Morning Coffee: Is this the easiest part of Goldman Sachs to get into now? Anshu Jain reassures Deutsche bankers
If you really, really want to work for Goldman Sachs, you could always try for a job at the firm's Mumbai office. - Goldman has a gigantic 1.6m square foot office in the Indian city. There, it employs 3,000+ people, mostly in technology and operations functions and Mumbai headcount is only likely to increase in future. And if you don't want to work in technology and operations? - There's always investment management.
Bloomberg highlights Goldman's investment management business as its key growth area, and one which the firm intends to expand to compensate for the tribulations in fixed income trading. Revenues in Goldman's investment management operations increased by 11% last year. and co-heads Timothy O’Neill and Eric Lane are predicting 10% annual growth for the foreseeable future - purposefully above the growth rate for the asset management industry as a whole. The private wealth management sub-sector is expected to grow even faster still. In a sign that Goldman is prioritizing investment management employees, a record number of them (11) were made partners before Christmas. More to the point, 158 of Goldman's currently advertised jobs are in the investment management business, compared to 34 in investment banking, 49 in FICC and 60 in equities.
Separately, Anshu Jain has stepped forth and offered further words of reassurance to Deutsche investment bankers who fear their employer is about to go from a global investment bank to a Teutonic backwater. "I don't sense a great move to make Deutsche Bank an exclusively German institution," he declared during a press conference (weirdly implying that he has little say in the matter). “Europe’s [economy] needs a better balance between bank lending and capital markets. Deutsche Bank will be part of that,” Jain added, just in case anyone thought Deutsche is hanging on for new good reason.
JPMorgan analysts are predicting that Deutsche will try to cut $3.4m of costs by 2017, but that it will remain focused on its core fixed income business. (Bloomberg)
Revenues just fell 56% in Jefferies' FICC business and 65% in its DCM business. (NY Times)
Tom King, head of Barclays' investment bank, just received £4.7m in shares. Last year, Skip McGee got £8.8m. (Guardian)
Banks are bursting to link up with technology entrepreneurs. RBS has a 'scouting team' in Silicon Valley. (Reuters)
Perella Weinberg is hiring in London. (Financial News)
McKinsey is trying to make consultants' home lives more pleasant by operating a local-office driven staffing model which prevent staff from working away from 'loved ones'. But its only UK office is in London. (PoetsandQuants)
People who use Firefox or Chrome are better workers. (The Atlantic)
Your workplace facial expressions are damaging your career. (Levo)