Morning Coffee: Deutsche Bank hiring 300 people in London. Unbearable stress of interviewing for private equity jobs

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300 new Deutsche Bank jobs are coming in London. No, Anshu Jain is not suddenly hiring all the FICC bankers being let go from Barclays. - Financial News reports that Deutsche is expanding its asset management business.

Between now and 2021, Deutsche Asset and Wealth Management reportedly wants to increase its London-based staff from 300 to 600. This marks the reversal of a previous strategy, under which most of Deutsche's asset and wealth management hiring happened in New York and Frankfurt. “London’s crucial for our growth aspirations,” said Michael Fassiola, head of the German bank's asset management business and the man behind the hiring plan. “There’s an almost unique concentration of financial industry talent in the city, especially to meet the needs of sophisticated ultra high net worth clients. “ Deutsche especially wants to increase its ability to offer advice and alternative investment strategies to the super-rich, with a particular focus on real estate investments.

Separately, the New York Times has been looking at the horror of interviewing for private equity (PE) jobs when you're a very busy young banker. As they compete for banks' best analysts, PE funds are reportedly interviewing people earlier than ever - in some cases up to eighteen months before the jobs they're offering actually start. Young bankers who receive offers are therefore forced to keep quiet about it, even though banks expect them to disclose job offers immediately. Private equity funds also expect the young bankers they pursue to drop everything at a moment's notice in order to attend endless rounds of interviews. "You may be called into an interview two days in advance, a day in advance or an hour in advance. And you have to be there,” says one ex-Citigroup analyst who now works in PE.

Young bankers are prepared to dance to PE funds' demanding tune both because private equity pays well (PE funds pay $300k, which is double what some banks are offering according to the NYT) and is more prestigious. However, by taking time out to interview with private equity funds, they're risking their existing banking jobs. Banks and senior bankers don't take kindly to signs that juniors are thinking of defecting to the buyside. Nor do they take kindly to juniors secretly accepting PE jobs which start a year and a half later. "If I discovered an analyst secretly accepted a job offer elsewhere and lied about it, I'd fire him for cause and yank unvested compensation," says banking blogger Epicurean Dealmaker,  "Don't risk it kids. If they want you today, they'll want you even more 18 months from now, because you'll be a known quantity."


Highbridge Capital Management, the $29bn hedge fund owned by investment bank JPMorgan, is hiring in London. (Financial Times) 

Goldman Sachs has quietly launched a European lending unit for its private wealth management clients. (Financial Times) 

94%+ of the investment professionals at CVC Capital Partners, Charterhouse Capital Partners, BC Partners, Montagu Private Equity and Dunedin are male. (Financial News) 

Millennium Management, the $23bn New York hedge fund, has parted ways with Chris Dale, one of its longest serving partners, after his fund made a 5% loss. (Financial Times) 

Bank of America Merrill Lynch has named Ian Ferguson and Michael Findlay as the new co-heads for its investment banking business in Britain and Ireland. (New York Times) 

There were 2,190 new financial services vacancies in London in June, down 13% on the figure for May. (Financial Times) 

Over the past five years, the collapse in FICC has blown a $67bn hole in the top line of the biggest investment banks. You have to sell a lot of equities and advise on an awful lot of M&A deals to make up the difference. (New Financial) 

Man declines to become chairman of Barclays. (Telegraph) 

How to get into Harvard Business School (WSJ) 

If you work in London, living an hour’s commute away can save you £380,000. (Guardian) 

If you add a middle initial to your name people will assume you’re more intelligent. (Inc)  

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