Investment bankers in the UK received the biggest average uplift in their bonus payments globally this year, but were still grumbling about being underpaid. Hong Kong-based financial services professionals were paid a pittance by comparison, but were generally satisfied with what they received.

Over 40% of UK respondents to the eFinancialCareers 2014 bonus survey claimed that their payment was below what they were expecting this year. In Hong Kong, only 33% of respondents cited dissatisfaction with their bonus payments.

City bankers said they received an average bonus of $96.5k, an uplift of 29% on 2012, while Hong Kong financial services professionals were handed a mean of $32.6k, or a mere 2% rise. 38% of Wall Street respondents said they were happy with their bonus, but the same proportion said it was beneath their expectations.

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Why were UK-based bankers so unhappy? It may be that the UK market is comprised of senior staff who receive a comparatively higher proportion of their pay in deferred stock.  It also appears that senior staff were more likely to have their pay cut.  Of those respondents claiming a bonus increase in the UK, the average payment was $89k while those whose bonus was reduced received a mean payment of $215k.

It’s also cultural, says Jon Terry, partner in the compensation practice at PwC: “As a very general rule, investment bankers in Asia are less likely to challenge or complain about their bonus payment, but will leave their current position anyway if they feel underpaid. It’s a very Anglo-Saxon trait to complain about bonuses, but many bankers in the UK will feel particularly aggrieved after years of regulatory intervention over bonus payments.”

UK bankers were also the most expectant going into bonus season, with 58% anticipating an increase, while just 42% of those on Wall Street said they expected an uplift.

Click on the thumbnails below to see infographics for the eFinancialCareers bonus survey in the UK and Hong Kong:

Hong Kong:

United Kingdom:

One of the most surprising findings of this year’s eFinancialCareers global bonus survey is the dramatic increase in the average UK bonus between 2012 and 2013.

In 2012, our survey suggested that the average banking bonus in the UK was £45k. However, in 2013 respondents suggested it was £58k. That’s an increase of 30%. Moreover, it’s an increase of 30% at a time when banks’ important fixed income businesses have been struggling and the European Union has been pressing to reduce the proportion of banking compensation that’s paid in bonuses.

So what’s going on? Firstly, we suggest that the ‘mean’ average figure is be misleading. Median bonuses in London rose by ‘only’ 25% last year, suggesting the increase in bonuses is being skewed towards a few high earners. Accordingly, headhunters point to a wide disparity in the allocation of bonuses in 2013 – while senior, high performing staff have done well, many others have done badly. “There’s been a massive amount of divergence in compensation both within institutions and groups,” says Michael Karp, managing partner of institutional search firm Options Group, “We know some banks have paid top performers double what they got last year, while others have had zero. It’s been a very divergent year.”

Secondly, even though 2013 was a bad year for fixed income bankers, it wasn’t so bad for equity sales and trading or advisory professionals. Any rise in bonuses is likely to have been disproportionately skewed towards these sectors. “The larger houses have increased their bonuses in equity research by 10-20% compared to last year,” says Zaki Ahmed, director at Financial Search Limited.

Thirdly, it’s worth noting that the 2013 bonuses measured by the eFinancialCareers survey were not actually impacted by the European Union’s legislation. This legislation, which restricts bonuses to 200% of salaries, came into effect on 1 January 2014 but will apply only to bonuses paid in early 2015. In this context, the UK’s generous bonus round looks like a last huzzah.

Sam Whitaker, a counsel in the compensation practice of law firm Shearman & Sterling says that even when the EU bonus legislation comes into force early next year, it may do little to reduce the overall level of UK bonuses: legislation only applies to so-called ‘code staff’, points out Whitaker. They are in a minority. Equally, Whitaker says many banks have increased salaries and fixed pay in preparation for the coming legislation and are therefore in a position to pay higher bonuses if they want.

Outside the UK market, the increase in bonuses was more modest in 2013. In Singapore, bonuses fell 3% last year. In Hong Kong, they rose a mere 2%. Unfortunately, a year-on-year comparison is not possible for the US market. However, according to our audience, the City of London was the place to be.

Click the infographic below for the full details…

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Bonuses are a funny thing. While it’s mostly about the money, there’s plenty of ego riding on that check, too. Bankers are being judged through a dollar sign and a bunch of zeros that hold both literal and emotional value.

So when things go south and bonuses fall, what do bankers attribute it? And what if their bonuses rise? The answers likely won’t shock you.

Nearly half of all bankers who received larger bonuses in 2013 credited their own personal performance. Just over 20% attributed the bump in incentivized pay to better company results, with the rest pointing to job moves and structural changes, among other reasons. Fair enough.

But then let’s look on the other side of the coin. Less than 10% of those who saw their bonuses drop in 2013 put it on their own personal performance. In the U.S., just 8% of bankers who took home a smaller bonus blamed themselves. In Singapore and Australia, just 2% and 3% did.

UK bankers were the most prone to look in the mirror after seeing their bonus fall. Ten percent blamed themselves over all other factors, up from just 3% the year before. Perhaps British bankers are becoming more introspective, if only slightly.

Meanwhile, firm performance was far and away the most common reason given for personal bonus cuts. In the US and Singapore, 51% blamed firm performance, with another 9% finding their specific department culpable.

Again, UK bankers were the outliers, with only 41% blaming their firm.

Le démarrage de l’année 2014 pour les banques d’affaires en France a été incroyablement bon. Dealogic a diffusé hier de nouvelles données susceptibles de vous aider à cibler les potentiels nouveaux gros recruteurs du secteur : les boutiques.

Au niveau mondial, les boutiques ont conseillé 38% du volume des deals annoncés depuis le début de l’année, contre 31% pour la même période l’an passé, selon Dealogic. L’implication croissante des boutiques dans les plus gros deals est impressionnante : les opérations dans lesquelles elles ont été impliquées en 2014 représentent près de 239 mds de dollars, un chiffre en hausse de 45% en un an. Cependant en termes de revenus, elles restent en queue du peloton des grandes banques, et ne récoltent que 9% environ de la manne totale.

Il est possible que la part de marché des boutiques soit ici sous-évaluée du fait qu’elle est uniquement constituée par les 25 boutiques qui ont généré le plus de revenus d’opérations M&A entre 2011 et 2013. De plus, ces « boutique banks », qui ont typiquement moins de 1.000 employés, doivent réaliser 90% de leur chiffre d’affaires en M&A pour apparaître dans la sélection de Dealogic. Avec une telle méthodologie, de nombreux acteurs disparaissent automatiquement des écrans radar de l’étude à l’instar d’Allen & Co, l’une des banques conseil de Facebook qui pour l’acquisition de WhatsApp annoncée le mois dernier pour 19 milliards de dollars percevra 40 millions de dollars de commissions.

Source : Dealogic

En France, la part de marché de ces 25 top boutiques M&A s’est brusquement réduite en début d’année, à hauteur de 1,5% de la valeur du total des opérations impliquant des acteurs français, contre près de 28% atteint l’an dernier. Pour autant, les boutiques jouent sur le marché français un grand important.

source : Dealogic

Certes peu de boutiques ont les reins solides pour titiller les grandes banques sur le segment des large caps. Néanmoins quelques-unes parviennent aujourd’hui à jouer dans la cour des grands (et n’apparaissent pas pour autant dans le Top 25 pour les raisons méthodologiques évoquées plus haut) : Zaoui & Co, créée en janvier 2013 – à Londres – par les deux banquiers français Michael et Yoël Zaoui ; l’américain Moelis dopé par l’opération géante Omnicon-Publicis, et présent en France depuis 2012 ; et Messier Maris & Associés, maison de l’ancien patron de Vivendi active depuis 6 ans à Paris.

