Showing posts with label News. Show all posts
Showing posts with label News. Show all posts

Wednesday, December 21, 2011

Hong Kong Investment Banking Salaries Overtake London

Average base pay for investment banking and hedge fund staff in Hong Kong has shot up by 15 per cent this year overtaking salary hikes in London

Such generous rises highlight the two-speed global economy in 2011 as Asia powered ahead while Europe and the US teetered close to recession.

Analysts in Hong Kong have seen 20 per cent base pay increases while those at “managing director” level have seen raises averaging 25 per cent. Average base pay for investment banking and fund management staff now stands at HK$890,000 (about £74,000).

Equivalent staff in London saw rises of 12 per cent.

Mark O’Reilly, managing director of recruitment firm Astbury Marsden which carried out the research, said: “Investment banking teams operating in Hong Kong have performed more strongly than their counterparts in London and New York in 2011. Generally banks are keener to invest in their teams in Asia than in Europe and the US and that has meant a bigger boost for Hong Kong bankers’ base pay.”

But next year is expected to be tougher as Western banks caught up in the eurozone debt crisis take a more cautious approach to their Asian expansion.

Mr O’Reilly added: “Most of these pay rises will have been agreed earlier this year, when confidence in the banking recovery was strongest, and banks were eager to retain and recruit staff in order to be best-positioned for the expected growth. More recently pay increases have been rarer and more modest.”

Last month John McCormick, RBS chairman for Asia-Pacific, warned that bonuses for investment bankers may be in danger of being clawed bank if the unit performs poorly.

Some banks are actually paring back their Asian headcounts, despite strong growth in the region. HSBC is wielding the biggest axe – cutting 3,000 staff over the next three years in Hong Kong.

Findings from Hong Kong-based headhunters Morgan McKinley show that 35 per cent of financial services firms plan to reduce their headcount within the next six to 12 months.

Another group that has prospered this year are compliance staff. As Hong Kong has expanded its range of financial products the need for greater compliance to monitor these new products has also grown.

Staff working in compliance teams reported pay rises averaging 21 per cent of their salaries. This was more generous than the average 11 per cent pay rises enjoyed by their counterparts in London over the same period.

Article source: The Telegraph, 21 December 2011

Investment Banking Salary 

Thursday, December 15, 2011

2011 Top Ten Financial Markets

Want to work in one of the world's top ten financial markets? You may want to check out this news in yesterday's China Daily: HK most developed market

Hong Kong overtakes US, UK and Singapore to take top spot.

Hong Kong has overtaken the US, the UK and Singapore to top the world's most developed financial markets, the first time an Asian financial center has achieved this rank, according to the latest study of the World Economic Forum.

The city has been the world's hottest IPO market for the past two years, with funds raised amounting to HK$449 billion in 2010. And Hong Kong ranked second after the New York Stock Exchange for IPO fundraising in the first half of this year, with HK$182.2 billion raised during the period.

Want to meet challenges, execute your financial skills and of course make big money, consider working in Hong Kong.

Click here to view the full article.

Investment Banking Resumes - Hong Kong most developed market

Friday, October 1, 2010

Warren Buffet and Bill Gates in Beijing

What’s in common between Warren Buffet and Bill Gates? First, they are both super rich; second, they have donated, and will continue to donate and are encouraging other billionaires to donate their fortune.

Do the Chinese billionaires welcome the tycoon duo? Well, this is quite personal.

Their recent effort in Philanthropy has drawn the world’s attention. Do you know when did the two rich men first met and for how long? Bill thought he had nothing in common with Warren and scheduled only 30 minutes to meet him. After all, the meeting went on for 10 hours.

Down the road when you are an investment banker, you may make as much money as Warren does. How would you spend your money? Is he your role model? How much do you know about him? How old was Warren when he first invested? What are his advices to young people?

I have a short presentation which is in fact a summary of an interview on CNBC with Warren Buffet. It’s all about some interesting aspects of his life and how he first met Bill Gates. This was from 2008 so their recent Philanthropy campaign wasn’t included. But I’m sure you’ll find it insightful.

Email me at ibankingresumes(at)yahoo(dot)com with a headline of 'Warren Buffet'
and I’ll email you a copy.

Warren Buffet Biography

Bill Gates Biography


Question: Does anyone know whether Warren’s family should spell with one t or two?

Brain Games - Lumosity

Wednesday, February 24, 2010

Be a Private Banker in Asia

If you ever fancy private banking be your investment banking career, you might want to consider relocating to Hong Kong. One more senior banker has moved his desk here.

After moving its CEO to Hong Kong in January 2010, HSBC is in advanced discussions to move Chris Meares, the global head of its private bank, from London to Hong Kong.

Apart from HSBC’s senior moves, JPMorgan has just relocated its head of international private banking unit, Douglas Wurth, from New York to Hong Kong in February. “Asia is seeing greater growth in the ultra-high-net-worth space than any other region.” said Douglas.

There are more than 2.4m dollar millionaires in Asia Pacific with a combined wealth of $7,400bn, according to the latest data from Merrill Lynch and Capgemini. The region is forecast to overtake North America as the world’s largest pool of wealth by 2013.

