If you work for Barclays or RBS, you might be a little fearful that your job will disappear in the months to come. If you work elsewhere, you might be feeling more sanguine. That sanguineness could be misplaced – especially if you’re in Europe.

Bloomberg reports that Europe’s investment bankers have just had the worst January for a decade. Investment banking division (IBD) revenues from arranging mergers, syndicated loans and IPOs and debt offerings fell 22% to $1.5bn, the worst they’ve been since January 2004. The decline comes as banks were hoping for signs of a recovery. Chirantan Barua, an analyst at Sanford C. Bernstein in London said banks are still 20% overstaffed in Europe and that (like Barclays) they need to start dumping expensive senior staff soon.

“There is 20 percent overcapacity in the market,” said Barua. “You don’t solve the compensation problem by firing vice presidents. You need to do managing directors and partners.” Bloomberg notes that none of the five largest U.S. banks has announced any redundancies in their IBD and sales and trading divisions in the past six months. Unless IBD recovers soon, banks will be pushed to cut costs again. It doesn’t help that fixed income sales and trading revenues remain subdued everywhere.

Separately, Tracy Alloway, the U.S. financial correspondent at the Financial Times, came across an interesting job at Goldman Sachs. Goldman is hiring an ‘executive compensation analyst’ based in New York, pointed out Alloway on Twitter. The compensation analyst’s responsibility will include: ‘advising on structure of senior executive compensation programs and general plan design.’ In other words, working out how much Lloyd Blankfein and Gary Cohn should be paid. Strong communication skills are mandatory.

Meanwhile:

Deutsche has appointed Rich Herman global co-head of fixed income based in the US ahead of a push to increase its US FICC market share. (Financial Times)

When the legacy bank is factored in, UBS wasn’t so profitable after all. (Twitter) 

Sergio Ermotti has said UBS is looking at paying fixed allowances to sidestep the bonus cap. (Wall Street Journal)  

Ermotti said UBS had fallen behind on pay in recent  years, but that gap has now been closed. (Reuters) 

Employees in UBS’s ‘corporate centre’ are now the best paid. (FiNews)  

UBS has now been hit with “several” potential class action lawsuits related to its foreign exchange business. (WSJ) 

Ermotti will be tempted to go for growth in the US. That would be wrong. (Breaking Views)

Lloyds has suspended Martin Chantree, a senior currency trader. (WSJ)

The FCA says FX fixing allegations are every bit as bad as LIBOR. (Financial Times) 

The head of compliance at a multinational financial services firm in Hong Kong could earn between HK$1.1million and HK$1.7million (£86,000 and £ 132,000) a year. (Financial News)

Stephen Hester has found a new role leading insurance firm RSA on a salary of £950k, which could be tripled when bonuses are added. (Financial Times) 

How to write a cover letter. (HBR)

A map visualising how the tube strike will affect your commute. (Twitter)

Students considering a banking job in the UK inevitably think of the City of London, but in an era of cost-cutting, most jobs outside of the front office are being shipped off to cheaper locations with a pool of highly skilled graduates who will accept lower salaries than those working in the capital.

The trend of nearshoring is only increasing, with banks employing thousands in UK cities not normally associated with a career in finance. What’s more, it’s not only the operational positions that are going in this direction. More banks – notably Deutsche Bank and its Birmingham operation – are also moving front office roles there.

The reality is that if you’re considering a career in finance, you also need to look outside of London. Here are the key areas that banks recruit for – some are even still hiring graduates and school leavers for 2014.

Bank of America Merrill Lynch:

Where?: Chester, Cheshire

What?: Bank of America Merrill Lynch’s Chester office is a huge hub for the firm, employing over 3,500 people. It started out as a service centre for its credit card business, but now also carries out functions related to the investment bank. BAML is currently recruiting school-leavers with A-levels to carry out functions related to its back office and middle office in Chester, capturing trades carried out by the front office in the City, and also carries out technology infrastructure work there. It plans to add a further 2,000 jobs over the next ten years.

Bank of New York Mellon:

Where?: Manchester, Lancashire

What?: A global transaction settlement centre, or the back office in other words, which now employs over 1,000 people. Along with Pune in India and Pittsburgh in the U.S., it’s one of three locations described by the bank as a “global growth centre”.

Barclays:

Where?: Glasgow, Scotland

What?: Barclays moved to the ‘shared services’ model in 2010, whereby operational functions related to both its investment bank and wealth management divisions would be carried out in its new hub in Glasgow. This created  600 jobs in the Scottish city (and presumably eliminated those in London), but the bank has been expanding the office ever since, and the graduate pipeline is a key component of its recruitment.

Citigroup:

Where?: Derby, East Midlands; Edinburgh, Scotland and Belfast, Northern Ireland

What?: The main operational hub for Citigroup outside of London is in Derby, where it employs over 1,500 people in functions related to its consumer business. In Edinburgh, there are around 350 employees working in fund administration positions and Belfast is a rapidly growing centre for its technology development related to its investment bank and now has over 900 people.

Deutsche Bank:

Where?: Birmingham, West Midlands

What?: Deutsche Bank has big plans for its Birmingham office, which was originally set up as a centre for its operational functions related to the investment bank. It intends to bolster headcount by a further 1,000 people this year. These jobs will be related to operations, but also technology development, which will see hundreds more hired, and a handful of execution sales and trading jobs, which will include graduate opportunities.

JPMorgan:

Where?: Bournemouth, Dorset and Glasgow, Scotland

What?: In Glasgow, JPMorgan employs over 800 people in its European Technology centre, and is continually looking to hire talented graduates who can demonstrate an aptitude for Java, Sybase and .Net to develop IT for its investment bank. However, it’s in the seaside town of Bournemouth where the real hub outside of London for the U.S. bank is – it employs over 4,000 people, some of whom also carry out technology functions, but the majority of which carry out operational and accounting roles. There are graduate opportunities aplenty, which usually extend beyond the typical December deadline for most entry level jobs at the bank. The bank is moving an additional 2,000 roles to Bournemouth over the next two years.

Morgan Stanley:

Where?: Glasgow, Scotland

What?: Morgan Stanley’s Scotland hub has been gradually increasing the range of job roles it offers, related to both wealth management and investment banking. Operations are, perhaps predictably, there, but it also carries out finance, technology development and information security from the office, which now employs over 1,000 people (or around a fifth of the number working in London).

Royal Bank of Scotland:

Where?: Newcastle-under-Lyme, Staffordshire

What?: It is, perhaps, a little ironic that the Royal Bank of Scotland has shunned opening an office north of the border to carry out its operational functions. Instead, it’s the small town of Newcastle-under-Lyme that is the hub for operations jobs related to its Markets & International banking division. IT development work related to the investment bank is also carried out there. The bank also employs operational staff in Manchester. Graduate jobs for 2014 are still open to applications.

Falls Sie nach einem neuen Job im Investmentbanking suchen, dann haben Sie verschiedene Optionen: Sie können sich direkt oder über einen Recruiter bewerben, Ihren Lebenslauf in die Datenbank eines Karriereportals hochladen oder sich ins Networking stürzen. Sofern Sie wirklich hartnäckig und charmant sind, dann können Sie sich auch direkt an einen Manager wenden.

Gleich ob Sie den Manager-Nahkampf wählen oder nicht, es dürfte oft hilfreich sein, schon einmal von den Schlüsselpersonen in der Branche gehört zu haben.

Aus diesem Grund haben wir die Namen von 100 Personen recherchiert, die für eine internationale Karriere bei der Deutschen Bank, Goldman Sachs, JP Morgan oder Barclays relevant sind.

Unsere Liste ist sicher weder vollständig noch repräsentativ. Denn in jeder Bank gibt es sicherlich mehr als diese 25 Entscheidungsträger. Wir haben die bekanntesten Branchengrößen wie die Chefs von Goldman Sachs oder der Deutschen Bank weggelassen. Von denen sollten Sie bereits gehört haben und ein Kontakt mit ihnen dürfte kaum zustande kommen.

