Quantcast
Channel: eFinancialCareersFrench – eFinancialCareers
Viewing all 3721 articles
Browse latest View live

‘Bankerisation’ of the UK consumer price basket

$
0
0

The Consumer Price Index is the UK government’s chosen index when it comes to maintaining inflation at 2%. The way the index is determined is therefore crucial to the framing of UK monetary policy. As of today, the basket has been selectively restructured in favour of the spending habits of persons working in the City of London.

A press release from the Office of National Statistics reveals that the CPI now includes:

1.  The fresh fruit snacking pot:  found in Pret-a-Manger and other banker-friendly takeout places

Pret a manger

2. Hand car washing facilities: found near high-end City and Canary Wharf parking areas

Wharfside

3. Interchangeable lens digital cameras: popular among visually-literate 20-30-something banking professionals 

Detachable lens cameraAt the same time, takeaway coffee has been dropped from the basket, leaving only lattes to carry the burden of price increases in the mobile caffeine sector.

Less promisingly for Stephen Hester people in the City, gardeners’ fees have been eliminated. So has the price of hardwood flooring, the latter being less common since the downturn according to the Office of National Statistics. Men’s clothing hire has been added in. So, inexplicably, has wild bird seed.

Related Links:

Ex-Goldman trader presents cushion-heavy photographic montage of ‘Playboy Lifestyle’ 

Citi suddenly fills job neglected for five whole years

The warped psychology of the underpaid investment banker

 


Die kleinen Gehälter der großen Bundesbank

$
0
0

Finanzminister Wolfgang Schäuble kann sich zufrieden die Hände reiben. In Kürze steht ihm eine satte Überweisung aus Frankfurt ins Haus. Denn die Bundesbank hat in 2013 einen Überschuss von 4,6 Mrd. Euro erzielt, wie die Zentralbank am heutigen Donnerstag (13. März) mitteilte. Im Vorjahr waren es nur schmale 664 Mio. Euro gewiesen. Auch wenn der Vergleich ein wenig hinkt, schlägt die Bundesbank damit jede Geschäftsbank in Deutschland.

„Trotz niedrigerer Zinserträge liegt der Gewinn höher als im Vorjahr, weil sich kein Bedarf für eine weitere Aufstockung der Risikovorsorge ergeben hat“, sagte Bundesbankpräsident Jens Weidmann. „Die notwendigen Anpassungsprozesse in den von der Krise besonders betroffenen Ländern sind erkennbar vorangekommen, das Vertrauen kehrt zurück.“ Dennoch hält die Bundesbank an ihren üppigen Wagnisrückstellungen von 14,4 Mrd. Euro fest.

Schäuble darf sich hingegen glücklich schätzen, dass der dramatische Wertverfall der deutschen Goldreserven nicht erfolgswirksam verbucht wird. Denn der Wert des Goldschatzes stürzte binnen Jahresfrist von 132,6 auf 88,1 Mrd. Euro ab – ein Minus von 44,5 Mrd. Euro oder mehr als 500 Euro pro Kopf der Bevölkerung.

Trotz des satten Gewinns scheint die Bundesbank bei der Bezahlung der Mitarbeiter knausriger als die Geschäftsbanken zu sein. Denn der Personalaufwand pro Kopf belief sich in 2013 auf gerade einmal 78.000 Euro. Da die Bundesbank die Rückstellungen für die Altersvorsorge kräftig aufstockte, sieht dieser Betrag auch noch höher aus als er ist. Allerdings ist rund die Hälfte der 9547 Beschäftigten verbeamtet.

Obgleich die Mitarbeiterzahl der Bundesbank ziemlich genau auf Vorjahresniveau lag, wurden die Kapazitäten innerhalb der Abteilungen umgeschichtet. So wurden in der Bargeldversorgung in 2013 4 Prozent der Stellen gestrichen, während in der Bankenaufsicht und im Bereich Finanz- und Währungssystem 6 bzw. 15 Prozent hinzukamen.

bundesbank

Ähnliche Artikel:

1000 neue Stellen sind nicht genug: EZB-Mitarbeiter schicken Brandbrief

Aufbau der zentralen Bankenaufsicht: EZB erhält 1700 Bewerbungen auf 90 Stellen

Ein Hoch auf die Zulage: Mit welchen Privilegien die EZB Mitarbeiter ködert

Barclays has rolled out another 10% rate cut for all contractors in the UK and U.S.

$
0
0

What to do if you’re a contractor working in the financial sector who’s been hit with (another) 10% rate cut? Last year, when the banking world was floundering under an ever-growing number of job cuts, the answer would be to take it on the chin. Now, the solution for many is to walk.

Barclays this week rolled out another 10% rate cut for all contractors across departments in the UK and U.S, according to sources close to the situation. This will obviously hit thousands of IT contractors, but will also affect all 12,000 contingent workers across the organisation.

“While Barclays remains committed to paying competitively, we have reviewed our contractor rates as part of our on-going cost management programme,” said the bank in an emailed statement.

According to our sources, this hasn’t been received in the way the bank would have liked – many have refused to sign the new terms and conditions and simply quit, including an entire team of 20 developers working on a project related to Barclays’ wealth management business in London.

A large proportion of that particular team were seconded across from HSBC, according to sources close to the situation, and decided to unilaterally quit in the wake of the rate cut. The remainder of the team decided to do the same.

“One contractor on our books working for the investment bank joined Barclays in 2009 on £550 a day. Under the new rates, she’s now on £360 a day. Not surprisingly, she decided it wasn’t worth it,” says one IT in finance headhunter.

This is the second time that Barclays has implemented a pay cut for its contractors in 12 months, after curtailing rates by up to 10% for temporary IT staff in February 2013. Again, the new rates are non-negotiable and contractors can either accept them or move on.

Barclays is one of two banks currently curtailing IT contractor pay, according to our sources, the other being (predictably) Royal Bank of Scotland, which cut rates by 10% earlier this month.

The most effective way of chopping contractor remuneration without experiencing an exodus is to follow a ‘unionised’ method whereby all the major banks pull back at a similar time. In the current climate, where confidence has returned to the contractor market, cutting pay will prompt many to seek pastures new.

“A lot of banks are starting new projects, particularly related to change and greenfield IT programmes – there are no shortage of new job opportunities,” says another IT in finance recruiter.

Related articles:

So, you were thinking of getting a little project management gig at RBS? Baaad luck

Behold the new Asian hotbed for contract roles in banking

The hot recruitment area providing an escape route for bored back office workers

What the layoffs at Zurich tell you about the market for insurance jobs

$
0
0

Banks aren’t the only financial services institutions cutting costs and trimming staff. Zurich Insurance is cutting 800 jobs globally in an effort to save itself $250m. This follows a series of other ‘restructurings’ since 2012. 

Zurich’s travails offer the following insights for anyone eyeing the insurance sector as a less lucrative but less stressful cousin to banking.

1. Every redundant employee at Zurich will save the firm $312k (£187k)

The insurance industry isn’t always a big payer. However, Zurich’s $250m savings from the elimination of just 800 jobs suggests the seat cost of every role is $312k (£187k). That’s high – although it’s even higher in banking where Barclays said it saved around £430k for every investment banker it made redundant.

2. Return on equity is an issue in insurance as well as in banking

Insurers have capital management issues, just like banks. This is why they need ex-banking professionals to manage their regulatory capital profiles. Zurich has reduced its ROE target from 16% to 12-14% by 2014. It’s currently 12%. That’s still better than the 3% ROE achieved at Morgan Stanley’s institutional securities business last year.

3. Low interest rates are helping to kill insurers’ returns, and will drive demand for methods of managing the balance sheet more effectively

Low interest rates are an issue for insurers. In the presentation accompanying its results, Zurich said it would be placing more focus on ‘in-force management’  in the life insurance market and that it was setting up a special management team to deal with this. Briefly, ‘in-force management’ refers to the value of life insurance issued and outstanding. Insurers have used securitisation to monetize ‘in-force’ policies in the past and employ teams of actuaries to manage their risk and return profiles more effectively. The implication is that more actuarial and modelling talent will be required in future.

4. Investment income is an issue for insurers, who need more effective ways of managing their funds

In a low yield environment, investment income at Zurich declined by $300m last year. The company expects this to flatten out, but may nonetheless be interested to hear from any portfolio managers who can deliver good returns with a very low risk profile.

5. Middle managers are suffering again 

As at HSBC and Citigroup, it’s the middle managers who are eliminated in organisational restructuring. Zurich says it wants to cut complexity. Guess whose jobs are being targeted?

Related Links:

Stephen Hester and the lure of the multi-million pound insurance jobs 

Hot recruitment area for people who are bored in the back office  

Ten things you need to know about banks’ performance in the first quarter, by Morgan Stanley 

 

 

Six questions you should prepare to answer in any junior trading interview

$
0
0

We can’t tell you the exact questions that you will be asked when you sit down in an interview for a trading position: that will depend not only on the company and the interviewer, but on the the state of the market. We can, however, do the next best thing: we can prepare you for the types of questions you will definitely be asked if you try to get an entry-level role in a bank.