You might want to review my previous post of ‘how to become a private banker’

Investment Banking Interview Guide
Amazing Cover Letter

Doug Wurth - Bio
JPMorgan Private Bank

Doug Wurth is a managing director of JPMorgan Securities Inc and global head of alternatives of JPMorgan Private Bank’s alternative investments group, which supervises over $33 billion in alternative investments including hedge funds, private equity and real estate. Doug is also a director and president of JPMorgan Private Investments Inc, which oversees private investment funds with $5 billion under management. Doug has been with JPMorgan since 1997, when he joined the Bank’s mergers and acquisitions group. He has helped lead the Private Bank’s global alternative investments business while based in San Francisco, London and New York. Prior to joining JPMorgan, he practiced law at the New York firm Skadden, Arps, Slate, Meagher, & Flom, and served as General Counsel to former Senator Robert Dole’s 1996 presidential campaign. Doug holds a B.A. from the University of Notre Dame and a J.D. from the University of Virginia School of Law.

Investment Bankin Career - How to become a private banker

Wednesday, January 27, 2010

HSBC CEO Makes Hong Kong Homecoming

Have you ever considered working in Hong Kong? The fast-growing Asian market has not only attracted top-notch bankers from the Wall Street, but also the HSBC CEO.

The 144-year-old HSBC has relocated its CEO Michael Geoghegan from London back to Hong Kong after 16 years. In a welcome ceremony today, Mike said he's going to enjoy a cup of Chinese tea as the first thing to do in his Hong Kong office.

Photo source: Reuters

Michael Geoghegan - Bio
Group chief executive, HSBC Holdings PLC
Mr Geoghegan is a career banker with over 35 years' international experience with HSBC. He has worked in the Americas, Asia, the Middle East and Europe. He established the Group's operations in Brazil in 1997 following the creation of Banco HSBC Bamerindus S.A and in 2003 he was honoured with a CBE in recognition of his contribution to British business interests in Brazil.

Investment Banking Resumes

Saturday, September 26, 2009

HSBC CEO To Move To Hong Kong

September 25, 2009 - Bloomberg

HSBC Holdings Plc is moving Chief Executive Officer Michael Geoghegan to Hong Kong from London as Europe’s biggest bank increases its focus on emerging markets.

HSBC will still be domiciled in the U.K. and has no plans to move, the bank said today in a statement. Chairman Stephen Green, Chief Financial Officer Douglas Flint and investment banking chief Stuart Gulliver will remain based in London.

“There’s a shift of gravity going from West to East,” Green said on a conference call with journalists. “Nothing about the economic crisis changes that. If anything, it’s being accelerated.”

HSBC plans to expand in China, India and Brazil, among the world’s fastest growing economies over the past decade, to take advantage of increasing demand for banking services. Unlike U.K. rivals Lloyds Banking Group Plc and Royal Bank of Scotland Group Plc, HSBC avoided a government bailout, even after posting $67 billion of provisions for bad loans in the past 3 1/2 years.

Geoghegan, 55, will take over responsibility for the “evolution of group strategy” from Green, the chairman said.

Geoghegan, who became CEO in May 2006, has worked outside the U.K. for about 29 years of his 36 years with HSBC. He started the bank’s Brazilian unit in 1997 and became head of South American operations in 2000. He also spent eight years in Asia and seven in the Middle East.

Source: Bloomberg, read more

Monday, May 25, 2009

Credit Suisse places ads to hire Asia private bankers

While some of the investment banks are shedding off staff, I do hear some encouraging news lately. This might make even more sense to my Asia Pacific readers.

Credit Suisse places ads to hire Asia private bankers
23 April 2009 Reuters News

Credit Suisse has placed advertisements in newspapers to hire experienced private bankers in Asia, at a time rivals have been shedding staff.

The Swiss bank placed an advertisement in the Wall Street Journal Asia on Thursday asking bankers to make appointments with senior Credit Suisse officials in Singapore, Hong Kong, Japan and Australia.

Similar ads went out in the Financial Times and Singapore's Business Times, a Credit Suisse spokeswoman said.

"Amid unprecedented market turmoil, our private banking business recorded strong asset inflows," the bank's head of private banking for Asia-Pacific, Marcel Kreis, said in the Wall Street Journal ad.

"Private banking is one of the core businesses of Credit Suisse, with a notable high performance in Asia."

The No. 2 Swiss lender's advertisements come as jobs are cut at the private banking arms of rivals such as UBS and HSBC, and ahead of Credit Suisse's first-quarter earnings later in the day.

UBS last week laid off about 240 private bankers in Asia, while HSBC said on Tuesday it was cutting 100 private banking jobs in Hong Kong [ID:nLL396647].

Citigroup , Societe Generale and Barclays also recently shed staff from their wealth management arms in Asia.

Credit Suisse's private banking arm last year generated 50.9 billion Swiss francs in net new assets including 8.4 billion Swiss francs from clients in the Asia-Pacific.

A Credit Suisse spokeswoman in Singapore declined to say how many bankers the company was planning to hire.

Monday, February 23, 2009

Who's afraid of turmoil? Not Barclays

In a slow market, not many investment banks continues to hire. Therefore this particular news sounds encouraging and I would like to share it with you, though it is quite Asia focused. For those who wants to start an investment banking career, you can still check out what kind of quality do banking bosses look for.

