Late Lunchtime Links: Do you really only have two options - JPMorgan or Goldman Sachs?

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If you want to work for a global investment bank which isn't closing down entire business areas and is there - waiting do business in Europe in particular, you have two options according to Gary Cohn, president and COO of Goldman Sachs. There is Goldman Sachs. And there is JPMorgan.

“You’re seeing big international banks, outside of ourselves and JPMorgan, really taking a pretty substantial step back from the markets, and we haven’t seen that in the entire history of banking,” Cohn told Bloomberg. European banks are flaking out, he added. In the past, French corporations would borrow €500m from BNP Paribas or SocGen, Cohn said. “Today there’s not a bank in France that would do that,” he claimed. “So they have to call ourselves and do a public debt issuance.”

What does this mean if you're working for SocGen in London, or Morgan Stanley in Paris? Should you send your CV exclusively to the houses of Blankfein or Dimon? Not necessarily. A recent study from market analysis company Coalition, a subsidiary of Standard & Poors, found that while JPMorgan and Goldman Sachs were the leading banks across the board, other banks were strong in particular business areas. Morgan Stanley is a world leader in prime services, for example. Barclays is a leader in G10 rates. Citi is a leader in emerging markets and municipal finance. Coalition didn't say so, but SocGen is also widely recognized as a world leader in equity derivatives.


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