1.  They’ll ask you what you know about the position 

What do you think is involved in a typical day for an analyst on a trading floor?

If you want your answer to stand out, you’ll need to into some detail. Show that you recognize the differences between what a senior and a junior trader does. For example:

“From the insight I gained during my summer internship with Deutsche Bank, I’d say that there is a big difference between a typical day for a junior and more senior trader. In the first few years in the position, a lot of time seems to be dedicated to gathering data and updating financial models, as well as reading publications relevant to the industry – developing an in-depth understanding of the sector. After developing a sufficient level of expertise and a strong network of contacts, the duties increase and I would expect to be taking on more responsibilities – making trades on the market floor – as well as discussing the major moves with other traders and continuing to monitor the markets/news.”

2. They’ll ask you questions about the company you’re joining  

“What attracted you to work for Goldman Sachs rather than  Deutsche or JPMorgan?”

Research the company you are applying to, but its competitors as well. You need to drop in key facts about the company and what makes them stand out from the rest of the industry. If possible, link your answer to past experience and make yourself stand out! There will be a lot of applicants who have spent a few hours on Google researching the company, but if you’ve taken the time to research the surrounding industry, flaunt it. For example:

“Granted, both are considered market leaders in trading, but with over $29 billion of legal settlements from the past two years eroding JP Morgan’s once-record earnings, it has cut risk taking substantially. On the contrary, Goldman are currently more lenient towards risk taking. I find this more exciting as it will allow for the trading of more challenging products.

“More generally, I chose Goldman for its prestige. Both Goldman’s history and name are unbeatable; I even read that ‘Vault.com’ ranked Goldman Sachs as the most prestigious bank in North America and the UK.”

3. They’ll ask you questions designed to probe your knowledge of the markets  

How would you invest $20k today? 

A good answer to this question shouldn’t be short and sweet. It should be you thinking out loud, talking about the various types of investments you could pursue to better demonstrate your knowledge of the industry. Yes, you should come to a final answer, but it should be drawn from your previous evaluations of the various investments. This is also a fantastic chance to stand apart from other applicants. Decide on a specific investment after weighing it against others and supporting it with relevant reasoning based on current market conditions.

For example:

“The best way to invest $20k would depend entirely on what you would like to gain from your investment. If you would like your capital to grow steadily over time then I think corporate bonds would be a great option.

“On the contrary, if you are after a high yield strategy that carries greater risk, I would suggest looking at the emerging markets and researching a smaller company with a great idea and potential, something that has a healthy balance sheet. In the last few years the clean energy sector has seen some impressive figures, so this could be a great place t start. Companies such as ThinkLite and Silver Spring Networks in the US, both of which offer solutions for higher energy efficiency, have experienced over 1000% growth in the last 3 years.”

Other questions to watch out for in this category:

Rank all the financial products from the safest to the most risky?

Your client is a hedge fund that requires you to analyse a certain sub-sector of the FTSE 100 to identify trading strategies based on volatility. How do you approach the analysis?

Can you talk to me about some recent financial news and how it impacted Deutsche Bank?

4. They’ll ask you questions about the competencies they’re looking for 

Can you tell me about a time you have dealt with an angry or irate customer?

This is a chance to tell a story. You need to make sure you set up the scenario; explain what you proactively did to turn the situation around and what the result was, emphasising what you learned from the experience. Describe the Situation and set the scene; explain what your Task was in this exact situation; clarify what Action you took to tackle the issue; finally give an account of the Resolution – this is the STAR framework.

For example:

“During my 10 week internship at JPMorgan, I received a phone call from a client who was adamant that I had pursued a course of action against his wishes, even though I had done exactly what we had agreed upon. At one point he even threatened to make sure I was dismissed. Rather than getting defensive and trying to blame him, I took a deep breath, acknowledged that there was a problem to address and that I was equally concerned about finding the solution. I apologized for the stress it was causing him and this took the steam out of his complaint; he started talking to me more reasonably. This gave me time to propose and agree a solution with him. I quickly spoke to my manager and proposed that we not only cancel the transaction, but that we also refrain from charging our commission on the next one carried out for the client, just to keep him sweet. After speaking to the back office to make sure that the transaction was cancelled smoothly I reported back to the customer and he even praised me for a job well done.”

5. They’ll ask you about your career aspirations

Where do you see yourself in 5 years time?  

There’s no exact right answer to this one (it’s similar to another common question – What’s the most important: Money, honour or knowledge?). What the interviewer is looking for here is an honest version of your career aspirations to see whether these would fit within the company. They don’t necessarily need to hear that you aspire to work at the company for the rest of your career but equally it’s not a good idea to say that in 6 months you plan to leave the country on a round the world trip. As with many things, look for balance. Show loyalty to the company and a drive to progress.

“I would say my most driving career aspiration is to find a position that both motivates and excites me, while allowing me to build upon the skills I have already gained. I know that being a junior trader would be ideal for me right now, as it would give me the opportunity to spend the next few years learning as much as I can in the role and the larger company. Being able to learn from and network with the more experienced members around me would help me to become an expert in the field myself, hopefully progressing in the company to more senior levels; helping the business grow as I grow.”

6. They’ll ask you off-the-wall problem solving questions  

How do you cut a cake into 8 slices with only 3 cuts?

The beauty of this question, and other such questions that seem so irrelevant to the position, is that there is no one correct answer. Even without getting to a correct answer, you can impress the interviewer. What they want is a calm and well thought out approach. You are showing how your mind works; if you panic easily and start saying that you don’t know, but it’s okay, because it’s not relevant, that is not a good sign.

If you are interested in a correct answer, there are a couple of ways around it:

  1. Cut the cake in half and half again, as you may expect to with the first two cuts. Once this is done, line up the four quarter sized slices and with one long slice/knife cut them all into half again.

Maybe you think that this is cheating, so how about this:

  1. Stop thinking in the boring world of 2D cake cutting. A cake is a 3D object and it can be cut in all three dimensions. So by doing the first two cuts as above, followed by a third cut with the knife parallel to the cutting surface, you can get 8 slices with just 3 cuts.

Easy, right?

Other questions in this category include:

How many toothbrushes are there in London?

Why manholes are round?

How many tennis balls can you fit into a Boeing 747?

On your drive home after this interview, what are the chances of you hitting a cat?

About the Author: Jack Shardlow is the chief editor of Interview Bull BlogInterview Bull provides affordable and personalised online interview coaching, specifically designed for students and recent graduates. Interview Bull’s experienced HR experts coach ambitious students to get the jobs they want through success at interview.

Related articles:

When you get an investment banking internship, there’s a 30% chance you’ll screw it up 

Ten things you need to know about banks’ performance in the first quarter, by Morgan Stanley 

Wo in der Welt die dicksten Boni gezahlt werden

$
0
0

In welchem Finanzzentrum rund um den Globus sollten Sie sich niederlassen, wenn Sie den höchsten Bonus einstreichen wollen? Erstaunlicherweise handelt es sich nach der eFinancialCareers-Bonus-Survey 2014 nicht um New York, sondern um die Londoner City. In der Umfrage sind die Ergebnisse für Kontinentaleuropa noch nicht berücksichtigt, da die variablen Vergütungen hier erst später verkündet werden.

Demnach belief sich der durchschnittliche Bonus in Großbritannien in 2013 auf 98.000 Dollar (70.300 Euro). Dagegen waren es in den USA lediglich 72.900 Dollar (52.300 Euro) sowie 32.700 Dollar (23.500 Euro) in Hongkong und 20.200 Dollar (14.500 Euro) in Singapur.

Die durchschnittlichen Bonushöhen in 2013

Bonus-figures

Das gute Abschneiden Londons fällt umso erstaunlicher aus, als die EU verschiedene Restriktionen gegen zu hohe Boni auf den Weg gebracht hat. Laut Analysten würden die stattlichen variablen Vergütungen an der Themse die Rolle der britischen Metropole unter den Finanzzentren unterstreichen. „Die Banken haben einige ihrer höchstbezahlten Mitarbeiter in London angesiedelt“, sagt Bankenanalyst Chris Wheeler von Mediobanca. „Es handelt sich um einen Hub nicht nur für Großbritannien, sondern für ganz Europa und EMEA.“

Die vergleichsweise hohen Boni in London gehen sicherlich auf den hohen Anteil gutbezahlter Front Office-Mitarbeiter zurück. Dies gilt namentlich auch für die Niederlassungen der US-Banken in Großbritannien. So ließ Goldman Sachs für ihre Londoner Mitarbeiter in 2012 durchschnittlich 70 Prozent mehr als im weltweiten Durchschnitt springen. Jüngere Daten sind leider nicht erhältlich.