12 February 2009 - Straits Times
UK bank presses on with plan to hire up to 1,500 skilled staff here

BRITISH banking giant Barclays is sticking to its aggressive plan to hire up to 1,500 highly skilled staff by early 2011 in Singapore - despite the turmoil that has ravaged many financial institutions.

The bank wants project managers, applications development managers, and software and IT specialists for its Business Technology Centre at Changi Business Park Central launched last year.

Barclays has already hired 250 staff - mainly locals - and wants to increase this headcount to 650 by the end of this year.

'We need hundreds of people. So, in the next few weeks and months, we'll keep hiring as fast as we can,' Mr Frits Seegers, the chief executive of Barclays' global retail and commercial banking, said yesterday.

The centre will allow Barclays to run its international cards and banking platforms out of Singapore.

'I'm looking for the best of the best,' said Mr Seegers, who cited candidates having Master of Engineering degrees. 'But most of all, I'm looking for people who are passionate about their jobs...people who know how to win and survive.'

The new staff are in addition to the 2,500 that Barclays already has for its investment banking and wealth management businesses in Singapore.

Mr Seegers said the corporate bank team here, which comprises six staff including bankers, is also set to expand.

'I can't give you numbers, but we're going to grow it very quickly,' said the British-based banker.

Barclays - one of the few major British banks that has yet to receive an infusion of government capital - reported relatively strong results this week, with last year's full-year net profit down just 0.8 per cent from a year earlier.

Mr Seegers, who is forgoing his bonus for last year, said that to dwell on variable compensation is to miss the full picture.

'I have 130,000 colleagues, and many of them work in the retail network - cashiers, personal bankers, commercial bankers. The bonus for them is the difference between going on holidays with their family and not going on holidays with their family. They've worked hard, and I would argue that they deserve to be... rewarded for their hard work.'

Barclays, which snapped up small Indonesian lender Bank Akita last year, is not ruling out further acquisitions.

What about buying Citi's precious Singapore business, which will give Barclays an entry into the home loans and credit cards-sort of business here?

After all, Mr Seegers once ran Citi's consumer banking operations in the Asia-Pacific out of Singapore.

'I have an old rule, and I never comment on what I'm going to buy,' he said. 'My nickname is Discount Dutch. If you talk about what you're going to buy, it's going to become more expensive.'

Mr Seegers hinted that what he is looking for are 'networks' - basically banks with branches and a retail presence.

'People like to do business with us because we're able to turn things around in a short amount of time,' he said.

Investment Banking Resumes - News

Thursday, January 29, 2009

For Those Who Are Interested in Asset Management

I have recently read this article which is worth sharing. The story described how Madeline Ho, managing director of Fidelity Investment Management, moves from banking to asset management. She had worked from bottom up and personally experienced different challenges within the business.

For undergraduates wishing to prepare themselves for a career in asset management, Ms Ho says that a good learning attitude rather than perfect technical knowledge is pertinent when entering the industry. 

A bachelor's degree is the basic requirment for any entry role.  Consider an Online Degree in case you need one.

Now, let's see what the veteran says.

Managing other people's money
12 January 2009 - Business Times Singapore

An asset management industry veteran shares with JASON LOW what it takes to make the cut in her line.

SHE describes herself as an 'accidental financial person' but Madeline Ho, managing director of Fidelity Investment Management (Singapore), is certainly no accidental success in the industry.

Mrs Ho, who graduated from the National University of Singapore (NUS) in 1990 with a bachelor of business degree, wanted to go into marketing. But the markets were slow then, so she had to look for alternatives.

'When I graduated, the markets were not exactly fantastic and it wasn't easy to get a role in marketing . . . so the natural way was to get into the financial institutions and eventually get a role in marketing there,' the 40-year-old says.

She worked her way up and eventually made the cut. Today, she works for one of the world's most prominent fund management houses.

Ms Ho started in consumer banking upon graduation. In 1996, she switched to asset management at Templeton Asset Management, now known as Franklin Templeton Investments.

According to her, the move from banking to asset management was something that she looked forward to, since she was able to learn something different, especially about the foreign institutional culture in a foreign fund house.

'The industry then was very different from what it is now,' Ms Ho recalls. 'Then, the competition was against the local names. Now the competition is more global.'

But the one thing that has not changed over the years in this industry is the principle behind asset management: to help people achieve their goals with better management of their wealth, she says.

Ms Ho believes that having the commitment to serve and help people to manage their money is one of the most pertinent requisites for her work.

'If you're deciding to be in this line, it is imperative that you have the commitment to serve and help people through proficient wealth management. Personally, that's what I think is my biggest motivation at work,' she says.

'A lot of times, the average person on the street doesn't have the necessary knowledge and expertise to manage his own funds and that's where we come in. This industry offers you the chance to help people manage and create wealth; and it is, to me, a very meaningful industry to be in.'

Asked what she thought makes a great fund manager, she says: 'He is one that needs to have the natural interest in this business, not just profit-driven but commitment-driven. Commitment to serve, that is. Someone who has the innate interest, passion and focus to achieve long term objectives. That, for me, is someone who has the potential to rise to the top.'

For undergraduates wishing to prepare themselves for a career in asset management, Ms Ho says that a good learning attitude rather than perfect technical knowledge is pertinent when entering the industry.

