Despite what is broadly expected to be a poor second half, 2013 will be looked upon by most large investment banks as being decidedly better than last year. So, who’s stood out? The answer, inevitably, is Goldman Sachs.

Goldman has been named ‘Bank of the Year’ by Thomson Reuters in its annual International Financing Review awards, and also scooped equity house of the year after a “particularly impressive year”, according to the awards judges, which include journalists and analysts.

This is a little predictable, of course, given its reputation for attracting super-competitive bankers, and supposed ‘culture of success’. The other interesting fact, though, is that just five banks have shared nine awards between them. Deutsche has cemented its dominance in the fixed income markets by winning bond house, high yield bond house and loan house of the year, while Citigroup has also won two awards.

Boutique firm Houlihan Lokey has won in restructuring – the firm’s traditional cash cow – but has also been hiring in M&A, capital markets and advisory throughout 2013.

Tellingly, though, aside from Citigroup, few of the larger banks to win this year have been associated with any big recruitment sprees in 2013.

Bank of the Year – Goldman Sachs
Bond House – Deutsche Bank
Equity House – Goldman Sachs
Loan House – Deutsche Bank
Structured Finance House – Credit Suisse
Derivatives House – Citigroup
Restructuring Adviser – Houlihan Lokey
Emerging Markets Bond House – Citigroup
High-Yield Bond House – Deutsche Bank

Who would be the assistant to a bunch of highly-strung, highly-stressed, highly-intelligent, sometimes-arrogant investment bankers? Particularly at this moment in time when staff cutbacks mean assistants are expected to juggle multiple taskmasters and bankers themselves are under pressure to do more with less?

Meet the PAs (personal assistants) and EAs (executive assistants) to the bankers of this world. Many are as articulate – if not as highly qualified, as their bosses. Some are also possessed of wisdom beyond their status.

“I never wanted to be a trader,” says Claire Casey*, a PA who spent 20 years working on the trading floors of investment banks across the City of London before moving into the not-for-profit sector earlier this year. “If you work in trading, it’s short-lived. You start young and you work until you drop. You earn a lot of money and you burn out. I chose my lifestyle before the cash.”

Casey says it’s wrong to pigeon-hole all bankers as arrogant to work for. At worse, they’re more petulant than patronizing – prone to flying off the handle in toddler-style tantrums before returning placidly to their screens. “You do get the odd prima donna who puffs his chest out, but that’s inevitable on an 800 person floor,” she says. “The real problem is that they’re so highly strung that they get worked up over stupid things – ‘Where’s my pen?’ ‘My Blackberry won’t work!’ ‘Why isn’t my meeting room booked? They’ll come over and and throw a tantrum and then it will all be forgotten three minutes later.”

How do you deal with a banker-tantrum? Casey says she goes for a combination of implacability and efficiency. “While they’re ranting and moaning, I’ll get on and fix their problem. It’s not worth pushing back and antagonizing them when they’re accusing me of failing to book the meeting room they never asked for – it only makes it worse.”

The worst ‘secretarial’ role in an investment bank is an EA, says Julia Raphael*, another banking PA now working as an office manager for a London hedge fund. “If you’re an EA, you’re a secretary to the entire team,” Raphael says. “You have a whole group of people who want something yesterday and expect you to jump when they ask. If you’re a PA, you have only one boss and they tend to be more senior.”

How do you manage a barrage of mid-ranking bankers who all want help at once? “One of my skills is that I’m very calm,” says Raphael. “I stay very calm and speak to them politely and let them know what my schedule is and what they can expect.” It’s easier to work as a PA or EA in a hedge fund than an investment bank, she adds “In a hedge fund you get to know people on a more personal level and it’s much less stressful than banking.”

How do the (almost invariably female) PAs and EAs in banks cope with being around young males on elevated pay packages? Casey says it’s becoming more of a woman’s world (“Look at people like Nicola Horlick and Helena Morrissey”) but that she’s cultivated the kind of demeanour which prevents her from being patronised by 20-something old men. “Mostly, they wouldn’t dare be rude to me – I’ve been around too long. If they ask me to book a meeting room rudely, I’ll suggest they’ll do it themselves and often – although they’re very intelligent – they’re like children and don’t know how to do so.”

Banking PAs and EAs are paid well, with packages reaching £50k+ and assistants sometimes receiving a share of the bonus pool. Goldman Sachs paid ex-PA Joyti De Laurey a salary of £52k a year in 2002, when she famously stole £4m from her bosses at the bank. De Laurey was sent to prison but is now free and working for Prison Consultants, a consultancy which helps white collar criminals handle prison life.

“What I did was very wrong, but there’s an element of temptation to working in the City,” says De Laurey. “Everyone is there to make money – it’s what drives people. Even if you work as a PA, you get paid well,” she adds. “At Goldman everyone got a chunk of the bonus when the bank did well – from the MDs right down to the people in the post room.”

*Names have been changed. 

Still reeling from a scandal-plagued 2013, J.P. Morgan is very open about its plans to hire in compliance and risk, promising this week to double the amount it spends on controls in the coming year. But the scars left by the scandal and the vibrant market for compliance and risk personnel are reportedly making it difficult for JPMorgan to add headcount.

“We’ve already seen a significant flow of compliance, risk management and operational new hires into JPM and we expect it to continue,” said one New York-based recruiter with knowledge of the situation. The bank is also targeting outside advisors and processors, he said.

However, a separate recruiter who asked to remain nameless said that many of the new hires are backfills for unmanned seats. “What I have observed is that a number of people have left JPMorgan, so some part of any additions to staff will be to address attrition,” she said.

The turnover is in part due to the high demand for these workers in the market, she added. Despite the scandals, they are looked at as qualified professionals by competitors. “In general, JPMorgan has good people,” she said. “They are well trained and exposed to rigorous standards and complex issues.”

But the current environment and the media coverage appears to have taken its toll. “The firm has been under tremendous regulatory scrutiny and pressure, and I sense it’s a hard place to be these days, particularly in risk or controls functions,” she said.

Another recruiter agrees, although he still sees the number of hires outweighing the list of those who have quit. “Of course they’ve had turnover and people are always moving from the sell-side to the buy-side and the public scrutiny has most certainly accelerated this, however net-net they are adding people in compliance and operations,” he said.

J.P. Morgan declined to respond to multiple requests for comment.

No matter what the cause for the open seats, JPMorgan is surely looking for talent. Jamie Dimon on Wednesday promised to devote $2 billion to retool the bank’s controls programs, up from the $1 billion it initially earmarked for the initiative.

In January 2014 the European Union’s bonus cap will come into effect. From next year, bonuses at banks within the EU and at European banks globally will be capped at 100% of salary – unless two thirds of shareholders vote otherwise, in which case bonuses can be boosted to 250% of salary. The cap will apply to all so-called ‘code staff’ (‘identified staff’ in European parlance).

Today, the definition of identified staff has been changed. Thousands of bankers in London and New York can breathe a sigh of relief.

