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Sneaky Goldman Leapfrogs Investment Banking Rivals

Always needing to be the special one, Goldman Sachs is bucking an industry-wide trend of dwindling investment banking revenue, booking a strong first quarter despite a pared-down staff and a less hospitable regulatory environment.

Global investment banking net revenue fell 6% year-over-year in the first quarter of 2013, with a 19% drop compared to the fourth quarter of 2012, according to data provider Dealogic. Goldman seemed happy to ignore the trend, netting $1.1 billion in global investment banking net revenues, up 28% year-over-year, backed by strong M&A and capital markets gains.

The U.S. bank jumped from sixth position in Dealogic’s rankings to third, behind only J.P. Morgan and Bank of America Merrill Lynch, which each increased their market share while their fee pool remained relatively flat, according to Financial News.

Not surprisingly, North America dominated the market, hauling in more than half of global investment banking revenue in Q1. American bankers have been particularly successful as of late. The U.S. accounted for its greatest investment banking revenue share in nearly a decade in 2012, while the Europeans took it on the chin, generating only 23% of global revenues.

A Buffett of Riches (WSJ)

Warren Buffett reached out and offered Goldman Sachs a lifeline during the financial crisis. Now, after converting warrants held since 2008 into shares, Buffett’s Berkshire Hathaway is about to own roughly 2% of Goldman shares.

What Scandal? (Bloomberg)

If SAC Capital founder Steven Cohen is sweating over the insider trading scandal clouding his firm, he isn’t showing it. Cohen reportedly bought Pablo Picasso’s “Le Reve” for $155 million from casino owner Steve Wynn.

Six Figures (eFinancialCareers)

While banking jobs are on the decline, accounting positions are still there to be had. And the pay is better than you’d think. The average salary for highly-qualified accountants sits at roughly $141,000.

Self-Destructive Tendencies (Business Insider)

Working on Wall Street can be good for the wallet but depressing for the body and mind. Here are 23 reasons why a job on Wall Street is, well, you can fill in the adjective.

Changing of the Guards (FIN Alternatives)

BlackRock is saying goodbye to its now short-lived direct private equity team, parting way with heads Nathan Thorne, George Bitar and Mandy Puri. The money manager named former Credit Suisse executive Andy Stewart co-head of its hedge fund and private equity division.

Risk Pros Needed? (Financial Times)

Citigroup has been reprimanded by the U.S. Federal Reserve for its lax anti-money laundering procedures. Citi’s has been asked to allocate additional funds to risk-management, which could create jobs.

Buzz Around the Office

Avoiding a Landmine (Skegness Standard)

A U.K. couple strolling around the countryside suffered bruises and broken bones after crashing into each other while attempting to avoid dog poop.

List of the Day: Getting Rejected

Getting rejected from a company that you’re interested is frustrating, but don’t let your head get clouded. Do this next.

  1. Ask for feedback.
  2. Look for ways to improve.
  3. Stay connected. You could be a fit down the road.

(Source: Glassdoor)

AUTHORBeecher Tuttle US Editor

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