'While mastering the technical aspects of the asset management business - such as your valuation measures like P/E and P/B - is important, the attitude to learn and being inquisitive about things are much more important. The former can be learned, but it takes a much longer time to cultivate the latter,' says Ms Ho, who has been at Fidelity since 2006.

Indeed, the willingness to invest in oneself through learning and training is critical.

Says Ms Ho: 'One must be willing to invest in himself. Otherwise, no one would be willing to invest in him. The time invested on self-learning will never go to waste since what one learns stays with him.'

Such self-learning certainly helped Ms Ho on her way up. Sharing her experience in rising to the top, she reveals that during her time at Templeton, she had tried her hands at almost everything - from the most basic tasks such as folding mailers, to more advanced roles of managing people.

'I've done almost everything from bottom to top, personally experiencing the different challenges that one would have to go through while making his or her way up in an asset management firm. Learning it the hard way . . . made it more difficult for people to fool me,' she says.

The bottom line is to be committed to serve and be motivated by the opportunity to help others.

'Having the dedication to serve and proficiently manage the clients' portfolio is one of the cornerstones of asset management,' Ms Ho says. 'You are managing other people's money after all, thus maintaining a high level of commitment and integrity when serving clients is paramount.'

When not working, Ms Ho likes to spend quality time with her family. The mother of two says: 'Both my kids are at school-going age, so weekend movies are a fixture in our family calendar. We also make it a point to bring the kids to different destinations for holidays during the June and December school holidays.'

Having a work-life balance means a lot to her, and she's glad to be able to take time off to spend with her family.

Her final piece of advice for aspiring fund managers: 'The journey is as important as the destination. If you enjoy the journey, you will undoubtedly be able to reach the destination faster.'

Wednesday, January 7, 2009

A Rare Breed of Investment Banker

I come across this interesting story today and would like to kick off 2009 by sharing it with you. You must enjoy reading it either you are already in the business or want to start an investment banking career.

Who is Ashley Wilkins?
FinanceAsia 7 January 2009

The primary focus of this Societe Generale banker is sustainable relationships, not slash-and-burn banking.

Ashley Wilkins is a rare breed of banker these days. He has been employed in the industry for more than 25 years, but has only worked for two bank groups in his career: NatWest and Societe Generale. He joined the latter in 1996.

"If you only work for two companies, and don't whiz around, you have to take a completely different approach to work. You have to think about sustainability," says Wilkins, who leads the bank's capital raising and financing operations in Asia. "If you make transgressions - or bad decisions - those bad decisions will come back to haunt you. So you can't make transgressions. You have to make decisions that are sustainable. You can't slash-and-burn."

Given Societe Generale's troubles earlier this year with its own rogue trader, this is refreshing. But it's not surprising from Wilkins. Whenever we have met we have talked about the longevity of banker/client relationships, be it his own, or when critiquing other deals. One of his first questions tends to be: Has the client returned to the bank for another deal? Surely, this really should be a criterion nearly as important as any league tables. It speaks of professionalism.

And Wilkins has maintained long-term relationships with clients. For example, he led the financing for Shell and PTT on the $1.5 billion Rayong Refinery deal in Thailand in 1993, and then advised them again on the restructuring deal for that refinery in 2004. He advised BP in its bid for the $6 billion west to east Natural Gas Pipeline in China in 2001, advised BP and Sinopec in their $3 billion petrochemical project in Shanghai in China in 2002, and then again advised BP (alongside Mitsubishi and CNOOC) on the Tangguh LNG deal, a $6 billion greenfield liquefied natural gas project in Indonesia.

His repeat client work isn't just with folks in the oil and gas, and power industries. He worked on Asia's first limited recourse gaming project, the Wynn Resorts Macau deal, which Societe Generale led and closed in 2004. Wynn returned to Wilkins the next year when Societe Generale led the expansion financing for this now $1 billion gaming project, which closed in September 2005, and again Wilkins worked with Wynn on a third financing deal for $1.55 billion that closed in June, 2007. As Macau grows, so too does the relationship casinos have with their banks.

"There were no such gaming projects deals done before that first Wynn one," says Wilkins. "I'd say that's another example of a first. Indeed we were proud to support a sustainable, high-quality robust business such as this, which along with other developments in the industry has transformed Macau SAR and its government's revenues over the past five years."

"Asia is a great place to do business, but it is also an easy place to lose money for incautious and/or new 'jet fresh' bankers ," notes Wilkins, pointing out that you not only have to take care of your clients you also need to know what deals not to take. Sometimes, the transactions you've walked away from are more telling of your integrity and skill than those you've executed.

See the world

Wilkins was born in England, but raised in Jersey, where he was surrounded by people that worked in the finance industry that dominates that small island. While he read philosophy and classics at Wolfson College at Cambridge University, it was a far more concrete world in which he wanted to work. "I thought it was a great plan to join an internationally focused bank and see the world."

And he reckons it was a good decision. If he had things to do over again, he'd take the same career path, though adds he might have spent more time trying to gain exposure to the asset management side of the business.

He is married to a former soloist at the English National Ballet and they have four children - three boys and one girl (who was adopted in Hong Kong in 2000 - Wilkins jokes that if they had tried to have a fourth child, they would have likely had another boy). But on a more serious note, he says they are his motivation for working and are who keep him grounded.