25 Personen, die Sie bei Barclays kennen müssen

1. Joe Corcoran – Global head of equities at Barclays. (New York)

2. Bill White - Head of equities electronic trading at Barclays.  (New York)

3. Jonathan Beebe – Head of equities for Europe at Barclays. (London)

4. Nick Wright – Head of equities for Asia Pac at Barclays. (Hongkong)

5. Richard Cunningham – Global head of equities sales at Barclays. (New York)

6. Corinne Grain – EMEA head of equities sales at Barclays. (London)

7. Ester Li -  Barclays’ head of generalist equities sales at Asia ex-Japan. (Hongkong)

8. Will Tovey – Barclays’ head of European cash equities product sales. (London)

9. Richard Evans – Barclays’ chief operating officer for equities. (London).

10. Adrian McGowan – Barclays’ global head of FX trading. (London)

11, Jim Iorio – Barclays’ global head of FX distribution. (New York)

12. Eric Schartz – Barclays’ head of investment banking front office risk and controls. (London)

13. Mike Bagguley – Barclays’ global head of commodities and FX. (London)

14. Ken Baynes – Barclays’ head of GBP liquidity management (Repo). (London)

15. Robert Bogucki – Barclays’ head of commodities trading for the Americas. (New York)

16. Moyeen Islam – Barclays’ senior European fixed income strategist. (London)

17. Tarun Mathur – Barclays’ head of UK rates distribution. (London)

18. Michael Graf – Barclays’ head of USD rates trading. (New York)

19. Marvin Barth – Barclay’s European head of FX research. (London)

20.  Jose Wynne – Barclays’ global head of FX research. (New York)

21. Tim Whittaker – Barclays’ European head of equity research. (London)

22. Larry Cantor – Barclays’ global head of research. (New York)

23. Richard Taylor – Barclays’ head of European investment banking. (London)

24. Mark Warham – Barclays’ head of EMEA M&A. (London)

25. Paul Parker – Barclays’ head of global corporate finance and M&A. (New York).

25 Personen, die Sie bei der Deutschen Bank kennen müssen

26. Andrew Morgan – Co-head of EMEA equity trading. (London)

27. Stuart McGuire – Head of European cash trading and global programme trading at Deutsche. (London)

28. Garth Ritchie – Global head of equities, Deutsche Bank. (New York)

29. Thomas Patrick – Head of equities for North America at Deutsche Bank. (New York)

30. Joseph Spinelli – Head of North American cash equity trading at Deutsche Bank. (New York)

31. Brad Kurtzman – Head of quantitative trading at Deutsche Bank. (New York)

32. Stephane Avis – Head of APAC equities flow and exotic derivatives trading at Deutsche Bank. (Hongkong)

33. Andre Crawford-Brunt – Global head of equity trading at Deutsche Bank. (New York)

34. Rob Ebert – Head of equity sales for APAC at Deutsche Bank. (Hongkong)

35. Neil Hosie – Head of Asian equity trading at Deutsche Bank. (Hongkong)

36. David Folkerts-Landau – head of research at Deutsche Bank. (London)

37. Richard Smith – Director of EMEA equity research at Deutsche Bank. (London)

38. Kevin Rodgers – Global head of FX trading at Deutsche Bank. (London)

39. Thomas Hartnett – Head of core rates trading at Deutsche Bank. (New York)

40. Zar Amolia – Co-head of fixed income currencies and commodities at Deutsche Bank. (London)

41. Wayne Felson – Co-head of fixed income currencies and commodities at Deutsche Bank. (London)

42. Mathew Blackwell – Co-head of Asia fixed income currencies and commodities sales at Deutsche Bank. (Singapur)

43. David Beale – Co-head of Asia fixed income currencies and commodities sales at Deutsche Bank. (Singapur)

44. John Eydenberg – Co-head of US M&A at Deutsche Bank. (New York)

45. Mark Fedorcik – Co-head of US M&A at Deutsche Bank. (New York)

46. Paul Stefanick - Co-head of global investment banking coverage and advisory at Deutsche Bank. (New York)

46. Henrik Aslaksen – Co-head of global investment banking coverage and advisory at Deutsche Bank. (London)

47. Stuart Lewis – Head of risk at Deutsche Bank. (London)

48. Andrew Procter – Global head of compliance at Deutsche Bank. (London)

49. Daniela Weber-Rey – Deputy global head of compliance at Deutsche Bank. (London)

50. Andrew Reid – Head of operational risk management at Deutsche Bank. (London)

25 Personen die Sie bei Goldman Sachs kennen müssen

51. Rob Crane – Co-head of electronic trading for Goldman Sachs EMEA. (London)

52. Stuart McGuire – Co-head of electronic trading Goldman Sachs EMEA. (London)

53. Brian Levine – Co-head of EMEA equities trading at Goldman Sachs. (London)

54. Ian Smith – Head of electronic trading for Goldman Sachs in Asia. (Hongkong)

55. Todd Lopez – Co-head of Americas sales for electronic trading at Goldman Sachs. (New York)

56. Richard Tufft – Co-head of European equity research at Goldman Sachs. (London)

57. John Sawtell – Co-head of European equity research at Goldman Sachs. (London)

58. Arjun Murti – Co-head of Americas equity research at Goldman Sachs. (New York)

59. Robert Boroujerdi – Co-head of Americas equity research at Goldman Sachs. (New York)

60. Robert Drake-Brockman – Co-head of pan-European equity sales at Goldman Sachs. (London)

61. Thomas Stolper – Global head of FX strategy at Goldman Sachs. (New York)

62. Guy Saidenberg – Global head of FX trading at Goldman Sachs. (London)

63. Simon Morris – Head of credit trading for Europe and Asia at Goldman Sachs. (London)

64. Bryan Mix – Global head of loan trading at Goldman Sachs. (New York)

65. Jonathan Meltzer – Co-head of US credit sales at Goldman Sachs. (New York)

66. John Shaffer – Co-head of US credit sales at Goldman Sachs. (New York)

67. Charles Eve – EMEA head of compliance for Goldman Sachs. (London)

68. Gilberto Pozzi – Head of EMEA M&A for Goldman Sachs. (London)

69. Michael Carr – Head of Americas M&A for Goldman Sachs. (New York)

70. Richard Campbell Breedon – Head of M&A for Goldman Sachs Asia ex-Japan. (Hongkong)

71. Charles McGarraugh - Global head of metals trading for Goldman Sachs. (New York)

72. Greg Agran – Global head of commodities trading for Goldman Sachs. (New York)

73. Colleen Foster – Americas head of commodities sales for Goldman Sachs. (New York)

74. Martin Wiwen-Nilsson – European head of commodities sales for Goldman Sachs. (London)

75. Alasdair Warren – Head of the EMEA financial sponsors group for Goldman Sachs. (London)

25 Personen, die Sie von JP Morgan kennen müssen

76.  Patrick Burrowes – Head of cash equities for EMEA at JPMorgan. (London)

77. Simon Taylor – Senior equity salesman for EMEA at JPMorgan. (London)

78. Paul Huxford – Head of equity research for Europe at JPMorgan. (London)

79. Noelle Grainger – Head of Americas equity research at JPMorgan. (New York)

80. Sunil Garg – Head of Asia Pac equity research at JPMorgan. (Hongkong)

81. Andrea Casati – Co-head of Asia Pac equity distribution at JPMorgan. (Hongkong)

82. Kazuma Naito – Co-head of Asia Pac equity distribution at JPMorgan. (Hongkong)

83. Tim Throsby – Global head of equities at JPMorgan. (London)

84. Alessandro Barnaba – Co-head of EMEA sales and marketing at JPMorgan. (London)

85. Sikander Ilyas – Co-head of EMEA sales and marketing at JPMorgan. (London)

86. Marc Badrichani – Co-head of Americas sales and marketing at JPMorgan. (New York)

87. Jeff Bosland – Co-head of Americas sales and marketing at JPMorgan. (New York)

88. Damien Roche – Head of Asia Pac sales and marketing at JPMorgan. (Hongkong)

89. Troy Rohrbaugh – Global head of FX & Rates Trading at JPMorgan. (London)

90. Guy America – Global head of credit trading and debt syndication at JPMorgan. (London)

91. Alex Keil – Head of FX and commodities EMEA at JPMorgan (London)

92. Mitch Rubinstein – Co-head of global oil trading at JPMorgan. (Houston)

93. Leander Christofides – Head of European Distressed & Leveraged Loan Trading at JP Morgan, (London)

94. Camillo Greco – European head of M&A advisory team. (London)

95. Ina De – Co-head of UK investment banking at JPMorgan. (London)

96. Conor Hillery – Co-head of UK investment banking at JPMorgan. (London)

97. Hernan Cristerna – Co-head of global M&A at JPMorgan. (London)

98. Chris Ventresca – Co-head of global M&A at JPMorgan. (London)

99. Mark Goulden – Global head of equities compliance at JPMorgan. (London)

100. Joe Holderness – Chief risk officer for Europe at JPMorgan. (London)

Ähnliche Artikel:

Frankfurt hat das Nachsehen: Wer die neuen Managing Directors von Morgan Stanley sind

An welchen beiden Punkten sich eine Karriere im Investmentbanking entscheidet

Haben Frauen im Investmentbankbanking überhaupt Karrierechancen?

Moving to a role in Dubai hasn’t always been the safest option in recent years, with a lot of international banks scaling back in the region, but the largest international financial centre in the Middle East has been consistently successful in increasing headcount while more developed countries have scaled back.

