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GUEST COMMENT: Much as everyone hates a banker, family and friends seem very happy to borrow money from one
Investment bank research is seldom right, but in 2005 and 2006 Citigroup issued two now notorious reports, which they have since tried to “disappear”, although you can find them online if you look hard enough. In them, author Ajay Kapur posited that the rich were about to take over the world, and gave recommendations to [...]
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A selection of the highest paying roles in financial technology
After a period of inflation, salaries for financial technologists have generally remained static for the past six months and, in the current climate, it’s unlikely that any pay rise will be on the table. But are you earning market rate? Recruiters Hudson have provided us with a preview of their 2012 salary guide for banking [...]
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Lunchtime Links: An MD in risk at Dresdner was expecting to earn £632k
Much has been made this morning about the appearance of Desmond McNamara, a former senior risk manager at Dresdner in the Commerzbank trial. In his Dresdner-risk role, McNamara was paid a salary of £130k and says he was promised a bonus of €600k (£502k), of which €300k turned up. In total, McNamara was therefore expecting to [...]
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There were 154 front office fixed income derivative hires last year; 140 people are still out of the market. Expect to move down a tier in M&A
Two search firms have produced two interesting pieces of research: one on fixed income derivatives, one on senior M&A hires. Both are dark, with glimmers of light. Fixed derivatives income: the massive overhang of the unemployed The report on fixed income derivatives comes from search firm Nicholas Scott and is available in full here. It [...]
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Career stasis: when thousands and thousands of people want your job and you have few alternative options
Banking pays less than it used to. Bonuses are reputedly down 30% at Credit Suisse, down 25% at Bank of America, and down similarly elsewhere. This doesn’t mean people don’t want to be bankers. Bob Diamond clarified the extent to which university students still do yesterday, when he said: “Last year, we had applications from 107,000 [...]
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GUEST COMMENT: How to survive investment banking without ageing twice as fast as the average human being
Doctor: “Hello ___ .” Investment banker: “Hi.” Doctor: “I understand that you’ve been having stomach problems, correct?” Investment banker: “Something has happened. Yes. Whenever I drink water or…any liquid for that matter…I feel a strange sensation when the liquid reaches the point before it enters the stomach. Doctor: “How long has this been going on?” [...]
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Late Lunchtime Links: Why people may be trying to leave all French investment banks
Anecdotally, we hear that persons working in French banks are keen to get out. “In the French banks, everyone thinks they’re not going to get paid,” says the head of one fixed income search firm. “They all want to get out, especially from SocGen.” This may be true, or it may be exaggeration. However, what [...]
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This is where you can still make retirement money in financial services recruitment
Times are tough for financial services recruiters, particularly financial services recruiters focused on investment banking. Some are trying to reinvent themselves as buyside recruitment experts. Others are digging into darker corners. One such corner where it still seems possible to bring in very big money is recruitment related to Solvency II legislation. For insurers, the [...]
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Please note: there does not appear to be a cash bonus cap at Citi; this does not mean people are happy
While Morgan Stanley bankers are being asked to get a life and stop complaining about the paucity of their cash bonuses this year, there do not appear to be similar issues at Citi. Citi announced its bonuses this week, and some people appear to have received large quantities of cash. “I spoke to a Citi [...]
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Some terrible news from the Association of Graduate Recruiters for credulous students trying to get into investment banking
Want to work in an investment bank in 2012? Forget it. The latest survey from the Association of Graduate Recruiters suggests you might as well apply to McDonalds (where you will at least have a strong chance of reaching board level). Or, failing that, you could always become an accountant. The AGR’s survey suggests that [...]
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