Grounded is a good trait to have during these volatile markets. But he's also humble. Indeed when we met for lunch we spent most of the interview talking about the latest news of bank failures and mergers, and which banks would emerge as the new powerhouse - and far less time talking about Wilkins. He's not the sort to toot his own horn, or hype too much for the firm.

While discussing all the business that has disappeared, I did ask him to do some crystal ball reading: He sees the principal finance model as one that is ripe for further growth in the region during the next three to four years. Admittedly, as head of capital raising and financing, and as a banker whose previous role at Societe Generale was project finance and advisory and real estate operations in Asia, Wilkins may see the world through principal financing eyes. But it's not that he's overly bullish on the sector; he cautions that it will be all about picking the right partners, right deals and making sound choices. "The trick will be to get the balance of profit and pain right," says Wilkins, adding: "But isn't that always the trick?"

Ashley is Head of Capital Raising & Financing, Corporate & Investment Banking, Société Générale.

Investment Banking Career

Tuesday, December 23, 2008

BNP Paribas Continues To Hire

For those who are in the banking business or who want to start an investment banking career, this is an encouraging news despite the recent financial turbulence. On the date when Mr. Serge FORTI appointed Chief Executive Officer Asia-Pacific for BNP Paribas Wealth Management, he made the announcement.

December 10, 2008
'We already have the list of people,' said Mr Serge Forti at a lunch meeting on Wednesday at The Tower Club.

BNP Paribas Wealth Management Asia-Pacific will continue with its hiring plans despite the financial turmoil, said its newly appointed chief executive Serge Forti. BNP Paribas, France's biggest bank, has a headcount of about 300 at its wealth management unit in Singapore.
And this number is likely to rise to nearly 500 by the end of the first quarter of next year, Mr Forti said.

Of the new additions, about 30 will be senior relationship managers, each with over five years of experience and each bringing with him at least US$200 million in assets.

'We already have the list of people,' said Mr Forti at a lunch meeting on Wednesday at The Tower Club.
Source: Strait Times

More New About BNP Paribas

December 4, 2008
BNP Paribas named ‘Global Bank of the Year' by The Banker magazine

October 24, 2008
BNP Paribas has won two of the most sought-after awards at this year's AsiaRisk Awards

October 13, 2008
BNP Paribas rebrands its private banking business BNP Paribas Wealth Management and strengthens its organization

October 9, 2008
BNP Paribas is named as one of the world's safest banks

BNP Paribas Career Site
Amazing Resume Creator

Tuesday, September 16, 2008

Lehman Brothers is Over

The 158-year-old firm, which survived railroad bankruptcies of the 1800s, the Great Depression in the 1930s and the collapse of Long-Term Capital Management a decade ago, filed a Chapter 11 petition with U.S. Bankruptcy Court in Manhattan on Monday September 15, 2008. Lehman bankruptcy

Sadly I have to remove Lehman's career site from my blog, as it will soon disappear from the world of investment banking.

Today I received a number of resumes from candidates currently working for Lehman Brothers. On the other hand, some star bankers are being named by competitors and had us to approach them. If you are doing well, the banking world has always a seat for you. Our search firm survived the Asian financial crisis and the need for investment banks to recruit quality bankers had never declined.

If you are still tempted by an investment banking career, come back tomorrow and we will talk further about resume writing skills.

Recommended Career Tool
Amazing Cover Letter Creator

Monday, April 21, 2008

Investment Banks Shuffle Senior Rainmakers To Asia

I have mentioned several times in my blog that if you are dedicated to investment banking, you should be prepared to relocate. New York, London, Tokyo and Hong Kong are the four major cities you must be acquainted to. Today I am adding Singapore to the list.

Recently, I read an article from Dow Jones with a headline of Investment Banks Shuffle Senior Rainmakers To Asia. This is a norm, in my experience, Asia is a booming region, a heaven for those who are hungry for money and want to make the best out of their IB skills. I can’t give you the actual link to read the article as it is for paid subscribers only. However I have extracted some facts for your reference.

Investment Banks Shuffle Senior Rainmakers To Asia
11 April 2008 - Dow Jones International News

Investment banks are shipping some of their best talent to Asia, following the money as deals are drying up elsewhere, to bulk up their business in a booming region…

In recent months, global financial institutions from Morgan Stanley and JPMorgan Chase to Deutsche Bank have transplanted heavyweight rainmakers to Asia….

Asia, excluding Japan, already accounts for more than 15% of revenues for many investment banks…

"Colleagues from overseas are increasingly interested in transferring to the region," said Robert Morse, Asia Pacific chief executive officer for Citi’s Institutional Clients Group…

Goldman Sachs will soon move a number of senior staff in to key regional roles in Hong Kong and Singapore, according to people familiar with the situation.

Last week, Morgan Stanley transferred star M&A banker Scott Matlock to Hong Kong from London to fill a newly-created role as chairman of Asian M&A. The bank also recently tapped its global asset management head Owen Thomas to become its Asia chief executive...

