Saturday, May 26, 2007

Investment Banking Career – News, Bios

Roger Nagioff - Leham Brothers

Do you need a finance-related degree to start an investment banking career?
No. Many investment banks don’t require this. Let me give you an example.

Roger Nagioff was appointed to the position of Global Head of Fixed Income by Lehman Brothers, on May 2, 2007, after 22 years of his investment banking career.

Roger was a lawyer by education. However he started his career as an option trader at Wedd Durlacher Mordaunt (later BZW) in London.

Roger Nagioff – Bio
1985 Option Trader, Wedd Durlacher Mordaunt (later BZW)

1989 Trader, NatWest
1997 Head of European Equity Trading, Lehman Brothers
1999 Head of European Equities, Lehman Brothers

2000 Co-head, Global Equities, Lehman Brothers
2004 COO, Europe, Lehman Brothers (Member of Executive Committee)
May 2007 Global Head of Fixed Income, Lehman Brothers

Quote from Dick Fuld, CEO of Lehman
"Roger's appointment underscores the truly global nature of our business as this is the first time a sole global head of one of the firm's divisions will be located outside the US."

Roger’s Bio from Lehman’s Website
Roger B. Nagioff is global head of the Fixed Income Division at Lehman Brothers Holdings Inc., a position he has held since May 2007. He is a member of Lehman Brothers' Executive Committee.

Mr. Nagioff joined Lehman Brothers in 1997 as head of European Equity Trading, and two years later, was named head of European Equities. From 2000 to 2004, he served as co-head of Global Equities and from 2004 to 2007, he was chief operating officer, Europe.

Mr. Nagioff's career began in 1985 at Wedd Durlacher Mordaunt (later BZW) in the London traded options market. He later spent time trading at Smith New Court and in 1989, he joined NatWest Markets running all of their European Equity Trading, Equity Derivatives, Convertibles and Proprietary Trading operations.

Mr. Nagioff is a lawyer and graduated from what is now The City University in London.

Source: Lehman Brothers

What was the young trader doing?
As I mentioned previously, investment banking isn’t an easy boat to catch. It is difficult to start with. How difficult? Here's some facts about Roger when he started his career.

Here is a speech extract from Patricia Hewitt in 2005 when Roger was the COO at Lehman.

“I want to start with a story I heard a few weeks ago. A young man had just been offered his first job in the City. He was thrilled to bits. Within a matter of a few weeks he was miserable. He had found himself working for one of those managers who didn’t like the colour of his skin. He faced for several months a constant barrage of criticism, bullying, abuse and prejudice. After a year he was ready to quit. He did quit – and he nearly even quit the City.

That all happened some years ago. The young man was Roger Nagioff, now chief operating officer of Lehman Brothers Europe, and a champion of diversity and equality within the City and the economy as a whole. What Lehman Brothers sells is the brainpower of its people. As Roger put it, “If our people are miserable at work then we are not going to be a successful or profitable organisation.” He put the business case for diversity as powerfully as I have ever heard it put….”

Source: Speech extract from The Rt. Hon. Patricia Hewitt, Secretary of State for Trade and Industry, Cabinet Minister for Women - Diversity - A Stronger Economy, a Better Britain
London, Monday, 14 March, 2005

Investment Banking Income Ballpark (2006)
Department Head: US$6,250,000 (High) US$3,750,000 (Median) US$2,500,000 (Low)
Source: Investment Dealers’ Digest

Global Head / CEO: no ceiling

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