Under previous edicts, the EU defined anyone earning more than €500k (£420k, $686k) as code staff, says Sam Whitaker in the London office of law firm Shearman & Sterling. This would have brought thousands of bank employees in the City of London and New York under the auspices of the bonus cap, says Whitaker – even if they’re not necessarily working in risky front office jobs.

Under the latest and (seemingly final) edict, the EU now says that bank staff can earn more than €500k and still escape the bonus cap. However, they’ll have to persuade their national regulator that they’re not a ‘material risk taker’ in order to do so. Bankers earning more than €1m will have to persuade the European Banking Authority itself that they’re not a material risk taker if they want to escape the cap.

“This will bring considerable relief to banks who were otherwise concerned that numbers of Code Staff would, because of this provision, expand considerably,” says Whitaker. 

This may be one of the slowest points in the year for recruitment activity, but there’s still plenty going on. Catch up on all the top stories on eFinancialCareers over the past week.

Seven CV words for shortage-skills which will get you banking jobs in Asia, EMEA, North America

If you have these phrases in your CV, you may cause recruiters to gently salivate – and also get in touch.

Nine hot Asian banking jobs with skyrocketing salaries in 2014

Asian banks are desperate to hire financial services professionals with these skills.

Bain’s 10 key tips for acing a consulting interview

In a consulting interview you will be asked to solve a business problem – this top recruiter tells you how to sail through.

This is how much you should earn now as a front office banker in your 20s, 30s and 40s

Assuming you survive in investment banking, this is how much your earnings should increase by as you progress in your career.

How male bankers unintentionally ruin female colleagues’ careers

Are male bankers too frightened to be either forthright or critical to their female colleagues?

The good, the bad and the hopeful: Recruiter hiring predictions for 2014

Three top headhunters get their views in early on what’s in store for next year.

Trader leaves Credit Suisse for Brevan Howard, comes back eight months later

A senior FX trader left Credit Suisse earlier this year for a role at a hedge fund, but has now returned.

Expert views on ideal answers to investment banking interview questions

You will almost definitely encounter these questions in a graduate interview. Our panel of experts give their tips on how to answer them.

Want to work for a hedge fund? You’ll be lucky

Hedge funds employ a tiny number of people until they pass the $5bn in AUM mark.

Is charisma killing you? Five keys to unlocking yours

Charisma is a mystical art, but something everyone has the potential to demonstrate. It could do wonders for your career.

Big banks in London’s financial services industry are taking a muted approach to celebrating the festive season this year, with low-key parties on a budget – and some even being held in January when better prices can be negotiated.

Reuters reports that with the banks still reeling from being battered by vitriolic public opinion, many have decided to opt for “decency over debauchery”.

“We can’t be seen to be enjoying ourselves,” said one senior investment banker told Reuters.

Gone are the days of lavish meals and champagne on tap – London’s financial services firms are now “chipping in ‘modest’ sums of between 20 and 50 pounds ($81.63) per head for Christmas parties, or employees are funding their own celebrations’.

Australian insurers set for another good year of growth

The Australian life insurance industry will continue to see strong top-line growth after having expanded at a compound average growth rate of around 13% in the last six years, says Asian Insurance Review quoting a new report by Fitch. Earnings are expected to remain under pressure in 2014, affected by rising lapse and claims rates in addition to reduced investment earnings from lower interest rates.

Woori deal could spark consolidation in Korean securities sector

Bloomberg says that the sale of Woori Investment & Securities in the biggest takeover of a South Korean broker may spark consolidation among local securities firms, furthering the government’s goal of creating a national champion.

The Financial Services Commission said it would encourage further consolidation by allowing brokerages to enter into new businesses if they make acquisitions.Commission chairman Shin Je Yoon said last week that governmenmt’s goal is “creating the Goldman Sachs of Korea”

Credit Agricole planning private banking expansion in Singapore

Credit Agricole Private Banking chief executive Sen Sui says the business is looking to strengthen its position in private banking in Asia, according to an interview with Asia Banking & Finance.

Banks speeding Asia promotions doubles rate of pay raises
Banks across Asia are putting local employees on a fast track to senior roles to deter staff from being poached by rivals, according to an article published by Livemint.

One area that has performed particularly well is  risk and compliance, with staff pay rising 20% in Singapore and Hong Kong over the past year compared to 10% in London and New York.

UAE’s ADS Securities opens office in Hong Kong 

ADS Securities Hong Kong Limited is the first fully licensed and regulated office the company has set-up outside of the UAE.  The Hong Kong office will work in conjunction with ADS Securities’ Singapore office, according to CPI Financial.

If you work in financial services, you may have positive sensations about your bonus this year. We already know this from our own bonus expectations survey, conducted in September, which found that 42% of bankers globally were expecting their 2013 bonuses to be larger than their bonuses for 2012.

A little optimism is to be expected. However, a new survey from recruitment firm Astbury Marsden suggests that senior bankers in London are more than a little optimistic: they’re expecting their own particular bonuses to increase by 44% in 2013.

Astbury Marsden conducted its survey in October, suggesting the senior bankers it interviewed were gripped by wishful thinking. – It’s unlikely that bonus pools were finalized that early. However, if managing directors are right and their bonuses are indeed due to increase substantially, it seems very possible that everyone else’s bonus will fall. With the exception of UBS (which is itself hiring new senior bankers and paying them far less), most banks cut the compensation they accrued per head in the first nine months of this year. Someone will suffer. Managing directors clearly think it won’t be them.

Separately, the Evening Standard, has interviewed Elizabeth Corley, the chief executive of Allianz Global Investors who has a sideline in writing gruesome murder stories. Corley’s most recent novel ‘Dead of Winter’ features a teenage girl who disappears in the depths of winter and a serial rapist. She tells the Evening Standard that she writes only at weekends. Corley left the City to write and relax in 2004, but missed  ”the people, the industry, the dynamics of it,” and so came back again.

Meanwhile:

Managing directors who moved jobs this year say they received a 29% increase in their salaries. (Bloomberg) 

RBC wants to spin out its proprietary trading arm. (Financial Times)

Pay for UK partners at KPMG has risen 23% to £713,000 this year. (BBC)

Credit Suisse is launching Eco Financial Technology, a platform for developing investment banking and hedge fund software. (Financial Times) 

Following the case of Isabel Sitz, the banker who sued Oppenheimer Europe for sexism and was helped by recorded conversations of her meetings, banks have been banning employees from recording conversations and accusing those who do of gross misconduct. (The Times)

Sergio Ermotti said the 6-10% leverage ratio required by the Swiss government is completely unrealistic. (Reuters) 

Deutsche Bank recruiters have got their Christmas jumpers on. A man has proposed to them. (Facebook) 

“Eeally gritty people, who work unbelievably hard, I don’t think they don’t feel the costs, or put a high value on the cost, of working really hard. There’s also the issue of opportunity costs. That really fascinates me. Really gritty people are not constantly worried about what they could be doing instead.” (APA) 

Réponse : en passant un concours externe de l’Inspection générale. En effet, ce dernier est considéré comme étant la « voie royale » pour accéder en quelques années seulement à des postes de direction aussi bien dans le contrôle de gestion, l’ingénierie financière ou l’audit bancaire. Et pour cause : « en choisissant de rejoindre l’Inspection générale, vous aurez l’opportunité d’être confrontés à toutes les activités d’un grand groupe financier, en France et à l’International, explique Géraud Brac de la Perrière, Inspecteur général chez BPCE. Un parcours réussi à l’IG constitue l’une des préparations les plus efficaces pour prendre ensuite des responsabilités de management dans les métiers du groupe ».

