• Ask @MadameButcher anything about your career in finance Link https://t.co/Y6da4pSOe6
    eFinancialCareers Tue 19 Nov 2019 16:59
  • RT @MadameButcher: Why lawyers are the new M&A bankers Link
    eFinancialCareers Tue 19 Nov 2019 11:39

    City AM handed out its annual financial gongs earlier this month and Lazard’s Will Lawes walked away with the dealmaker of the year award.

    Lawes’ achievement is noteworthy because he only moved into banking three years ago, when he joined the independent advisory firm from Freshfields where he was a partner. At Freshfields, Lawes ran the firm’s financial institutions group and worked on M&A deals and capital raisings.

  • Escape to Italy. Link
    eFinancialCareers Tue 19 Nov 2019 08:54

    Goldman Sachs has hired an executive director from Deutsche Bank in Milan as opportunities for finance professionals in the Italian city proliferate.

    Graziano Gemma, a former director of investment banking at Deutsche in Milan joined Goldman Sachs this month according to his LinkedIn profile. Gemma, who was at Deutsche for 10 years, joins Goldman as an executive director in the Italian city.

  • Around 300 jobs have been displaced so far. Link
    eFinancialCareers Tue 19 Nov 2019 08:04

    When investment banks talk about their “army of robots”, it’s usually safe to assume that they do not have a literal army of robots and are just trying to sound like they've watched the Terminator franchise.  Not only that, even the metaphorical robots are often incredibly prosaic and might be better called “slightly more efficient back office processes”.  But, while not necessarily exciting in and of themselves, these robots ought to be of interest to anyone who cares about the future of work in financial services, because the one thing that financial “robots” do have in common with the science fiction kind is that they aim to replace the human race.

    At Deutsche Bank, they have a particularly strong incentive to get with the robot revolution.  Deutsche employs 9,000 people in operations for the investment bank, many of them engaged in quite repetitive tasks, cutting and pasting things from Word documents to Excel spreadsheets and...

  • How to break into the hottest sector in Asian finance with no experience Link
    eFinancialCareers Tue 19 Nov 2019 00:04

    Working in Asian private banking comes with its share of downsides. Compliance pressures are growing, weaker players have left the industry, and compensation remains lower than in investment banking.

    Despite this, headhunters say experienced professionals from other parts of financial services are keener than ever to break into private banking, a growth sector that offers stable jobs and long-term client relationships.

  • Join @MadameButcher on Reddit and ask her anything about a career in finance. https://t.co/H0mQMSVyf5
    eFinancialCareers Mon 18 Nov 2019 20:59
  • RT @MadameButcher: The best dressed new MD at Goldman Sachs Link
    eFinancialCareers Mon 18 Nov 2019 18:38

    If you're looking for some tips on how to dress if you want to make it to the top in banking, someone at Goldman Sachs might be the man to emulate. He's not only one of Goldman's newly promoted 465 managing directors, he's an ambassador for leisure clothing brand Lululemon and he has a popular Instagram account with thousands of followers. 

    The MD in question is New York City-based Wael Younan, who works on Goldman's multi-asset class portfolio solutions team. He's been at Goldman Sachs since 2010, but he has a sideline as a sartorial influencer. 

  • Join @MadameButcher on Reddit and ask her anything about a career in finance. https://t.co/JqY90a0Stl
    eFinancialCareers Mon 18 Nov 2019 18:13
  • Tidjane Thiam can look to Deutsche for advice. Link
    eFinancialCareers Mon 18 Nov 2019 17:38

    To be clear, there's no indication that Credit Suisse is planning anything like this - but this Swiss bank does need to do something drastic following the CHF100m loss at its investment banking and capital markets business in the first nine months of the year. M&A revenues at the bank were down 30% year-on-year over the same period (versus declines of 20% in ECM and DCM), suggesting M&A bankers might be at the sharp end of any cuts. 

    As Credit Suisse CEO Tidjane Thiam looks for costs to take out, some of Credit Suisse's more marginal sector teams might suggest themselves as potential candidates. Data from Dealogic suggests the Swiss bank has lost its position in the top M&A advisors for fees earned for several U.S. sectors this year (industrials, consumer and retail, real estate) and that it didn't rank in the top 10 either this year or in 2018 in the U.S. for various others (telecoms, FIG, and media and...

  • You need to be a developer to earn big money at Facebook. Link
    eFinancialCareers Mon 18 Nov 2019 16:28

    Facebook didn't respond to a request to comment on whether the visa holder really is Clegg. However, both the job title and the large salary suggest it almost certainly is.

    Facebook is a big hirer of H1B visa holders. The company, which employs around 43,000 people in total has recruited around 2,000 H1B visa holders in the U.S. in 2019. The VP of global affairs and communications is by far the best paid on the list. The next best compensated is the VP of alternate and virtual reality partnerships, who was also granted a visa in May and who has a salary of $425k. In May, Facebook replaced Hugo Barra as VP of AR/VR with Erick Tseng, its previous director of product management.