Das relativ schlechte Abschneiden Singapurs dürfte auch mit der Marktstruktur zusammenhängen. Denn in dem Stadtstaat ist traditionell ein großer Teil des Personals in der Abwicklung beschäftigt. Entsprechend gaben 42 Prozent der Umfrageteilnehmer an, im Back Office zu arbeiten. Dagegen kreuzten 57 Prozent der britischen Teilnehmer an, im Front Office tätig zu sein.

Und auch die im Front Office Beschäftigten haben in 2013 nicht gut abgeschnitten. „Die Boni für exzellente Leistungen sind flach geblieben und diejenigen von Normalperformern sind sogar schlechter als im Vorjahr ausgefallen“, sagt Headhunterin Farina Charania von der Nastrac Group in Singapur.

Der höhere Anteil an Front Office-Mitarbeitern in Honkong dürfte auch der Grund dafür sein, dass die Mitarbeiter dort durchschnittlich höhere Boni als in Singapur kassieren. Denn Hongkong verfügt über einen größeren Aktienmarkt und einen besseren Zugang zum restlichen China. „Die Top-Dealmaker einer Bank bevorzugen es normalerweise, nah bei ihren regionalen Chefs zu sitzen, die selbst in Hongkong angesiedelt sind. Daher erhält Hongkong auch einen höheren Anteil an den asiatischen Boni“, erläutert Headhunter Nick Wells von Webber Chase in Hongkong.

Doch so ganz ungeschoren kommen auch die Londoner Banker nicht davon. Denn der britische Spitzensteuersatz von 45 Prozent zehrt einen erklecklichen Teil der hohen Boni wieder auf. Dagegen sind in Hongkong gerade einmal 17 Prozent fällig.

 

Net-bonuses

Klicken Sie auf die Infografiken zur Vergrößerung.

Global

Bonus survey

USA

US Bonus Survey

Großbritannien

UK Financial Services Bonuses 2014

Hongkong

Hong Kong Financial Services Bonuses 2014

Singapur

Singapore-bonus

China

China bonuses

Australien

Aus bonuses

Hier geht’s zur gesamten eFinaBonus Survey 2014

Ähnliche Artikel:

Von A bis Z: Was führende Investmentbanken für ihre Mitarbeiter springen lassen

Blick ins Portemonnaie: Was Banker und Finanzprofis 2014 in Deutschland kassieren

Blick ins Portemonnaie: Was Banker und Finanzprofis 2014 in Zürich verdienen

La proposition choc du Medef qui pourrait dissuader les financiers de partir avec un “gros chèque”

$
0
0

Les financiers qui partent ou envisagent de quitter leur employeur en négociant un « chèque de départ » pourraient vouloir réviser leur projet si la nouvelle proposition du Medef voyait le jour. Pour alléger la dette record de l’Unedic de18 milliards d’euros, le Medef lance plusieurs pistes d’économies : entre autres, casser le délai plafond de 3 mois environ (75 jours) avant de toucher les allocations chômage pour les personnes ayant perçu des indemnités supra-légales à la suite d’une rupture conventionnelle ou d’un licenciement, d’après les informations publiées ce matin dans Les Echos.

Le « délai de carence » serait alors modulé en fonction de la somme du chèque perçu par l’employé sur le départ et du niveau de sa future allocation. Le paiement des indemnités chômage pourrait ainsi se voir dans certains cas retardé de manière significative.

Les employés du secteur financier ont de quoi s’inquiéter. Le secteur bancaire a connu une érosion de ses effectifs de 1,5% à 2% ces deux dernières années, selon le dernier rapport de la Fédération Bancaire Françaises (FBF). Un phénomène lié à la baisse des embauches mais aussi aux nombreux plans de suppression de postes, pour lesquels les indemnités de départ négociés dépassent souvent largement les indemnités légales (un cinquième d’un mois par année d’ancienneté). Par exemple, le plan de départs volontaires (PSE) de Société Générale de 2012 prévoyait des indemnités de départ correspondant à un mois de salaire par semestre travaillé (avec un plancher de 30k€ et un plafond de 290k€).  

Pour Régis Dos Santos, Président National du Syndicat National de la Banque et du crédit (SNB), affilié à la CFE-CGC, cette mesure est « typiquement une fausse bonne idée qui, sous couvert de taxer les excès, assimile de nombreux cadres aux quelques dirigeants qui partent avec de très grosses enveloppes. On met ici le doigt dans un engrenage dangereux où des collaborateurs avec des revenus moyens voire modestes risquent de se voir sanctionnés ».

Et le syndicaliste d’interpeller : « Prenons l’exemple d’un employé qui part parce qu’il est au bord du burn-out, son chèque – disons de 50k€ – va jouer quasiment le rôle de dommages et intérêts. Ce déplafonnement du délai de carence, c’est une double peine ! ». Sans oublier que « les cadres sont deux fois moins au chômage que les autres et leur retour à l’emploi est plus rapide, reconnait lui-même le Medef, cité par Les Echos. Avant d’ajouter : L’effort qui leur est demandé est une question de solidarité »

En arrière-plan, l’objectif de la mesure proposée par le Medef est de lutter contre le recours parfois abusif des ruptures conventionnelles, qui ont dépassé le million depuis leur création en 2008. Cependant, dans le secteur bancaire les ruptures conventionnelles ne représentaient que 3% des sorties totales, soit 450 cas recensés en 2012, selon la FBF. Seulement Société Générale et BNP Paribas déclaraient à elles seules pour la même année plus de 1.300 licenciements en France, selon les données disponibles dans leur bilan social annuel.

Le déplafonnement du délai de carence rapporterait plus d’économies que l’abaissement du plafond des allocations chômage (6.100 €) – mesure encore moins consensuelle chez les partenaires sociaux – soit 400 millions d’euros les deux premières années, puis 250 millions par an en rythme de croisière. Le Medef a déjà trouvé un allié : la CFDT. D’accord sur le principe, le syndicat propose néanmoins une formule de calcul différente, qui repousserait le différé de paiement des allocations chômage au-delà des 75 jours à partir de 12.000 euros d’indemnités supra-légales, selon le quotidien Les Echos. En revanche, le niveau de la future allocation du chômeur ne serait pas pris en compte dans le calcul.

LIRE AUSSI :

20.000 postes supprimés en 2014 en banque d’investissement, selon Deutsche Bank (et comment y réchapper)

4 choses essentielles à savoir sur la recherche d’emploi chez les financiers

How to land a new job when you have no time to look

$
0
0

It’s a bit of a Catch-22. You’re looking for a new job, in part, due to the massive number of hours you’re putting in at your current position. But those hours keep you in the office, making it near impossible to go on interviews, network or even search online for something new.

What’s a person to do? Here a few tips that may help navigate through what is a difficult journey.

Wear two hats

You need to break down the walls surrounding the traditional job search and leverage your daily interactions. One way to seemingly gain time to search for a new job is by combining personal activities with networking opportunities. “Use the gym, a drink, or a meal as an excuse to meet up with contacts,” said Roy Cohen, career coach and author of The Wall Street Professional’s Survival Guide.

Use recruiters, but keep it to one or two

Recruiters are a great asset if leveraged properly. Use your network, find one or two that you like and take the time after work to sit down with them and go through your priorities. Investing time upfront will save you from wasting precious hours of unnecessary phone calls and interviews.

Also, whittle down the list of recruiters you work with to make your interactions manageable. If you have a good background and work with two capable recruiters, you should have plenty of opportunities to have conversations with hiring managers. You’ll likely be overwhelmed with underwhelming options if you work with every recruiter under the sun.

Create templates

If you’re active in your search, you’ll be sending out inquiries and thank you emails on a regular basis. You can save time by creating templates at the beginning of your search and applying them quickly to each situation, said Jane Cranston, president of New York’s Executive Career Coach. This way, you’ll be able to get back to people sooner – even while on the run – and will appear more engaged with the process.

Use your networking time wisely

Networking is proven to be the best way to find a new job. But done wrong, networking can take way too much time. “Precision is key especially on Wall Street where the people you meet have short attention span and an even shorter fuse when you are wasting their time,” said Cohen. Be straightforward about what you’re looking for and be clear on next steps. You don’t have time to BS.

“But most important, never use a networking meeting for career counseling,” he said. “When you have limited time to be out there, you will waste your time and someone else’s on matters that you should have addressed on your own.”

Go mobile

If you’re rushed for time, start relying more on personal mobile devices that you can use in the office. Have your resume and cover letter options on your phone and ready to send at all times.

Also, embrace Twitter and other social networking sites that can be accessed through mobile devices. Big banks like Goldman Sachs and J.P. Morgan regularly post Twitter updates about careers and jobs. You can also follow company news in real-time and use that information during interviews, without having to formally “study” the company for two hours before sitting down with them.

