Wealth management, risk, compliance, mortgage and IT – those are the only sectors on Wall Street that are hiring, right? Not so. Demand for municipal market analysts is on the rise, and so is the pay.
The downgrading of bond insurers linked to the subprime-mortgage collapse – along with recent bankruptcy filings by local governments – has contributed to a hazy bond market, creating a need for analysts who can help money managers surf through the breakers, according to Bloomberg.
BlackRock, Franklin Advisers, and Vanguard have all been adding to their muni staff, according to the report. One Minneapolis-based search firm reported placing seven senior muni analysts in the past year. Other firms are following suit.
And due to the dearth of experienced talent available, salaries among muni analysts are on the rise, even as most financial firms are cutting compensation costs. In some situations, salaries for have more than doubled since the financial crisis, a recruiter told Bloomberg.
With the market not clearing up anytime soon, expect the hiring to continue for some time.
Goldman’s Returnship (eFinancialCareers)
Rejoining the workforce is difficult when you’ve been out a few years, particularly in finance. Goldman Sachs is making it easier.
Rain Man (IBT)
The man at the center of Royal Bank of Scotland’s Libor rate-fixing scandal is a 33-year-old socially-awkward trader nicknamed "Rain Man."
Smaller Rewards (WSJ)
The "Volcker rule" mitigates risk, but it also limits rewards. The bank – and its employees – most affected by the rule will likely be Goldman Sachs, which will need to shrink its own investment in private equity funds from 37% to 3%.
Grow, Grow, Grow (Reuters)
Cantor Fitzgerald just can’t help itself. The European wing of the U.S. brokerage firm just keeps growing, despite harming its credit rating. Cantor agreed to purchase parts of Seymour Pierce, including the latter’s corporate finance business.
DB Cuts (Bloomberg)
Deutsche Bank cut as many as a dozen European power and natural gas traders in London last week as the global commodities market continues to shrink.
Out of Business (Traders Magazine)
The New York Block Exchange, a joint venture of NYSE Euronext and BIDS Trading, will close on Feb. 28. The four-year-old exchange, designed to handle large share loads, cited a lack of activity as the reason for shutting its door. No personnel cuts will be made, a spokesperson for BIDS told eFC.
Big Data Talent Needed (eFinancialCareers)
Big data is going to provide a big headache for investment banks and hedge funds, who are struggling to find enough talent to build the tools they need.
Buzz Around the Office
Ice in His Veins (YouTube)
Not sure life gets much better than this: a first-grader making a foul shot in front of the whole student body to give everyone the day off from school. Pandemonium erupts.
List of the Day: Cover Letter
Here are three things your cover letter must never be.
- Too long.
- Lack real substance.