There are now 15,600 people working in the Dubai International Financial Centre, an increase of 11% on the number in 2012. 1,600 jobs have been created over the past 12 months, despite announcements of job cuts within most of the international institutions in the region, as over 1,000 new companies have flocked to Dubai.

Those firms engaging in expansion are not the bulge bracket banks, but the likes of Wells Fargo, Napier Park Global Capital, Carnegie Asset Management and Samena Capital, who have all opened offices in the DIFC over the past year.

Still, taking a job in the region can be considered something of a gamble, largely because international firms’ strategy on the Middle East remains in a state of flux. For example, Lazard Asset Management has just hired a team of equities asset managers from ING, following their resignation last week. Lazard had previously closed its office in Dubai. ING, meanwhile, had been one of the few international firms in the region to operate a fully-fledged asset management business, but now its Dubai office will remain as a sales office.

Similarly, UBS had continued to build its MENA operation while cutting back elsewhere in the world, but its most recent accounts show an 8% drop in headcount in the region during 2013. Back in 2008, most global investment banks shifted their top people to Dubai, only to relocate them back to London and New York following a deal drought.

The growth has come from regional companies outside of the DIFC – First Gulf Bank announced plans this week to hire 30 investment bankers in 2014, while regional firm Arqaam Capital is expanding into Saudi Arabia, following a period recruiting for its Dubai office.

The fact remains, however, that within the confines of the DIFC the past two years have seen an additional 3,600 people employed, an impressive feat during a time when most financial centres were shrinking.

Europe remains the primary source of companies in the DIFC, comprising 34% of the total, followed by the Middle East (29%), North America (15%), Asia (12%), while 10% of firms are from elsewhere in the world.

Banks are hiring accountants again. It’s all happening according to recruiters, who claim that banks are once again scouring the newly qualified ranks at the Big Four for people who might be able to fill their vacancies in M&A, equity research and finance.

But before eager accountants leap into banking roles, it’s worth considering that careers in banking may not be as exciting as they seem.

“We have a lot of boomerangs,” says Dan Richards, head of recruitment for the UK and Ireland at EY. “A lot of our people leave, and then come back again.”

Much has been made of the tortuous working hours faced by junior bankers on M&A teams, conditions which could turn the mind of any newly qualified accountant who thinks banking is a glamorous alternative to audit. Less has been made of the fact that a lot of the accounting jobs in investment banks are actually a bit boring.

A case in point is product control, which involves working closely with traders to analyse their trading activities, report their profits and losses and verify the values of the positions they hold. ”Product control gets very repetitive, very quickly,” says Paul Stewart, senior financial officer at Canaccord Genuity Wealth Management and a former product controller. “It can be exciting at first – you’re learning about new products and dealing with traders, but after a while you find yourself doing the same thing day after day.”

Product control: tedium and repetition 

For all its repetition, product control can also be a stressful career option. Haughty traders have traditionally had little respect for banks’ lowly accounting staff. Jason Hughes, the product controller in JPMorgan’s chief investment office at the time of the London Whale scandal in 2012, was left checking 132 trading positions single handedly, many of them complex derivatives positions. When Hughes challenged JPM’s traders about their dubious valuations, his queries were dismissed and he was told to “talk to management.” More recently, Manas Kapoor, a product controller at Morgan Stanley tragically strangled his wife after being summoned to a disciplinary meeting regarding a multi-million pound accounting error at work.

Product control accounts for most of the finance hiring in banking. Historically, banks sucked up accountants from around the world to become product controllers in locations like London and New York. This has changed as the more mundane product control roles have been off-shored. In Europe, Goldman Sachs continues to base many of its product controllers in London, although in New York many of the firm’s product control jobs have moved to Salt Lake City. Banks like JPMorgan have shunted product control roles globally to Mumbai.

Tom Stoddart, director at recruitment firm Eximius finance, says off-shoring has reduced banks’ demand for newly qualified accountants to become product controllers in the City, but has also made the roles that are left behind more interesting. “There still needs to be some quality control at the coal face in London. There’s more emphasis now on supporting traders and offering advice on positions rather than just calculating yesterday’s P&L.”

Bigger bids for experienced staff

Stoddart says banks are hiring fewer newly qualified accountants into these mundane P&L-calculating jobs and are instead focused on recruiting experienced accountants for the new advisory positions. In London, there’s a shortage of product controllers with two to five years’ post qualification experience, he says: “People are getting 10-15% increases in salary to change jobs and the salary for an assistant vice president in product control has gone from £65k to £85k [$106k-$139k].” It’s sometimes possible to get a 0-20% bonus on top of this, says Stoddart, but bonuses are now, “0% more often than 20%”, he adds.

There are advantage to quitting accounting for a finance role in a bank. Once you’ve spent a few years in product control, ex-product controller Stewart says you can jump into, “any number of things, like risk and project management.” Accordingly, former product controllers are to be found managing OTC derivatives clearing projects and working as ‘divisional risk financial officers.’ Far fewer actually become traders, much as they may want to.

There are also opportunities for former product controllers to return to the Big Four firms where they gained their accounting qualifications often in consulting or advisory roles. “It’s a two-way model,” says Richards at EY. “People leave for banking and then come back to us. We have advisory opportunities across the firm.”

Richards cautions restless newly qualified accountants from leaping into banking jobs too soon, however. “You’re better off waiting for two years post qualification before you make the move. That way some of the more interesting finance roles in banking will be open to you.” Newly qualified accountants typically go into the more simplistic product control roles, says Richards – and can end up regretting it.

Yesterday was UBS’s results day. The Swiss bank did very well. It increased profits by 760% in the core investment bank (although compensated for this by making some big losses in the legacy investment bank) and paid everyone more money. In the words of chief executive Sergio Ermotti, UBS is now closing the gap that had opened up between itself and other investment banks when it comes to pay.

Over at Deutsche Bank, things aren’t so happy. As we reported last week, Deutsche has cut spending on pay for its investment bankers by 14% and is having some issues with its core fixed income sales and trading business.

Analysts at Deutsche have looked across to UBS’s investment bank and decided that they like what they see. The two charts below illustrate why (UBS is taking market share and generating a handsome return on equity).

Société Générale a présenté hier le nouveau visage de sa banque privée, désormais véritable partenaire de la banque de détail. Si la nouvelle organisation profite à 37.000 clients des réseaux qui se voient « upgradés » en banque privée (le seuil du ticket d’entrée passant d’1 million à 500.000 euros), elle présente aussi potentiellement de nombreuses opportunités de mobilité interne et d’offres de postes à l’externe.

Certes de nombreuses embauches ont déjà été réalisées avec l’ouverture ces dernières années de 8 centres régionaux de banque privée. Mais selon la banque, « près de 200 nouveaux banquiers privés et experts localisés dans une centaine d’agences Société Générale réparties sur quatre-vingt villes rejoindront le dispositif existant », indique un communiqué.

Sur ces 200 collaborateurs, une « grande majorité des recrutements s’opèrent en interne », nous confie un porte-parole, selon lequel le processus est déjà bien avancé. Ce dernier évoque l’exemple de conseillers en gestion de patrimoine de la banque de détail pour la clientèle « haut de gamme » recrutés et formés en interne par la “PRIV University”, un programme de formation dédié au personnel front office de Société Générale Private Banking, lancée en 2007.

Les passerelles avec la banque d’investissement sont également possibles, à l’instar de Jean-François Mazaud, nommé en 2009 directeur de Société Générale Private Banking (SGPP) après avoir fait toute sa carrière chez SGCIB. Les banquiers d’investissement sont recherchés avant tout pour leur expertise technique et basculent à ce titre vers des postes de conseillers en investissement, et non des postes de banquiers privés. Le renforcement des équipes est une nécessité alors que la nouvelle banque privée s’apprête à gérer 50 milliards d’euros contre 19 milliards jusqu’à maintenant. La banque peut être ainsi également amenée à chercher des compétences à l’extérieur, comme le montre cette annonce de conseiller en investissement obligataire.

Au total, la banque aurait anticipé une cinquantaine de recrutements externes sur la banque privée, surtout en province, selon un consultant en recrutement parisien, qui a souhaité garder l’anonymat. « Ce chiffre est finalement peu élevé par rapport aux centaines de recrutements prévus par SGPP à Luxembourg et surtout en Belgique pour gérer notamment le rapatriement des actifs des non-résidents belges logés au Luxembourg d’ici à 2015 », commente ce recruteur.

De leur côté, les banques françaises ne sont pas en reste. Ce ne sont pas moins de 12.000 exilés fiscaux repentis de Suisse et d’ailleurs – avec en moyenne un portefeuille de 300.000 euros, selon Les Echos –  que les établissements parisiens cherchent à séduire. Société Générale fait, à travers l’annonce de sa nouvelle banque privée, comprendre qu’elle se tient prête.