    While investment banks have plenty of vice presidents, Facebook has far fewer. VP is the top role below the C-suite at the technology firm. Most people who join Facebook therefore don't get this kind of salary. An executive communications manager hired in New York in August...

  • Deutsche has some critical positions to fill. Link
    eFinancialCareers Mon 18 Nov 2019 15:03

    Four months ago, a job in equity research at Deutsche Bank might not have seemed altogether appealing. In July, Deutsche Bank closed its equities trading division, made 500 staff forcibly redundant and moved thousands of others into its Capital Release Unit (CRU) to run its books down. However, Deutsche decided to maintain an equity capital markets (ECM) business in Europe and so many of its equity researchers were kept on. Now Deutsche wants to hire some more of them, and headhunters say it could have plenty of takers. 

    Deutsche didn't respond to a request to comment for this article, but earlier this month the bank posted two new equity research vacancies in London, for a pan-European beverages analyst at assistant vice president level and a pan-European leisure hotels and business services analyst at vice president level. 

  • One surprising reason why bankers in Singapore and Hong Kong don’t get jobs Link
    eFinancialCareers Mon 18 Nov 2019 12:13

    "I'm going through lots of resumes at the moment, but it's often difficult to see what people actually achieved in their jobs and what they'd bring to a new employer," says a Singapore-based recruiter. "In Asia, people can be reluctant to show off what they've accomplished, but this is a mistake that could cause me to overlook their resume."

    If your CV falls into this category, it's time to make some changes. But what, exactly, constitutes a career achievement and how should you describe one on your resume? We spoke with several banking CV experts in Asia to find out.

  • Meet the new managing directors at Goldman Sachs in Hong Kong and Singapore Link
    eFinancialCareers Mon 18 Nov 2019 11:23

    Goldman Sachs has announced the names of its new managing directors (MDs) globally, but Asia Pacific only accounted for 16% of them. Still, that’s a higher percentage than the 13% of revenues that the region contributed to Goldman’s financial results last quarter.

    Who are the Hong Kong and Singapore-based people who’ve made a new-Goldman-MD list that’s dominated by employees in the US and Europe? We went through the names and produced a non-exhaustive sample of some of the newly promoted MDs in the two Asian financial hubs.

  • Why did I bother? Link
    eFinancialCareers Mon 18 Nov 2019 10:53

    If you’re a computing student who’s thinking of applying for a banking job, I’d like to share my experience with you. I spent all of my university years interning with one of the big banks you’ve probably heard of. And then I was dropped for no reason.

    To get a technology job with a bank today, you need to start applying for internships as soon as you start at university. I applied to the bank in the first year and got an internship. They invited me back in the second year and again in the third year. I interned there three years running.

  • The new heads are making their mark. Link
    eFinancialCareers Mon 18 Nov 2019 08:18

    Argenti is already making himself known. Business Insider says he's asking Goldman's engineers to stop communicating their ideas in the form of PowerPoint presentations and to adopt the sorts of 'narrative memos' used at Amazon instead. Appropriately enough, Argenti has communicated this request in the form of a memo to his large team.

    The Argenti art of memo- writing is to start with the customer and to consider their problem or opportunity. Begin with their most important benefit, what they want and what their experience will be like. Write as crisply and precisely as possible and use simple and concrete language. Be objective, factual and humble. "Do not be afraid to talk about your failures in addition to your successes," says Argenti. "Ask yourself the hardest questions, and answer them objectively without bias."

    Unlike at Amazon, Argenti isn't demanding that all communication must through memos - it's up to Goldman's...

  • ???? Google ???????? Link
    eFinancialCareers Mon 18 Nov 2019 00:03

    ????? Nooglers ???????????????? (???????? Google ???) ????????????????? 5 ? 10 ????????????????????????????????????? Donovan Sung ? LinkedIn ?????????? 8 ????????????????

    ??? (? 2013 ?? Google ??????????????????) ? Doug Edwards ?????? 2000 ???????? Google ??Thank God it's Friday??????????????????????????????????????? 2013 ??????????????????????????????????????????????

    ?? Edwards ???Google ????????????????????????????????????????????? Greygler (40 ???????) ???? Google??????? Noogler ????

    ??????????????????????????? LinkedIn ???????????? Noogler ?????????????????????????????????????????? Nooglers ???

    ??????? Nooglers ??????????????????????? Google ?????????????????? 10 ?????????????????????????? Google APAC ??????? 10 ???????????? Google ????????? Thomas O'Connor ? LinkedIn ???? ????????? Noogler ?????

    Image credit: georgeclerk, Getty

    Have a confidential story, tip, or comment you’d like to...

  • If you pass, you'll be in a minority. Link
    eFinancialCareers Fri 15 Nov 2019 17:46

    It's become a cliché to say that you need to study for 300 hours if you want to pass each CFA exam. However, like all cliché's it's true. Four years ago, the CFA Institute issued the following handy graphic after the June 2015 exams showing how long students had studied for.

     

    Source: CFA Institute

    It says that  students study for 300 hours at least.

