The next time that someone informs you that investment banking has fallen out of favour with young people, and that young people want to become financial technology ('fintech') professionals instead, then be assured that they are talking rubbish. Especially if they are making these claims about elite MBA students.
In fact, elite MBA students are still heavily into banking, Roxanne Hori, associate dean for corporate relations and career services at NYU Stern, tells the Financial Times. Around 30% of NYU Stern's MBAs will go into banking this year. “Banks have come back,” declares Hori.
Needless to say, it helps that banks have come back laden with cash.
The FT confirms that the fresh MBAs who join banks as first year associates, sometimes with no banking experience at all, have had a pay rise. They can now get a base salary of $125k and a sign-on bonus of $50k. Last year, banks were dangling salaries of $110k and the sign-on status was unclear.
A Scientific Approach (eFinancialCareers)
This is what the academic research says you have to do to your resume to get noticed by recruiters.
Investment Banking Just Isn’t Fun (eFinancialCareers)
Want to know why so many traders are quitting for Fintech? One former Credit Suisse trader says it just isn’t fun anymore.
Computer Glitch (Bloomberg)
In proof that Goldman Sachs is fallible, the bank has been fined $7m for making a stupid mistake. In 2013, a software configuration error meant that the bank's computers accidentally sent 16,000 options orders, mispriced at $1, to exchanges.
A Suspicious Delay (Financial Times)
Why did it take nearly four weeks between Deutsche receiving the report from BaFin and Mr Jain announcing his departure? As the head of a big European fund manager says: “It looks very bad for Anshu — until now it looked as if he had gone of his own accord.”
Electronic Trading Push (Financial News)
Deutsche Bank has been hiring for its electronic trading system.
Bye-Bye Goldman (Business Insider)
61-year-old Jack Levy is leaving Goldman Sachs after spending 15 years as an investment banker there.
J.P. Morgan Poaches from BAML (Bloomberg)
J.P. Morgan just hired a US energy banker from Bank of America.
Hot New Hedge Fund Hires (FinAlternatives)
Former Brevan Howard trader Chris Rokos has hired economist Jacques Cailloux from Nomura Holdings to help launch his new hedge fund.
You Get the Check (Reuters)
LIBOR trader Tom Hayes asked a broker to pay for his £1k meal. (Reuters)
Warfare Expert Takes on New Battle (Bloomberg)
Greg Rattray, a former U.S. Air Force commander for information warfare and a cyber-expert at the National Security Council under President George W. Bush, no longer works as JPMorgan’s chief information security officer. He's been reassigned after one year.