JP Morgan transplanted 22-year New York veteran banker Winthrop Watson to Hong Kong a few months ago, also in a newly created role as head of Asia-Pacific High Grade DCM; and Credit Suisse appointed European structured derivatives sales head Osama Abbasi to head the newly created position of global securities for non-Japan Asia from Hong Kong…

"With the downturn in the West, we have the opportunity to bring out good people to build up our Asian business, and often, we create new titles for them," said one person at a U.S. investment house. "Increasingly, many bankers in the U.S. and Europe feel that Asian experience would be good for their career path."

Moving Global Heads to the Region

In some cases, banks have even started basing their global heads in the region. Last year, Barclays Capital moved Ivan Ritossa, its global head of foreign exchange, from the U.K. to Singapore, while Citigroup recently relocated Ted Kuh to Hong Kong from London to head the Asian consumer and healthcare group while keeping his title as co-head of global retail. Also retaining his global title, Deutsche Bank's global equity trading head Noreddine Sebti has moved to Hong Kong from New York to head Asian equities...

"Relocating a global head to Asia ensures our center of risk management is aligned accordingly, while recognizing the changing polarity of global equity markets and the growing importance of the region," Deutsche Bank's Global Head of Equities Yassine Bouhara explained...

The defection to the region comes as bankers with Asian experience take on greater prominence within their firms. Last year, Credit Suisse's Asia-Pacific head, Paul Calello, was put at the helm of the bank's overall investment banking unit. Similarly, Goldman Sachs Asia Chairman Michael Evans was recently made global vice chairman…

Savills PLC, a real estate brokerage which works with major banks to relocate employees, noted that some corporate clients had as many as 100 to 130 moves to Hong Kong last year alone, about 30% more from 2006.

Growing Prominence

Many investment banks posted record revenues out of Asia last year even as their U.S. operations suffered...

"The rise of Asian global champions in recent years has underpinned record levels for M&A and capital markets activity in Asia Pacific - in 2007 the world's largest announced M&A transaction and two of the five largest IPOs globally were from the Asia Pacific region," said Citigroup's Morse….

Even star investors and not just bankers are feeling the need to relocate. Despite the recent market volatility in Asia, hedge fund guru Jim Rogers, cofounder of George Soros' famed Quantum Fund, is joining the rush, leaving New York for Singapore.

Investment Banking Career

Recommended career tool: Amazing Resume Creator

Wednesday, April 9, 2008

HSBC - World’s Biggest Bank

HSBC or The Hongkong and Shanghai Banking Corporation beat Citi and become the world's largest corporation and the world's largest bank, in terms of sales, profits, assets and market value, according to a report recently published by Forbes on April 2, 2008.

In the same report, four among the top 10 (total 2,000 entries) are investment banks, namely HSBC (1), BoA (3), JPM Chase (4) and RBS (10).

Let's take a look at their selection criteria and the full ranking list.

HSBC Opportunities for Graduates
HSBC is a very diversified financial institution with its services ranging from retail banking, private banking to investment banking. Certainly there are lots of opportunities to suit your interests and capabilities. Let’s take a look at their career site. Select the region where you are and start surfing.

HSBC - First year internship

Interesting Questions about HSBC
HSBC (Hongkong and Shanghai Banking Corp.) is a UK bank, with its headquarters in Canary Wharf, London.

Why is a UK bank being named Hongkong and Shanghai Bank?

Why are there more HSBC branches in Hong Kong than in Shanghai?

Recommended Career Tools
These career tools are seriously short-listed by Anna Maria D'Souza for those who serious want to start an investment banking career.
Amazing Cover Letters
Amazing Resume Creator
Secret Career Document

Investment Banking Career

Sunday, January 27, 2008

Successful Young Female Investment Banker

Many believe that the world of investment banking is dominated by male. That could be true to some extent. I have previously introduced Anthony Clake who was elected Partner of Marshall Wace at the age of 25.

Today, I want to introduce a successful female investment banker, who at the age of 25, is elected for the second time as a Rising Star by FN in 2007. She is also one of the Rising Talents honoured by JPMorgan in October 2007.

Emilie Goodall - FN’s Rising Star 2007

Age: 25
Investment manager, Venturesome

A rising star last year, the Oxford graduate continues to make her mark at the point where the City meets the charitable world. Goodall joined Venturesome, a social investment fund that is part of the Charities Aid Foundation, from New Philathropy Capital. In her new role, she will focus on working with charities to help them access money, including advising on fundraising, resolving cashflow problems and assessing risk. Goodall will also be responsible for investing Venturesome’s own money.

Source: Financial News Rising Star 2007

Emilie Goodall – JPMorgan Rising Talent, October 2007

Nationality: British
Country of residence: England
Current position: Research Analyst
Current organisation: New Philanthropy Capital (NPC)

Emilie Goodall is a Research Analyst at the London-based charity New Philanthropy Capital (NPC). NPC provides independent research and tailored advice on the most effective and rewarding ways to support charities. Emilie recently finished a report which examines different strategies for tackling child abuse and has also authored two reports on school disaffection, truancy and exclusion. Before joining NPC, Emilie worked on education and health projects in India and Senegal.

JPMorgna’s Rising Talents, October 2007

JPMorgan Rising Talents 2007 – Full Report
It might take a minute to download the PDF report, please be patient.

I don’t mean sex discrimination, but young female readers must find this article interesting and encouraging.

Are you set for an investment banking interview?
Make sure to get ready your Secret Career Document in advance.