L’Inspection propose un parcours d’une durée de 6 ans, durant lequel vous pourrez rapidement évoluer de la fonction d’inspecteur à celle de second de mission, pour atteindre celle de chef de mission. « Après avoir passé le concours, j’ai intégré l’inspection générale en juillet 2007, je suis aujourd’hui chef de mission chez BPCE où je supervise une équipe de près de dix inspecteurs », nous confirme Johanne Kouassi, 31 ans et diplômée de l’EDHEC Lille. En changeant de missions tous les trois mois, elle a eu l’occasion de travailler au sein des différentes entités du groupe (Banques Populaires, Caisses d’Epargne, Natixis) en différents lieux (Ile-de-France, province, outre-Mer/étranger), sur différents métiers (par exemple, la banque de détail ou la gestion d’actifs) et différentes problématiques (réglementation, risques mais aussi conseil et stratégie).

Pépinière managériale

Si les inspecteurs de banque restent relativement peu nombreux (aux alentours de 1,5 %) par rapport aux effectifs globaux des banques, les besoins demeurent néanmoins constants car ces fonctions connaissent une mobilité importante. Les grands groupes bancaires embauchent ainsi quelques dizaines d’inspecteurs en moyenne chaque année. Les concours externes s’adressent aux jeunes diplômés ou jeunes expérimentés des grandes écoles de commerce, d’ingénieurs ou d’universités type HEC, ESSEC, ESCP, Centrale, Mines, Sciences Po ou Dauphine. La sélection est très rude avec des taux de réussite qui oscillent autour de …2% !

« Par le biais de ces concours, les banques cherchent surtout à tester si les candidats maîtrisent l’analyse de données et possèdent un bon esprit de synthèse », relève Johanne Kouassi qui conseille notamment aux candidats désireux de passer le concours « d’échanger avec des inspecteurs, notamment pendant le processus de recrutement, afin d’avoir une idée précise du métier ». D’autant plus que les banques facilitent ce genre de contacts, en témoignent les journées portes ouvertes « Come & Welcome » de l’IG du Groupe Crédit Agricole qui le temps d’un après-midi (le 7 mars 2014, quelques jours avant le concours) accueille des centaines d’étudiants afin qu’ils échangent avec des professionnels du Groupe autour de la stratégie et des métiers de l’IG.

Les grandes banques françaises ayant toutes communiqué sur les modalités de leurs concours 2014, vous trouverez ci-dessous des informations pour chacune d’entre elles. A noter que les banques ne communiquent pas sur les salaires à l’entrée. Chez BPCE, on nous a simplement indiqué que le salaire était « attractif et évolutif ». En faisant des recherches auprès des cabinets de recrutements, le salaire brut mensuel d’un inspecteur débutant est généralement compris entre 2750 à 3750 euros. A vous de jouer, et que le meilleur gagne !

BPCE

Dates d’inscription en ligne : du 12 novembre 2013 au 24 janvier 2014
Nombre de postes ouverts pour 2014 : une quinzaine
Processus de sélection : après une présélection sur CV, deux épreuves écrites, une journée d’entretiens collectif et individuel, un jury final.
Taux de réussite : moins de 2% des CV reçus (2013)
Lien pour postuler : cliquez ici

BNP Paribas

Dates d’inscription en ligne : toute l’année
Nombre de postes ouverts pour 2014 : NC (95% des recrutements se font en interne)
Processus de sélection : NC
Taux de réussite : NC
Lien pour postuler : cliquez ici

Société Générale

Dates d’inscription en ligne : du 6 novembre 2013 au 11 janvier 2014
Nombre de postes ouverts pour 2014 : chaque année, 30 inspecteurs recrutés
Processus de sélection : étude de dossier, épreuve écrite (test d’aptitude et exercice de synthèse), assessment center, oral (étude de cas, questions du jury).
Taux de réussite : 1,7% (2013)
Lien pour postuler : cliquez ici

Crédit Agricole

Dates d’inscription en ligne : du 3 février au 12 mars 2014
Nombre de postes ouverts pour 2014 : une cinquantaine de places (estimation, chiffre non officiel)
Processus de sélection : sélection CV, épreuve écrite (deux synthèses en français et en anglais et une épreuve de logique), deux entretiens avec les RH et deux chefs de mission de l’IG, grand oral face à un jury.
Taux de réussite : 2,5% (estimation, chiffre non officiel)
Lien pour postuler : cliquez ici

LIRE AUSSI :

Les campagnes de recrutement d’inspecteurs bancaires pour 2013 sont ouvertes

Inspection Générale : c’est le moment de postuler dans les banques !

Die „Bild am Sonntag“ (BamS) hat den Chef von Goldman Sachs-Deutschland Alexander Dibelius mit den Fingern in der Keksdose erwischt. Dibelius soll den Kauf einer Luxusimmobilie im noblen Londoner Stadtteil Belgravia steuersparend über Briefkastenfirmen auf den Britischen Jungferninseln abgewickelt haben. Gegenüber der BamS bestätigte Dibelius unterdessen die Existenz der Briefkastenfirmen. „Ich habe nicht versucht, etwas zu verschleiern“, sagte der Investmentbanker.

Auf diese Weise wurde der Kauf der Immobilie im Wert von seinerzeit umgerechnet 4,2 Mio. Euro rechtlich in der Karibik getätigt, womit Dibelius um britische Steuern in Höhe von 1,4 Mio. Euro herumgekommen sei. Laut der Zeitung habe das Anwesen nach Umbauarbeiten mittlerweile einen Wert von mehr als 17 Mio. Euro. Denn aus der horrenden Immobilienblase wurde während der Finanzkrise nur ein wenig Luft abgelassen. Derzeit erklimmen die Immobilienpreise in London von Monat zu Monat immer neue Rekordwerte.

Obgleich legal, könnte Dibelius in Deutschland eine Ordnungswidrigkeit begangen haben. Denn hierzulande muss ein Steuerpflichtiger angeben, wenn er an einer ausländischen Gesellschaft mehr als 25 Prozent hält. Dies habe Dibelius wohl versäumt und müsse womöglich eine Geldbuße zahlen. Falls die Gesellschaften Zinserträge generierten, könne sich der Goldman Sachs-Chef sogar einer leichtfertigen  Steuerhinterziehungen schuldig gemacht haben, wie die BamS ein von ihr bestelltes Gutachten zitiert. Laut Dibelius hätten die beiden Gesellschaften Soprano und Jadana jedoch „kein zu versteuerndes Einkommen“.