You’re halfway through your MBA and are on the lookout for a financial internship. How do you decide where to look? And, if you’re lucky enough to get multiple offers, which one should you take? It’s all about doing your homework, identifying opportunities and sniffing out red flags.

Your goal

Many candidates, even mature MBAs, fall in love with the name of a bank, consulting firm or accounting giant while disregarding the true purpose an internship. Before getting started, identify exactly what you want to get out of the experience, even if the answer is as simple as a paycheck. Here are a few of the most common goals, courtesy of Dan Bauer, CEO and founder of business school admissions consulting firm The MBA Exchange.

• To explore a new function or industry that you might like to pursue after graduation.
• To get a foot in the door at the specific company that you intend join later as a full-time employee.
• To add a prestigious Fortune 100 corporate brand that will enhance your resume.
• To make as much money as possible so that you’re post-MBA debt load is a little lighter.

“Once you have your objective set, then you can identify the companies and opportunities that align best with your end game,” he said.

Research

After developing your short list, do some homework before applying and sitting down for interviews. Talk to the career services staff at your business school and ask how many members of last year’s MBA class interned at the targeted firm, how many received and accepted offers for full-time jobs upon graduation, and what level of compensation they received, Bauer said.

“If the numbers are small or inconsistent, then ask whether the company is extending few offers or whether the candidates are opting for better opportunities elsewhere,” he added. You should also grab coffee with second-year students who interned a year ago at the firm in question and ask tough, pointed questions, judging their level of enthusiasm as well as the content of their message.

The interview

You’ll obviously spend nearly every bit of energy trying to win over your suitor, but remember it’s a two-way street, especially considering the dearth of young talent entering banking these days.

One great question to ask: where are your interns now? Quality firms – and business units within those firms – can talk about past interns, what their experiences were like, and if they were hired, where they are now in the company, said Wendy Flynn, founder of MBA admissions consulting firm, MBA Admissions Coach.

It’s fair game to ask if you can speak directly with past interns to get a feel for the organization and its culture, Bauer said.

You’ll also want a firm that has a clear goal in mind for you, including a plan for your internship, concrete responsibilities and training along with measurable goals that will be achieved by the end of the internship, said Flynn. You’re also likely to take more away from the internship and gain more contacts if given access to multiple projects that will expose you to a variety of areas of the firm, rather than being pigeonholed into one assignment.

Other things common to strong internship programs include: opportunities to interact with senior leadership, the presence of an internship coordinator (to help keep you from getting run into the ground), and the promise of an evaluation at the end of the program, said Flynn.

Don’t worry too much about a firm’s current performance but always recognize the power of general name recognition, Bauer said. “A firm experiencing flat performance could be the ideal place for you to learn and grow, but remember the company “brand” will become a permanent fixture on your resume for the next 40 years, so be cautious,” he said. “An internship at a troubled or controversial firm (think SAC Capital) is not very career enhancing in the long run.”

Red Flags

While assessing the opportunities provided by each program, keep your eye out for these red flags, courtesy of Flynn.

• A company scheduling internship interviews in April, May or even June has clearly not prepared for the addition of interns for their summer operations.  This is the sign of a last minute decision, and as a result, they are likely to hire the individuals who didn’t get hired by any of the other companies.
• Lofty promises, but no clear description of what you will do during the internship.  It’s difficult to determine exactly what kinds of experience you will gain during the internship.
• It is not yet determined which area you’ll be assigned to, or who your manager will be.
• Interviewer seems to be more interested in your availability than your skill set.
• Distracted or overscheduled/fatigued interviewer who is not fully engaged with you during the interview.

An Ratgebern für Lebensläufe herrscht gewiss kein Mangel. Allerdings unterscheiden sich die Anforderungen je nach Branche und Beruf gravierend, was die meisten Ratgeber schlicht unterschlagen. Daher haben wir Headhunter und ehemalige Investmentbanker gefragt, was sie in der Praxis regelmäßig an Investmentbanking-Lebensläufen stört und wie Bewerber es mit wenigen Handgriffen besser machen.

1. Im Zentrum steht immer die Transaktionserfahrung

Einer der verbreitetsten Fehler in Investmentbanking-Lebensläufen sei ihre Oberflächlichkeit, beobachtet Headhunter Thomas von Ciriacy-Wantrup von Fricke Finance & Legal in Frankfurt. Manche Kandidaten würden nur angeben, dass sie zwei, drei Jahre als Analyst und Associate hier und dort gearbeitet hätten. „Das ist nicht genug“, warnt von Ciriacy-Wantrup. „Ganz wichtig ist, dass man herausarbeitet, wie die eigene Rolle bei der Transaktion aussah. Das muss plastisch werden“, empfiehlt von Ciriacy-Wantrup. Bewerber müssten detailliert darlegen, an welchen Börsengängen, Emissionen von Unternehmensanleihen und M&A-Deals etc. sie mitgewirkt haben.

Ganz ähnlich sieht dies Headhunterin Angela Hornberg von Advance Human Capital in Frankfurt, die früher selbst in mehreren Positionen im Fixed Income-Geschäft tätig war. „Wenn jemand schreibt, er habe z.B. als ‚Sales für institutionellen Anlegern in Deutschland‘ gearbeitet, dann genügt das nicht“, warnt Hornberg. Schließlich sei es ein Unterschied, ob es sich um einen Großkunden wie die Allianz oder Sparkassen handle. Jeder Kandidat sollte z.B. angeben, welche Produkte er verkauft habe und an wen und wie hoch die damit erzielten Erträge ausfielen. „Zahlen stellen gewissermaßen das goldene Eingangstor dar“, sagt Hornberg.

Wenn ein Junior angibt, dass er an einer großen Transaktion wie z.B. der Übernahmeschlacht zwischen Porsche und Volkswagen dabei war, dann stellen sich beim Arbeitgeber schon Zweifel ein, ergänzt von Ciriacy-Wantrup. Schließlich dürfte ein Junior bei einem so großen Deal keine zentrale Rolle gespielt haben. „Vielleicht hat er nur die Tasche seines Chefs getragen“, lacht von Ciriacy-Wantrup. Daher rät der Personalexperte genau herauszuarbeiten, ob man am Research, der Business Modellierung oder bei der Erstellung der Präsentationen mitgewirkt habe.

Auch müssten die Kandidaten ihre Branchenerfahrung skizzieren. Viele Banken unterhielten Analysten Pools, aus denen sich die verschiedenen Teams wie Automotive, Konsumgüter, Financial Services oder Chemie und Pharma bedienen. Doch gesucht würden oft Kandidaten mit einer konkreten Branchen-Expertise.

Selbst wenn für die Transaktionen eine Vertraulichkeitsklausel vereinbart worden sei, könnten Kandidaten Angaben zu Branche, Volumen, Art des Geschäfts und den eigenen Tätigkeiten machen. Weiter sollten die Bewerber anführen, ob das Geschäft z.B. mit Pitching, Closing oder Signing beendet wurde.

2. Junior Banker sollten keine absurd lange Transaktionsliste beifügen

Bei den Transaktionen ist weniger manchmal mehr, was vor allem für jüngere Banker gilt. „Wenn ein Junior genauso viele Transaktionen wie ein Managing Director angibt, dann lädt dies nur zu sehr hartnäckigen Nachfragen ein“, warnt Sabrina Tamm von Financial Talents in Frankfurt, die selbst früher in M&A gearbeitet hat. Dies wirke unglaubwürdig. „Man sollte nur Transaktionen aufführen, zu denen man auch fünf Fragen beantworten kann.“

3. Immer einen Lebenslauf auf Deutsch und Englisch bereithalten

Von Ciriacy-Wantrup rät bei Bewerbungen in Deutschland immer einen deutschen und einen englischen Lebenslauf vorzuhalten. „Selbst bei einer amerikanischen Investmentbank erfolgt die Administration in Deutschland“, gibt Ciriacy-Wantrup zu Bedenken. „Andererseits wird irgendwann in dem Bewerbungsprozess immer ein Englischsprachiger mit am Tisch sitzen.“

Der Headhunter empfiehlt selbst den englischen Lebenslauf nach deutschen Kriterien anzulegen. Er sollte also Geburtsdatum und Foto enthalten, obgleich dies in den angelsächsischen Ländern unüblich oder sogar verboten ist.

4. Ein Lebenslauf darf mehr als nur eine Seite umfassen

Nach den Erfahrungen Tamms seien die Absolventen der Business Schools bereits recht versiert darin, Lebensläufe zu verfassen. Dabei würden sie oftmals die angelsächsische Form bevorzugen. So würden sie auf ein Foto verzichten und den gesamten Lebenslauf auf einer einzigen Seite unterbringen. „Allerdings freut sich so mancher deutscher Personalchef, wenn er anderthalb Seiten lesen kann.“

Den angelsächsischen Trend, den gesamten Lebenslauf auf einer einzigen Seite unterzubringen, sieht Hornberg kritisch. „Die Schrift wird dann so klein, dass Sie zu einer Lupe greifen müssen“, warnt die Expertin. Aus diesen Gründen würden viele Personalmitarbeiter in Deutschland einen mehrseitigen Lebenslauf sehr wohl schätzen.