Cette dernière « n’a eu de cesse de se développer ces dernières années. Aujourd’hui le deal flow est bon et autorise la poursuite des embauches par opportunisme ou pour contrer l’érosion naturelle des profils », juge Jérôme Hacquard, associé gérant du cabinet de chasse Singer & Hamilton.

Ce consultant rappelle surtout que les boutiques en France dominent le small/mid market et présentent l’avantage pour les candidats de ne pas adopter un gel des embauches aussi strict que dans les grandes banques. D’ailleurs « sur ce segment très hétéroclite, les deux dernières années ont été relativement animées en matière d’embauches. Aujourd’hui, le marché est arrivé à saturation car il  y a de plus en plus acteurs et parallèlement un deal flow qui stagne voire s’affaiblit, les commissions sont tirées ainsi vers le bas, et le taux de ‘casse’ (dossiers non finalisés) reste important… Aussi certains acteurs vont disparaître. Les autres tireront leur épingle du jeu et continueront leur développement, notamment en se diversifiant (levée de fonds, missions de conseil auprès des dirigeants…) », anticipe Jérôme Hacquard.

Parmi ces dernières, on peut probablement compter sur Aforge Finance, sous la nouvelle impulsion et les ambitions du groupe Degroof ; DC Advisory, qui après une année 2013 fructueuse en deals a nommé début 2014 à sa tête le duo de choc Eric Hamou & David Benin ; ou encore Leonardo & Co menée depuis un an en France par Patrick Maurel et Laurence Danon, et que l’on retrouve d’ailleurs en bonne place dans le top 25 de Dealogic.

LIRE AUSSI :

L’humour, un sésame pour réussir en banque d’affaires (si, si !)

Banque / Finance / Assurance : les métiers porteurs en 2014, selon Robert Walters

We’re moving into the second quarter. Needless to say, this is the time of year when people in banking traditionally swap jobs after being paid a bonus. If you’re in this situation, or if you want to move to a new job after being paid no bonus at all, you may be interested in the list below. This contains all the firms which have declared (or occasionally indicated) a propensity to hire between now and June.

1. Coming jobs at Bluecrest Capital:

Who’s Bluecrest hiring? Bluecrest never discusses its hiring plans. However, based upon past performance it will almost certainly be poaching traders from investment banks. UBS has been a recent favourite.

2. Coming jobs at BNP Paribas CIB:

Who’s BNP hiring? BNP Paribas says it wants to hire in Asia and North America. In particular, it wants to bolster its high yield team and “develop business with large corporates and institutional clients”.

3. Coming jobs at BTG Pactual:

Who’s BTG hiring? BTG is on a big build of its commodities trading business. It wants to hire 100 commodities professionals in London.

4. Coming jobs at Canada Pension Plan Investment Board:

Who’s CPPIB hiring? It says it wants to hire four or five people to build a long-short portfolio.

5. Coming finance jobs at Cantor Fitzgerald:

Who’s Cantor hiring? Cantor says it wants to build its asset and wealth management business, seemingly with a focus on the US.

6. Coming jobs at Centerbridge Parners:

Who’s Centerbridge hiring? We haven’t had this confirmed, but Centerbridge is said to be hiring junior bankers with distressed debt experience.

7. Coming jobs at Citigroup:

Who’s Citigroup hiring? Citi may need to hire for its London-based equity research team, which has been leaking staff. It’s said to be recruiting for its London-based IBD operation.  Citi is also expected to do some compliance and control hiring, having boosted its compliance and control spending by $200m-$300m this year.

8. Coming jobs at Deutsche Bank:

Who’s Deutsche Bank hiring? Deutsche is hiring for its US fixed income business. It’s also selectively recruiting senior investment bankers in Asia. 

9. Coming jobs at the European Central Bank:

Who’s the ECB hiring? The ECB is still hiring a crazy number (1,000) of new regulatory staff. 75% of them will focus on bank supervision. 

10. Coming jobs at Goldman Sachs:

Who’s Goldman Sachs hiring? Goldman Sachs hasn’t explicitly committed to hiring anyone in the front office. It’s trying to hike its return on equity and is focused on keeping costs down. However, it told us it’s hiring strategically for its office in Salt Lake City, where it has 1,800 employees.  There may be some rather more dramatic growth at Goldman in Bangalore, where the firm has space for 10,000 employees.

11. Coming banking jobs at Jefferies:

Who’s Jefferies hiring? The Wall Street Journal reports that Jefferies will be hiring investment bankers for South East Asia.

12. Coming jobs at Lazarus Partnership:

Who’s Lazarus hiring? Lazarus is a new London-based equity research boutique set up by the former chief executive of Oriel Securities. It’s hiring equity researchers.

13. Coming banking jobs at Lloyds Commercial Bank:

Who’s Lloyds Commercial Bank hiring? Lloyds insists that it’s not really adding people in its investment bank (and is losing staff as fast as it’s adding them). However, it seems to be busy recruiting for its London-based debt capital markets business.

14. Coming banking jobs at JPMorgan:

Who’s JPMorgan hiring? JPMorgan wants to build its cash equities business.  It’s already hiring equity researchers. Electronic trading talent is also likely to on its shopping list. The US bank is also hiring 100 technologists in Singapore.

15. Coming jobs at Man Group/GLG:

Who’s Man hiring? Man Group wants to hire for GLG, its discretionary hedge fund. When it released its results last week, Man said GLG would be adding, “high calibre investment talent” during 2014.

16. Coming jobs at Millennium Capital Partners:

Who’s Millennium hiring? Millennium doesn’t speak about its hiring plans. However, it likes to hire proprietary traders from investment banks. See Bluecrest Capital, which has similar wants.

17. Coming banking jobs at Nomura:

Who’s Nomura hiring? We don’t know for sure, but it seems likely that Nomura will continue to opportunistically build its sales and trading business with disgruntled staff from other firms (RBS especially). It’s just hired Rob Maher from Credit Suisse to head its electronic execution business. Maher is likely to bring ex-CS colleagues across. Nomura is also said to be hiring for its UK investment banking team. 

18. Coming jobs at the Norwegian Oil Fund: 

Who’s the Norwegian Oil Fund hiring in Q2? The fund says it wants to hire another 20 sector-specific portfolio managers for its equities team.

19. Coming jobs at Pamplona Capital Management:

Who’s Pamplona hiring? Not too many people, we suspect. However, it’s poached a senior Citigroup energy banker and appears to be expanding in London.

20. Coming banking jobs at SocGen CIB:

Who’s SocGen hiring? SocGen will be hiring for DCM in Asia and for its energy and natural resources business in South East Asia. The French bank is also looking to build its fixed income sales and trading business, for which it reportedly wants to 150 people in the US and Asia. 

21. Coming jobs at UBS:

Who’s UBS hiring? UBS is mostly hiring senior M&A bankers. It wants to recruit 24 of them over the next two years. It’s also expressed an interest in expanding its US equities business.

22. Coming jobs at Wells Fargo Securities:

Who’s Wells hiring? Wells Fargo has long been building its European investment banking business. It’s currently hiring in both high yield and M&A.

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The golden rule of writing fiction is stick to what you know. For financial services professionals with a taste for creative writing, this invariably means hanging a plot around a stressed investment banker.

Michael Crawshaw, a former Schroders and Credit Lyonnais banker, published ‘To Make A Killing’ in 2012, which centres around trader Mickey Summer trying to secure a huge bonus while avoiding being murdered. David Charters, an investment banker, also has a series of best-selling novels featuring Dave Hart, who works for the fictional Grossbank.