Dibelius betonte unterdessen, er „führe private Transaktionen selbstverständlich aus versteuertem Einkommen oder Krediten durch.“ Und er komme seinen Steuerpflichten in Deutschland vollständig nach.

Darüber hinaus könnte Dibelius mit seinem Geschäft die hausinternen Compliance-Richtlinien von Goldman Sachs verletzt haben. Denn in dem Gesellschaftervertrag seiner privaten Firmen habe Dibelius die Adresse von Goldman Sachs im noblen Frankfurter Messeturm angegeben. „Ich nutze die Frankfurter Büroadresse als Postadresse, weil ich dort am besten erreichbar bin. Gleiches gilt für die E-Mailadresse“, sagte Dibelius. Noch enger dürfte es für Dibelius werden, falls er für private Zwecke Goldman Sachs-Personal genutzt habe.

Der Fall ist umso pikanter, als Dibelius sich in der Vergangenheit als Saubermann der Investmentbanking-Branche präsentierte. Dem „Manager Magazin“ hatte Dibelius sogar einmal gesagt: „Man darf nicht alles tun, auch wenn es im Rahmen der Gesetze erlaubt ist.“

Ähnliche Artikel:

Um 21 Uhr ist freitags Schluss: Aus einer internen E-Mail von Goldman Sachs

Scheidung: Goldman Sachs-Chef Dibelius droht Hälfte seines Vermögens zu verlieren

Bis der Arzt kommt: Personalkarussell in M&A dreht sich immer schneller

If you’re looking for an investment banking graduate role starting in 2014, it’s getting rather late in the day. Most banks close their schemes in late late-October or mid-November, or recruit on a rolling basis, so available options are limited now.

However, there is hope. We’ve scoured the banks’ recruitment websites to let you know what’s still available in both the bulge bracket and boutique operations.

Barclays

What’s available?
• Investment banking division: Amsterdam, Frankfurt and Paris.
• Operations (corporate banking, investment banking, wealth and investment management) in Basingstoke and Poole, UK.
• HR in London
• Technology in Prague
• Strategic analytics, London

Deadline: 31 December

Bank of America Merrill Lynch

What’s available?
• Technology development roles in London and Dublin.

Deadline: 10 January 2014

Citi

What’s available?
• Investment banking division: Dubai, Frankfurt, Madrid, Moscow, Paris and Stockholm
• Corporate banking: Amsterdam, Athens, Beirut, Dubai, Frankfurt, Johannesburg, Kuwait, Madrid, Moscow, Stockholm and Zurich
• Management associate: Dubai
• Sales and trading: Johannesburg
• Securities and fund services: London and Dublin
• Treasury and trade solutions: Algeria and Dubai

Deadline: Recruits on a rolling basis

Commerzbank

What’s available?
• Corporate banking, Paris.

Deadline: TBA

Credit Suisse

What’s available?
• Change management roles, London.
• Investment banking division, Paris

Deadline: TBA

Deutsche Bank

What’s available?
• Corporate finance, London
• Technology, Birmingham, UK

Deadline: TBA

HSBC

What’s available?
• Technology, London
• Securities services, London
• Global markets, Paris and the Middle East
• Equity capital markets, Paris
• Advisory, the Middle East

Deadline: TBA

JPMorgan

What’s available?
• Operations, Bournemouth (UK) and Dublin
• Finance, asset management, London

Deadline: 19 January for operations and 22 December for asset management

Mitsubishi UFJ

What’s available?
• Technology

Deadline: 5 January 2014

Morgan Stanley

What’s available?
• Technology, Budapest.

Nomura

What’s available?
• Sales, trading and structuring, London
• Operations, London
• Technology, London

Deadline: 5 January 2014 for sales, trading and structuring. 31 January for operations and technology

Perella Weinberg

What’s available?
• Corporate advisory analyst (French speaker), London

Royal Bank of Scotland

What’s available?
• Capital markets analyst, London
• Operations, London, Manchester, Newcastle-under-Lyme
• Technology, London

Deadline: 31 December for operations and technology. 14 January 2014 for capital markets.

UBS

What’s available?
• Compliance, London
Deadline: TBA

L’Autorité Bancaire Européenne (EBA) s’apprête à publier l’ensemble des critères permettant de définir les banquiers « preneurs de risques ». Autrement dit, les professionnels qui se verront soumis à la nouvelle réglementation européenne d’encadrement des bonus et, surtout – vrai nouveauté – les cas où des exceptions pourront être faites. L’essentiel de ces assouplissements ont été dévoilés dans le communiqué publié vendredi dernier.

Rappelons d’abord que les bonus versés en 2015 (au titre de l’année 2014) seront plafonnés à 100% du salaire fixe. Seule exception introduite déjà en son temps par Bruxelles : un plafond à 200% du fixe avec l’accord de deux-tiers des actionnaires. Et une décote de 25%, accordé au bon vouloir des Etats membres, sur la partie du variable soumis un paiement différé à une échéance d’au moins 5 ans.

Un assouplissement du reste dérisoire pour les banques, qui distribuent en France à leurs « meilleurs éléments » (au-delà du million d’euros) des bonus représentant près de 5 fois leur fixe. Ce qui, au passage, fait de la France le plus mauvais élève au regard de la nouvelle réglementation.

Avant de soumettre le dispositif à la Commission Européenne aujourd’hui, l’Autorité bancaire européenne a manifestement fait montre de pragmatisme en assouplissant d’ors-et-déjà l’application de la contrainte de plafonnement des bonus en exemptant certains banquiers.

En principe, un banquier « preneur de risque » doit 1) appartenir au management de la banque, ou disposer de l’autorité suffisante pour exposer la banque à des risques de crédit élevés 2) et/ou gagner au minimum 500k euros par an, faire partie des 0,3% des employés les plus payés au sein de leur établissement, ou toucher au moins l’équivalent de la rémunération la plus basse de la direction générale de la banque.

