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In around a month, the new generation of juniors will arrive to join the analyst classes at investment banks. They might come with ideas about how their banking careers will evolve, but if there’s one thing that I’ve learned from 18 years in finance, it’s this: nothing goes to plan.

Back in the early days, I didn’t think I even had what it took to fit in on Wall Street. I remember spending weekends researching my next career, convinced Wall Street wasn’t for me.

I was a shy nerd, I spoke with an accent, and I became a lonely cubicle slave, working hours on end. I wouldn’t speak in meetings because I figured who was I to be saying anything. When it came to bonus time, I just accepted whatever they paid me, happy with whatever scraps came my way.

I never expected to be where I am today. Along the way, I’ve made more mistakes than I care to admit and I’ve seen every single successful person I know do much the same.

Back in the early days, I thought mistakes were something to be ashamed of. I wanted to be the best and the fastest at everything. For example, when I was new to Wall Street, my boss gave me a project to be completed by the end of the day. I rushed through, proud of how quickly I was getting it finished. I handed it to my boss, waiting for my pat on the back. As it turned out, I had messed the whole thing up.

I was so focused on getting it done that I had completely missed the point.

I learned the hard way – quite a few times – to slow down and see the big picture. Now I tell all the new recruits to: “Try to figure out the substance of what you are doing and what makes your client happy, rather than the very specific, narrow task you have been asked to do”.

Finance is also an industry where things can change, fast. Just because you’re in a dark place one year, don’t assume you won’t catch a lucky break the next.

For example, I spent many years at Lehman Brothers in New York. While I was there, I was forced to change roles internally as my career was going nowhere. It was one of the lowest points of my career. And then, just one year later, I was hired by Goldman Sachs! Three years after that, I was made MD. It still amazes me how quickly things turn around.

Never assume that unexpected (good) things won’t happen when you work in finance.

You might want the security of a planned future, but you don’t have to have a plan for everything. Once you can let go and acknowledge this, you’ll get much further. I’ve seen so many young guys make the mistake of being in a huge rush for success. Finance careers don’t work like that. You’ll screw up – it’s inevitable. You may also feel out of your depth. What’s important is that you keep trying.

Over time, I learnt that you only get what you ask for and I learnt that if you want to excel, you have to treat every day like an interview. I learnt that no one really knows what they are doing, and that we are our own worst critic. I learnt to trust myself and stop sweating the small stuff and start building the systems and habits that have changed my life.

The author is a former Goldman Sachs managing director and blogger at the site What I Learnt on Wall Street.

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1. Jan Friedemann, private equity summer analyst, Goldman Sachs London

Friedemann is to be found at Goldman’s London office this summer, where he’s working in corporate private equity. This is a slight break from the past. Last year, he was a summer analyst in financial restructuring and M&A at boutique firm Perella Weinberg Partners (which extended him an offer to join full time). The summer before that, he was a summer analyst in corporate finance at Barclays. And the summer before that – way back in 2014, he spent three months in private equity at Deutsche Bank. After graduating with a first class degree from the London School of Economics in 2016, Friedemann has just finished a nine month MSc in financial economics at Oxford.

2. Madeline Conway, investment banking division (IBD) summer analyst, J.P. Morgan New York

Conway is studying a BA in Economics and Mathematics at Boston’s Wellesley College. She already has a bachelors of science in mathematics and economics from the Scotland’s University of St. Andrews.

You’ll find Conway in J.P.M’s New York financial institutions group (FIG) team. She already has plenty of summer internship experience. Last year, Conway spent four months as a summer analyst at private equity fund KKR in San Francisco. From October 2017 to January 2017, she then spent another four months as a private equity intern at Artemis Capital Partners. In 2015, she spent four months as a wealth management intern at Morgan Stanley in Boston.

3. Kamil Slaoui, IBD summer analyst, Morgan Stanley London

Slaoui’s part of Morgan Stanley’s leveraged and acquisition finance business this summer. A student at Spain’s IE business school, he’s already had plenty of internship experience. In 2014 he spent two months in M&A (transaction services) at Deloitte. Then he spent two months in wealth management at BNP Paribas. Then six months as an off cycle investment banking analyst at Deutsche Bank. And now Morgan Stanley. While other summer interns learn the ropes, Slaoui’s spent nearly a year in finance already.

4. Tobias Weimann, equity research summer analyst at Morgan Stanley London

Weimann typifies the European finance student with a long list of previous banking internships. He’s just completed a masters at London King’s College and is spending two months at Morgan Stanley. Last year, he spent five months in equity trading at Unicredit. Prior to that he spent six months in equity research at Pioneer Investments, five months in M&A at Aquin & Cie (a German corporate finance boutique) and eight months in risk analysis at SocGen. The average UK student looks a bit inadequate by comparison.