Marietta Miemietz’s new book ‘Off-site’ claims to be creating a new genre in fiction – the ‘investment banking thriller’. Again, it features a fictional investment bank, Agribank, floundering after the financial crisis, as a team of equity researchers are whisked away for a long weekend team-building in a Cornish manor, only to discover that one of their party is a psychopath determined to pop everyone off.

Miemietz has also kept her day job – she used to work at SocGen, but is now a pharmaceutical analyst at her own boutique, Primavenue. She admits that much of the book’s “sinister atmosphere” is derived from the real world of investment banking, and that the glory days of ‘offsites’ are gone and any meetings are more likely to take place in “shabby internal meeting rooms”.

Nonetheless, Miemietz’s book, the first few chapters of which are available here, gives some interesting and subtle insights into a career in investment banking.

1. Meaningless job titles are the bane of senior management

The ‘boss’ responsible for the team-building exercise is called Vincent. Despite ostensibly being the head of research, he goes by the title ‘Super-Sector-Leader’. This is obviously a made-up title, but chimes with some of the vacuous and (often incredibly long) job titles given out to real investment bankers.

2. Working hard will not get you noticed

The main protagonist, Aline, is a long-time research analyst who has been passed over for promotion. True, this could be down to her gender, but more likely it’s down to the fact that she refuses to play office politics: “Aline’s strong work ethic should have made her a favorite with management, but the harder she worked and the more business she generated, the more disapproval she seemed to meet with,” writes Miemietz.

3. Sucking up will

Investment banks are obsessed with teamwork, so much so that you can get hired as a junior based upon your participation in team sports. In Offsite, Aline is asked what teamwork means to her, which elicits a sarcastic literal response. This is not the way to get ahead – sycophancy is the order of the day, just like the character Tom…

“To me, teamwork is all about collaboration, trust and mutual respect”, he began with his characteristic haughty air of pomposity and self-righteousness that never failed to raise Aline’s hackles. “A good friend of mine from university had the immense pleasure of meeting one of the most inspiring business leaders of our time. He described the great man as simply a good guy.”

4. There is every chance your boss will have an inflated sense of self-importance

Vincent has his own office on the floor above the research team, from which he occasionally graces his subordinates with his presence for a cliched corporate-guff-speak pep talk. “As far as Aline could tell, there was not a single research analyst who seemed to entertain cordial relations with him. She did not understand why he appeared to feel so ill at ease among them. True, he had only recently taken over the department in the wake of a management reshuffle which had effectively resulted in his demotion.”

5. And will constantly use the threat of firing and/or diminutive bonuses

What starts out as a motivational speech by Vincent quickly turns into a threat. This is appears to be in the normal scheme of things: “I know it’s not easy for you. Teamwork is still not taught sufficiently at school and university. That’s why I have brought you here. In unfamiliar surroundings, far away from any distractions, you will perform team-building exercises. You will learn to trust your colleagues. And in doing so, you may save your bonus – and your job. Enjoy your dinner.”

US bankers took home an average bonus that falls roughly in line with what they were paid over the previous five years, according to a new eFinancialCareers survey. Yet, while the average incentivised comp remained relatively static, this year’s bonus season is a story of the haves and the have-nots.

The average, or mean bonus for the 738 U.S. bankers who took part in our survey was nearly $73k, which isn’t far off from previous years. In 2011, the average bonus was $75k. A year earlier, it was just north of $71k. (No 2012 data was available).

But when looking at the median bonus – or the payment handed out to the banker squarely in the middle of the pack – a noticeable trend emerges. (The median is often used to measure skewed distributions, where the top or bottom percentile is out of norm and distorts the absolute average.)

The median bonus for 2013 was $15k, meaning half of all U.S. respondents took home a bonus equal to or lower than that figure. In contrast, the median bonus for 2011 was $25k. In the two previous years, the median was $20k and $21k, respectively. Over the last two years, the median bonus as a percentage of the mean has fallen from 33% to 21%.

So, while the average bonus remained roughly the same, a larger number of bankers took home a much smaller piece of the pie in 2013. Or looking at it another way, the top performers earned themselves a much larger percentage of the bonus pool.

The figures aren’t much of a surprise – they back up recent reports published by eFinancialCareers and other media outlets. Competition for top talent is at a recent high and banks are doing what is necessary to keep them happy. Middling performers, meanwhile, are getting the short end of the stick. Banks are essentially stealing from Peter to pay Paul – Peter’s more successful colleague.

There is a similar movement in the U.K., where the median bonus was also just 21% of the mean for 2013. It was 26% in 2011 and 30% in 2010. The wealth gap in banking is quickly widening…

Kevin Roose, journaliste au New York Magazine, vient de sortir son nouvel opus. Intitulé “Young Money : Inside the Hidden World of Wall Street’s Post-Crash Recruits“, il suit la vie de huit jeunes (vrais) banquiers durant les trois premières années de leur carrière. La plupart d’entre eux travaillent en investment banking à Wall Street. Pas joli, joli.

Le bouquin de Roose n’a pas grand-chose à voir avec Liar’s Poker*, le désormais classique de Michael Lewis. À la différence de Lewis, Roose n’a jamais travaillé dans la banque ; il ne cherche pas non plus à répertorier les exploits des cadors de la finance. Il fait plutôt ami-ami avec ces junior bankers et joue le grand frère rassurant auprès d’un groupe hétéroclite de jeunes gens un peu perdus : la plupart sont tombés dans la finance comme d’autres dans la potion magique, et ils en subissent les conséquences. L’un des intérêts du livre, paru le 18 février dans le monde entier, est de mettre en exergue les pour et les contre d’un job à Wall Street. En voici un avant-goût…

1.     Le problème ne tient pas au nombre d’heures mais à un cruel manque d’organisation

La banque aussi a son 9 h-5 h, indique Roose : de 9 h du matin à 5 h du matin. L’un des jeunes analystes qu’il a suivi s’est créé sa propre routine : arrivée au bureau le matin à 8 h 30, puis après 16 à 17 heures de travail par jour retour à la maison pour une bière et un épisode de « The Wire » avant d’aller dormir. Pas terrible ? Certes, mais le problème pour les jeunes banquiers relève en réalité d’un emploi du temps anarchique et difficilement contrôlable. « Je ne suis plus maître de ma vie », confie ce premier analyste.

Au quotidien, les analystes de Wall Street sont à la merci des associés, des VP (vice-presidents) ou MD (managing directors) qui peuvent exiger des changements sur un dossier à tout moment. Roose prend l’exemple d’un DG « qui décide à 3 heures du matin d’intégrer un graphique en courbes plutôt qu’en barres à la page 6 de sa présentation client.  Qu’importe l’heure, un bon analyste interrompt sa nuit et s’exécute ! »

2. La plupart des banquiers ne le sont pas devenus par vocation 

Parmi les individus étudiés par Roose, très peu avaient réellement la vocation : ils voulaient être médecins, reprendre une chaîne familiale d’épiceries, être ingénieurs ou s’investir dans le développement durable. Ils ont « atterri » en banque souvent pour se prouver quelque chose, à eux-mêmes ou bien à leur famille ou encore à ceux qui ne les en pensaient pas capables. Autre motivation : l’argent, qui est arrivé à point nommé à un moment de leur vie où ils en avaient besoin (par exemple en 2^e année d’études quand un stage dans une banque leur permet de gagner 15k$)

3. Le job est bien pire qu’ils ne l’avaient imaginé

Un analyste associe souvent Wall Street à une fourmilière de maniaques. L’une des analystes de Roose s’est vue renvoyer ses projets, « truffés de remarques de son supérieur, qui avait par exemple barré ses 2 pour les remplacer par le mot deux en toutes lettres, ou bien réaligné ses chiffres à gauche plutôt qu’à droite ».