Toutes ces règles – qui auraient dû concerner 40.000 banquiers en Europe – peuvent néanmoins être levées pour les banquiers touchant plus de 500k euros, à condition que leurs employeurs arrivent à convaincre le régulateur national qu’ils ne sont pas des « preneurs de risques ». Pour les rémunérations supérieures à 1 million d’euros, c’est auprès de l’EBA que les employeurs devront directement plaider. Grâce à ses nouvelles exceptions, 12.000 banquiers pourraient échapper au plafonnement de leur variable au niveau de leur fixe, selon les estimations de l’EBA. D’après un porte-parole de l’EBA, ces exemptions concerneront principalement les professionnels des fonctions support comme les ressources humaines, la finance, la communication…

LIRE AUSSI :

Les banquiers gagnant plus d’un million d’euros, espèce en voie de disparition en France

Les banquiers d’investissement s’attendent à des bonus en hausse, un espoir probablement vain

Vor einer Woche war es wieder soweit: Rund um den Globus brüteten zahllose CFA Kandidaten über den Klausuren zum Level I. Dabei fällt die Erfolgsquote mit 38 Prozent traditionell besonders schlecht aus. Es stellt also keine Schande dar, falls Sie selbst zur Mehrheit gehören und durch eine CFA-Prüfung durchgefallen sind.  Wir haben die acht wichtigsten Gründe zusammengestellt, wieso Sie sich einen Misserfolg nicht allzu sehr zu Herzen nehmen sollten:

1. Wahrscheinlich sind Sie an Ethik gescheitert

Die Ethik-Kapitel tragen mit 10 bis 15 Prozent zum Gesamtergebnis bei. Dennoch wenden viele Kandidaten hierfür die wenigste Zeit auf. Doch ganz abgesehen von den statistischen Effekten dienen die Ethik-Fragen regelmäßig als Zünglein an der Waage. Im Klartext: Wenn es um die Frage geht, ob jemand durchgefallen oder  gerade noch bestanden hat, dann geben die Antworten auf die Ethik-Fragen regelmäßig den Ausschlag.

2. Es gibt immer wieder einen neuen Durchgang

Kandidaten dürfen die CFA-Prüfungen so oft wiederholen, wie sie wollen. Wer also einmal durchgefallen ist, kann es einfach im kommenden Durchgang noch einmal versuchen. Da überdies die Kosten niedrig ausfallen, nehmen viele Leute an den Prüfungen teil, obwohl sie unzureichend vorbereitet sind. Wer letztlich alle drei Prüfungen bestanden hat, dürfte also zumeist ein oder zwei Ehrenrunden hinter sich haben.

3. Der Club der CFA-Charterholder verliert seinen elitären Charme

Falls Sie die Hoffnung hegen, mit einem CFA-Zertifikat in die Elite der internationalen Finanzwelt aufzusteigen, dann unterliegen Sie damit einer Fehleinschätzung. Ein CFA-Zertifikat verfügt sicherlich über einen respektablen Namen und stellt einen Glanzpunkt in jedem Lebenslauf dar. Allerdings erwerben auch immer mehr Mitarbeiter aus dem Back- und Middleoffice die Qualifikation. Bei 23 Prozent der Kandidaten handelt es sich sogar um Studenten.

Noch im Juni 2007 haben an den Prüfungen zum Level 1 lediglich 77.897 Kandidaten teilgenommen. Im vergangenen Juni waren es bereits 118.142 Personen – eine Steigerung von immerhin 64 Prozent. Schon diese Zahlen sprechen nicht gerade von Exklusivität.

4. Ein CFA stellt nicht den direkten Weg zum großen Geld dar

Laut einer Umfrage der CFA Society verdienen die CFA-Charterholder durchschnittlich 155.000 US-Dollar. Nach unseren eigenen Erhebungen dürfte das Durchschnittsgehalt eher bei 66.000 Dollar liegen. Der ehemalige Goldman Sachs-Trader Anton Kreil vertritt sogar die Auffassung, dass die Teilnahme an einem CFA von einem Mangel an Ehrgeiz zeuge, das große Geld in den Finanzdienstleistungen zu verdienen.

5. Der CFA sorgt nicht automatisch für glänzende Karriereaussichten

Die gute Nachricht zum CFA lautet. Charterholder sind nur selten arbeitslos. Weltweit haben lediglich 4 Prozent der CFA-Absolventen keinen Job. Allerdings arbeitet immer noch die Masse der Charterholder in der Fondsverwaltung oder dem Research: 22 Prozent sind Portfoliomanager und 15 Prozent Research-Analysten. Während 36 Prozent der knapp 110.000 Charterholder weltweit im Aktiengeschäft arbeiten, sind lediglich 3 Prozent in Hedgefonds und 5 Prozent in Private Equity tätig.

6. Der CFA ist in Großbanken keineswegs unerlässlich

Die großen Investmentbanken stellen immer noch die Hauptarbeitgeber der CFA-Charterholder dar, dennoch fällt ihr Anteil an den Arbeitskräften auch hier relativ niedrig aus. In den USA stellt die Bank of America Merrill Lynch mit gut 1200 Charterholdern in 2012 den größten Arbeitgeber dar. Als größter CFA-Arbeitgeber im asiatisch-pazifischen Raum beschäftigt HSBC gerade einmal gut 1100 Charterholder. In Europa, Afrika und den Mittleren Osten ist die UBS mit genau 422 der größte Arbeitgeber. Dies kann bedeuten, dass sich die CFA-Absolventen immer noch von den übrigen Mitarbeitern absetzen können. Allerding kann dies auch heißen, dass bei den Großbanken kein wirklicher Bedarf an noch mehr Absolventen besteht.

7. Vielleicht sind Sie nur knapp durchgefallen

Der CFA sieht zehn Kategorien von „nicht bestanden“ vor, wobei die Kategorie zehn dem Bestehen am nächsten kommt. Falls Sie also eine solche Kategorie erreicht haben, dann sind Sie möglicherweise nur geringfügig von einem Erfolg entfernt und die Wahrscheinlichkeit ist hoch, dass Sie es beim nächsten Mal schaffen.

8. Auch bei einem Misserfolg kann sich die Mühe lohnen

Beim CFA geht es nicht nur darum, seiner Karriere einen kräftigen Schub zu verleihen. Bei einer Umfrage des CFA Instituts in 2013 gab die große Mehrheit der Teilnehmer (86 Prozent) vielmehr an, die Qualifikation erworben zu haben, um Fachwissen zu erwerben. Nur 61 Prozent gaben an, dass es bei ihrer Karriere geholfen habe und 51 Prozent, dass das Zertifikat ihnen Zugang zu einem Netzwerk verschafft habe. Auch wenn Sie nicht erfolgreich waren, so haben Sie doch zumindest ihr Fachwissen aufgebessert.

Ähnliche Artikel:

Was Sie unternehmen können, wenn Sie gerade beim CFA Level I durchgefallen sind

Das Schweizer Messer unter den Fortbildungen? Wo der CFA bei der Karriere weiterhilft und wo nicht

Über welche CFA-Fehler sich Prüfer und Tutoren am meisten ärgern

What goes up must come down. This applies especially to jobs at Russian investment banks. One minute Russian banks are bullish and pawing the ground. The next, they’re reverting to their bearish national stereotype and retreating to a cave.

VTB Capital is a case in point. In 2008, VTB got itself a new office in London’s Cornhill – the prestigious former home of Lloyds Bank in the City, doubling its floorspace in the process. It set about hiring senior investment bankers to fill its new premises and in 2011 recruited Atanas Bostandjiev from Goldman Sachs as head of VTB Capital in the UK and internationally (ex-Russia). Bostandjiev proclaimed VTB’s appetite for hiring senior investment bankers for its international business and last year VTB increased its headcount of FCA-registered bankers in the City by 40%. As recently as April, Sue Maple, VTB Capital’s Global Head of Human Resources, told us that the bank was, “continuing to develop its presence in Europe, Asia and North America. “

Now, however, VTB seems to be having second thoughts. Ex-Goldmanite Bostandjiev has produced a strategy document suggesting that VTB Capital fire 40% of its international staff (231 people) in order to save money. Costs at the bank were 95% of revenues in the last quarter and VTB has missed its profit targets for five consecutive years. Bostandjiev reportedly wants to close the equity derivatives, commodities and structured credit trading groups. He also wants to move equity research jobs back to Moscow.

