Bank of America does not have a top equities sales and trading business: market intelligence company Coalition says it ranked outside the top three for equities sales and trading in the US, EMEA and Asia in 2014. Nor much happen to change this situation in the first quarter of 2015: BofA's equities revenues were stable at $1.2bn in the three months to March. This might be why the bank is now engaged in some big equities hiring.
Financial News reports that Bank of America has made more than 20 hires for its equities business across the US and Europe in the past few weeks. Skewed heavily towards sales, new recruits in EMEA include Ulick Burke from Credit Suisse as head of UK institutional sales, Jeremy Elster from Citi for the industrials specialist sales team, Marco Schaerer from Barclays on derivatives sales and Tan Phull from J.P. Morgan as head of equities electronic trading for EMEA.
With Deutsche Bank also seeking to bolster its equities business, Bank of America's push suggests that 2015 is shaping up as a good year to seek a new job in the sector. - Especially if you're a salesperson with an ample book of contacts.
Separately, Wednesday Martin, a self-described anthropologist and primate expert with an incongruous name and a rich husband, has spent the past few years mingling with bankers' wives in the Upper East Side of New York City. In an article published in the New York Times, she claims that senior bankers award their spouses an annual 'wife bonus' based upon how well the husband was remunerated and how well 'she managed the home budget, whether the kids got into a “good” school.' Many of these women were very well-educated, with top business degrees, but preferred to be dependent upon the (discretionary) annual bonuses paid by their husbands, says Martin. "A husband may simply ignore his commitment to an abstract idea at any time. He may give you a bonus, or not," she observes. Much like investment banks, then.
Brian Moynihan survived a lot of internal politicking to become CEO of Bank of America. (WSJ)
Four ex-Barclays executives in Asia are launching their own boutique investment bank. (Reuters)
Deutsche Bank shareholders are not at all happy with Anshu Jain. (SundayTimes)
Anshu Jain and Juergen Fitschen will not be stepping down. (Reuters)
Bonuses for male MBA graduates are twice as high as bonuses for female MBA graduates. (Telegraph)
Domenico Crapanzano, former head of rates trading at Jefferies, just left to set up his own hedge fund (Triple AM). (Financial News)
Former Goldman Sachs Asset Management chairman Jim O’Neill has been named commercial secretary to HM Treasury in the new British government. (FinAlternatives)
Why you must manage staff when they are naked in the gym. (Financial Times)
Tim Cook, Apple: “Your values matter; they are your north star. Work takes on new meaning when you feel you are pointed in the right direction. Otherwise it's just a job. and life is too short for that.” (Mashable)
How does arrogance differ from confidence? (Aeon)