RELATED CONTENT: 

Good and not-so-good excuses to get out of work for a job interview

The best MBA programs for a high-paying job on Wall Street

Eight ways to avoid walking into a terrible career move

Use your mandatory two-week vacation time

As hard as banks make people work, they are adamant about employees taking their minimum two-week vacation time (at least in the U.S.). Lay the groundwork beforehand, then use that time to interview, said Cohen. “Not to ski in Vail, surf in Costa Rica, or backpack in Chile. Save that as a reward for getting a great new job,” he said.

Develop a dental problem

If you are actively interviewing with multiple companies, you’re likely to run short of excuses fairly soon. “Saying you are going to the dentist sounds reasonable (within limits) and doesn’t make people think you are ill,” said Cranston. Plus, dental issues typically require multiple visits, which can buy you more time.

But if possible, see if you can interview before or after-hours. “Keep in mind potential employers are suspicious of people who can be available ‘anytime,’” Cranston said. Ask them to be reasonable. You’ll likely look like a more attractive candidate. If you have to choose between morning or afternoon, pick the morning, Cranston said. “Better to come in late than leave early.”

Don’t be scared

Perhaps the most important thing you can do is to change your mindset. If you want a new job, that has to be your top goal. It takes time and involves risk, said Cohen. Know and accept that going in.

“If you minimize the risk to zero of being caught in the act, you have basically eliminated any and all job search activities, he said. “How much is up to you but the process takes a village.”


Where to go if you want to find ex-UBS bankers simulating a beach party in Kensington

$
0
0

We already know that the men of UBS are somewhat smooth.  If you want to see their smoothness in action alongside ‘film producers, athletes, fashion taste-makers’ and other bankers, in a beach-like setting, all without actually leaving London, you can now do so.

As of April, ex-UBS financial institutions group banker Diego Lijtmaer, will be hosting Saturday soirees at the Millenium Gloucester Hotel, Kensington.

Lijtmaer is aiming to recreate the ambience of St. Tropez, St. Barts and Monaco in the hotel. There will be palm trees. There will be organic food. There will be a sun roof. There may be flower bands and face paints.

Attendees will be expected to be stylish and to plan their outfits to perfection. This may exclude some of the more hirsute men at Goldman Sachs.

If you want to attend, you’ll have to apply for an invitation. You can make your application here. 

Spot the UBS IBD professional

Spot the UBS IBD professional

Related Links:

Ex-Goldman trader presents cushion-heavy photographic montage of ‘Playboy Lifestyle’ 

‘Cubist systematic’, and other unusually named hedge funds of the world

The rise of the investment banking thriller 

 

 

The candidates in Asia who spam 50 identical emails to 50 recruiters at the same firm

$
0
0

Mainland China is still a candidate-led job market in which finance professionals are frequently enticed to change companies. But job searching in the PRC is by no means straightforward, especially if you’re more used to how things work in mature markets.

Having spent nine years recruiting in China, I’d like to share some home truths that candidates need to know.

Many employers don’t like to advertise their jobs

A great many jobs go unadvertised in China, and this is particularly true for the type of high-end roles that non-local candidates are typically suitable for. This might be for reasons of confidentiality (if someone is being replaced, for example), or perhaps cost (the concept of paying for a recruitment service is still anathema to many employers China). Whatever the reasons, as a candidate, establishing a focused, wide-ranging network of business contacts and using this network to uncover “hidden” vacancies is even more vital in China than it is elsewhere.

Related articles:
Bankers in Asia most likely to change jobs post-bonuses in 2014
Five fabulous post-bonus banking jobs in Singapore, Hong Kong and China
The Asian finance sector that’s no longer so bothered about hiring bankers

Don’t spam your CV

Despite all these unadvertised jobs, recruiters remain important in China. According to a cross-sector survey produced by my company in December, more than 55% of new appointments in China were secured using the services of a recruitment businesses. There are literally thousands of such firms in China, and as a finance professional it pays to be targeted when choosing who to speak to. In China, make sure your communications with a recruiter aren’t only online. Make verbal contact from the outset, meet them in person and stick to one person at each firm. We often receive the same email sent 50 different times to 50 different colleagues at our firm. As well as being mildly amusing, this smacks of randomness and desperation: not how you want to appear.

Don’t be dazzled by phoney headhunters

Keep in mind that although (in an unregulated environment like China) there are many people who profess to be headhunters or ‘search consultants’, the truth is that many of these individuals in fact know the square-root of zilch about securing senior finance and corporate finance appointments.

So choose wisely: realise that the recruitment market is different from more developed markets: while there are far more recruitment firms operating per job vacancy in China, the overall quality and specialisation of these recruiters is low. Many have just a short tenure in the industry. However, among this sea of pretenders there are some accomplished recruiters in China, often with backgrounds in banking and finance, so do not give up hope if the first person you speak to is a lemon!

Treat good recruiters with much respect

It is also wise to treat the good recruiters with respect. In China consultants don’t need to (and won’t) put up with pompous or arrogant candidates. It is perhaps an inconvenient truth in China that recruiters tend to ‘do business with’ people they like and get on well with; and nowhere is this sentiment truer than in the hiring of mid/senior finance and banking executives.

Have a very focused CV

‘Less is more’ is the order of the day when it comes to CVs in China. I received a seven-page resume from a senior banker recently. It was packed full of extraneous information when, given his seniority, one, maximum two, pages would have sufficed. A characteristic of Chinese recruiting is that people (both line and HR managers) tend to zero in on matching very specific levels of experience. For example, we recently had a client decline a candidate who was well suited for the job simply because she had not taken or passed her last accountancy exam. The client felt it imperative to hire a qualified accountant, despite the fact that the qualification was actually quite unnecessary for the job. This contrasts with the West, where hiring authorities tend to be more interested in ‘who the person is’ – their values, beliefs and motivations.

Be afraid of HR

The other common mistake that candidates tend to make in China is to misunderstand the importance and power that HR professionals wield within financial services organisations. Having spent half my career in Asia and half in Europe and the US, I can clearly see that the role of an HR person in the latter is more advisor, and in the former more “controller”. I know of examples of relatively junior HR people knocking great candidates out of the race simply because the candidates didn’t take the HR interview seriously enough.

Robert Parkinson is the founder and CEO of RMG Selection in Beijing.

 

Morning Coffee: End game at Barclays? How to avoid the six year bonus clawbacks

$
0
0

How many different chief executives can one investment bank stand? If you look at the recent history of UBS, the answer would seem to be quite a few. Investment bankers at Barclays have been used to a little more consistency, however.

Having been ruled by Bob Diamond for more than a decade, Barclays’ investment bankers have suffered three different heads in two years since Diamond’s departure in 2012. First there was Rich Ricci – the exuberant Diamond acolyte who retired in April 2013. Then came the current co-head structure under Eric Bommensath and Tom King.  Today, the Financial Times reports that Barclays plans to shakeup the investment bank again and to ditch Bommensath and King in the process. Thousands of job cuts are expected along the way.

For Barclays investment bankers, this is clearly bad news. Some have left already of their own accord.  Since Diamond’s departure there have already been two strategic presentations on the investment bank – one by Ricci (‘Project Mango’) and another squib of a thing by Barclays CEO Antony Jenkins and CFO Tushar Morzaria (who is incidentally being posited as the replacement for Bommensath and King). Neither were satisfactory. Both fundamentally made the same point: Barclays wants to cut costs and has a strong fixed income business.

Investors are unhappy, however. Costs haven’t been cut enough, bonuses were hiked, and in a world where fixed income revenues are falling, Barclays’ big fixed income business looks more like a liability than a boon. Analysts at JPMorgan are predicting an 11% cut in investment banking revenues in the first quarter, but at Barclays they expect revenues to fall 15%, Something has to change. This time, the change at Barclays may actually be dramatic.

Separately, the Prudential Regulation Authority in the UK wants to make it possible for banks to clawback bonuses over a six year period. This could mean banks clawing back bonuses that have already vested as opposed to simply not allowing unvested stock to be cashed as happens at present. If implemented, the new rules could have dramatic implications for bankers’ spending habits. It could also encourage individual bankers to make careful records of everything they do at work in order to absolve themselves if a case is raised against them in the future. Sam Whitaker, a counsel at law firm Shearman & Sterling, tells us six year clawbacks could be difficult to enforce: “If witnesses had left employment, it might be very difficult indeed.”

