Lunchtime Links: Scary statement suggests banks' junior hiring has collapsed

14 April 2009

2 minute read

Lunchtime Links: Scary statement suggests banks' junior hiring has collapsed

Just when everyone's all excited because Goldman's had a golden quarter comes some rather nasty news from the Securities & Investment Institute. The Institute's chief exec crops up in The Times today, saying that he thinks the number of people taking SII exams in the City might be down 50% this year, but that it's more likely to be down as much as two thirds. This is not good. A high proportion of SII exam takers are banks' graduate hires and forward bookings are apparently 'fairly horrendous.'

Once Goldman's TARP is paid off, every talented bulge-bracket banker at every other big TARP firm--Morgan Stanley, Bank of America, Citigroup, Merrill Lynch--will line up around the block to work at Goldman Sachs. (Business Insider)

Goldman VaR up 53%. (Wall Street Journal)

The demise of Goldman Sachs didn't last long. It shed all its toxic crap to the US government and has started off the new year with a clean sheet of paper. I am sure Obama et al are delighted. (Fintag)

Goldman's performance will endure. (CNBC)

RIP Dresdner K's M&A advisory, capital markets and equities businesses. Long live its businesses focused on German clients, FX, and credit trading. (Fintag)

Barclays willing to contemplate sale of BGI in its entirety. (Telegraph)

Windfall coming for BGI fund managers if sale goes ahead. (The Times)

Clawbacks coming to BarCap. (The Times)

Nomura prepared to move its HQ to London. (Financial Times)

Half the ML global economics team has disappeared. (Financial News)

UBS cutting 240 jobs from Asia Pac wealth management. (Bloomberg)

Each hedge fund manager may generate more than two jobs. (Guardian)

Is Standard Chartered the next Goldman Sachs? (The Times)

Libor falling fastest since January on credit revival. (Bloomberg)

Why investment bankers work hard. (Mergers and Inquisitions)

The more you worry, the longer you live. (Independent)

AUTHOReFinancialCareers UK

Insider Comment

me
merchant banker
16 April 2009
Is Arjun the new Hannah?
Reply
Ni
Niv
15 April 2009
Arjun, you look like a silly clone trying to imitate Henry. You are Arjun, he is Henry! At least try to incorporate some originality into your stupidity. And remember that you're on a well-trodden path. Many, far brighter than you are, have failed.... be humble. This is the very beginning. Good Luck
Reply
BB
BB grad
15 April 2009
Maybe in IBD its different, i would never want to work there so I don't really care.
But on the trading floor... where i work, my comments are accurate.
Reply
Ca
Carrie
15 April 2009
Ling - what you are saying is: 'be a b*tch and you'll go far'. I know how things work in IB but it is not about ruthlessness. It is about skill. She is probably still there because she is good, not because she is nasty to people. And if I may add, people who are rude and aggressive to others should be punished for it. Being aggressive does not always translate into being successful. Clearly this woman must have issues in other parts of her life. If one person is happy/confident with who they are they don't need to put other people down.
This is a typically arrogant and juvenile thing to write.
Reply
Li
Ling
15 April 2009
BB grad, nonsense. There is a 2nd yr grad I know in ML IBD, who is notoriously a snitch, every other grad cannot stand her, she dobs them in, is very political making them look bad her good to MDs.. and a year on half of them have been fired whilst she's been star-analyst rated.
Reply