Dans le cadre de ses recherches, Roose a suivi un cours de modélisation ; il compare la création à longueur de journée de modèles financiers sous Excel «  au travail dans une usine de guirlandes lumineuses : une seule ampoule mal installée sur une guirlande qui en compte cent mille suffira à ternir l’éclat des autres ». La loi du seul petit défaut qui gâche l’ensemble en somme.

4. La banque change les gens

« De nature, je suis plutôt optimiste, positif et heureux de vivre. Mais j’ai l’impression de devenir amer et de plus en plus négatif », confesse l’un des analystes de Roose.

Roose poursuit à propos d’un autre, « entré chez Goldman avec la voix douce et une brillante maîtrise des situations complexes ». « En moins de deux ans, il est devenu irascible et prompt à faire ressortir assez méchamment les erreurs des autres. S’il a conservé sa capacité à faire de la lèche auprès de ses supérieurs, il n’a plus aucune patience vis-à-vis de ceux dont il ne respecte plus l’intelligence ».

Il constate qu’au bout d’un an, les banquiers commencent à s’exprimer différemment : leur conversation est truffée de jargon du style « top tick » et ils s’identifient à leur employeur en le désignant par « nous ».

5. Tout est vraiment question d’argent   

L’un des analystes de Roose se serait entendu dire lors d’une entrevue avec l’un des DG de Goldman (Graham Campbell) : « Vous savez, si l’argent n’est pas votre préoccupation principale, vous n’avez plus grand-chose à faire ici ».

6. Vos amis hors du secteur bancaire finiront par vous tourner le dos

L’ouvrage de Roose vire au catalogue : petit(e)s ami(e)s perdu(e)s, nombre de copains en chute libre ou encore obsession croissante du boulot… Il en ressort que le temps de travail en IBD « est un véritable contrat social tacite. Pour réussir son intégration, un analyste a dû, au cours de sa première année, revoir ses priorités et placer celles de la banque avant les siennes ».

Parmi ceux qu’il décrypte, un groupe d’analystes récemment entrés dans la banque – moins d’un ou deux ans d’ancienneté – se retrouvent régulièrement pour leurs activités extra-professionnelles et louent une maison ensemble, l’été, aux Hamptons – une région particulièrement prisée des élites new-yorkaises, au nord-est de Long Island. Un autre analyste a déclaré à Roose qu’il était en train de perdre de vieux copains d’école pour une raison très simple : leur salaire ne leur permet pas les mêmes sorties que lui. Un troisième en arrive à l’immersion complète dans l’univers de la banque, au bureau comme à la maison, lorsqu’il emménage dans un immeuble où résident déjà d’autres analystes.

7. Prise de poids en vue 

Roose rencontre un jour l’un de ses sujets d’observation. « À l’issue des cinq premiers mois, il avait pris 7 kilos – juste à cause d’un mode de vie sédentaire et de plats cuisinés avalés à son poste de travail sept jours sur sept. Il avait les yeux fatigués, le teint pâle et cireux ». 

8. Seuls quatre types d’individus sont taillés pour une carrière dans la finance

Suite à ses observations, Roose émet l’hypothèse que quelques types d’individus seulement seront capables de faire carrière à Wall Street :

·        Les prédisposés – ceux qui entrent dans la finance comme leurs parents, les amis de la famille ou leurs frères et sœurs. Le style de vie associé à la finance revêt pour eux une certaine importance et ils se dirigent souvent vers les hedge funds ou le capital-investissement.

·        Les locomotives – ceux qui arrivent en quête de revanche. Souvent issus des classes moyennes ou des milieux ouvriers, ils deviennent le levier de toute leur famille. L’argent est clairement leur motivation principale.

·        Les artilleurs affairés – ceux qui vivent à 100 à l’heure dans un état de surexcitation permanent. Ils sont accros à la dopamine, l’adrénaline ou aux carrières dans la finance. Ils ont sûrement fait partie de l’équipe de sport de leur école. Pour eux, l’argent se résume à un tableau de résultats. 

·        Les geeks – ceux qui sont littéralement fascinés par les machinations du marché. Ils se délectent de la lecture de la documentation sur les obligations et oublient tout ce qui les entoure à la moindre oppportunité d’un “collar trade“.

9. Ceux qui ne l’ont pas compris sont « largués »

Roose les présente comme ceux qui ne savent pas vers quel secteur se diriger après leur diplôme et entrent dans la finance, convaincus qu’elle peut leur offrir une carrière stable. Ils n’ont pas grandi dans la misère, mais ne disposent pas non plus d’une assise financière familiale suffisamment solide pour leur permettre un métier plus risqué ou créatif. Ce n’est qu’après avoir intégré le monde de la finance qu’ils prennent conscience du volume de travail et des aspects rébarbatifs du job, sous la férule de supérieurs souvent hostiles et, de surcroît, moins généreux que par le passé… 

*Version française : Poker menteur : l’histoire vraie d’un golden boy – Editions Dunod, 1990

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Remember the hedge fund name generator? The site has generated so many hits that it’s attracting advertising from JPMorgan, among others. Steve Cohen does not seem to have consulted it when renaming one of his funds Point72 Asset Management after SAC’s office address, but he may have hit the button when choosing to call two of his other funds EverPoint Asset Management and Cubist Systematic Strategies.

Cubist Systematic sounds like a formulaic experimental artist, but Cohen can take solace in the fact that he’s not the only hedge funder with a weirdly (if not erroneously) named fund. There’s also:

Best of Breed Capital: Sounds like your money will be managed by Crufts.

Fossel Capital Management: Sounds like your money will become ossified beneath a layer of silt.

Pirate Capital: Sounds like your money will disappear and be buried in a casket.

Metacapital Mortgage Opportunities: Sounds like your money will be managed by someone several steps removed from reality.

Norfolk Markets: Sounds like your money will be traded for organic cheeses with someone who shops at Boden.

Trader Capital: Sounds like your money will be managed by someone with no imagination at all.

Waterfall Eden: Sounds like your money will be managed by a cross-legged man wearing a loin cloth who hasn’t shaved for 20 years.  

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If you work in fixed income for Barclays or Deutsche Bank and you receive a better job offer, you may want to do some serious weighing-up. As we noted last week, fixed income sales and trading hasn’t had a good start to the year, with first quarter revenues likely to be down 15% compared to 2013. Today, the Financial Times has joined the crowd of doom mongers predicting that fixed income redundancies are advancing: it says that two of the five top fixed income divisions are planning to make further redundancies due to the insipid market conditions.

Which could those two fixed income divisions be? The top (six) fixed income businesses are to be found at Bank of America, Barclays, Citi, Deutsche Bank, Goldman Sachs and JPMorgan. Of those, Barclays and Deutsche Bank look particularly vulnerable: Deutsche Bank’s fixed income currencies and commodities (FICC) business has been steadily losing market share and has so far resisted any major redundancies. Barclays is struggling against high costs and had been hoping that FICC revenues would rebound in 2014 in order to absolve it of the need to slash headcount.  That looks like wishful thinking.

There are some signs that Barclays and Deutsche fixed income bankers are leaving ahead of likely culls (or maybe as forerunners to them). As we reported last week, Barclays has lost its head of FICC research.  Now, Financial News reports that Deutsche Bank has lost Michele Foresti, its former head of European credit and rates trading. Barclays paid higher bonuses this year to prevent a ‘death spiral’ and to retain its best people. but the Financial Times points out that Barclays’ share price has fallen to a 15 month low over concerns about its FICC business and the future of its investment bank. That won’t exactly inspire staff paid in Barclays’ stock to hang around.