5. Die Tücke mit den Hobbies

Bei der Angabe der Hobbies im Lebenslauf gelte es Augenmaß zu wahren. „Skifahren oder Jogging ist vollkommen O.K.“, meint Tamm. „Wenn Sie aber intensiv Leistungssport betreiben und vielleicht bei einer Fußballmannschaft in der Oberliga spielen, dann stellt sich dem Arbeitgeber die Frage, wie sich dies mit den langen Arbeitszeiten verträgt“, ergänzt Tamm. Ein leistungssportliches Engagement in der Vergangenheit hinterlasse indes einen guten Eindruck.

6. Die Grundlagen müssen stimmen

Es scheint selbstverständlich und dennoch: „Rechtschreib- und Kommafehler gehören nicht in den Lebenslauf“, warnt Tamm. Daher sollten Kandidaten ihren Lebenslauf möglichst zwei Freunden zum Gegenlesen vorlegen.

Laut Hornberg müsse ein Lebenslauf grundsätzlich in Bullet Points verfasst sein. „Kein Mensch will Romane lesen“, warnt die Expertin.

Die Arbeitgeber wollen auch  immer noch die Abiturnoten, einen einschlägigen Studiengang, ein zügiges Studium sowie gute Noten sehen, ergänzt von Ciriacy-Wantrup. „Viele Adressen suchen immer noch nach dem roten Faden im Lebenslauf.“

7. Der Trick mit dem schriftlichen Elevator-Pitch

Hornberg empfiehlt den Lebenslauf mit einem Kurzprofil zu beginnen, das die Quintessenz des Lebenslaufes im Sinne eines Elevator-Pitches pointiert hervorhebt. „Fassen Sie mit wenigen Worten das Wichtigste zusammen“, rät die Expertin. „Dann liest ein Arbeitgeber den Lebenslauf gleich mit ganz anderen Augen.“

Hier ein Beispiel für ein gelungenes Profil:

• Erfolgreicher Aufbau des Leveraged Finance Geschäftes in Deutschland und Positionierung im europäischen Ausland
• Exzellentes Know-how im Bereich Leveraged Finance, Abschluss zahlreicher LBO-Transaktionen
• Ausgeprägte Stärke in der Neukundenakquisition und im Client Relationship Management
• Branchenexpertise in verschiedenen Industriebereichen

Ähnliche Artikel:

Der Elevator Pitch oder wie Sie Ihre Karriere in 30 Sekunden voranbringen

Der kleine Ratgeber für eine erfolgreiche Initiativbewerbung

Die sechs verbreitetsten Fehler in Studenten-Lebensläufen

If you work in the City of London, you may be dreading your trip home today. If you work in Canary Wharf, you might as well sleep at the office. There’s a tube (subway) strike on and the commuting scenes this morning were grisly.  

Fortunately, people with a banking bent are well-used to arduous journeys. Except air hostessing, few other industries offer the same potential for amassing air miles. The head of one investment bank (UBS) may even have met his spouse  aboard a plane. 

We asked a selection of senior investment banking staff how they deal with the demands of their peripatetic profession. Their answers are below. They apply to air travel, but some may be equally applicable when you’re trying to get to the other side of the city along with several million other people and the public transport system is down.

1. Have several stiff drinks. Skip the laid-on entertainment

“I tend to get drunk in the lounge and sleep on the flight,” says one senior equities professional. “I don’t watch films – they’re a waste of time.”

2. Use earplugs 

“I get a huge competitive advantage from wearing ear plugs while I travel,” says @CT_Osprey, an anonymous institutional equities professional based in New York. “They eliminate background noise and give you far less stress. Noise-reduction headphones are a flashy waste of time and don’t make it silent.

3. Take a Kindle 

“On a long haul flight, I take a Kindle for reading books,” says Maxwell Maximini, a pseudonym used by the private banker behind the Banker’s Umbrella Blog.  He says a Kindle is better than an iPad because it doesn’t tire your eyes. “I  load any analysis I need into that in pdf format, but to tell you the truth I’ll probably spend 75% of the time on light reading like a thriller or a sports or political biography.”

4. Bring wet wipes and wise clothing

“If you’re delayed or miss a flight you might be stuck in an airport somewhere for a long time and when you’re jet lagged, sweaty and smelly a few wet wipes to wash yourself are nearly as good as a proper shower,” says Maximini. He also advocates rolling rather than folding clothes when you pack them and wearing a shirt with French cuffs, “just so I cannot possibly forget to take cufflinks with me.”

5. Be pleasant to the staff 

However bad things are, don’t take things out on the travel attendants. They are your friends. If you have an earache, The Epicurean Dealmaker (a NY-based M&A banker and blogger) advises that you, “have flight attendant put a paper towel moistened with hot water in a styrofoam cup, then cup it around your ear. It helps.”

6. Be thankful 

However bad work-related travel is, it could be worse. You could have children with you.  ”In my opinion, people flying business class on their own who make a big deal of it need to try flying economy with three young kids,” says one London-based macro trader. 

If you’re an expat working in a Gulf state, localisation initiatives should be a concern. Most financial services organisations, along with every other private sector firm, is looking to hit a quota, ensuring that around 40-45% of the workforce comprises nationals. In order to do this, banks are not averse to ousting foreigners, particularly those in executive positions who can be replaced by a talented national candidate.

And yet, for all the pomp around hiring intentions and localisation initiatives, over 40% of firms in the financial sector are still failing to achieve their quotas. At least that’s the conclusion of 355 financial services professionals polled by eFinancialCareers on their companies’ attempts to hire locals.

42% of respondents said that their firm had yet to reach their quotas, while 45% said that Emiratisation is not adding any value to the business.

Localisation quotas are a headache for financial services organisations, which have to compete against cushy, high-paying public sector jobs for a limited supply of candidates. The findings of the survey once again open up the debate as to whether recruiting locals is akin to box ticking – without the relevant training schemes and development opportunities in place, many Emiratis and Qataris are likely to drop out of the sector.

In the past, banks have thrown cash at the problem, offering big pay rises to locals in order to convince them to either join or stick around, which resulted in job-hopping. National candidates want more: “The banking sector isn’t as appealing to Emiratis – job numbers have shrunk, pay rises are less common and the negative perception has turned many off from the industry,” AbdulMuttalib Al Hashimi, managing director of Emiratisation consultancy Next Level, told us previously. “Emiratis don’t want to be part of a quota, they want to be given a sense of empowerment.”

At an Emiratisation Summit in Abu Dhabi yesterday, HR experts spoke of the need to offer Emiratis clear career paths in order to convince them to stick around. Many enter organisations and are given opportunities in various roles without really being offered any guidance on what direction to take their career. The result is a high drop out rate, they said.

Hamda Al Shamali, senior manager of Emiritisation and local talent at HSBC in the Middle East, said: “You have to talk to them. You have to make time to sit with them and discuss their issues, how their training progression is going on, what they need the HR team to do. Often they feel there is no one there to listen to us and by the time they decide to resign it is too late to try and retain them. He has already made his mind up.”

Most Emiratis end up in retail banking jobs, which often offer inflated salaries in order to lure them into the sector. Standard Chartered, for instance, has 42% Emiratis working for its UAE operation, but 100% of branch managers are locals, as is the case at regional firm Mashreq. It’s possible for branch managers in the UAE to earn up to $200k if they are Emiratis.

The UAE government recently announced plans to increase Emiratisation in the private sector ‘tenfold’ by 2021, which presents more of a challenge to firms competing for a limited supply of local talent. The result is that much of the recruitment is targeted at a graduate level; 53% of survey respondents said their company was trying to meet the localisation quotas through graduate recruitment.

However, another potential stumbling block is the fact that UAE and Qatar are also looking to introduce compulsory military service for 18-30 year olds, so reducing this pool of talent further will add to the recruitment headache.

49% of people responding to the eFinancialCareers survey said that localisation initiatives were focused on retail banking, 39% on Islamic banking and just 7% on front office trading positions.

In spite of the perception that banks are not meeting their localisation quotas, 66% of respondents to the survey believed that schemes aimed at encouraging more nationals into the sector were working.