    If anything, 300 hours may not be enough. Speaking on forums, past CFA exam candidates say they only passed when they increased their study time considerably. "The first time I studied about 300 hours. The second time I increased it to around 400," says one candidate who was successful on round two. "I spent more than 800 hours studying and I'm not sure I can do better next time," says another candidate who failed.

    Naturally, there are always people who claim to have studied less. One candidate told us he passed CFA Level I after studying for just 30 hours and using...

  • RT @ElsenInc: "Several on the list are #GoldmanSachs technology fellows, a title reserved for the firm's most accomplished technical specia…
    eFinancialCareers Fri 15 Nov 2019 15:36
  • How much do you like your weekends? Link
    eFinancialCareers Fri 15 Nov 2019 15:31

    "So what are the hours like...?" If you're starting a career in banking, you shoud never ask this in an interview. Outside of an interview, however, it's a reasonable question to ask. After all, everyone knows that working hours across banking are long.

    Where are banks' working hours longest though? Well, it's pretty well known that working hours in primary markets (investment banking/leveraged finance) materially exceed those in secondary markets (sales/trading/research). However, the average working week in both categories can vary widely.

  • The new most important people at Goldman Sachs. Link
    eFinancialCareers Fri 15 Nov 2019 14:51

    Among the many things that are notable about Goldman Sachs' newly promoted managing directors (MDs), one is the fact that many have risen up through the firm's technology function. Historically, it wasn't easy to reach the top rungs if you didn't have a revenue-line attached. As Goldman prioritizes technology platforms and invests in automation, this seems to be slowly changing.

    Based on our non-exhaustive analysis of Goldman's 425 MDs, at least 27 tech professionals were promoted yesterday at GS. We've broken them out below. Let us know in the comments at the bottom of the page if we've missed anyone out.

  • The Americans are coming. Link
    eFinancialCareers Fri 15 Nov 2019 11:35

    Slowly but surely, there are signs that banks other than BofA are adding senior staff in Frankfurt and Paris. Local banks may need to reconsider their remuneration as a result.

    Nomura announced today that it has appointed Rolf Petermann as a coverage banker and managing director (MD) in its investment banking team, responsible for the FIG and the real estate sectors in Frankfurt. Jefferies has been hiring in the German city too, after bringing in Ulrich Boeckmann in July. JPMorgan's Franfurt office landed Patrick Czornik from Goldman Sachs in London to run M&A for Germany and Austria in September. And Goldman itself is building-out a mid-market M&A team under Tobias Koster in Frankfurt. 

  • Rising to the top in banking isn't always to be desired. Link
    eFinancialCareers Fri 15 Nov 2019 08:40

    For a man who’s recently stepped down from the head of investment banking and capital markets at Credit Suisse, Jim Armine looks pretty happy in the publicity photos.  This is partly just because he’s a naturally smiley guy – even his stock headshot has a grin.  But it might also be because his new role at CS looks quite a lot better than the big title he’s just left.

    Mr Armine is off to set up a “Private Credit Opportunities” unit within the asset management department at CS, with an initial “commitment of capital” (probably from wealthy clients rather than the bank’s own capital) of $7bn.  In other words, he’s effectively walking into a role managing a medium-sized to large business in the hottest hedge fund niche of the moment, with a megabank sorting out all the compliance and infrastructure for him.  Not only that, but he’s apparently “talking to senior bankers internally” to staff-up. And rather than being part of the wealth...

  • These are the lucky 465. Link
    eFinancialCareers Fri 15 Nov 2019 08:05

    Goldman Sachs' new MD list is go. The names are below. It's short, but not that short: 465 people were promoted this year, down from 509 in 2017 when Goldman promoted its biggest ever MD class, but up from 425 in 2015. 

    There are a few top-line things to know. Unsurprisingly, more and more of Goldman's MDs are from the millennial generation: in 2017 44% were, but this year millennials are a majority at 62% of the new recruits. 

  • Hong Kong bankers try to dodge trouble as violence rocks Central Link
    eFinancialCareers Fri 15 Nov 2019 00:00

    This was the week that the ongoing civil unrest in Hong Kong was brought much closer to home for bankers – clashes between police and demonstrators took place in the streets surrounding some of the city’s largest banks, and MTR closures caused travel chaos in Central.

    While the recent skirmishes in Central may not have shifted opinions for or against the democracy movement or the Hong Kong government, they have made some Central-based banking professionals call for a peaceful resolution of the conflict amid new fears for their personal safety.

  • RT @MadameButcher: This is who's on the 2019 Goldman Sachs MD list. Link
    eFinancialCareers Thu 14 Nov 2019 18:40

    Goldman Sachs' new MD list is go. The names are below. It's short, but not that short: 465 people were promoted this year, down from 509 in 2017 when Goldman promoted its biggest ever MD class, but up from 425 in 2015. 

    There are a few top-line things to know. Unsurprisingly, more and more of Goldman's MDs are from the millennial generation: in 2017 44% were, but this year millennials are a majority at 62% of the new recruits. 

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