How afraid should VTB Capital’s newly hired bankers be? The bank isn’t confirming Bostandjiev’s proposals, which insiders say are his private opinions. Nor is it explicitly denying them, however. “We are constantly reviewing the execution of our international strategy and fine-tune the model as both the market and our business evolve,” said Alexei Yakovitsky, Global CEO at VTB Capital, “We are generally happy with the progress we made internationally in the last couple of years and expect further growth in the international revenue.”

For the moment, VTB still seems to be hiring. The FCA Register indicates that it added Alexis Bethenod, a specialist in marketing derivative to French corporates in December. It’s also been adding new analysts, like Sanjar Ismailov who previously worked at Credit Suisse and is about to open applications for its 2014 graduate programme. 

If VTB does decide to cut a large portion of its investment bankers, it won’t be the first Russian bank to do so. Renaissance Capital has cut its international staff from 1,200 people at the peak two years ago to just 550 now. Alexander Merzlenko, head of the investment bank in Russia, said the restructuring and cost cutting process at RenCap is now complete.

Are Russian banks a risky bet if you’re looking for a job in banking? Not at all, says Not at all, says Taru Oksman, director at the emerging markets-focused search firm Riverhouse Partners. “It’s inaccurate to say Russian banks are particularly prone to hiring and firing – a lot of international banks have done the same, sometimes by stealth,” she told us. “The key thing here is that the revenue wallet is smaller – the teams in a lot of banks are still way too big for the size of the business we’re faced with now. It’s logical that businesses will recalibrate.”

December is a pivotal time of year to get your resume and social media profiles updated, in sync and given to the right contacts to land your next job faster for the New Year. Whether you are simply updating your achievements, landing a new job or switching careers, it is key to capitalize on the remaining few weeks of 2013 to position yourself to thrive in 2014. Here are eight tips that you can do right now to get your profile and resume up to speed fast and ready for the New Year.

Ensure your resume summary and social media profiles correlate to strengthen your brand across mediums. To communicate your brand effectively, start with aligning the content of your resume summary with your social media profiles to reinforce what position you are targeting and how you go about doing your job. For example, if you are targeting a Senior Portfolio Analyst position, you will want to make sure this target role is written as a title in your resume summary and incorporated into your social media headlines. Having the title listed prominently not only improves your resume/profile keyword optimization, but reinforces to the reader in a split second what position you want by using the right keywords.

New Year = New Look. Give your resume an updated contemporary look to give your resume a renewed appearance and you a rejuvenated sense of confidence.  If your resume has been using the same layout from 3-5 years ago (or <gasp!> longer), it is time to give it an updated makeover. You can still have a conservative format, if that is what you and your industry is calling for, but conservative can still be done in a contemporary manner.

Use keyword position titles in the employment sections of your resume and profile to improve keyword optimization. Do you have a title that seems unique to your company and not a mainstream title for what you do? If so, then consider using the mainstream equivalent in the employment title headings on your resume and social media profiles to improve searchability of your documents. For example, if your title is Business Unit Manager, but you really are performing what would be called Finance Manager to the rest of the world, then consider listing your position on your resume/profile in this manner: “Business Unit Manager (Finance Manager)” to help with the keyword optimization of your target role and the clarity of what you are pursuing in the mind of the hiring manager.

List your most notable achievements for the year. Review the year and note your specific challenges, actions taken to overcome those challenges and proudest successes stemming from those experiences. Aim to have 6-8 accomplishments so you can have solid ammunition to write your resume and profile with possibilities to spare. You want to make sure you have a solid foundation of accomplishment to format your achievement-based document to help land that coveted interview.

Update your resume and profile with new training you have finished, accolades you have been awarded, and any new professional membership you now have. Demonstrate your commitment to your career and lifelong learning by updating the professional development initiatives in which you have participated. Smart employers want to hire motivated, high-caliber professionals who are serious and proactive about their own personal achievement and self-improvement.

Always be looking ahead. Write your resume and social media profiles to be forward looking document that catalogues how your accomplishments are in alignment with results desired by the prospective employer. Do not write backward-looking documents that simply state your employment history. It is important that your resume and profile show where you are going and how you will add value to the next organization you will join.

Ensure your resume and social media profile can stand alone in the event your resume is separated from your cover letter. The purpose of your cover letter is to complement your resume and to entice the reader to want to read your resume and call you for an interview.  However, your resume and profile need to be strong enough to stand on their own to convey your value, and your resume should not be dependent on a hiring manager having to read your cover letter for your resume or profile to make sense.

Be relevant. Cull your experience to focus on the last 15 years of your employment and remove or downplay any work experience prior to the 15-year mark.  Ensure you list relevant achievements for the applied role, and not everything you did just because you are proud of it. It is crucial that your resume list what is recent and relevant or you can lose the interest of employers who may see your laundry list of achievements as overwhelming and irrelevant. Getting rid of the achievements that are not pertinent to the pursued role can give new life and renewed focus to the ones you leave on your resume and profile.

About the Author:

Lisa Rangel, the Managing Director of Chameleon Resumes, is,a former search firm recruiter, certified professional resume writer and holder of six additional job search certifications. She has been featured on eFinancialCareers.com, Investors Business Daily, About.com, BBC, Forbes.com, LinkedIn, Monster, US News & World Report, Fox Business News and Good Morning America. She has authored six niche resume and job search ebooks, including 99 Free Job Search Tips from An Executive Recruiter.

The stereotypical banker is too busy smoking his Cuban cigars and oiling his moustache to care about details. However, anyone who thinks that banking is a relaxed career is very wrong. If there’s one thing a senior M&A banker cares about (after bringing in fees), it’s details. It takes a millisecond for a trained M&A banker to pinpoint font and style discrepancies which the average individual would consider as consequential as the defecatory habits of a dung beetle.

In a bank, the stakes are so high that stress levels are unusually high. Hence, the slightest error from a junior can unleash a torrent of abuse from a senior. It’s easy to understand the stress when you consider that a multi-billion dollar deal can mean millions in bonuses for senior staff.

What’s the worst that can happen? I once heard a managing director scream at an analyst because he discovered an eyelash on the front page of a presentation before a client meeting.

Senior bankers will also abuse juniors by giving them work literally three minutes before the weekend. I’ve endured this many times and I’ve delegated this kind of work to others too. I had to. It’s expected of you. And analysts and interns know very well that it’s part of the job. Where possible, however, I avoided this kind of last-minute delegation, and if the situation was such that 5 minutes to 8pm I asked someone to work on a project that would take all night to do then I also stayed and worked with them.

