The time has come to conclusively cudgel all rumours that you can earn more working for a technology firm than an investment bank. You can't. Unless you happen to be an exceptional programmer who was in a technology firm from the start and was given a wadge of fungible stock.
We know that banks pay more because both Goldman Sachs and Facebook are obliged to register accounts for their U.K. activities with Companies House in London. In the last year for which figures are available (2014), Goldman Sachs paid its London staff an average of $530k, while Facebook UK reportedly paid its British-based employees an average of $322k.
So, pay at Goldman is 73% higher. Remember that next time you feel like swapping finance for something a little more 'on trend.'
Separately, it won't just be co-heads and US broker dealers who are caught up in the vigour of Tidjane Thiam's cost-cutting at Credit Suisse. Swiss Sunday paper Schweiz am Sonntag reported that Thiam has instructed heads of all major departments at the bank to cut costs by 7% to 10%. Worst affected are likely to be back office and technology staff whose jobs face displacement from Switzerland to 'less costly regions', like Asia.
Standard Chartered’s MD dump should strike fear into senior staff at Deutsche Bank.
If you want to work in Morgan Stanley's markets business, this is what you're up against.
Ex-Lehman trader awarded a $41m bonus by his former employer.
Bill Gross’s bonus was more than 10 times the total remuneration of Wall Street bankers such as Lloyd Blankfein.
HSBC just lost a super-senior member of its compliance team in the U.S.
RBS will soon be known as rbs, because lower case is more modest.
John McFarlane, the man with all the power at Barclays, says Europe would benefit from a powerful investment bank forged from the merger of its existing investment banks.
Kweku Adoboli wants to do a PhD focusing on corporate governance and work with a former head of compliance education at HSBC to teach finance professionals how to implement “positive cultural change.”
Barclays' new chief strategy officer used to be a FIG banker at Rothschild.
Sergio Ermotti made some inappropriate comments about the Ferrari IPO during the quiet period.
It's just not worth the risk.
Quote of the Day
“I mean, I’m a three-time loser. Who’s going to say that they can trust me?”
One of New York’s leading criminal defense lawyers was once a former drug dealer with three drug-related felonies.