Investment Banking Career

Monday, June 18, 2007

The Golden Rule of Resume Writing – HONESTY

June 14, 2007, IHG Asia chief quits after CV review
This news does not directly relate to investment banking, but it is important to anyone who needs to write a resume. Let’s keep this as the golden rule of resume writing: HONESTY.

As my blog reader, I request your reading this news seriously in detail.

On June 14, 2007 (Thursday), Patrick Imbardelli, chief executive of Asia Pacific of the InterContinental Hotels Group (IHG), was forced to resign just days before he was to join the main board of the world's biggest hotel company.

“…IHG said on Thursday that Mr Imbardelli had told it that he had three qualifications: a bachelor of arts from Victoria University in Australia, a BSc from Cornell University in the US and a masters of business administration, also from Cornell. But an IHG spokesman said he had only attended classes at all three colleges and had not graduated from any of them…” Source: Financial Times – read full story

When a CV leads to a resignation
According to Financial Times, Patrick Imbardelli is not the first top executive to leave his employer over his CV and he will not be the last.

…The chairman and chief executive of Bausch & Lomb, had to forfeit his annual bonus for 2002 after he admitted misrepresenting his educational record….

…Richard Li, son of Hong Kong billionaire Li Ka-shing, was embarrassed six years ago by the revelation that he did not complete the degree in computer engineering at Stanford University cited by publicity material produced by his company Pacific Century Cyberworks…

…In 2005, a former health service chief executive from Solihull was given a 12-month prison sentence suspended for two years for faking qualifications to get the £115,000-a-year position…Read full story

As my blog reader, you can be an entry level analyst today. In 20 years time, you can be the CEO of an international investment bank. The higher you rise in a hierarchy, the greater burden of trust you bear. Lying would only work against you. Don’t let the lies on your CV kill your career.

Anna Maria D’Souza’s mantra: practice ethical resume writing, plain facts, no exaggeration, no misleading.

Test of your general knowledge:
What is the difference between a CV and a resume?

Check my next post for an answer.

Recommended career tools:

Amazing Resume Creator
A DIY resume is good enough for an entry level job. Investment bankers always want the best out of the best. To stand out from the crowd, get Jimmy Sweeney’s help to craft a best resume for yourself.
Amazing Cover Letter
A powerful cover letter is the perfect partner of your resume. Personalize and customize your amazing cover letter with Jimmy Sweeney’s help.

Resume writing

Friday, June 8, 2007

Lehman Brothers Promotes New Head of Equities

Sigurbjorn Thorkelsson - Lehman Brothers

How would you target yourself in the first six years of your investment banking career?
Analyst? Associate? VP? D? MD…? If you are good enough, people won’t care how old you are. Couple of days ago, Lehman Brothers announced their appointment of Sigurbjorn (Siggi) Thorkellsson to the position of Head of Equities, Asia. Siggi made himself an MD at Lehman six years after obtaining his master’s degree from Stanford. In 1998, at the age of 32, he was the Co-head of US equities derivatives at Lehman, based in New York.

Investment bankers have to love New York, London, Tokyo and Hong Kong. Siggi is a good example. After heading the equity derivatives trading team of Lehman at New York and London, he’s marching off to Tokyo in his new position. I’ll talk about living in these cities later on.

Sigurbjorn Thorkelsson will relocate to Tokyo as Lehman seeks to build out its equity franchise in Asia. June 5, 2007

Sigurbjorn Thorkelsson - Bio
1966 Born
1990 Degree in Mechanical Engineering, University of Ireland
1992 Master in Industrial Engineering and Finance, Stanford
1992 Lehman Brothers
1994 CIBC
1998 Managing Director, Lehman Brothers, Co-head US Equity Derivatives, New York
1999 Board Member, Lehman Brothers
2004 Head of European Derivatives Trading, Lehman Brothers, London
2007 Head of Asian Equities, Lehman Brothers, Tokyo

Thorkelsson has headed the European equity derivatives and convertibles division for the past three years, overseeing trading, sales and analytics for the businesses. He joining the bank in 1992, but left between 1994 and 1998 to work for CIBC. He rejoined Lehman Brothers’ equity derivatives group in New York in 1998, and took part in the establishment of a structured products trading group. He has since taken on a number of roles including co-head of US equity derivatives trading and head of European equity derivatives trading.

Is investment banking your dream job? Take a FREE career test!

Are you preparing for an investment banking interview? Check this ebook –
IB Interview Guide

Investment Banking Career

Wednesday, June 6, 2007

Investment Banking Salary – News & Bios

Dow Kim - Merrill Lynch

How are you going to spend US$37 million?
Couple of posts ago, I mentioned that global heads’ and CEOs’ income has no ceiling. But is there a ballpark? Yes, Dow Kim, was reported to be paid US$37 million last year. In May 2007, one of the hottest news on Walls Street was his resignation from Merrill Lynch to set up his own hedge fund.

Dow Kim is the Co-President of the Global Markets and Investment Banking group at Merrill Lynch. What is the temptation of running a hedge fund? How much can a
hedge fund manager earn? Read this.

Really Big Bucks
In 2006, three hedge fund managers took home over $1 billion on the year, according to Alpha magazine's new list of the
top 25 fund earners. Read more.

