eFinancialCareers

Jobs for the boys or a vital way of accessing industry know-how? Investment banks will pay big money for senior corporate figures who bring an extra strategic edge.

Isabel Martin, head of the European financial services practice at Korn/Ferry, says banks are increasingly interested in hiring senior corporate advisors from outside the industry.

“This is definitely something that has been happening more in the past few years,” she tells us.

“Investment banks have started to look at how they can improve their top-level client access, and will often get an advisor who knows a particular country or sector,” she says.

“They are looking for the depth and greater breadth of experience that they can bring with them,” adds Mark Daley of McGregor Boyall, although he is more sceptical about whether there is any distinct trend.

Such positions can be highly lucrative, often running into six figures for a few days a month, but are well worth it if it means landing new deals or gaining a new perspective, argues Martin.

“Even if you are paying a few hundred thousand dollars, that is nothing compared to buying in a very senior investment banker,” she says.

Lehman Brothers recently appointed former Cable & Wireless chief executive Francesco Caio as vice chairman of its operations in Europe.

It also drafted in as advisors former ABN AMRO chairman Aarnout Loudon, former head of Safilo Roberto Vedovotto, and former Abbey National chairman Lord Tugendhat.

Last year Citigroup hired James Wolfensohn, the former chairman of the World Bank, to advise it on global strategy and international affairs.