2010 Investment Banking Analyst Bonuses: Disappointed? [Mergers & Inquisitions]
This year's bonuses for investment banking analysts in the top tier of their class at bulge-bracket institutions are coming in at $50,000 - 65,000 for first-year analysts and $65,000 - 80,000 for second-year analysts, the blog Mergers & Inquisitions reports. IB analysts are paid in July each year, unlike other banking professionals who get paid in January or February. The latest figures are said to be "barely" above 2009 numbers.
Macquarie Says Investment Bank, Securities Earnings Set to Drop on Markets [Bloomberg News]
Macquarie might cut staff later this year after the Australia-based global bank lowered its outlook for the next nine months, saying advisory, securities, fixed income and commodities divisions will all earn less than last year unless business conditions improve. The firm has hired aggressively in the U.S. in recent years, but its CEO now says it's weighing resources with each unit's development plans, and wouldn't rule out job cuts.
Hedge Fund Industry Trends [Heidrick & Struggles]
Hedge fund hiring rebounded in this year's first half and looks to pick up further later in the year but will remain shy of the pace seen in 2006-08, search firm Heidrick & Struggles says in its latest report on fund industry trends. Demand is especially high (and compensation climbing) for "talent that can get in front of regulation," and for marketers conversant with UCITS products for European investors.
UBS Makes Push for U.S. Mortgages [WSJ]
UBS's U.S. wealth management business plans to hire 35 mortgage experts in coming months to help the bank's brokers do more lending to wealthy clients. Initial hires for the new team are Jonathan Kessler from Bank of America Merrill Lynch, who will become head of banking and lending solutions, and Frank Destra from Goldman Sachs, who will become head of mortgages.
Takeover Spree May Point to Second-Half Pickup in M&A [Bloomberg BusinessWeek]
Recent weeks have seen a flurry of merger announcements, which could help investment bankers' job and bonus prospects recover after a lackluster first half for deal activity. Seven hundred eighty seven deals were announced deals since July 19 with a total disclosed value of $86.4 billion, according to Bloomberg data.
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