There comes a point, of course, at which analysts have to start saying no. If you don’t and you accept everything then people will start-offloading work on you. You develop a reputation and you’ll suffer big time. That’s how people’s health deteriorates and they end up looking like they’re 40 when they’re 25. Sadly, I worked with some of these people. They always said, “I’ll only do this for a few years.” But they’re still in the business and they’re headed for a massive health disaster.

If you’re a junior in an investment bank, your employer will be very unforgiving. An investment bank is fiery, possessive and demanding. It and won’t tolerate lack of attention. Accept that, but set some boundaries if you want to keep this relationship long term.

If you have any anecdotes regarding unreasonableness towards analysts in investment banks, please share them using the comments box below…

The ibanker is a former bulge bracket investment banker who founded a family office-backed investment company which provides specialised services to family offices and sovereign wealth funds across the globe. His debut novel will be released in early 2014. He is also producing a short film, A Lucky Guy, which will aim to show viewers the real face of investment banking. Its release is scheduled for mid-2014.

Jedermann kennt abgenutzte Begriffe aus der Werbung: Ein Waschmittel wäscht „reiner als rein“, „weißer als weiß“ und ist „ultrastark“. Auch in Lebensläufen preisen sich Bewerber immer wieder mit den gleichen Begriffen, wie „erfahren“, „teamorientiert“ und „kompetent“ an. Wer zu viele solche Begriffe verwendet, riskiert, dass ein HR-Mitarbeiter bei der Lektüre in Tiefschlaf fällt.

Wir haben unsere Lebenslauf-Datenbank nach Begriffen durchsucht, die besonders häufig – und das heißt zu häufig  – vorkommen und die Sie deshalb vermeiden sollten. Andererseits gibt es Begriffe, die weniger abgenutzt sind und sich daher besser eignen:

Die besonders häufigen Begriffe…

1. „Erfahren“

Viele Leute in der Branche bezeichnen sich als „erfahren“ oder „berufserfahren“. Beinahe 200.000 Mal findet sich ein solcher Ausdruck in einem Lebenslauf. „Bewährt“ und „routiniert“ kommen hingegen nur selten vor.

2. „Team“

In fast 150.000 Lebensläufen finden sich Begriffe wie „Team“, „Teamplayer“,  „Teammanager“ oder „teamorientiert“. Weitaus seltener liest man indes „gemeinschaftlich“ oder „gemeinsam“.

3. „Kompetenz“

In rund 140.000 Lebensläufen findet sich der Ausdruck „Kompetenz“ oder „kompetent“. „Fähigkeit“ oder sogar „Eignung“ finden sich deutlich seltener.

4. „Verantwortung“

Finanzprofis scheinen auch sehr gern „Verantwortung“ für irgendetwas zu tragen, denn immerhin 73.000 Mal findet sich dieser Ausdruck. „Zuständigkeit“ wird hingegen seltener gewählt.

5. „Exzellent“ und „ausgezeichnet“

Die Angestellten der Branche lieben es, aus der Masse herauszustechen. Doch wenn Sie sich als „exzellent“ oder „ausgezeichnet“ bezeichnen, dann folgen Sie tatsächlich nur der Masse. Denn immerhin 59.000 Mal findet sich einer dieser Begriffe in der Lebenslaufdatenbank. Als „mittelmäßig” bezeichnen sich nur 27 Personen.

6. „Global“ und „International“

Fast 72.000 Leute verwenden in ihren Lebensläufen die Begriffe „global“ und „international“. Doch kaum jemand bezeichnet sich als „kosmopolitisch“.

7. „Leistung“

Rund 59.000 Leute aus unserer Datenbank erbringen „Leistung“ und 39.000 können immerhin auch noch „liefern“.

9. „Geschäftlich“ und „geschäftstüchtig“

Etwa 39.000 Leute aus unserer Datenbank können „geschäftlich“ denken, aber nur 117 sind „kundenorientiert“.

9. „Expertise“

Rund 33.000 Menschen weisen wiederum „Expertise“ in irgendetwas auf. Weitaus weniger besitzen „Spezialkenntnisse“.

10. „Zusammenarbeiten“

Immerhin 31.000 Finanzprofis aus unserer Datenbank pflegen die „Zusammenarbeit“.

… und Begriffe, die nur selten vorkommen

1. „Faszinieren“

Kommt in unserer Datenbank lediglich zweimal vor.

2. „Charmant“

Kommt nur 71 Mal vor.

3. „Charismatisch“

Nur 199 Personen bezeichnen sich als „charismatisch“.

4. „Intelligent“

Jeder will „intelligent“ sein, aber nur 1500 Leute verwenden es in ihrem Lebenslauf.

5. „Kultiviert“

Kommt nur 2000 Mal vor. Vielleich sind einfach auch nur wenige Banker „kultiviert.“

Ähnliche Artikel:

Fünf einfache Tipps, wie Sie Ihren Lebenslauf auf Vordermann bringen

Worauf US-Recruiter bei einem Investmentbanking-Lebenslauf zuerst achten

Über welche Lebenslauf-Fehler sich Recruiter besonders ärgern

Jefferies has reported its full year results. If you work at Jefferies they’re not so bad: pay per head is $426k on an annualized basis, which compares fairly well to the $466k Jefferies was paying in 2012. Even better, Financial News reports that Jefferies will be paying its bonuses entirely in cash as opposed to deferred stock, or the sorts of ‘deferred fixed income structured notes’ used to pay managing directors at Credit Suisse.

As ever, however, there’s a catch.

In 2011 and 2012, Jefferies’ all-cash bonuses were contingent on individuals remaining employed by the bank for the entirety of the next twelve months. Anyone leaving during this time has to pay the bonus back. Something similar is almost certainly in place for 2014.

Singapore’s stock exchange (SGX) is closing out a good year for IPOs, with 26 companies going to market this year raising S$6.22 billion, according to new data published by Deloitte Singapore.

This is a hefty 28% increase on 2012′s SGX listings of S$4.86 billion proceeds.  Nearly half of the proceeds raised this year were driven by 11 IPOs in the third quarter, which led to the year-to date listings outperforming the deal flow and volume of IPOs in the first three quarters of 2012.

Dr Ernest Kan, Chief of Operations for Clients & Markets at Deloitte Singapore, says abundant liquidity and positive investor sentiment have propelled Singapore’s IPO market in the past 12 months. Interest in real estate counters remains high, dominating the market over the past year.

Kan says Deloitte expects the Singapore IPO market to remain positive with in 2014. “Even though there remains the prospect of the eventual quantitative easing , we believe our capital market will be resilient as it has grown stronger from the expansion of SGX’s global presence in establishing a strong international investor base and their active outreach to attract IPO candidates.”

Why India might be the next private equity hotspot

The Financial Times reports that India’s central bank governor Raghuram Rajan has started the ball rolling in a bid to resolve the country’s problem with heavily indebted companies that are tightly controlled by industrial tycoons.