Meanwhile:

Return on equity in Barclays investment bank is 8.2%, down from 12.2%. (Financial Times) 

Barclays is already cutting 410 investment bankers over the next six months, all of them senior. (Telegraph)

Deutsche Bank says the year has ‘started slow’ for revenues in its investment bank.  (Bloomberg) 

Sergio Ermotti has had his pay hiked by 20% to CHF11m. (Financial Times) 

Moody’s has cut RBS to Baa1 from AA3 and put it on negative watch. Says restructuring could depress profits. (Telegraph) 

The UK is around $350 million away from a record first quarter for initial public offerings. (Financial News)

Goldman Sachs partner made US ambassador to Canada. (IB Times) 

Attack on pensions in the City of London. (CityAm) 

Related articles:

Why B of A is the place to be in fixed income trading. Bob Diamond, the nice man

Time to preemptively escape Deutsche Bank and Barclays’ FICC businesses?

UK banker-bashing-bonus-tax, redux. How to lure top bankers cheaply

 

 

 

Orcel verdient mehr als sein Chef: Das Wichtigste aus dem UBS Vergütungsbericht

$
0
0

Um 44 Prozent auf 4,1 Mrd. Franken konnte die UBS ihren „bereinigten“ Vorsteuergewinn  in 2013 steigern. Grund genug, um den Bonuspool randvoll aufzufüllen. Hier die wichtigsten Fakten aus dem Vergütungsbericht der Schweizer Großbank, der am heutigen Freitag (14. März) veröffentlicht wurde.

1. Andrea Orcel kassiert mehr als Sergio Ermotti

Der weitgehende Abschied der UBS vom Fixed Income-Geschäft hat die traditionelle Nahrungspyramide innerhalb der UBS anscheinend nur kurz aus dem Gleichgewicht gebracht. Der Mitarbeiter mit der höchsten Vergütung in 2013 war keinesfalls UBS-Chef Sergio Ermotti, sondern Investmentbanking-Chef Andrea Orcel. Der Italiener strich insgesamt 11,4 Mio. Franken ein. Von dem Geldsegen entfielen 1,5 Mio. auf das Grundgehalt und 1 Mio. auf den Cashboni. Der Rest – immerhin 89 Prozent – sind aufgeschobene Boni, wovon 59 Prozent auf den Equity Ownership Plan (EOP) und 30 Prozent auf Deferred Contigent Capital Plan (DCCP) entfallen. Bei EOP handelt es sich im Grunde um Aktienanwartschaften und bei DCCP um eine Form der Unternehmensanleihen.

UBS-Chef Ermotti musste sich indes mit einer Gesamtvergütung von 10,7 Mio. Franken begnügen. Der Tessiner strich ein Grundgehalt von 2,5 Mio. sowie einen Cashbonus von 1 Mio. Franken ein. Der Anteil der aufgeschobenen Boni lag bei 87 Prozent. Für die gesamte Konzernleitung ließ die UBS 82,4 Mio. Franken springen.

2. Ehemaliger Bundesbankchef Axel Weber streicht 6 Mio. Franken ein

Im Vergleich zu diesen Spitzenverdienern schneidet der UBS-Verwaltungsratspräsident und ehemalige Bundesbankpräsident Axel Weber mit 6 Mio. Franken bescheiden ab. Allerdings dürfte er damit immer noch mehr Geld verdienen, als er es jemals als EZB-Präsident gekonnt hätte. Weber erhielt ein Grundgehalt von 2 Mio. Franken sowie 200.000 Unternehmensaktien im Wert von 3,7 Mio. Franken, die auf vier Jahre gesperrt sind. Der Rest entfällt auf Nebenleistungen.

3. Bonuspool kletterte um 28 Prozent auf 3,2 Mrd. Franken

Der gesamte Bonuspool der UBS wurde in 2013 um stolze 28 Prozent auf 3,2 Mrd. Franken aufgefüllt. Dieser Umstand war hingegen schon bei der Veröffentlichung des Jahresergebnisses bekannt geworden. Von der UBS heißt es hierzu: „Aufgrund der guten Performance haben wir 2013 die Höhe der leistungsabhängigen Zuteilungen der von der Reduktion im vergangenen Jahr am meisten betroffenen Bereiche normalisiert und Lücken zum marktüblichen Vergütungsniveau geschlossen.“ Die Angestellten dürfte es freuen. Aufgrund der LIBOR-Affäre waren die Investmentbanking-Boni für 2012 zusammengestrichen worden.

4. Risikoträger streichen durchschnittlich gut 1,9 Mio. Franken ein

Bei den Großbanken wird es immer üblicher, die Vergütungen der sogenannten „Key risk taker“ auszuweisen. Dazu gehören die Mitarbeiter, die eine besondere Verantwortung für die Risiken, Erträge und Ressourcen der Bank tragen. Bei der UBS zählen hierzu auch sämtliche Beschäftigten mit einem Bonus von mehr als 2 Mio. Franken. Insgesamt verzeichnete die UBS 543 solcher Risikoträger in 2013.

Jeder von ihnen strich eine Gesamtvergütung von gut 1,9 Mio. Franken ein, was im Vergleich zum Vorjahr ein Plus von 22 Prozent darstellt. Dabei beliefen sich das durchschnittliche Grundgehalt auf 433.000 Franken und der Bonus auf knapp 1,5 Mio. Franken oder auf 77 Prozent der Gesamtvergütung.

5. Es gibt mehr Bares

Auch bei den Strukturen der Vergütungen hat die UBS an einigen Rädchen zum Wohle der Mitarbeiter gedreht. So wurde der Schwellenwert für Barvergütungen von 250.000 auf 300.000 Franken bzw. US-Dollar angehoben. Erst ab diesem Wert wird also ein wachsender Teil der variablen Vergütungen aufgeschoben ausbezahlt. Das Maximum für Barboni bleibt indes unverändert bei 1 Mio. Franken bzw. US-Dollar.

6. Bonusanteil kann zwischen 40 bis 75 Prozent betragen

Bei der Höhe des Bonusanteils an den Gesamtvergütungen verschafft sich die UBS mehr Freiheit. Bislang lag dieser einheitlich bei 60 Prozent. Künftig kann er zwischen 40 und 75 Prozent betragen. Von der UBS heißt es hierzu: „Dies bedeutet im Wesentlichen, dass Mitarbeiter am unteren Ende der Vergütungsskala einen geringeren Anteil an aufgeschobenen Zuteilungen als in früheren Jahren erhielten. Der Anteil der aufgeschobenen Zuteilungen für Mitarbeiter am oberen Ende der Skala war indessen höher.“ Das Verhältnis von aktienbasierten Vehikeln (EOP) zu anleihebasierten Instrumenten (DCCP) wurde von 50/50 auf 60/40 verändert.

7. Der Bonuscap für die britischen Mitarbeiter kommt

Die EU hat zum Januar 2014 einen Bonuscap eingeführt. Demnach dürfen Mitarbeiter nur 100 Prozent ihres Grundgehaltes als Bonus erhalten und 200 Prozent, sofern die Aktionäre zustimmen.  Die UBS schreitet jetzt zur Tat und will sich bei der Generalversammlung die Grenze von 200 Prozent von den Aktionären absegnen lassen. Betroffen sind hiervon die Londoner Mitarbeiter der UBS.

8. Es gibt sie noch: Antritts- und Garantiboni

Seit der Finanzkrise zählen Antritts- und Garantiboni zu den vom Aussterben bedrohten Arten unter den Vergütungsmöglichkeiten. Doch bei der UBS finden sie sich noch. Laut dem Vergütungsbericht wurden in 2013 Antrittsboni von insgesamt 18 Mio. und Garantiboni von 34 Mio. Franken gewährt. Die Abfindungszahlungen beliefen sich in 2013 auf 138 Mio. Franken, wovon gerade einmal zwei Risikoträger profitierten.

Ähnliche Artikel:

Wo Bonusträume wahr werden: Das Wichtigste zu den UBS Ergebnissen

Von der Credit Suisse lernen: Wie Sie Ihren Bonus vor dem Fiskus retten

Das ultimative Ranking für die Schweiz: Welche Bank in 2013 am besten zahlte

 

Andrea Orcel and the strangely enormous benefit payments

$
0
0

Unlike Eric Bommensath and Tom King at Barclays, Andrea Orcel is very popular as the chief executive of UBS’s investment banking. Today’s UBS remuneration report contains a gushing appraisal of Orcel’s achievements: he has been an “effective leader,” who drove “positive performance,” in a “successful year,” with “strong focus,” resulting in “significant achievements”, and “strong performance,” etc. etc.

Such is his popularity that Orcel was paid CHF11.4m ($13m) last year. This was more than his boss Sergio Ermotti – chief executive of the whole of UBS. Sergio received a mere CHF10.7m.

As the Wall Street Journal points out, Orcel’s latest award follows a $6.4m top-up payment last year to buyout the stock he left behind at Bank of America. The Italian-born dealmaker is doing very well for himself indeed.

A closer look at Orcel’s pay packet. however, reveals that a disproportionate amount of Orcel’s windfall was comprised of ‘benefit’ payments. While Ermotti received CHF127k in benefits for 2013, Orcel received CHF727k. This was more than the cost of benefit payments to the entire UBS board in 2012. Without these giant benefits, Ermotti and Orcel would have been paid almost equably.