Separately, much has been made of the tantrum thrown by 44 year old Euan Sutherland, the suntanned ex-Coop boss who quit in a fit of pique after his pay became public knowledge. Sutherland wold have been responsible for Coop’s hitherto mismanaged bank. However, as the Telegraph points out, he is a retailer rather than a banker by trade. The Guardian observes that Stephen Hester, an investment banker, put up with far greater scrutiny of his pay far more stoically while was CEO of RBS. So maybe bankers aren’t so petulant after all.

Meanwhile:

Hedge fund Millennium Management  wants to hire 3 or 4 people to manage a credit portfolio of $350m-$450m. (Financial News) 

Christian Binaghi, head of Latin American debt trading at Deutsche Bank, has also left the firm. (Bloomberg)

Stuart Hendel, global head of prime brokerage at BofA is leaving following a disagreement over strategy. (Bloomberg) 

John Travis, former co-head of EMEA capital markets execution at Morgan Stanley, is leaving to join Cordet Capital Partners, an expansionary hedge fund set up by a former colleague. (Financial News) 

Unicredit is laying off 8,500 staff, most of them in Italy and Germany, by 2018. (The Times) 

Keith Edwards, the man who blew the whistle on the mortgage fraud at JPMorgan and resulted in the bank paying $614m in fines, is to be rewarded with $64m. (Reuters)

Big growth in leveraged finance has basically been big growth in cov-lite loans. (Euromoney) 

BOE Carney: This Is As Serious As Libor If Not More So. (Wall Street Journal) 

Trader arrested for insider dealing had detailed written plan for spending his winnings. (Daily Mail) 

Lloyds trader front ran himself. – What?! (Bloomberg) 

Wolf of Wall Street chest thump remix. (Gawker)

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Nach einigen traurigen Jahren belebt sich endlich wieder der Arbeitsmarkt für Finanzprofis. Mithin scheint der rechte Zeitpunkt gekommen, um über den nächsten Karriereschritt nachzudenken. Doch wie vermeiden Sie, dass der neue Arbeitgeber oder die neue Stelle sich als Missgriff erweisen? Wir haben bei Karrierecoaches und Recruitern nachgefragt, worauf Sie bei einem Jobwechsel achten sollten.

1. Lernen Sie Ihre Kollegen kennen

Der Bewerbungsprozess stellt kaum den passenden Zeitpunkt dar, um an der fraglichen Stelle zu zweifeln. Daher sollten Sie während der Bewerbungsphase immer Begeisterung für den Job zeigen, auch wenn es nur Fassade ist. Anschließend sollten Sie sich bemühen, Ihre Kollegen näher kennenzulernen, empfiehlt Karrierecoach John Lees von How to get a Job You Love.

„Sprechen Sie mit allen Leuten, die für das Unternehmen gearbeitet haben oder damit zu tun hatten – ehemalige und aktuelle Angestellte oder Geschäftspartner, die Sie kennen“, sagt Lees. „Bekommen Sie einen Eindruck von der Unternehmenskultur und wie die Arbeit dort wirklich aussieht.“

2. Arbeiten Sie sich durch die Sozialen Medien

In den Finanzdienstleistungen werden die sozialen Medien entweder vom Marketing oder aber von der Öffentlichkeit genutzt, um ihren Ärger über das Unternehmen kundzutun. Dennoch kann es sich lohnen, nach Leuten zu suchen, die tatsächlich einen Einblick in das Unternehmen oder die betreffende Branche haben, meint Recruiter Luke Davis von Robert Half.

„Social Media- und Bewertungswebseiten ermöglichen aktuellen und früheren Angestellten, Informationen auszutauschen. Auch wenn es bei jeder Geschichte zwei Seiten gibt und Sie Ihr Urteil nicht vollständig auf dieses Feedback stützen sollten, stellt ein massives negatives Urteil eines früheren Angestellten doch ein Alarmzeichen dar“, betont Davis.

3. Vorsicht bei schickten Jobtiteln und Bezahlung oberhalb des Marktniveaus

Überzogene Jobtitel sind in den Finanzdienstleistungen leider an der Tagesordnung und die Banken sind zweifelsohne bereit, für Spitzenkräfte auch viel Geld springen zu lassen. Dennoch sollten Sie sich davon nicht täuschen lassen und sich gar für etwas Besonderes halten. Denn wenn etwas zu schön klingt um wahr zu sein, dann ist es das womöglich auch nicht. „Eine überzogene Bezahlung oder eine schicker Jobtitel sind oft Anzeichen für Verzweiflung“, sagt Headhunter Andrew Pullman von People Risk Solutions, der früher in der Personalabteilung der Dresdner Bank gearbeitet hat. „Falls etwas gut klingt, dann bin ich besonders vorsichtig und recherchiere besonders gründlich.“

4. Wenn Informationen nur in eine Richtung fließen, dann sollten Sie nachfragen

Sicherlich gehört es zu einem Vorstellungsgespräch, zu seinem eigenen Leben ausgefragt zu werden. Doch wenn sich alles allein um Sie dreht, dann sollten Sie sich Sorgen machen, meint Davis. „Achten Sie auf Unternehmen, die sich nur für Ihre Kompetenzen und Berufserfahrungen interessieren und Ihnen keine Informationen zum Unternehmen geben. Ein Vorstellungsgespräch stellt nicht nur eine Chance dar, um Sie kennenzulernen, sondern es handelt sich auf um eine Gelegenheit für Sie, etwas über das Unternehmen zu erfahren“, meint Davis. „Während des Vorstellungsgesprächs sollten Sie Fragen stellen und der Arbeitgeber sollte Ihnen Einblicke gewähren, denn schließlich handelt es sich bei Einstellungen um eine wichtige Entscheidung.“

5. Checken Sie die Mitarbeiterfluktuation

Falls es sich bei dem neuen Arbeitgeber um einen grauenvollen Arbeitsplatz handelt oder der Vorgesetzte ein Albtraum ist, dann verursacht dies auch Kollateralschäden. Wenn die Mitarbeiterfluktuation in dem Unternehmen oder zumindest bei der fraglichen Stelle hoch ausfällt, dann gibt es dafür meist einen Grund. „Falls es sich um einen schlechten Manager handelt, dann ist die Fluktuation hoch“, sagt Pullman. „Treffen Sie sich informell mit dem Team und schauen Sie, ob die Chemie zwischen Ihnen stimmt. Falls sie dies ablehnen, dann handelt es sich um ein weiteres Warnsignal.“

6. Achten Sie auf die Entwicklungsmöglichkeiten

Vielleicht handelt es sich auch um einen guten Job mit einer prall gefüllten Gehaltstüte, aber die Entwicklungsmöglichkeiten sind armselig. Für viele Leute ist das ok. Anders sieht dies aus, falls Fortbildungen, Entwicklungsmöglichkeiten und Karrierechancen wichtig sind. „Falls das Unternehmen Ihnen bei Ihren Karrierewünschen weiterhelfen kann, dann müssen Sie das auch sagen. Signalisieren Sie Ihre Karrierewünsche dem potenziellen Arbeitgeber“, rät Pullman.

7. Schauen Sie sich das Arbeitsumfeld an

Oftmals zeigen sich Arbeitgeber im Bewerbungsverfahren von ihrer Schokoladenseite. Doch davon sollte sich ein Kandidat nicht täuschen lassen. „Schauen Sie sich für einige Stunden in dem Unternehmen um und achten Sie auf die Dynamik des Teams. Falls Sie sich nicht wohl fühlen, dann sollten Sie noch vor dem Start abspringen“, meint Lee.

