eFinancialCareers

If things get nastier, and even if they don’t, there will be some things that don’t look quite so pretty in the next 12 months. Prop trading The former darlings of every trading floor won’t be seen in quite the same light now that it’s become apparent they’re not a short cut to becoming Goldman Sachs and are liable to lose enough money to necessitate a large cash injection from China. Deutsche closed... Read more

Recruitment decisions aren’t quite so straightforward in the wake of the credit crisis, says Andrew Pullman. I am sure that when depositors were queuing up outside Northern Rock recently they didn’t worry too much about financial services recruitment in the New Year. However, many thousands are now facing the prospect of a rocky period ahead if they are looking for a new job in the City in 2008. How are banks and... Read more

Philip Landau, partner at London law firm Landau Zeffert Weir, says banks hold most of the cards when it comes to bonuses and redundancies. Announcements in this and recent weeks suggest the investment banking industry is once again getting ready to slash staff and cut costs. What are your rights to an annual bonus if you find yourself at the sharp end of this policy? Unfortunately, they may be fairly few, depending... Read more

What do you do when there's nothing to do, but you need to a) retain your bonus and b) keep your job? Reuters last week reported that (shock, horror) M&A bankers have actually begun leaving work at 5.30pm, attending social events, and putting their children to bed. M&A types' presence in the home is probably a pretty good lead indicator of market activity – the Financial Times today quotes Dealogic data... Read more

With the exception of Goldman, bonuses are all downhill from here, says author and ex-banker William Cohan. As assuredly as the swallows return each year to Capistrano, the closer the Wall Street calendar gets to bonus day, the more assiduously investment banking managers look for excuses to reduce the annual payouts – many of which run into the millions of dollars (and pounds) – to their bankers and traders. Last year, with... Read more

Andrew Pullman, founder of City HR consultancy People Risk Solutions, says the pain will be less if you can be realistic about bonuses. What an apt quote on the financial markets by Warren Buffett: "It's only when the tide goes out that you discover who's been swimming naked." Over the last few weeks, given the choppy seas of global markets, many investment bankers and hedge fund managers have been desperately searching for fig... Read more

After this week's set of results, which bank would you rather work for? Not Morgan Stanley, which saw its profits fall 7% after unexpectedly high losses on trading structured credit products. Not Bear Stearns, which suffered a precipitous 61% profit fall thanks to the revenue meltdown in its fixed income division and the collapse of two of its hedge funds. Not Deutsche Bank or Commerzbank, which both felt obliged to issue... Read more

Alison Malton, managing director of benchmarking specialist Compeer, says private banks need to do more to keep existing staff happy before they hire new ones. A recent survey conducted by ComPeer in association with WealthBriefing found that job dissatisfaction is the overriding reason why wealth managers change jobs, and that a huge 30% of wealth managers are dissatisfied. With people ready to leave, there is certainly no shortage of wealth management firms... Read more

Once upon a time, the people at the top of the banking hierarchy were nice, says ex-banker and author David Charters. Not any more. What kind of people make it to the top in investment banking? As an industry it certainly produces great egos. Everyone who makes it to managing director is either a star or a super-star; if in doubt, just ask them. But are they good leaders? The rewards in... Read more

If hiring hits a hiatus, the only way up will be internally. Time to engage in some strategic politicking. This should be a long term endeavour, but there's no time like the present, and with banks set to start announcing managing director and vice president promotions next month, a bit of last-minute schmoozing is unlikely to go astray. Here's how to do it: Get a mentor "Often you need someone who can help... Read more

First comes the CV. Next comes the list of transactions you've worked on, says John Lenz, consultant at financial services executive search firm Healy Hunt. For candidates seeking mid- to senior-level front-office banking positions, a transaction list is an essential appendix to a CV. For those less experienced candidates looking for more junior positions, adopting a similar approach can also make a big difference. As its name suggests, a transaction list is... Read more