Les études sur les ambitions professionnelles des jeunes français se suivent et se ressemblent. L’attrait du grand large domine de plus en plus : 47% des étudiants en écoles de commerce et 40% des élèves en école d’ingénieurs souhaitent commencer leur carrière à l’étranger, selon la dernière enquête Universum publiée lundi. Et le volontariat international en entreprise (VIE) semble le tremplin parfait pour répondre à ce projet en particulier dans le secteur de la finance, premier pourvoyeur de postes, avec plus de 1.000 VIE en 2013, soit environ 12,5 % du total de l’année. On comptait aujourd’hui, au moment de la publication de cet article, 128 offres disponibles en finance. Depuis sa création en 2000, plus de 50.000 jeunes de 18 à 28 ans ont effectué un VIE, tous secteurs confondus.

Avant de vous y lancer à votre tour, et décrocher un poste à l’étranger au sein d’une grande banque, d’un assureur, ou encore d’une société de gestion française, mieux vaut en maîtriser les codes et bien réfléchir sur sa stratégie.

Un passeport pour les grandes BFI françaises

Le VIE est un contrat un peu spécial. L’employeur n’est pas en tant que telle l’entreprise dans laquelle s’effectue le VIE, mais Ubifrance, l’agence française pour le développement international des entreprises, qui gère tous les aspects administratifs. La mission doit obligatoirement être faite dans une filiale d’un groupe français, qui signe une convention avec Ubifrance pour préciser ses modalités. On ne parle donc pas d’aller travailler pour JP Morgan à Londres, ou un hedge fund en Suisse. Pour la finance, les recruteurs sont principalement les quatre grandes BFI françaises : Société Générale en tête (environ 500),  BNP Paribas (environ 300), Crédit Agricole et Natixis (environ 150 chacun).

La rémunération du VIE est elle aussi particulière. Elle comprend une partie fixe, d’environ 715 euros, versée par Ubifrance, et une partie variable, qui dépend d’un barème par pays fixé annuellement par Ubifrance. Indemnité qui va de 600 (Tunisie) à 3700 euros (Angola), et est calculée en fonction du coût de la vie sur place. A cela s’ajoute une indemnité de logement versée par l’entité d’accueil. La rémunération est entièrement exonérée d’impôts et de charges sociales en France. Si elle est imposée dans le pays d’accueil, c’est l’entreprise qui paie. D’autres avantages peuvent être procurés, suivant les groupes et les filiales. Le billet aller-retour est toujours remboursé. Une assurance-vie et une protection sociale sont aussi systématiquement incluses.

La stratégie gagnante : bien choisir son VIE et s’intégrer

Dans la finance, le profil type est bien entendu Bac + 5, sorti d’une école (70 % des VIE) plutôt que de l’université. « Deux catégories de gens font un VIE : des jeunes diplômés de 22-23 ans qui veulent une première expérience ; et des juniors de 25-28 ans qui ont déjà deux-trois ans d’expérience et qui cherchent avant tout à se tourner vers l’international », explique Léa, qui a fait son VIE dans une filiale d’une grande banque à Hong Kong. La durée minimum est de six mois, maximum deux ans. « En fait, le contrat de départ est le plus souvent de 12 à 18 mois. 3 mois avant la fin, il y a une discussion pour prolonger jusqu’à deux ans. » 60 % des VIE dans les grandes banques sont en BFI. Elles recrutent dans presque tous les services et sur la plupart des postes de juniors : surtout en marchés, financement, sales et risques ; aussi en back-office, en ressources humaines, en contrôle de gestion, en IT, en marketing.

« Le nombre d’offres permet de prendre le temps de choisir », explique-t-on chez Ubifrance. Toutes les annonces sont hébergées sur le site dédié civiweb.com. 25 % des VIE sont obtenus sur candidature spontanée, un taux bien plus élevé que pour d’autres contrats. Les principales destinations : Allemagne, Royaume-Uni, Singapour, Luxembourg, Suisse et New York. « Il faut tirer jusqu’au bout et prolonger jusqu’à deux ans », estime Pierre, ancien VIE chez Natixis. « Entre les VIE, les expat’, les clients, tu peux te créer un vrai réseau pour trouver quelque chose sur place. Un ami est parti chez un client. » D’après Pierre, cependant, « pour les VIE dans la banque, le switch réussi, c’est faire un stage à Paris, trouver un VIE en Asie, puis être embauché dans la banque et partir à Londres ou New York ».

Le VIE n’est pas un long fleuve tranquille

Il ne faut pas non plus partir la fleur au fusil, en pensant que le VIE idéal mène toujours à bon port. Tout d’abord, il faut passer les process de recrutements, alors qu’il y a environ une offre pour dix candidatures. Ensuite, si la rémunération est plutôt bonne, il faut nuancer ce constat de deux manières : d’une part, dans certains départements (marchés, banque d’affaires, sales…), les indemnités des VIE sont bien en-deçà des salaires et surtout des bonus que peut espérer un junior dans un établissement étranger après quelques mois seulement ; d’autre part, le coût de la vie de certaines destinations peut être prohibitif, d’autant que le VIE doit adopter les modes de vie des expat’ et des collègues, pour s’intégrer pleinement – l’aventure n’ayant pas vraiment d’intérêt autrement.

3000-3500 euros partent souvent très vite dans des villes comme Londres, Tokyo, Genève, New York ou Hong Kong. Il faut pourtant absolument mettre de côté : si les VIE cotisent pour la retraite, ils n’ont aucun droit à l’assurance-chômage. En cas d’absence de contrat à la sortie et de retour en France, la seule ressource pour survivre en cherchant du travail sera donc le RSA.

Enfin, attention aux déconvenues en fin de contrat ! Les renouvellements de VIE ont parfois été remis en cause, dans certaines filiales, suite aux plans de réduction des effectifs lancés par les BFI françaises. Ensuite, la transformation de l’essai, du VIE au contrat à durée indéterminée, est loin d’être automatique. Société Générale annonce 75 % de VIE engagés en CDI. Aucun chiffre n’est donné par les autres banques. Un ancien VIE avertit : « seuls ceux qui ont vraiment su la jouer corporate ont été embauchés à la fin ».

LIRE AUSSI :

Comment entrer dans la banque… par la grande porte !

Classement des Masters Finance qui vous offriront un job le plus vite

The imminent closure of SAC Capital Adviser’s London office has been known about since October, and since then a range of competing hedge funds, including Millennium Capital, BlueCrest and, more recently, Moore Capital, have only been too happy to take on departing traders and portfolio managers.

The two remaining employees after the exodus of front office employees – Famida Daniels, partner, compliance officer and general counsel, and Michael Ferrucci, the chief executive of the London office – left last week, according to the FSA register. Here’s a breakdown of how the numbers employed have dropped since the announcement in October, courtesy of M&A boutique IMAS.

Incidentally, if you want to know a little more about Michael Ferrucci, watch the stirring video below produced by Harvard University about his time as a Lacrosse player there. He was a “great competitor” and one of the “all time great shooters in the sport” who once managed to score a goal in seven seconds. He was awarded Ivy League Player of the Year in 1998, and still sits in the university’s hall of fame.

Ex-elite sports stars famously succeed in the competitive world of the financial sector, and Lacrosse at Harvard undoubtedly fits the mold of the elitist hedge fund sector.

Replacement hiring is so 2013 – this year financial services firms will be positioning themselves for growth. Adding to the newfound sense of optimism for financial services recruitment in 2014, is the new salary survey by recruiters Robert Walters, which points to an increase in competition among banks and finance firms for talent in back and middle office functions, and a need on the part of employers to be more flexible with whom they take on.

Interestingly, the survey suggests salaries for these roles in the City have largely remained static, despite the ongoing demand for risk and compliance staff. The same applies to the supposedly hot area of project and change management.

Only compliance positions in the control room, trade surveillance or regulatory affairs roles have received any sort of salary uplift in the last 12 months.

Instead, the beneficiaries of pay rises (albeit of around £5k) have been those working in senior product control roles within investment banks. Senior product controllers can now expect between £80-120k, says Robert Walters, up from £80-115k in 2013. Hiring managers are looking for people who can “understand how wider issues affect bank revenue and risk”, which has spurred demand for management reporting and product control professionals.

In the world of ‘star’ technologists who lead technology projects that will give investment banks a competitive advantage, it’s also the senior IT professionals who have enjoyed a jump in their salaries. CTOs have seen their salaries swell by up to £20k, while heads of departments and senior programme and project managers, business analysts and developers have all had pay rises.

Below is a selection of salaries for operational, risk, technology, compliance and accounting positions in the UK, courtesy of Robert Walters. The full salary survey will be available on its website shortly.

Have you got lost following the story of Credit Suisse’s investment bank? It’s ok: the bank itself has signposted its strategic development with a lot of bubble charts showing what it likes and what it doesn’t. These charts are available for the past four years and seem to be a favourite of chief executive Brady Dougan, who’s been in charge since 2007.