8. Versuchen Sie sämtliche Gründe herauszufinden, wieso das Unternehmen einstellt

Handelt es sich um eine neugeschaffene Position oder um die Wiederbesetzung einer vorhandenen Stelle? Wenn ja, wieso ist der bisherige Mitarbeiter gegangen? „Falls ein Unternehmen davor zurückscheut, die Gründe zu nennen, wieso eine Stelle verfügbar ist, oder sich abfällig über den früheren Mitarbeiter äußert, dann hat er offenbar etwas zu verbergen“, sagt Davis.

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For the first time in over three years, the job market for financial services professionals is looking healthy and many people, who would often have endured more work without a commensurate increase in salary or job title, are now seeking new opportunities. But how do you know you’re not walking into something worse?

The job application process is akin to visiting a house when it’s up for sale – the competition for success may be tough, but the company and individuals in the team you’re applying to will do their best to present themselves favourably, particularly to attractive candidates. It’s therefore important to do your due diligence before accepting a position. Here, according to recruiters and careers coaches, is what you need to do.

1. Get to know the firm’s employees – past and present

The job application process is not necessarily the best time to raise any doubts about the position you’re applying for. Maintain a veneer of excitement about the job until it gets to the offer stage and then start to get to know individuals in the firm, advises John Lees, a careers coach and author of How to Get a Job You Love.

“Talk to anyone who has worked or is associated with that employer – former employees, current staff, any external suppliers you know about,” he says. “Get a feel for the culture and what’s it’s really like working there – not the management gloss you would have been presented with.”

2. Work out the social media buzz

In the financial sector, social media is used either by corporate comms teams or members of the public venting their anger at a particular organisation. However, finding people who matter in the industry giving genuine opinions on the working culture is a worthwhile investment of your time, says Luke Davis, client account director at Robert Half.

“Social media and review sites allow current and former employees to share information. While there are always two sides to every story and you should not base your decision entirely on this feedback, extensive negativity from previous employees may be a red flag,” he says.

3. Beware flashy job titles and above market pay

Grandiose job titles are all too common in the financial sector and banks are indeed keen to pay top performers more in order to attract them. However, don’t be fooled into thinking you’re something special – the chances are if something sounds too good to be true, it probably is. “Paying over the odds or offering a flashy job title is usually a sign of desperation,” says Andrew Pullman, founder of consultancy People Risk Solutions and a former head of HR at Dresdner Bank. “If something sounds good, I’d be more wary and really do my research.”

4. If there’s a one way flow of information, wonder why

You may be used to being quizzed within an inch of your life during an interview, but if it’s all about you, start to worry, says Davis. “Be aware of companies who are only interested in your skills and experiences and who don’t share any information about their company. The interview is not only a chance for them to get to know you, but also for you to learn about them,” he says. “Throughout the interview you should be asking questions and as long as you are not querying sensitive information, the employer should offer you insight, especially as employment is such an important decision.”

5. Check employee turnover

If a potential new employer is a miserable place to work, or the boss is a nightmare, there will be plenty of collateral damage. If turnover is frequent within the organisation – or indeed the position you’re applying for – there’s a reason. “If there’s a poor manager, employee turnover will be high,” says Pullman. “Meet the team informally, see if the chemistry is likely to work for you. If they decline, this should be another warning sign.”

6. Check out the development opportunities upfront

It may be that the job you’re applying for expects you to come as the fully-formed article and is offering good pay, but little in the way of development opportunities. If this is OK with you, then obviously continue, but if training, development and career opportunities are your ultimate aim, make this clear. “Although your company can help your career, you ultimate have to own it – make your aspirations known to any potential recruiter,” says Pullman.

7. See the working environment

Again, it’s a case of removing the rose-tinted spectacles during the recruitment process and really seeing what it’s like to work in an organisation. “Come in for a couple of hours and see the dynamic of the team. If you don’t feel comfortable, back out before you start,” says Lees.

8. Find out everything you can about why the firm is recruiting for this job

Is it a new role? If not, why are they replacing the previous incumbent? Is it down to expansion? “If an employer avoids discussion over the reasons why the role is available or offer disparaging remarks about the previous employee, it may mean that they have something to cover up,” says Davis.

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Things are looking up in M&A. Despite some dubious comments from senior M&A bankers to the effect that the M&A recovery isn’t really upon us yet, Dealogic reported on Monday that year-to-date M&A volumes have reached $626bn, their highest level since 2007.

The rush of deals seems to be inspiring some hiring. The Financial Times reports that Citi has suddenly recruited a new head of industrials M&A for EMEA (JPMorgan banker Koen van Velsen). In the words of the exotically named Manolo Falco and Wes Walraven (Citi’s head of EMEA M&A and global head of industrials respectively) the EMEA industrials market is now seen as one of Citi’s, “largest wallet opportunities.”

Strangely, Citi seems to have left this wallet opportunity discarded in a corner for quite a while. Van Velsen is moving into a role at Citi that’s been ‘void since 2009′ according to the FT. In this context, van Velsen’s arrival looks like an epochal move. Even better, he will reportedly be hiring other industrials bankers for Citi soon.

In fact, Cit’s enthusiasm for industrials is likely simply related to last April’s arrival of Ben Story from Deutsche Bank as head of UK investment banking and broking. Before Citi, Story spent seven years as head of the industrials group for EMEA at Deutsche Bank. Having achieved a promotion out of his specialist sector, we suspect that Story is merely ensuring his previous beat is properly covered at his new employer.

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A senior partner at Arrowgrass Capital Partners, the $4.5bn hedge fund spun out of Deutsche Bank by a team of traders during the financial crisis in 2008, has retired to return to academia.

Chris Wehbe, a partner and head of relative value at Arrowgrass, left the firm on 31 December, according sources close to the situation, and is set to study a PhD at Oxford University. He already holds an MSc in Quantitative Finance and Risk from Bocconi University and has completed the CFA.

Wehbe headed a team of more than 20 investment professionals at Arrowgrass and was responsible for over €2bn in investor capital. He joined the firm in January 2008 from Deutsche Bank’s convertible bond team and became a partner in April 2009.

Arrowgrass grew out of Deutsche Bank’s convertible bond franchise, which was set up in 1998. In 2004, the team was renamed DB Omnis and moved on to its own proprietary platform. This was later spun out into a separate entity, with Deutsche Bank claiming a stand-alone firm would have more trading flexibility. Arrowgrass currently has around 100 employees in the U.K. and U.S. combined.

Before joining Deutsche Bank in 2007, Wehbe was part of Lehman Brothers’ European convertible bonds trading team. Whilst at Arrowgrass, he was also an advisory director on the board of Africa-focused hedge fund Alquity Investment Management – which allocates a proportion of its fees to educational and development projects in sub-Saharan Africa – a position he maintains, according to the Financial Conduct Authority register.

A number of investment banking prop traders have started their own hedge funds in recent years, with mixed success. Benros Capital, a fund set up by former Goldman prop traders backed by Brummer & Partners, closed last year. Portman Square Capital Management, led by former Citi proprietary trading chief Sutesh Sharma, was tipped to be one of the biggest fund launches of 2013, but eventually started with just $100m.

Arrowgrass was dubbed a “super-start-up” on its launch in 2008. Thanks to the ‘high calibre of trading talent’ it brought across from Deutsche, it was able to ‘soft-close’ its flagship Master fund with over $2bn in 2009.

Arrowgrass declined to comment.

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Der Vorsteuergewinn der Hypo Vereinsbank (HVB) ist in 2013 im Vergleich zum Vorjahr um 29 Prozent auf 1,5 Mrd. Euro abgestürzt, wie das Institut am heutigen Mittwoch (12. März) mitteilte. In 2012 hatte die HVB allerdings einen Sondergewinn von 395 Mio. Euro eingefahren. Mit einer Aufwandsertragsquote von 63,6 Prozent wirtschaftet die HVB so günstig wie kaum eine andere Universalbank in Deutschland. Das Institut musste also für jeden Euro Ertrag keine 64 Cent ausgeben.

