While US banks are still hiring in London, however, their own websites suggest they’re not hiring many front office people and they’re not hiring anyone over VP level. This might be because banks like to use their own job sites to advertise back office and junior jobs. Then again, it might be because they’re only hiring people to fix the plumbing and cheap juniors to train-up.
Either way, below we have the six best jobs to be advertised by US investment banks in London since the Brexit vote. The only US bank not to post any front office jobs in London since the referendum is….Goldman Sachs.
1. Citi wants a small and mid cap equity researcher
Citigroup has big plans for its European equities business. This might be why it wants a new equity research analyst for its small and mid cap team in the City. The perfect candidate is expected to have a CFA or an MBA, to cover a multitude of stocks and industries and to have, ‘extensive years of experience.’
2. Morgan Stanley wants an analyst in equity derivatives sales
‘Gapping volatility’ after-the Brexit vote is likely to damage equity derivatives revenues according to banking analysts at J.P. Morgan. This hasn’t dissuaded Morgan Stanley from advertising for an analyst to work in equity derivative sales. The bank wants someone to sell equity derivatives to “insitutional clients” in a “fast-paced,” “market-driven” environment.
3. Morgan Stanley wants a vice president or associate for electronic market making
If you don’t want to actually talk to clients, Morgan Stanley also has a role going for a junior-to-mid-ranking technologist to work on its electronic trading system. It’s not exactly front office, but it’s at the forefront of the new world order. You’ll need experience with Unix (Solaris, Linux), Perl (or similar), and Shell, along with C++, FIX, Python, Kdb+ and Q.
4. BAML wants a VP of TMT investment banking
Now that no one knows exactly what’s happening next, there’s dark murmuring about the future for banks’ swollen M&A teams. Last time deal-making fell off a cliff there was blood on the streets in M&A. Will this be repeated? Hopefully not. For the moment at least, technology M&A has been having a good year – global technology deal volumes were up 6% year-on-year in the first half according to Dealogic. Less promisingly, telecoms M&A deals were down 70% in the same period.
This hasn’t dissuaded Bank of America Merrill Lynch from looking out for a vice president (VP) for its technology, media and telecommunications team TMT in London. The desired candidate will sit in the coverage group working on M&A, ECM and DCM deals in TMT. They’ll need an, ‘understanding and experience of TMT dynamics with specific knowledge of the European online space and info-services/education sector.’
5. J.P. Morgan wants a sovereign advisory analyst for its corporate finance team
In this time of global uncertainty, what could be more interesting than working with central banks and ministries of finance to improve governments’ creditworthiness? J.P. Morgan has a place for a junior (a first year analyst) to join its Sovereign Advisory function in London. The function acts as a buffer between governments and the ratings agencies which assess the creditworthiness of government debt. Among other things, you’ll need a, ‘strong academic background in undergraduate level economics or International Relations including a basic understanding of balance of payments, monetary, and fiscal indicators and debt sustainability analysis.’
6. J.P. Morgan wants an analyst-level EMEA index swaps trader
Lastly, J.P. Morgan is also looking for a junior to work on its London ‘investor products desk.’ You’ll be repsonsible for pricing Delta One products across macro indices, automating processes and increasing controls. Sounds interesting? You’ll also need a financial mathematics background and coding ability (VBA / Python / C++), and should preferably speak several languages.