies on their roadshows, suggesting they ‘ramp up’ some areas of their presentations. (Financial Times)
No, IBD professionals will not receive larger bonuses this year. “For very smart people the levels of naivety are unbelievable. I’m talking to guys who are convinced their total comp is going to double between this year and last year – they’re smoking dope.” (Financial News)
Tim Whitaker, Barclays’ ‘veteran head’ of equity research has retired just before bonus time. That’s strange. (Financial News)
Actually, it looks like RBS paid some giant bonuses to people in its controversial global restructuring group. (Guardian)
Carlyle wants to hold stakes in companies for 20 years. That won’t be good for carried interest. (Bloomberg)
Forget London. Try New York. (Bloomberg)
How to decode people’s emotions by looking into their faces. (Inc)
Here’s how long a recruiter will spend looking at your resume. (Twitter)
Retiring as 23 year-old tech millionaire will simply make you depressed. (New Yorker)
It’s possible to have a career in banking without feeling regretful. (Epicurean Dealmaker)
You can still get away with being a narcissistic high-performer in a hedge fund. (PIO Online)