Bei den Mitarbeitern kreiste unterdessen der Rotstift. Offiziell beschäftigte die HVB Ende 2013 immer noch 19.092 Mitarbeiter, was gerade einmal rund 150 weniger als im Vorjahr waren. Allerdings hat die Bank den insolventen Offshore-Windpark-Betreiber Bard mit 680 Beschäftigten in die eigenen Bücher genommen. Tatsächlich hat die HVB also mehr als 830 Stellen gestrichen, wovon rund 600 allein auf das Filialgeschäft entfielen.

Jeder Investmentbanker generiert 348.000 Euro Gewinn

Für den satten Gewinn waren wieder einmal die Investmentbanker verantwortlich. Das Vorsteuerergebnis der Sparte kletterte um 7 Prozent auf 978 Mio. Euro. Allerdings hatte das Investmentbanking im Vorjahr von  einem Einmaleffekt in Höhe von 314 Mio. Euro profitiert. Damit erwirtschaftete die Sparte allein zwei Drittel des Gewinns vor Steuern. Während im Filialgeschäft jeder Mitarbeiter einen Vorsteuergewinn von kaum mehr 4000 Euro beisteuerte, waren es im Investmentbanking stolze 348.000 Euro.

„Der Erfolg von Corporate & Investment Banking basiert auf der engen Verzahnung der Kundenbetreuung und der Produktfabriken Markets, Financing & Advisory und Global Transaction Banking, aber auch auf der Zusammenarbeit mit anderen Ländern und Segmenten der UniCredit Gruppe“, heißt es von der HVB.

Im Filialgeschäft stürzte hingegen der Vorsteuergewinn von 514 Mio. Euro in 2012 auf nur noch magere 37 Mio. Euro in 2013 ab. In der Sparte schlugen Restrukturierungskosten mit allein 325 Mio. Euro zu Buche. Die HVB plant, sich in den kommenden Jahren von erheblichen Teilen ihres Filialnetzes zu trennen und mehr auf Online-Banking zu setzen.

Bei der Tochter DAB verminderte sich das Ergebnis vor Steuern um rund ein Drittel auf 19 Mio. Euro. Kräftig trug wiederum der Bereich Sonstiges/Konsolidierung mit 457 Mio. Euro zum Vorsteuergewinn bei.

Die merkwürdigen Folgen der Windpark-Integration

Bei der Bezahlung der Mitarbeiter stiftet die Konsolidierung des Windpark-Betreibers Bard einige Verwirrung. So schoss die Mitarbeiterzahl im Investmentbanking rein rechnerisch von gut 2200 auf gut 2800 Beschäftigte in die Höhe, während der Personalaufwand pro Kopf von  knapp 213.000 Euro in 2012 auf gut 155.000 Euro in 2013 einknickte. Daraus lässt sich nur der Schluss ziehen, dass in der Windparkbranche weitaus niedrigere Gehälter als im Investmentbanking gezahlt werden. Die Vorjahreszahlen dürften den Realitäten also näher kommen.

Im Filialgeschäft sowie im Middle- und Back Office (Sonstiges) ließ die HVB durchschnittlich 84.000 bis 86.000 Euro springen. In diesen Zahlen sind allerdings die Arbeitgeberbeiträge zu den Sozialversicherungen enthalten. In der DAB belief sich der Personalaufwand pro Kopf auf keine 71.000 Euro.

Die Axt legte die HVB auch an die Bilanz an. Diese wurde von 347 Mrd. auf 290 Mrd. Euro verkürzt. Damit erreicht die Kernkapitalquote (Tier 1) mit 21,6 Prozent einen Spitzenwert. Da der Mutterkonzern Unicredit für 2013 gründlich die Bilanz aufgeräumt hat und einen Verlust von 14 Mrd. Euro ausweisen musste, dürften die Münchner Milliarden in Mailand Begehrlichkeiten wecken.

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How can you spot a playboy? Ex-Goldman Sachs trader-turned trader-trainer Anton Kreil seems to suggest that a leading indicator is a collection of strategically placed cushions.

Kreil is running a competition to win ten days at his ‘Playboy Penthouse’ in Phuket, Thailand. Photographs of the penthouse depict orange and brown cushions in places where the playboying might take place.

Witness:

Orange cushions

Orange and brown cushions

Brown cushions

Activities during the 10 days will not be restricted to the cushions. There will also be a chance to ‘relax and party’ with Anton and his friends at exclusive places in the local area. To win the chance to partake of this opportunity, you just need to like Kreil on Facebook.

The competition is reminiscent of something run back in 2007 by Richard Hains at the London office of U.S. hedge fund Portland Place.  Back then, Haines invited people to enter a competition to spend two nights out on the town with him in the West End. This was advertised with an insalubrious video of him cruising Mayfair and Notting Hill in an Aston Martin. Haines is the son of David Haines, founder of the Portland Group. However, the FCA Register suggests that Haines is no longer employed at Portland Place in London today.

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If you want a near-guaranteed job out of business school – and you want that job to be on Wall Street – Harvard and Stanford shouldn’t be your top choices, despite the fact that they yet again topped the list of the best MBA programs in the country. Rather, it’s the Wharton School at the University of Pennsylvania that’s paradise for future bankers.

In its most recent study announced Tuesday, U.S. News & World Report ranked Wharton as the top business school for finance specialties, finishing a half dozen spots ahead of Stanford and Harvard, which ranked 6^th and 7^th, respectively.

Moreover, Wharton graduates earned the highest average starting salary and bonus in 2013, pulling in north of $141k in their first year. Meanwhile, graduates from University of Chicago (Booth) and New York University (Stern), the second and third-ranked MBA programs for finance, didn’t bring in more than $135k in their first year out of school.

Perhaps more importantly, nearly 94% of Wharton graduates were employed within three months of graduating. No other top-15 school held that high of a mark. Most were in the high-80s, in fact.

Interestingly, it’s much easier to get into Wharton than it is Harvard or Stanford. The acceptance rate at UPenn’s business school is nearly 19%, compared to 7% at Stanford and 11% at Harvard. You also don’t need the same grades, though you’ll still need high marks. The average undergrad GPA for Wharton enrollees was 3.6. At Harvard and Stanford, it was 3.7 and 3.73, respectively.

The one downside? You’ll need to make a big investment if you want to enroll. Average out-of-state tuition and fees for Wharton total more than $64k, making it the second most expensive MBA program in the country, behind Harvard. It seems you pay for what you get, though.

Top Ranked Finance MBA Programs

1. University of Pennsylvania (Wharton)

2. University of Chicago (Booth)

3. New York University (Stern)

4. Columbia University

5. Massachusetts Institute of Technology (Sloan)

6. Stanford University

7. Harvard University

8. University of California — Berkley (Haas)

9. Northwestern University (Kellogg)

10. University of California — Los Angeles (Anderson)

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Dans quel centre financier étranger devriez-vous travailler pour percevoir les plus gros bonus ? Étonnamment peut-être, l’enquête Bonus 2013 réalisée en ligne par eFinancialCareers auprès des collaborateurs employés en Angleterre, aux Etats-Unis, en Asie et en Australie, suggère que la City de Londres serait LA place financière susceptible de vous vous offrir les meilleures chances en la matière.

