Morning Coffee: BAML hiring juniors in record numbers. Sexiest banker in world displays torso for charity
Bank of America is hiring for its markets division. In the past few months, it's brought on Michele Foresti from Deutsche as head of its fixed income trading business, along with Tom Klocker from UBS as head of e-trading for its fixed income business. However, BAML's also cutting from its markets business: Bloomberg reported recently that 5% of staff in the area were being dispensed with.
Where does this leave you if you want to work for Bank of America Merrill Lynch in 2014? If you're a high calibre recent university or business school graduate, you should be completely fine. During the conference call accompanying yesterday's results, BofA chief executive Brian Moynihan said the bank had, "frankly record hiring from schools this year coming" in its markets division. The recent 5% cut in headcount was just "day to day expense management" to help counterbalance the coming influx of junior hires, implied Moynihan. Again, it's good news if you're a promising junior looking for a job in banking. It's less fortuitous if you're an expensive mid-ranker whose job can be done by someone cheaper, keener and younger than yourself.
Separately, Bill Winters has given the world a glimpse of his torso. Winters, the former co-head of JPMorgan's investment bank in London, ranked high on our list of the sexiest bankers in the world last year. Winters' admirers can see him in a state of semi-nudity by clicking on this Youtube video and going to 4 minutes and 40 seconds. Alternatively, we have embedded Winters' torso below. The semi-nudity, in aid of the Young Vic Theatre was first spotted by the Wall Street Journal. The video also features Derek Bandeen, Citi's global head of equities trading, in a similar state of undress.
[caption id="attachment_170011" align="alignnone" width="256"] Bill Winters, semi-clothed[/caption]
Investors complain about Bank of America’s fines: "It's almost like these guys have become the tobacco industry." (Reuters)
BAML's just hired Joppe Schepers from UBS to co-head its EMEA capital products business. (Reuters)
“Credit Suisse is a great franchise, it has a great private bank, so why is it trading at a discount to a company like Goldman Sachs? It’s trading at a discount because there isn’t that belief in the investment-banking strategy.” (Bloomberg)
Hedge funds have had their worst start to the year since the financial crisis. (Financial Times)
Rajeev Misra is finally leaving UBS and joining Fortress Investment Group. (Bloomberg)
Deutsche Bank says it has absolutely no plans to dump Anshu Jain and Juergen Fitschen and replace them with John Cryan. (Reuters)
Another good reason not to work in M&A in Asia. (Breaking Views)
Moelis shares rise on trading debut. “The cycle is good for M&A,” Moelis, said. “There’s more growth in the future than in the past.” (Bloomberg)
Anonymous altruist posts money through Essex letterboxes. (Telegraph)
Tough new rules on hedge fund pay, MBAs’ fast-track to the private equity executive suite
The new era of cost-cutting at Barclays’ investment bank, Credit Suisse needs to axe 15% of headcount