Rajan is calling for private equity groups such as KKR and Blackstone to take over distressed companies.

KKR told the FT that  if the central bank’s moves work, private capital will definitely flow into the country.

Why working for a Korean bank could limit your career

Despite a strategy to become global players, many Korean banks have fallen short of the mark, says the Financial Times.

Lack of international experience and weak sales networks, and huge challenges in markets such as China and southeast Asia because of strict regulation and low brand recognition have all hampered their efforts. 

Hong Kong bans former DBS staffer for life 

The city’s securities regulator has banned a former banker at Singapore’s DBS Bank after she was found guilty of stealing US3.4 million from clients between 2004 and 2009, reports Asian Investor.

Ivy Kiu Keen Yee, a former relationship manager, was jailed for over six years, and will never be permitted to work in the industry in Hong Kong again.

Former Deutsche banker’s nasty divorce

Bloomberg reports that a divorce being heard in the UK between former Deutsche Bank executive and his estranged wife has heard claims that they used a charity to save China’s tigers to hide assets while she spent the group’s money on furniture and expensive meals.

Stuart Bray and his wife, Li Quan, are fighting over about 50 million pounds of assets held by Save China’s Tigers, which they founded in 2000. Bray is disputing his wife’s claims that the trust was used as a shelter for their personal wealth.

Those of us working in and around the financial services industry, both here in Asia and globally, live in challenging times: profit and operating margins at banks and funds remain under considerable pressure and will do so for some time yet.

According to a recent McKinsey report, for example, the average bank will need to cut costs by a further 25%, and yet more redundancies are on the cards. Banks have exposed themselves to inefficiencies and duplication by structuring their business by asset class; they should instead organise themselves into an “execution factory”, which handles most flow trading through electronic platforms.

If you work in the back or middle office this doesn’t make for pretty reading. So what can you do to mitigate the risk of being on the wrong end of a cost-reduction decision? Here is some advice:

1) Be more than just a number cruncher

Most financial institutions have outsourced or offshored the majority of their transactional capacity. The operational cost of doing business is too great and the infrastructure required is too inflated and not flexible enough –  the obvious solution is to shift the business model to outsourcing or offshoring.

This means that firms are moving to smaller, high-quality teams that manage vendor relationships. In-house roles now tend to be more qualitative or decision-making, requiring an in-depth understanding of both product and processes.

Businesses need people who can manage risk and know how to escalate issues quickly. Be curious and ask questions, keep learning and make sure you are recognised internally for being technically strong and having sound judgement.

2) Solve problems and manage change

As banks and funds move through this process of outsourcing and offshoring, they need people who can help change the culture and challenge the status quo. If you can demonstrate that you can take a step back, look at current procedure and create innovative ideas for process improvement, you are much more likely to be viewed as an indispensable asset.

Also look to take on more responsibility where possible –  be flexible, open to new ideas, and look to support management throughout the change process. See the change as a challenge, not a threat.

3) Be flexible about your location

This is especially true at the start of your career. If you work within operations and your current employer is offshoring the work you do, be prepared to move to the new location. As the job market within financial services continues to shrink, staying relevant and in employment is key to a successful career.

There are many people who have been out of work for at least 12 to 18 months and are struggling to find new employment within the sector. Some may never do so. Working offshore for a few years could well mean that when you move back to your preferred location you can move into one of the more qualitative roles outlined previously and keep your career on track.

4) Be flexible about your employer

Be open-minded about the company you work for. While once seen as less prestigious than working within the industry itself, third-party vendors are now an attractive long-term option. Many are highly regarded for the work-life balance they provide and for the training and personal development they offer employees. As many are also in growth mode (for all the reasons already outlined) third-party vendors can also offer fantastic career progression across a wide range of locations.

5) Move now if your department isn’t making money

The McKinsey report advised firms to pick their sweet spots in terms of product offerings. The days of being a one-stop shop to clients are long gone and there is no space for non-profitable franchises within any financial institution, irrespective of perceived strategic importance. If you work within an area of a bank that isn’t profitable, explore routes to move internally to a stronger product, or to a different firm that is strong within your area of specialisation.

6) Know your regulations

Also look to keep abreast of regulatory issues and wider trends within the market. This harks back to my previous comments about being recognised as technically strong – any financial services employer wants people who can support business change, growth and development. Sitting with your head down and hoping not to be noticed won’t help you avoid downsizing, but keeping abreast of regulatory changes or software developments, and highlighting their impact to the business, may mean you are looked on favourably or moved laterally when redundancy decisions are made.

Fraser Douglas is the managing consultant of the banking, finance and accounting division of recruiters Links International in Hong Kong.

2014 could be a good year for M&A analysts. UK-focused M&A has been a little inert in 2013, but more dynamism is expected soon. At the same time, big U.S. banks will need to hire more M&A juniors to meet their new commitments to shorter working hours for existing staff.

Goldman Sachs was the first to pare back juniors’ working hours with its so-called ‘Saturday rule’ stating that junior bankers must not work from 9pm on Fridays until 9am on Sundays. Yesterday JPMorgan followed suite with an initiative for ‘protected weekends’ in which its junior bankers have one in every four weekends entirely work-free. Other banks are expected to adopt similar measures.

Both Goldman Sachs and JPMorgan are expected to hire more junior bankers as a result of the initiatives. Goldman has committed to hiring 14% more M&A analysts next year than this year. JPMorgan says it will hire 10% more analysts to cope with the protected weekends.

Separately, Jamie Dimon has sent out a family Christmas card. Shown below, it depicts his three denim-clad Dimon daughters throwing tennis balls around denim-clad Jamie Dimon himself taking a swipe with a tennis racket, and his wife laughing hysterically. There’s also some art which looks like an exploding pillow.

Meanwhile:

Over the past year, Goldman’s shares have climbed 41%. Morgan Stanley is up 72%, J.P. Morgan Chase & Co. is up 31%. (WSJ)

15m messages are still sent by Bloomberg chat every day. Bloomberg wants to make them easier to monitor. (Financial Times) 

JPMorgan and Deutsche Bank are both cracking down on multi-trader chatrooms. (Bloomberg) 

Tom Hayes had planned to be a ‘cooperating witness’ in the LIBOR case and turn everyone else in. Not any more. (WSJ)

Wife of ex-Deutsche Banker says they used money from a charity they founded to buy expensive meals and furnishings. (Bloomberg)

SEC says Fabrice Tourre should personally pay $1.1m in fines. (Bloomberg)

David Hobbs, a former Mizuho trader, has been fined £175,000 by the FCA for allegedly inflating the price of coffee futures in collaboration with Andrew Kerr, a former broker. (The Times)

Goldman Sachs has named Charles McGarraugh, currently head of European mortgage-product trading, global head of metals trading. (Bloomberg) 

Firms are “rethinking risk, collateral management, product control, model validation and front office.” (JohnLothianNews)

How the CFA Charter helped my job search. (300 Hours)

Woman works 30 hours straight, drinks a lot of Red Bull, falls into a coma and dies. (Daily Mail)