If you work in investment banking, where pay has been on a downward keel, job security is shaky and predictions of apocalyptic headcount reductions are still emerging, you’d perhaps be advised to look to the buy-side.
After all, the pay differential is shrinking and, according to the latest figures from the Investment Management Association, headcount is back above pre-crisis levels. The industry in the UK employed 30,785 in 2012, a 4.4% rise on 2011 in a year when investment banks swung the axe liberally. This is also an 11% rise on 2009. These sort of numbers aren’t huge, but the buyside has never employed the same hire and fire tactics as the sellside.
However, before you start polishing off your CV, there’s one thing to bear in mind – it’s a magnet for bullies. According to a survey by Ignites Europe, cited in FTfm today, 65% of employees in fund management believe that bullying is either “prevalent” or “very prevalent”, it says.
“I have worked for psycho/sociopaths at large New York based investment arms of insurance companies and at independent asset management companies. It is a significant problem in our industry,” said one fund manager responding to the survey.
Banks were accused of intentionally hiring psychopaths for senior positions. Fund management, it would seem, is no different.
J.P. Morgan’s China hiring practices under scrutiny (Dealbook)
Brevan Howard has lost more traders after posting loss in June (Bloomberg)
Computer says yes to cause trading malfunction – again (Financial Times)
Goldman Sachs trying to convince other banks to sign up for bond trading platform (Financial Times)
Number of jobs at Canary Wharf now 100,500 (Financial Times)
Former Bear Stearns bod Jimmy Cayne is selling a New York apartment for $15m (Times)
The 23 unwritten rules of email (Daily Muse)