Le bonus moyen au Royaume-Uni au titre de 2013 est de 98 k$ (70,5 k€), contre 72.9 k$ (52,5 K€) aux États-Unis et seulement 32.7 k$ (23,5 k€) et 20.2 k$ (14,5k€) respectivement à Hong Kong et à Singapour, selon l’enquête.

Bonus moyen 2014 au Royaume-Uni, Etats-Unis, Hong Kong, Singapour et Australie

Les résultats plaçant Londres en tête peuvent surprendre étant donné les prochaines restrictions de l’Union européenne sur les bonus. Néanmoins, les analystes assurent que les gros bonus de la City sont le reflet de son importance en tant que centre financier. « Les banques emploient souvent une bonne partie de leurs salariés les mieux payés à Londres, relève Chris Wheeler, directeur et analyste du secteur bancaire chez Mediobanca. C’est un hub non seulement pour la finance britannique mais aussi pour l’ensemble de l’Europe et de la région EMEA ».

Le montant élevé du bonus moyen au Royaume-Uni s’explique ainsi sans doute par le fait que le pays compte une forte proportion de collaborateurs travaillant en front office et dans les métiers générant les plus gros revenus. Ceci est particulièrement vrai pour les banques américaines opérant dans le pays. Goldman Sachs, par exemple, a versé à ses employés londoniens une rémunération moyenne 70% supérieure à la moyenne mondiale en 2012 (dernières statistiques comparatives disponibles).

Mauvais cru à Singapour

En comparaison, les bonus en Asie semblent bien maigres. C’est notamment le cas à Singapour, traditionnel centre financier où se concentrent de nombreuses fonctions support. Cette structure particulière du marché de l’emploi se retrouve dans le profil des répondants de l’enquête : 42% d’entre eux disent travailler dans le back-office, tandis que 57% des banquiers britanniques qui ont répondu au sondage occupent des emplois de front office.

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Il n’empêche, les employés de front-office à Singapour n’ont pas connu un sort enviable cette année. « Les bonus pour les collaborateurs les plus performants sont restés stables par rapport à l’an dernier, tandis que pour les professionnels moyens, ils ont été sensiblement inférieurs aux bonus perçus l’an passé », constate Farida Charania, responsable de la division Banque et Finance du cabinet de chasse Nastrac Groupe, à Singapour.

Aussi les banquiers tentés par une expatriation en Asie devraient plutôt s’intéresser à Hong Kong. Cette place compte proportionnellement plus de personnels front-office que sa cousine singapourienne, elle bénéficie également d’un marché actions plus important ainsi qu’une pénétration du marché chinois continental plus grande. « Les grands banquiers d’affaires préfèrent généralement travailler aux côtés des responsables régionaux de leur banque, eux-mêmes basés à Hong Kong. Ce qui explique pourquoi Hong Kong récupère une plus grande part des enveloppes de bonus versées en Asie », relève Nick Wells, directeur au sein du cabinet de chasse de têtes Webber Chase, à Hong Kong.

Net après impôts ?

Il y a cependant un élément qui ternit un peu l’éclat de la place londonienne, à savoir sa tranche maximale d’imposition maximum sur le revenu de 45%. À Hong Kong, le taux plafond est de seulement 17%. En supposant que la totalité des bonus des banquiers sont imposés au taux le plus élevé, nos calculs suggèrent que le bonus moyen net au Royaume-uni (54k $) reste malgré tout encore deux fois plus élevé que le bonus moyen après impôt des financiers hongkongais ($ 27k).

Les banquiers de Londres ne sont décidemment pas si mal logés, après tout. Et pourtant ils sont les plus insatisfaits : alors que le bonus moyen a augmenté de 29% en un an, les financiers britanniques sont 40% à déclarer qu’ils s’attendaient personnellement à plus. Les banquiers à Hong Kong, dont le bonus moyen n’a que très légèrement progresser (+2%), sont 38% à se dire satisfaits (même s’ils étaient autant à anticiper un bonus plus élevé). L’enquête Bonus en France, dont les résultats seront disponibles dans une quinzaine de jours environ, pourrait également réserver son lot de surprises…

Morgan Stanley’s banking analysts have released some new reports on the state of the financial services industry in the first quarter. We alluded to them earlier in our suggestion that things aren’t looking too promising for Deutsche Bank and Barclays’ fixed income currencies and commodities businesses, but this allusion just scratches the surface of the matter. The reports also say that:

1. It’s been a great quarter in M&A

2. It’s been a great quarter in equity capital markets (ECM)

3. It’s been a great quarter in European equities trading and an OK quarter in American equities trading 

4. It hasn’t been so great in debt capital markets (DCM)

5. It’s been a bad time in FX.

FX trading volumes were down 30% year-on-year in the first quarter according to Morgan Stanley.

6. It’s been pretty good in credit

Morgan Stanley estimates that corporate credit trading revenues were up 14% year-on-year in the first quarter.

7…And sort of OK in rates and commodities

After a difficult year in 2013, Morgan Stanley says rates trading revenues are up quarter-on-quarter, but “mostly down” year-on-year. Commodities revenues are “mostly up” in both time periods.

8. These are still harsh times in private banking 

9. These are tough times at Barclays’ investment bank (the excerpt below refers to Barclays specifically)

10. It hasn’t been so hot in equity derivatives 

“Equity derivative volumes in Europe and US are mostly down YoY but up QoQ,” Morgan Stanley concludes.

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If you want to make the move into financial PR, there’s no shortage of career options. Flacks outnumber hacks by four to one and financial services organisations have plenty of room for someone who can help spin them in a positive light.

Get to the very top, and it can be a lucrative vocation. “If you make it to director of communications for a FTSE 10 company, you can easily bring in a total package of £2m+,” said Heather McGregor, managing director of specialist communications headhunters Taylor Bennett at an event the firm organised witheFinancialCareers this week.

It’s easy to see why anyone who feels they have a flair for language would be tempted to move into PR, but getting your first job is easier said than done. Like investment banks, you’ll be expected to undertake an internship, but unlike the financial sector this is likely to be a position you’ll hold for long period of time before being offered full-time role. Financial PR firms do recruit for their graduate schemes, but places are few and competition is stiff.

“One of the key things we consider when recruiting graduates is the two-hour train test,” says Nick Lambert, partner, Pelham Bell Pottinger. “Could they engage you on a long train journey? Are they a good communicator, able to get their message across? And are they likable?”

And by “good communicator”, Lambert doesn’t simply mean saying ‘no comment’ in the right tone (as this bitter journalist notes). Former journalists, who understand the needs and pressures of deadlines, often make the move across, but it also helps to have a thorough understanding of the topic you’re covering, so financial services employees can make good PRs.

“If you’re having questions fired at you over company numbers by journalists, it helps to have a financial background,” says Lambert, who is a qualified accountant. “It’s no good stuttering over your numbers when you’re being cross-examined.”

Figures from Robert Walters suggest that PR salaries are decidedly smaller than seven figures at the junior end. ‘Executives’ can expect £25-38k, it suggests, rising to £40-65k for managers and £65-120k for director positions.

The sector has obviously changed with the advent of social media, big data and a huge array of specialist blogs and online publications. Whereas previously, every morning would be spent collecting clippings of news coverage of a particular client or the company you represent, it’s now a 24/7 job requiring responses as and when news happens. Even if you’re merely monitoring daily national newspapers, most publish their content online the night before the print publication is released – sending this to the client in the morning means the content is already nine hours old.

Nonetheless, there’s one thing that still makes for a successful career in PR – being able to maintain and develop relationships. “Building relationships from the outset is key to success in the industry,” says Zoe Bird, global communications director, Intercontinental Hotels Group and former executive at PR agency Brunswick. “I’ve maintained relationships with journalists I’ve known since my internship days.”

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