The CHF727k question, therefore, is what these benefits consist of. – Private jets? Satellite telephones? London townhouses? UBS declined to comment.

Here’s the relevant table for your perusal (Click to expand).

UBS compensation table

 Related articles:

Why do so many super-groomed men work for UBS?

UBS first to increase pay, and other learnings from the Swiss bank’s annual results

Ex-Lehman banker says now is absolutely the time to be working for UBS

Back office workers getting the boot from New York, London

$
0
0

Banks that have been methodically moving back office staffers to cheaper locales are planning to step up their efforts. In a decade, just a sliver of Wall Street’s support staff will remain in high-cost cities like New York and London, according to a new report.

Compensation expert Alan Johnson said that just 25% of the investment banking world’s back-office and operations workers will remain in hub cities by 2024. Moreover, not all will be funneled to secondary U.S. markets. Rather, much of the work will be done in developing cities, which will house a whopping 50% of back office workers in the next 10 years, according to Johnson. Bangalore, India, home to the burgeoning satellite office of Goldman Sachs, is sure to be one locale where much of growth will occur.

“As you look at the cost differentials, and with technology making it easier to do things from remote locations, firms plan to have fewer people here,” he told Reuters.

In the U.S., banks have so far relied more on cheaper local markets than the developing world. Goldman has 1,800 staffers in Salt Lake City, plus several hundred more in Dallas. Deutsche Bank operates a Jacksonville, Florida facility, and just last month, J.P. Morgan announced it would move workers across the East River and into Brooklyn.

Cost savings from these initiatives are substantial, but still nothing that you would see if you moved jobs overseas. Goldman reportedly pays its Salt Lake staff roughly 30% less than what they would make in New York, plus all the savings from the monumental difference in real estate and operating costs.

Unfortunately, as banks begin to shift their focus more toward the developing world, the U.S. will be losing jobs rather than just moving them.

Landing a Job With No Time to Look (eFinancialCareers)

It’s a bit of a Catch-22. You’re looking for a new job, in part, due to the massive number of hours you’re putting in at your current position. But those hours keep you in the office, making it near impossible to go on interviews, network or even search online for something new.

Interview Tips for Junior Traders (eFinancialCareers)

Here are six different types of interview questions you should be prepared for if you want to be a trader on Wall Street.

New FCA Head Named (Reuters)

Bank of America managing director Julia Hoggett has been named the new head of investment banking supervision for the Financial Conduct Authority. We interviewed Hoggett last year about the realities facing gay bankers today. She’s smart and interesting.

RIP (NY Post)

Another banker has taken their own life. Eddie Reilly, a trader at New York’s Vertical Group, reportedly jumped in front of a Manhattan-bound train, killing himself. Seven financial professionals have committed suicide since the New Year.

Gleacher Says No Mas (WSJ)

Gleacher is dissolving. The New York investment bank, which shuttered its trading division last year, is now closing its advisory business and will liquidate all assets. Staffers have been leaving the firm in droves throughout the last six months.

Citi Slashing Mexican Pay (WSJ)

Citigroup is not taking the latest Mexican fraud scandal sitting down. The bank has cut the compensation of the unit’s chairman and has hinted that it will lower compensation for other employees as well.

Crazy Clawback Provision (Bloomberg)

The Bank of England has proposed a plan that would allow banks to clawback bonuses for up to six years after they were paid. That’s aggressive.

Buzz Around the Office

What’s in a Name (The Telegraph)

After losing a poker bet, a New Zealand man had to change his name to one chosen by the other players. They settled on “Full Metal Havok More Sexy N Intelligent Than Spock And All The Superheroes Combined With Frostnova.” The name is now on his passport.

Quote of the Day: “Wall Street is the only place that people ride to in a Rolls Royce to get advice from those who take the subway.” - Warren Buffett

Family officer : un métier souvent méconnu et pourtant en plein développement

$
0
0

Parce qu’il cultive à fond la discrétion, le monde du Family Office reste souvent méconnu des candidats en finance. Saviez-vous que ce secteur comptait plusieurs dizaines de milliers de structures dans le monde, quelques milliers en Europe et quelques centaines… en France ? Preuve que les family offices ne sont pas seulement l’apanage de pays comme le Luxembourg ou la Suisse. Si l’on considère que les effectifs tournent autour de 1 à 15 personnes par structure, cela signifie que le secteur emploie plus d’un millier de professionnels dans l’Hexagone.

Afin de mieux connaître le métier et ses besoins, nous avons interviewé François Mollat du Jourdin, fondateur de l’un des premiers family offices français (MJ & Cie basé à Paris et Genève et qui emploie 8 professionnels) mais aussi Secrétaire général de l’Association Française du Family Office (AFFO) et Président de l’European Network of Family Offices (ENFO).

Comment êtes-vous tombé dans la potion du family office ?

Diplômé d’Audencia, j’ai débuté ma carrière en Afrique pour le compte de l’Union Financière de France avant de rejoindre la banque de Neuflize, Schlumberger, Mallet (Groupe ABN AMRO) où j’ai développé pendant 10 ans la Gestion Privée, avant de rejoindre la direction de Merrill Lynch Private Banking France.

Comment définiriez-vous un Family Officer ? Est-ce très différent d’un private banker ?

Le family office organise et produit, dans la durée, un ensemble de services - principalement financiers, juridiques et fiscaux – afin de préserver les intérêts économiques des familles dans une vision trans-générationnelle. A la différence du private banker dont le métier est avant tout de gérer des actifs financiers, le family officer conseille mais ne vend rien, et son panel d’intervention est beaucoup plus large. A défaut de tout connaître, il est chargé de trouver la bonne information et le bon spécialiste au bon moment, si bien que l’on pourrait le comparer à un chef d’orchestre….

Quelles sont les types de structures les plus développées dans l’Hexagone ? 

Très clairement, ce sont les mono-family offices les plus répandus. On en compte plusieurs milliers rien qu’en Europe. Toutes les grandes dynasties industrielles ont leur propre family office, c’est généralement la holding familiale. Viennent ensuite, par ordre d’importance, les multi-family offices indépendants (dont le capital est détenu par les associés), probablement quelques centaines en Europe et quelques dizaines en France grand maximum, puis enfin les multi-family offices bancaires, adossés à des banques. Les risques de conflits d’intérêts étant réels, peu de banques se lancent dans cette activité.

Note de la rédaction : quelques noms en vrac de mono family-offices (Dassault, Bettencourt…), multi-family offices (MJ & Cie, Intuitae, Affection Finance…) et de muti-family offices bancaires (Meeschaert, Neuflize OBC…).

Neuflize OBC vient pourtant de lancer sa structure en France le mois dernier. Le secteur recrute-t-il ? Est-il porteur ?

Même si c’est un secteur de niche et que l’on parle le plus souvent de “boutiques” pour désigner nos structures, le secteur recrute. Ainsi chez MJ & Cie, nous embauchons en moyenne un nouveau professionnel chaque année (si l’on considère que le rythme d’embauche est le même pour toutes les structures, cela fait tout de même un nombre significatif de recrutements par an en France). Difficile de faire une projection précise sur les 10 prochaines années, mais le secteur devrait fortement se développer sachant que seulement 20% de la clientèle potentielle est actuellement couverte par les family offices.

Lors d’une conférence organisée au début du mois par CFA Society France, vous évoquez un métier passionnant tant sur le plan technique, culturel et humain. A quoi ressemble le quotidien d’un family officer et quelles sont ses principales missions ?

Il n’y a pas à proprement parler de journée type. Par contre, il y a un travail de veille permanente sur ce qui se passe à l’extérieur (évolution de l’environnement juridique, financier..) et beaucoup de temps passé en relation avec le client.

Nous fournissons trois types de conseils à nos clients : stratégique (actionnariat d’entreprise, allocation d’actifs, gestion des risques financiers…), opérationnel (ingénierie et bilan patrimonial, investissements financiers, juridique et fiscal, immobilier, assurances, back-office…) et enfin tout ce qui a directement trait à la famille (gouvernance, philanthropie, trust, conciergerie….). A ces conseils peuvent s’ajouter différents services (investment services, tax services, …), internalisés ou non.

Comment est rémunéré un Family Officer ?

Une structure de family office facture généralement un forfait proportionnel au patrimoine supervisé (le standard international est théoriquement de l’ordre de 0,5%). Le salaire d’un employé, selon le poste occupé, avoisine ceux que l’on peut trouver à des postes de front ou back-middle office en banque privée. Il y a une partie fixe et une partie variable (généralement 80/20) mais, dans une structure entrepreneuriale comme la nôtre, j’aurai tendance à minorer le fixe pour majorer le variable (par exemple 70/30, voire davantage pour des développeurs).

Quels sont les profils les plus recherchés par les family offices ?