Below we have the bubble-history of investment banking at Credit Suisse. Matters are complicated by a change in the formatting of the bubble charts around 2012 to emphasise returns instead of revenue growth (itself a reflection of the changing nature of the banking industry), but still – you get the idea.

In 2009: Rates and commodities are it. M&A isn’t

Remember 2009? After the financial crisis, rates and commodities businesses were all the rage (at Credit Suisse), as the chart below from Credit Suisse’s fourth quarter presentation shows.

In 2010: Rates and commodities fading, leveraged finance and emerging markets fortifying

One year later, rates and commodities hadn’t lived up to their promise. Revenues in both businesses were falling. Emerging markets, leveraged finance and (maybe) equity derivative were the new new things.

In 2011: Bubble chart hiatus

There was no bubble chart for 2011. No one knows why.

In 2012: Commodities and FX blacklisted. Global credit products and prime services are the new favourites 

In 2012, bubble charts were back – but they were different. Now they focused on return on capital and market share (rather than revenue growth and market share). On these measures, global credit looked good, as did prime services. FX and commodities both looked very bad. Rates was clearly falling out of favour.

In 2013: Global credit, cash equities and equity derivative are it. Prime services, emerging markets and global macro products are not

In the final installment of Credit Suisse’s bubble chart odyssey, released today, global credit remains hot but prime services are getting tepid. Commodities, FX and rates have seemingly disappeared – subsumed into a whole new unpopular category called ‘global macro products’. Cash equities are heating up, so are equity derivatives. Bubble-wise IBD doesn’t look too bad either.

We await the next installment, probably coming at the end of the first quarter.

Just how vigilant have regulators become in recent years? Two Wall Street traders were fired and are now facing federal charges for committing a parking violation. At least that’s what a tongue-and-cheek headline would read. The actual story is as strange a case of fraud as you’ll hear.

The story begins with a trader named Thomas Gonnella, who was faced with a rather interesting predicament: stick with your current book of assets, with which he seemed rather content, or trade, seemingly, just for the sake of trading. Why would a person do such a thing? Gonnella’s former firm, which Bloomberg’s Matt Levine believes to be Barclays, had a policy in place that penalized traders if their book got stale. “You’re a trader, you should be trading,” goes the theory.

But Gonnella didn’t care to trade, for reasons unknown (although maybe he was just happy with his aged inventory?) Either way, Gonnella had a plan to keep his securities intact while avoiding the bonus hit that would occur with a lifeless trading book. Sell a bunch of securities to a trader at a rival firm, Ryan King, and then re-purchase the bonds, almost immediately, at a loss. It’s called a “parking scheme.” King’s firm would collect some profit; Gonnella would reset the holding period on his book and reap his full bonus. Roughly $174,000 changed firms during a few different “parking jobs.”

Unfortunately for the two, Gonnella’s supervisor caught wind of the scheme and the whole thing came crashing down. The moral of the story, I guess, is when in doubt, do what’s in your job title.

What to Look for in an Internship (eFinancialCareers)

You are in the market for a Wall Street internship. How do you decide where to look? It’s all about doing your homework, identifying opportunities and sniffing out red flags.

DB’s U.S. Push (Financial Times)

Deutsche Bank has named Rich Herman global co-head of fixed income and currencies. He’ll be based in the U.S. and will be charged with rebuilding the German bank’s trading presence in the states. Hiring under Herman could certainly occur.

Fined (WSJ)

New York-based Brown Brothers and its former global AML compliance officer, Harold Crawford, were fined by FINRA for allegedly failing to comply with anti-money-laundering rules. The firm reportedly handled suspicious penny stock transactions without doing appropriate homework.

Moving On (IBT UK)

Citigroup’s foreign-exchange head Anil Prasad will leave the bank at the end of March. Prasad’s departure is not said to be related to the investigation into FX trading manipulation that encompasses nearly a dozen banks. Citigroup’s FICC revenue was down 7% last year.

Many More (Bloomberg)

Meanwhile, Steven Cho and Leland Lim, two Goldman Sachs partners who helped lead the firm’s currency-trading business, have left the bank. No word if the departures were related to the FX exchange probe. Three Deutsche bank currency exchange traders in New York have also reportedly been fired.

IBD Struggles (Bloomberg)

European investment bankers had the least productive January in roughly a decade. U.S. revenue totals were down 11% yet still dwarfed those accumulated by EU banks.

Battle for the Brightest (Business Insider)

Just how competitive is the war over brilliant young talent? Banks, hedge funds and consulting firms now spend as much as $50,000 per recruit. Some are even paying students $100 to explain why they chose not to participate in their recruitment process.

Buzz Around the Office

It’s Just a Slump (Washington Post)

New Jersey Representative Robert E. Andrews is resigning this month, though he claims it has nothing to do with his rather dubious legislative record. Over the past 23 years in office, Andrews has written 646 pieces of legislation. Not one of them became law.

Quote of the Day: “There are stories — legends, really — of the ‘steady job.’ Old-timers gather graduates around the flickering light of a computer monitor and tell stories of how the company used to be, back when a job was for life, not just for the business cycle. … The graduates snicker. ‘A steady job!’ They’ve never heard of such a thing.”
― Max Barry

Working in financial services can be hard work. There are the sadistic clients, the relentless travel, the early mornings, the late nights, the falling away of non-financial services friendships and the need to stay coherent on a few hours’ sleep in the toilets. On the plus side, if you stick it out you still earn more than in any other profession open to academic over- achievers without entrepreneurial aspirations. But how do you stick it out, especially when – anecdotally – a lot of people drop away?

A new study by academics at the UK’s Middlesex and Loughborough Universities* suggests there are six dimensions to resilience in high performers. If you can satisfy each of these requirements, you should be one of the survivors.

The points below are not drawn directly from people in banking, but from elements of commonality in 13 high achievers in 11 different professions in the UK who’d been through a range of different stressors. These included: high workload, demanding clients, organizational politics, peer jealously, workplace bullying, serious financial difficulties, divorce, and the death of a significant other. Nevertheless, the individuals studied had maintained high level, high performing careers. Here’s how:

1. They had a sense of control

They recognized that they’d actively chosen to work in their demanding jobs – it wasn’t a passive thing they’d slipped into. As such, the choice was a positive.

They were also able to prioritize activities in demanding situations and to respond positively to ‘capricious circumstances.’

2. They were flexible and adaptable 

The individuals concerned were able to solve problems creatively, to quickly learn new work practices, to accept and respond positively to change, to be politically aware when working with colleagues and to display emotional intelligence and empathy towards the people they worked with.

3. They had balance and perspective 

The long-term high performers weren’t immersed in their jobs to the exclusion of everything else. They maintained a sense of identity that wasn’t entirely related to their careers. At a minimum, exercise was deemed important, as was reading (non-work related) newspapers. Senior staff had learned to recognize their physical limitations and to self-limit their working hours.

4. They perceived that they had social support 

High performers didn’t feel like they were in it on their own. They felt supported, both by colleagues and mentors and family and friends. High performing men, in particular, felt supported by their wives and PAs.

5. They had positive and proactive personalities 

The high performers studied didn’t sit around and whinge about their lots. They demonstrate an array of desirable personality points, such as: openness to new experiences, conscientiousness, optimism and honesty to oneself. They also seemed to be continually striving for improvement, showing initiative,and constantly seeking out challenge in their careers.

6. They liked and sought-out challenging situations 

Difficult situations were seen as a source of excitement rather than something to be avoided. Many consciously looked for challenging situations and when they made mistakes they reflected honestly about what had gone wrong.

*Ordinary Magic, Extraordinary Performance: Psychological Resilience and Thriving in High Achievers

“Bill de Blasio makes Obama look like Ronnie Reagan,” joked one Wall Street big wig, who half-heartedly threatened to move his firm out of New York.

It’s not an uncommon sentiment on Wall Street. I’ve heard similar complaints from other bankers, albeit without all the drama. De Blasio’s platform has ruffled the feathers of many of New York’s wealthy, who feel a heavy-handed mayor could stunt recent economic growth, or at the least take a bite out of their paycheck. Many Upper East Siders didn’t take too kindly to “plowgate,” either.

The hottest current topic is the mayor’s pre-K plan, which will provide universal education for New York’s pre-K students as well as funding for after-school programs. The issue isn’t the program, but how de Blasio plans on getting the funding: higher taxes on the super wealthy. The bill, if passed, would increase the city’s marginal tax rate from 3.876% to 4.41% on taxable income exceeding $500,000.

How big of an effect would the new tax have? That all depends on how many zeros are in your paycheck. The Independent Budget Office provided us with some general numbers and a few specific scenarios.

If you make between $500k and $1 million, the average additional tax burden would be $973, according to the IBO. So for some top earners, the tax is roughly equivalent to the price of a cup of coffee a day, as de Blasio has said numerous times.

