Morning Coffee: 73% of junior bankers are gone after 2 years. M&A jobs here

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Junior bankers quit

Most junior bankers fly away to do something else

Everyone knows that the drop out rate from investment banking division (IBD) analyst programmes is high. But who knew that nearly three quarters of the juniors who join in the full expectation that they'll grow up to be senior investment bankers someday will be doing something quite different after 24 months?  We didn't.

The 'startling' new figure comes from Vettery, a 'new age' recruiting firm and was reported in the New York Times. According to Vettery, [efc_twitter text="just 27.5% of junior bankers are still to be found in the same group two years after they joined"]. Of the remaining 72.5%, 36% quit for private equity, 9.3% leave for hedge funds, 2.2% go into venture capital and 25% are unaccounted for. - The implication is that they've either left the industry or are in a different role or firm. Either way, junior banking jobs are not for life - they're not even for young adulthood. They're just a phase.

Separately, if you're a junior or even a senior M&A banker who's feeling restless, we have the place for you. Following a strong year, the Financial Times reports that UK brokerage firm Numis Securities is expanding its M&A business. “We hope to attract high-quality people who don’t want to work for big banks,” declared Numis chief executive Oliver Hemsley. The impetus to escape banking will need to be strong: it's unlikely that Numis will match banks' bountiful salaries.


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JPMorgan analysts think FICC revenues will be up 8.2% year-on-year in the fourth quarter. Equities trading revenues will be down. (Bloomberg) 

UBS is setting up a new asset and liability unit to help manage its risks. (Reuters) 

A woman’s probability of progression from middle to senior levels of management relative to men is worse in financial services than any other industry. (Financial News) 

Banks need to rotate women with leadership potential into revenue-generating units. (Bloomberg) 

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18% of people are mainly motivated by money. But men are twice as likely to be motivated by money than women and this is particularly true of men under 35. (Telegraph) 

How to handle those last pre-CFA exam moments. (300 Hours)

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