Nous recherchons plutôt des candidats dotés d’une forte culture entrepreneuriale (autonomie, responsabilité et capacité de développement), alliée à une expérience et des expertises techniques (financières, juridiques ou administratives) de haut niveau, ainsi qu’une capacité à amener de la clientèle. Bref, un profil plutôt senior… et bilingue anglais étant donné le large panel culturel et géographique de nos clients (50% sont internationaux).

Sinon, la composante humaine (“soft skills”) est très importante. Il faut une certaine agilité intellectuelle pour être capable de tenir des discussions et mener des réflexions avec les clients, tout en restant “low profile”. J’ai croisé trop de professionnels qui se prennent pour le client ! L’environnement de travail très exigeant est soumis à un impératif absolu de confidentialité, lié notamment mais pas seulement aux différentes réglementations qui régissent notre activité.

LIRE AUSSI : 

Les family offices sont en plein essor en Suisse : Comment faire une carrière dans l’industrie du secret ?

Zoom sur le marché des Family Offices au Luxembourg


Nine strange things you didn’t know from the UBS bonus plan

$
0
0

How will you get paid if you work at UBS? Today’s remuneration report offers some guidance. As we’ve already noted, Andrea Orcel - chief executive of the investment bank – has done very well for himself indeed, but what about investment bankers lower down the UBS hierarchy?

These are the key things to know.

1. Bonuses at UBS are restricted to 2x base pay for 156 people in London

As per the European Union’s bonus cap, UBS says it’s restricting bonuses in London to twice fixed pay. This only applies to UK-based employees whose activities could have a, ‘material impact on the firm’s risk profile in the UK.’ These risk-taking employees are usually defined as code staff, of whom UBS says it has 156. In 2012, UBS had 188 code staff, so the number of employees with the potential to be impacted by the EU cap has fallen (even though the EU wanted banks to implement the code staff category more widely).

2. Outside London, ‘function heads’ at UBS can receive 7x their base pay in bonuses

Away from the City of London and outside the EU, UBS is throwing caution to the wind. It allows ‘function heads’ to receive up to seven times their salaries in bonuses.

3. UBS is keeping its five year deferred bonuses, the entirety of which vest in year five

Anshu Jain said last month that’s decided to keep Deutsche Bank’s five year cliff vesting policy for senior Deutsche bankers’ bonuses. UBS is doing the same. Last year, it introduced a new ‘deferred contingent capital plan’  (DCCP) under which employees would be paid partly in Cocos vesting entirely in the fifth year. This remains in place, but the proportion of deferred bonuses allocated to the DCCP has been reduced from 50% to 40%.

4. UBS is increasing cash payments to its junior bankers

Last year, UBS began deferring bonuses once they reached CHF250k. This year, it will only be deferring bonuses that are CHF300k and above.

5. UBS is increasing deferrals for senior bankers

If junior bankers at UBS are receiving more cash, senior bankers are receiving more stock. Last year, UBS implemented a fixed deferral rate of 60% on all bonuses above CHF250k. This year, it will implemented graduated deferrals from 40% to 75% as bonuses get higher.

6. UBS paid its average ‘key risk taker’ CHF1.9m ($2.2m) last year 

Including the 156 code staff it has in the UK, UBS has 543 ‘key risk takers’ globally. Last year, they each earned an average of $2.2m. Although UBS claims to have closed the gap with pay at rival firms, this looks paltry compared to the huge sums that were on offer at American banks in London in 2012.   

On average, 57% of key risk taker’s compensation was deferred.

7. Even though they’re outlawed by the UK regulator in all but exceptional circumstances, you can still get a guaranteed bonus and a sign-on at UBS in London

UBS paid CHF34m of guaranteed bonuses to London-based code staff in 2013. It also paid CHF18m in sign-on payments. A further CHF67m went on replacement payments, to compensate for bonuses left behind at other firms by the people it hired.

8. If UBS’s investment bank doesn’t achieve a return on equity of 15%, bankers will start to get their deferred bonuses docked 

Deferred bonuses at UBS are paid in two forms: the deferred contingent capital plan (DCCP, mentioned in point three) and an equity ownership plan known as the EOP. EOP awards will account for 60% of the bonus deferrals in 2013. While DCCP awards vest entirely in year five, EOP awards vest in years two and three.

Earlier vesting is where the good news ends for EOP awards, however. If UBS doesn’t hit an ROE of 15% for the investment bank and 8% for the bank overall in the year they’re due to vest, EOP awards will be reduced in value, potentially dramatically as per the chart below (click to enlarge). Promisingly though, 100% of the EOP awards for 2010/2011 and 2011/2012 vested in 2013.

UBS conditions

9. UBS sneakily clawed back 60% of a ‘Performance Equity Plan’ from 2011

Even though UBS increased its bonus pool by 28% for 2013, its overall spend on bonuses stayed flat. The bank attributed to this to lower payments on deferred bonuses from previous years.

This might have something to do with a 60% reduction in the value of a ‘Performance Equity Plan’ awarded to staff in 2011. This was subject to a multiplier based upon ‘economic profit’ and ‘total shareholder return’ in 2011-2013. UBS did its sums and deemed that the the value of the plan should be cut by 60%.

Related Links:

Andrea Orcel and the strangely enormous benefit payments 

Barclays has rolled out a 10% rate cut for all contractors in the UK and US

The warped psychology of the underpaid investment banker

 

How to dress like you should be a banking big-shot

$
0
0

Late July in Cambridge and the swarms of tourists are given a rare photo opportunity. It is graduation day and the university’s students walk in procession from their ancient colleges, through the city’s cobbled streets to the Senate House, where they are awarded the degrees that will give them access to the highest levels of Britain’s society. To the untrained eye, the gowns are all pretty similar – Harry Potter-style wizard robes – but the differences are intricate and infinite.

For those who haven’t yet graduated the college gown must be worn to formal occasions, each with their subtle variations – a bow here and a plait there. When graduating or matriculating, the type of gown and hood worn depends on the type of degree you are doing – whether it’s a BSc, BA, MPhil, MLitt, Phd, MusD and so on – and what your academic discipline is. If you’ve completed a doctorate at the 804-year-old institution, the Doctor’s gown – a little crimson silk number with a comical gold tasselled hat – must be worn.

Clothes shout status 

The rules of dressing to denote your profession and social status have run through British society for centuries. For some of the male students such traditions will end with their graduation. But, for a few, their knowledge of the subtle art of dressing like a gentleman will stay with them for life. The rules aren’t known by many, but those who do know them are usually the most influential in society.

“A man’s clothes denote his social and financial standing in the community,” says Michael Donovan, in-store tailor at Ede and Ravenscroft in Cambridge. At 73-years-old, he is one of sharpest dressed men you’ll ever see, with a slim frame and neat white hair. He darts around the shop with his tape measure, like a man of thirty. “If you see a man with a well-cut suit, you know that he either has class or money or both,” he says.

Founded in 1689, Ede and Ravenscroft claims it is the oldest firm of tailors in the world. It is official robemaker to the Queen, Prince Phillip and the Prince of Wales. With stores in Oxford, Cambridge, London and Edinburgh, the company dresses members of the British establishment from their time as undergraduates at the country’s most elite universities to their days at the Inns of Court, House of Lords or on the boards of big business.

The banking and financial services sector is a relatively new addition to the ranks of gentlemanly professions – business and trade were considered inferior sources of wealth to family inheritance. But the rise of high finance brought respect and today’s banker needs to look like a gent in order to get by.

Related articles:

Senior bankers share wisdom on handling heinous travel

When sharp-suited bankers are happy to work from home in sweatpants

Ex-UBS banker plans to simulate beach parties in Kensington

The small details – get the socks right

“It’s the little things that make the difference – ties, hankies and detailing,” says Martin Blighty, joint owner of the tailors Peckham Rye (cockney rhyming slang for tie). And it’s the ‘little things’ that his store specialises in. Situated along small cobbled street off Carnaby Street in central London, the small neat shop is packed with perfectly presented ties, socks and hankies. Every space on the wall is filled with photographs of the family – tailors for six generations – and ancient copies of Private Eye magazine.

Wearing the right clothes gets you noticed by the right people, says Martin. “If you go to a plc presentation, the board of directors will all be wearing good suits. And I can guarantee you that when the meeting is over the well-dressed people will gravitate towards one another. People who are well dressed will get their questions answered. It’s subliminal messaging,” says Martin.

“People in senior positions at big companies often come from very good backgrounds and they are trained to notice these things,” he says. “Somebody might be absolutely brilliant at their job, but if they have the wrong colour socks on they might be overlooked.”

Every modern gentleman should own at least one double breasted suit, two or three lounge suits, a blazer, a sports jacket and a top coat, says Martin. “Most gentlemen who come in to the shop would have that kind of arsenal.”

