Young people who go into banking earn more than young people who go into anything else: they earn more than lawyers, consultants, energy professionals and accountants. But within banking, who earns the most?
This distinction goes, unsurprisingly, to traders. New figures, published in Financial News, show that traders with two years' experience earn an average of £74k ($112k) in London. That compares to around £66k for salespeople, around £60k for M&A juniors, around £59k for juniors in capital markets origination and syndication roles, around £58k for researchers and around £51k for asset managers. Worst off were credit risk managers, on an average of £49k - and even that looks good given that most of these people are aged 24 or less...
Separately, Brian Moynihan has fired the starting gun on major redundancies in the run up to bonus-time. The Wall Street Journal notes that BofA is ridding itself of 'a couple of hundred staff' from its global banking and markets business, starting yesterday.
Bank of America already got rid of: Alison Ferreira, a managing director and former co-head of New York equity sales; Frank Laino, a managing director overseeing the Internet, health-care and small-cap trading teams; Tom Morgan, a director and 10-year Merrill Lynch veteran; Tim Hlavacek, in specialty sales of utilities; and Tara Dougherty and Jeffrey Peters, both vice presidents in equity sales. (Bloomberg)
But BofA just hired this investment banking vice chairman from Deutsche. (Reuters)
This is a bad time to be working in equity capital markets, but a fine time to be working in M&A: "“Many companies who had launched dual track processes are now deciding to take the M&A route rather than an IPO as many prefer the certainty of a deal.” (Financial Times)
Michael Burke, co-head of investment-grade debt sales at Credit Suisse Group, just left the bank to 'pursue other opportunities.' (SwissInfo)
London's hottest hedge fund is go. (Bloomberg)
What a good thing Goldman Sachs didn't become a big commodities trader, like it wanted to. (Bloomberg)
Deloitte UK is deliberately disinterested in the university you went to. There is a, "clear business imperative” to “hire people who think and innovate differently.” (Quartz)
For every half-hour working in an office, people should sit for 20 minutes, stand for eight minutes and then move around and stretch for two minutes, (WSJ)
Children who behave badly at school earn more as adults, if they're middle class. (Brookings Institute)
London barrister nearly lost leg after being bitten by spider on plane. (Evening Standard)