The average burden for those making between $1 million and $5 million is $7,793, for $5m-$10m it’s $33,518, and for the 1,200 New Yorkers who make over $10 million per year, they’ll pay an average additional tax of $182,893. Ironically, there are 40,000 New York City workers who make over $500,000, representing almost exactly 1% of resident filers. So the tax quite literally is aimed at the demographic that de Blasio and other politicians often reference.

Below are four scenarios created by the IBO. The first two are based on standard deductions, the latter two assume itemized deductions that are deemed typical for each income level and household type. It’s not possible to pinpoint what some of the bigger names on Wall Street would be forced to contribute, as we have no idea of their exemptions and deductions, but do some simple math and you can ballpark it.

One thing to remember though. The marginal tax rate being pitched isn’t even a recent high. Mayor Bloomberg had it at 4.45% for a period back in the mid-2000s, according to CNN.

Scenario 1:

Scenario 2:

Scenario 3:

Scenario 4:

If you’re a student trying to break into a role in M&A in Europe, you’d have every reason to believe that prospects were a little bleak. Investment bankers are an optimistic bunch by nature, but the worst start to a year for more than a decade for M&A, syndicated loans an IPO on the Continent will surely have many thinking that employment prospects aren’t great.

However, according to a panel of senior investment bankers speaking at an M&A Outlook 2014 event organised by Cass Business School today, junior level hiring will be exempt from any slowdown.

“We’re still hiring and are not about to cut back graduate recruitment like in previous downturns,” assures a senior Credit Suisse managing director, who cannot be named due to the event reporting rules. “If you cut back, you end up with a very big gap, a desert of bankers three years down the line, so we’ve maintained our commitment to hiring graduates and offering them the right training.”

This is not huge news if you’ve been following the machinations of the investment banking job market. While headcount has been curtailed at the senior level, junior recruitment has been maintained – 500 people at Credit Suisse for the class of 2013, for example. What’s more, after the debate about junior investment bankers’ working hours exploded in the wake of intern Moritz Erhardt’s death at Bank of America Merrill Lynch last year, firms have been offering their juniors extra time off and promising to hire more people to take up the slack.

What’s more, the new tendency for banks to hire ACAs from Big Four accounting firms for corporate finance positions – even if that means training them in financial modelling – demonstrates that investment banks have gaps to fill after cutting back on graduate recruitment during the crisis.

So, what will make for a successful and happy career in M&A? Well, for a start, choose something you’re passionate about, believes another senior investment banker at the event: “Don’t just jump into an M&A position – find something you, whether that’s a particular sector or business area, and then apply this passion to investment banking.”

Fundamentally, banks want to see people who can demonstrate enthusiasm for the sector, rather than technical prowess – although if you have an MSc in Finance you should be able to manage a discounted cash-flow valuation, Professor Scott Moeller, director of the M&A Research Centre, was keen to point out – with most banks priding themselves on their ability to train up raw talent.

“You’d be surprised how many people stare blankly back at me when I ask which of the bank’s recent deals they’d have liked to work on, or what interests them about working in M&A,” said the Credit Suisse MD. “It’s more about what interests you about banking and why, than you’re industry know-how.”

However, despite the need for a demonstration of enthusiasm to get a foot in the door, any student should have a view as to what their next move is. Once you’re in a job that requires around 90 hours a week and, perhaps, giving up most weekends you’re unlikely to have much time for career planning. Know your objectives before you get into banking.

“If you want to move into private equity know what exposure you need within the M&A job in order to achieve that,” said another senior banker. “What kind of exposure do you want – clients, or executives in the firm who can aid your career. Position yourself accordingly; use the job as a stepping stone for whatever you ultimately want to achieve.”

Falls Sie es als Student ins europäische M&A-Geschäft schaffen wollen, dann mögen die Aussichten auf den ersten Blick ein wenig trostlos erscheinen. Denn die Branche muss im Geschäft mit Fusionen und Übernahmen sowie mit Börsengängen zumindest in Europa den schlechtesten Jahresstart seit über zehn Jahren verkraften – keine gute Nachricht für den Arbeitsmarkt.

Doch bei einer Podiumsdiskussion führender Investmentbanker auf der „M&A Outlook 2014“-Veranstaltung der Cass Business School in London am heutigen Donnerstag (6. Februar) wurde schnell klar, dass die Aussichten für Berufseinsteiger weitaus besser ausfallen.

„Wir stellen immer noch ein und wir sind nicht dabei, das Graduate Recruitment wie in den früheren Abschwüngen herunterzufahren“, betonte ein Managing Director der Credit Suisse. Leider darf keiner der Teilnehmer namentlich zitiert werden. „Falls Sie die Neueinstellungen zurückfahren, dann enden Sie mit einer großen Lücke, einer Bankerwüste drei Jahre später. Daher halten wir an den Einstellungen von Absolventen fest und bieten ihnen die richtige Ausbildung.“

Für den, der den Arbeitsmarkt im Investmentbanking aufmerksam verfolgt, stellt dies keine bahnbrechende Neuigkeit dar. Nach der Finanzkrise wurden in der Branche einfach zu wenige Nachwuchskräfte angeheuert. Als Folge davon arbeiten laut Branchenbeobachtern derzeit in manchen Häusern in Deutschland schon mehr Managing Directors und Vice Presidents als Analysten und Associates mit wenigen Jahren Berufserfahrung. Die Personalpyramide stehe gewissermaßen auf dem Kopf.

Überdies stellte der traurige Tod des deutschen Investmentbanking Praktikanten der Bank of America Merrill Lynch Moritz Erhardt für viele Personalabteilungen geradezu einen Weckruf dar. So versuchen sie die ausufernden Arbeitszeiten ihrer Analysten zu beschneiden und stellen schon aus diesem Grund mehr Absolventen ein.

Einige Banken sind sogar dazu übergegangen, Mitarbeiter von den Big  4 mit der Rechnungslegungsqualifikation ACA anzuheuern, um die größten Lücken in ihren M&A-Teams zu schließen – auch wenn die Banken ihnen erst einige Kenntnisse in Financial Modelling vermitteln müssen.

Doch wie gelingt heutzutage überhaupt eine erfolgreiche Karriere im Geschäft mit Fusionen und Übernahmen? Ein anderer leitender M&A-Mitarbeiter rät Studenten bei der Veranstaltung sich einen Sektor auszusuchen, für den sie eine gewisse Leidenschaft mitbringen. „Nehmen Sie nicht einfach irgendeine M&A-Stelle an. Finden Sie etwas Passendes – sei es ein bestimmter Sektor oder ein Geschäftsbereich und bewerben Sie sich entsprechend bei einer Investmentbank.“

Generell bevorzugen Banken Kandidaten, die eine gewisse Leidenschaft für einen Geschäftsbereich und nicht nur technische Fachkompetenz mitbringen. Obgleich jemand mit einem Master in Finance eigentlich eine „discounted cash flow valuation“ zustande bringen sollte, rühmen sich die meisten Banken, selbst rohe Talente gut ausbilden zu können, erzählt Prof. Scott Moeller, Direktor des M&A Research Centres der Cass Business School.

„Sie wären erstaunt, wenn Sie wüssten, wie viele Leute mich verständnislos anstarren, wenn ich sie frage, an welchem der jüngsten Deals der Banken sie gerne mitgearbeitet hätten oder was sie an der Arbeit in M&A interessiert“, erzählt der Managing Director der Credit Suisse. „Es geht eher darum, was Sie am Banking interessiert und warum, als um Ihr Branchenwissen.“

Doch auch wenn ein gehöriges Maß von Begeisterung erforderlich ist, um einen Fuß in die Tür zu bekommen, sollten sich Studenten schon früh überlegen, worin ihr nächster Schritt bestehen könne.  Wenn Sie erst einmal 90 Stunden die Woche in dem Job arbeiten und diverse Wochenenden im Büro verbringen, dann bleibt nicht viel Zeit für die Karriereplanung übrig. Sie sollten sich also Ihre Ziele bereits vor dem Einstieg ins Banking gründlich überlegen.

„Falls Sie später einen Wechsel ins Private Equity-Geschäft anstreben, dann sollten Sie wissen, welche Erfahrung Sie in einem M&A-Job sammeln müssen, um dies zu erreichen“, ergänzt ein anderer Diskussionsteilnehmer. So können Sie beispielsweise Kontakte zu Kunden bzw. Führungskräften in deren Unternehmen aufbauen, was Ihnen später bei der Karriere helfen kann. „Entsprechend sollten Sie sich positionieren. Nutzen Sie den Job als Sprungbrett, für das was Sie letztlich erreichen wollen.“

Ähnliche Artikel:

Der Optimismus ist zurück: Was deutsche Headhunter für 2014 prognostizieren

Über die Branche I: Mergers & Acquisitions

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