Peckham Rye has dressed global figures in the world of finance for decades. When Citicorp and Travelers Group merged in 1998, Peckham Rye was given the job of crafting the commemorative ties. “The idea is always to dress a little bit above your station in life. That way people will think no less of you,” says Martin. “That’s what my granddad used to say.”

Looking dishevelled

A gentleman banker should stick to a tie with just two colours, says Martin, a plain white handkerchief in the top pocket, a small tie clip, a white shirt and a blue or charcoal suit. “They should wear black Oxfords, but never brogues – they’re a country shoe – although it’s OK if they’re wing-tipped brogues that are very polished.” He says bankers should stay away from double breasted suits at work – “they’re a bit flash for the office” – and that they are more appropriate for people working in advertising or sales.

Apparently, a common mistake is for men to wear ill-fitting suits. “Most men have it in their minds that they’re a chest size bigger than they are – everybody wants to be bigger than they are.” Even an expensive suit will look bad if it’s poorly fitted, says Martin. “Ill-fitting clothes look dishevelled. It’s important for somebody to look as good at 9am as they do at 9pm.”

Martin is frequently asked to advise on the appropriate attire for a job interview. Start with a navy blue or charcoal and an appropriate tie, he says – “you can either tone or contrast your tie with your suit. With navy blue you can either go with a blue tie, that would tone it, or a maroon tie, which would contrast it.”

Michael Donovan of Ede and Ravenscroft says that shoes are of the utmost importance: “They need to be clean, polished and shiny.” The trousers need to be well creased and it’s usually worth getting your whole suit pressed professionally at a tailor. “Don’t fill your pockets with filofaxes and cigarette packets,” advises Michael. “Although the pockets are there to be used, you’ll look a lot smarter if you don’t fill them up.” It’s important to avoid looking pretentious: “For an interview you need something classic, neat and clean – nothing too loud. If you wear a stripe it should be a very delicate stripe, not a bold chalk stripe or anything like that.”

How to network like a gent

And, of course, dressing well shouldn’t just be done in your work life. A real gentleman always looks the part and the regulations for leisurewear are just as intricate. Michael advises those attending a summer party to wear a suit in light cream or lovat (a shade of soft green). A light check may also be worn, but pattern needs to be treated with caution: “Some people can take off a bolder pattern well, but if you want a big check you need to be a big person,” says Michael.

Different colours should be worn depending on whether you are in the town or the country. “Fawns, greens and browns are worn in the country to blend in with your surroundings,” says Michael. “In the city you wear navy and dark grey, and light fawns if it’s the summer.” Just as you wouldn’t trudge around a farm in a pin-striped suit, you’d look out of place in a bold, checked tweed jacket in the city, he says. “But people do. It’s amazing what people do nowadays.”

Martin Blighty says he’s also often asked for advice on what to wear on dates. “It all depends on what day of the week the date is,” he says. “If the date is on a Wednesday, I’d suggest a tie or an open-neck shirt and a handkerchief in the top pocket. If it’s on a Saturday, I’d advise a closely knotted scarf – a bit Mick Jagger-like. You want to show you’ve got a bit of life.”

Both Martin and Michael lament the diminishing importance that good tailoring and smart dress have in main stream culture. “When you look at old films, people took much more care with how they looked. It’s much more casual now,” says Michael. Both have seen their industry change beyond recognition. “When I first started there were eight bespoke tailors in Cambridge,” says Michael. “Now there’s just us.”

But the tailors who have survived are in a secure position because, high up, in the upper echelons of society, these traditions are here to stay. And joining the ranks of the rich and powerful is just as much about looking the part as it ever was.

Deutsche does not have a ‘soft hiring freeze’ in London. It just hasn’t hired much this year

$
0
0

Does Deutsche Bank have a ‘soft hiring freeze’ at its London office?  London-based financial services recruiters say they’ve been informed that it has. Deutsche Bank tells us that it hasn’t. And yet a quick look the Financial Conduct Authority (FCA) Register reveals that Deutsche has hired next to no one into its London business since January 2014.

While other banks have hired staff externally in the past three months, Deutsche’s new FCA Registered staff are mostly internal transfers from overseas offices. The Register suggests that external front office hires in London this year have been restricted to Sally Fitzpatrick, a corporate access professional from SocGen, Ashley Wilson, a new global head of synthetics in the prime services division from Barclays, and Jana Hecker, a former executive director in IBD from Goldman Sachs.  Supplementary to this, Deutsche has hired Kevin Purgrass from Citi as head of compliance in its transaction bank.

For a bank with thousands of staff on London Wall, that’s not much hiring. Last November, we reported that Deutsche had a full hiring freeze globally.  Since then, the bank has indicated that it wants to hire fixed income bankers in the US. This week, however, it lost Michele Foresti, its former head of European credit and rates trading, who is joining Bank of America as head of FICC trading for EMEA. 

Related articles:

Nine strange things you didn’t know from the UBS bonus plan 

Senior partner at Deutsche Bank ‘super-start-up’ hedge fund retires and goes into academia 

Time to preemptively escape Deutsche Bank and Barclays’ FICC businesses? 

 

 

 

BAML says Barclays’ US ex-Lehman business should go it alone

$
0
0

A note is doing the rounds from analysts at Bank of America Merrill Lynch. It suggests it might be time for Barclays’ ex-Lehman bankers in the U.S. to unpick the deal done by Bob Diamond in 2008, to split off from Barclays and to become a separate entity.

The idea is intrinsically appealing. Barclays’ investment bank is due to have yet another strategic review and yet another chief executive. The organization is being led by a UK-focused ex-retail banker who has committed to keep the compensation ratio at less than 35%, even though U.S. banks pay 50%. The higher bonuses paid to Barclays’ investment bankers in the New York have already caused outrage in London.

The ex-Lehman business in the U.S. is the best bit of Barclays’ investment bank 

BAML’s analysts argue that the ex-Lehman business is the jewel in Barclays’ investment banking crown. Based upon Barclays’ own disclosures, they estimate that the investment bank makes two thirds of its profits before tax in the U.S, which they claims generates a return on equity of 16%, compared to just 4% in Europe and 8% in Asia.

Unpicking the Lehman (now the U.S.) business would be “strategically significant,” argue BAML analysts. It would enable Barclays to jettison its plans for global domination and allow the investment bank to align to its UK and corporate client base, in much the same way as is happening at RBS.

Not everyone thinks that a spin-out of the ex-Lehman business in the U.S. would be advisable, however. Chris Wheeler, a director at Mediobanca in London and ex-Lehman banker for a decade, tells us Barclays’ US business alone would be, “too big to be to niche and too small to be a serious player.

“You need global coverage and global distribution,” adds Wheeler. A U.S.-focused business wouldn’t have that, and would need to build an international presence from scratch, he claims.

Would Barclays US investment bank be better off as an independent entity?

Related articles:

End game at Barclays? 

Blame the ex-Lehmanites for Barclays’ increased bonus pool

Deutsche does not have a ‘soft hiring freeze’ in London. It just hasn’t hired much this year

 

Career Crunch: Finance firms gearing up for Q2 expansion, tips on how to miss a career car crash

$
0
0

Missed the articles that could make a real difference to your finance career over the past week? Fear not, catch up on the top stories on eFinancialCareers over the past seven days.

Where in the world are bonuses highest? The answer is not what you think

Where has pay been most brutally cracked down upon by the regulator? This is where bonuses are biggest.

22 financial services firms that will hire you in the second quarter

These firms are talking up expansion plans in the coming months.

The best MBA programs for a high-paying job on Wall Street

Harvard and Stanford top the generic MBA rankings, but which schools will get you a job on Wall Street?

Eight ways to avoid walking into a terrible career move

You’re about to make the leap into a new job; ensure it’s not worse than the one you’re leaving.

Five fabulous post-bonus banking jobs in Singapore, Hong Kong and China

Bankers in Asia are more likely to make the leap after bonuses hit their bank accounts, but this is easier said than done. Here’s where the jobs are.

Ex-Goldman trader presents cushion-heavy photographic montage of ‘Playboy lifestyle’

Nothing screams opulence and decadence like strategically placed cushions.

How to destroy your finance career in years one to five

Investment banks want to hire ‘first-bouncers’, those who are looking for a new job after a couple of years in the industry, but there are good reasons to stay put.

Cubist Systematic and other stupidly named hedge funds of the world

Hedge fund names that imply your money will be managed by someone at Crufts or who sells cheese at a farmers’ market.

The warped psychology of the underpaid investment banker

Bankers are happy to take credit when their bonus goes up, but it’s absolutely not their fault if it decreases.

So, this is what happens when bonuses aren’t big enough

Equity researchers are back in demand, so Citigroup paying low bonuses to them is a bad idea.

Viewing all 3721 articles
Browse latest View live


<script src="https://jsc.adskeeper.com/r/s/rssing.com.1596347.js" async> </script>