Dow Kim started his career as a credit analyst/derivatives trader at Manufacturers Hanover Trust in 1985. In the first nine years of his career, he managed to survive through the merge with Chemical Bank. At the age of 28, he made himself the head of derivatives trading at Chemical Bank, Japan. At the age of 31, he was the head of derivative trading of Merrill Lynch in Japan. Today he is the second-highest-paid executive at Merrill Lynch, after the CEO Stan O’Neal.

If you are doing as good as Dow did, you can also make yourself a department head before 30. Department heads nowadays make between US$6.25 million and US$2.5 million depending on the size of the investment bank you work for – according to Investment Dealers’ Digest.

Dow Kim – Bio
1963 Born
1984 BSE, Wharton
1985 Credit Analyst, Derivatives Trader, Manufacturers Hanover Trust
1990 MBA, Wharton
1991 Head of Yen Options Trading, Japan, Chemical Bank
1994 Head of Derivative Trading, Japan, Merrill Lynch
2000 Head of Fixed Income, Japan / member of Management Committee, Merrill Lynch
2001 Head of Global Debt Markets, Merrill Lynch
2004 Co-President of the global Markets and Investment Banking group, Merrill Lynch

Dow Kim is an Executive Vice President of Merrill Lynch & Co., Inc. and President of the Global Markets and Investment Banking group. In this role, Dow shares responsibility for Merrill Lynch’s sales, trading and investment banking activities worldwide with Greg Fleming, who is also President of Global Markets & Investment Banking.

Prior to his current position, he was senior vice president and head of Global Debt Markets from 2001 to 2003, with responsibility for all debt sales, trading and origination activities on a global basis. Before that, he was managing director and head of the Global Enterprise Solutions Group, an integrated global derivatives and foreign exchange group from 2000 to 2001.

Prior to moving to New York in March 2000, Mr. Kim managed the firm’s integrated fixed income business in Japan for 3 years and was a member of the Executive Management Committee of Merrill Lynch Japan, Inc.

Mr. Kim joined Merrill Lynch in January 1994 to manage the Debt Derivatives Trading Desk in Japan, and subsequently served as a Managing Director and Head of Debt & Equity Derivatives there.

Prior to joining Merrill Lynch, Mr. Kim worked for Chemical Bank from 1991 to 1994 in Tokyo as a Vice President and Head of Yen Options Trading. From 1985 to 1991, he worked for Manufacturers Hanover Bank in New York as a credit analyst, a commercial banker and derivatives trader.

Born and raised in Korea as well as in Singapore and the U.S., Mr. Kim earned a BSE from The Wharton School in 1984. During nine years with Manufacturers Hanover/Chemical Bank, Mr. Kim took part in The Wharton Executive MBA Program and received an MBA degree in 1990. Mr. Kim also completed the Advanced Management Program at the Harvard Business School in
November 2000.

Source: Bloomberg

Answer to my previous question: What is Marshall Wace TOPS?
Most hedge fund managers trumpet the brilliance of their own trading strategies and, given half a chance, disparage their brokers’ ideas. For one thing, it helps to justify their high management fees. Even traditional fund managers have been building their own teams of analysts, to avoid having to rely on brokers.

So Marshall Wace, with $7.5bn under management, is something of an anti-hedge fund: it has become one of Europe’s largest hedge funds by championing the value of brokers’ ideas. The fund’s TOPS system captures the best “sell-side” strategies electronically and trades on them. Almost 200 brokerage firms feed ideas into the system and the best performers are rewarded with additional trading business.

Source: FT

More about TOPS

Are you preparing for an investment banking interview? Check this ebook – IB Interview Guide

Investment banking salary

Monday, May 28, 2007

Investment Banking Salary – News from Hong Kong

University of Hong Kong – the 2nd and 3rd highest paid 2006 graduates both work in international investment banks
Asia Pacific is an aggressive market for those who are hungry for money. Hong Kong, most international investment banks have their Asia Pacific headquarters here, has great earning potentials.

In Hong Kong, a couple of the 2006 graduates were paid HK$920,000 (US$118,000) and HK$800,000 (US$102,000) respectively, from their first year full-time employment.

Press release from a recent survey from the University of Hong Kong

May 21, 2007 - HKU Graduates Still Employers' Hotshots
13. For year 2006, the graduate earning the highest paid job worked in a privately-owned medical centre. His annual remuneration, including both basic salary and bonus, reached HK$1.14 million (US$146,000).

14. The second and the third highest paid graduates are both working in international investment banks. They receive an attractive basic salary and bonuses that help jet up their total annual earnings to HK$920,000 (US$118,000) and HK$800,000 (US$102,000) respectively. Their work required them to travel substantially outside Hong Kong.
Read more.

Are you dedicated to an investment banking career? Get to know Hong Kong, New York, London and Tokyo. Most of the international investment banks have their international or regional headquarters in these cities. I’ll give you more info about these cities on both working and living.

Test of your knowledge on Hong Kong
What is the name of the stock market index in Hong Kong?

Are you preparing for an investment banking interview? Check this ebook – IB Interview Guide

Finding $80,000+ Positions

Investment Banking Salary

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

Do you want to be a trader? Take a FREE career test!

Are you preparing for an investment banking interview? Check this ebook – IB Interview Guide

Investment banking career