Lunchtime Links: When they're good, traders at Goldman Sachs are A LOT better than traders at Morgan Stanley
After the ignominy of a poor performance in equities and fixed income (but particularly equities) in the 2nd quarter, traders at Goldman Sachs today have reason to feel ebullient again: they made lots more money than the newly hired upstarts at Morgan Stanley on lots more days in Q2.
According to the 10Q forms of Goldman Sachs and Morgan Stanley, traders at Goldman made more than $100m on 17 days in the second quarter. At Morgan Stanley, the same feat was achieved on six days only.
On the other hand, however, traders at Morgan Stanley didn't lose more than $75m on any days during Q2. Traders at Goldman spent four days losing this, or more.
Morgan Stanley
Goldman Sachs
Staff resignations doubled at the FSA in the second quarter, but 328 people joined. (Financial Times)
Hester admitted RBS was having to offer guaranteed bonuses to retain staff - and also to attract new high-fliers. (Guardian)
Goldman's inhouse prop trading language is called 'slang.' (Securities Technology Monitor)
Derivatives account for 25-35% of revenues at Goldman Sachs. (Dealbook)
Bonuses rose 25% last year. (Telegraph)
Banks will be trimming in Japan, hiring in China. (Bloomberg)
UBS is rebuilding its equity derivatives unit in Asia. (Reuters)
Citigroup's hiring convertibles staff in Asia. (OnlineWSJ)
Korn Ferry has been poaching staff from Heidrick & Struggles. (Financial Times)
Egon Zehnder never recruits from rivals. (The Times)
Everyone wants to issue sovereign debt. (Financial News)
Interview questions are getting weirder. (CNN)