5. Peter Style, markets analyst, Citi London

Style is a rare Brit on the list. An economics graduate from the University of Bristol, he’s spent the past year studying economics and strategy for business at Imperial College Business School. Previously, he attended Rugby – one of Britain’s longest established public (private) schools.

Style has plenty more to recommend him. While he’s at Citi this summer, he was with Nomura’s global markets business last summer. He’s also had a month’s July work experience each (seemingly outside of spring week) at BNP Paribas and Deutsche Bank, and two months of experience at HSBC and J.P. Morgan.

5. Francisco Lobo, IBD summer analyst at BAML London

Lobo means wolf in Spanish and Francisco has certainly covered some ground.

A recent graduate in international management from Warwick University, Lobo spent last summer interning in IBD at Barclays. Before that, he was a summer analyst in corporate banking at HSBC and a summer analyst in corporate finance in KPMG’s Lisbon office. There have also been various spring internships along the way…

6. Ioan Masca, global markets summer analyst, Deutsche Bank London

Masca typifies the kind of highly driven East European that banks like to hire now. He’s just graduated with a first class degree in economics and statistics from University College London after graduating as the top student from his high school in Bucharest.

Last summer, he was a markets summer analyst at Citi. In April 2017 he completed the one month insight programme at hedge fund Man Group. He’s also spent two months interning at EY.

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Who says journalism is a dying career path? A former Financial Times leader writer, BBC economics editor and most recently chief market strategist at JPMorgan Asset Management is returning to journalism at Bloomberg – and, in an unexpected twist, she’s getting a raise to boot.

Stephanie Flanders said the primary reason for her upcoming move to Bloomberg is that she has missed journalism: “Bloomberg has traditional journalistic values and ample financial resources.” The latter attribute was likely an important one. The Financial Times says Flanders will earn more at her job running a new 120-person team of economists and economics journalists than she did in her J.P. Morgan role – where she’s thought to have brought in as much as £400k ($520.18k) a year.

If Bloomberg is indeed paying Flanders very generously, it won’t be the first time. Joe Weisenthal, the former executive editor of Business Insider, is thought to have been paid a lot to join the media company in 2014. Authors Mark Halperin and John Heilemann were reportedly paid over $1m each when they joined to start a standalone politics brand in 2014.

Bloomberg expects hard grind for its money. The FT says Flanders will be expected to begin work at 7:30 am at Bloomberg and then travail into the early hours as she meshes together Bloomberg’s journalists and economists. This looks incongruous when you consider that Flanders’ father was a musician (Michael Flanders) who made hit songs as part of the comic duo Flanders and Swann. Flanders senior’s efforts included “The Sloth,” “Mud, glorious mud” and “Bed,” on the delights of sleep and laziness.

Separately, Morgan Stanley Chairman and CEO James Gorman thinks things are looking up. Gorman expects banks to benefit from higher interest rates and less regulation, and possibly even an increase in market volatility. Your job may not be in jeopardy after all.

“If we get a more normal yield curve [the relationship between short-term and long-term interest rates], I’m bullish on the bank stocks. I’m not surprised the market is reacting the way it is,” Gorman said on CNBC’s Closing Bell.

Bank profits increase when long-term rates rise, making the curve steeper. In addition, better capitalization, strong liquidity and other conditions – including the Federal Reserve’s and other central banks’ plans to tighten monetary policy and the Trump administration’s deregulation proposals – make banks “primed for growth,” according to Gorman, who previously worked at Merrill Lynch and McKinsey & Co.

While financial stocks have not performed well in the S&P 500 this year, after the stress test’s second-stage results were released, bank stocks climbed while the broader market fell and the CBOE Volatility Index (VIX), a gauge of fear in the market, rose to its highest point since May 18, so Gorman may be on to something. Bank executives could see their already ample pay packages expand further.

“So we’re now coming into this period of real volatility. People are starting to take positions, and we’re seeing that action in the market,” Gorman said on CNBC. “We’ve had an incredibly flat yield curve, and I think this is perhaps the beginning of more normalization.”

However, the outlook is not so sunny for British banks, which could be on the hook for €15bn ($17.1bn) in costs to relocate certain activities to continental Europe after Brexit, and that could weigh on bank profits for years to come.

Meanwhile:

Evercore Partners hired Paul Stefanick, the ex-head of global corporate and investment banking at Deutsche Bank and the ex-head of global M&A at Merrill Lynch, as senior managing director. (Reuters)

Traders who fled banks for hedge funds are on their way back to Wall Street banks. Why? Many macro funds just don’t make much money anymore. (Bloomberg)

Stephan Feldgoise, the co-head of the M&A group in the Americas at Goldman, is retiring at age 46. (WSJ)

Gary Cohn accepted a massive pay cut to join the Trump administration. (Bloomberg)

The head of the top regulator of Wall Street stock brokerages will earn $1m for his first full year on the job, less than its last CEO. (WSJ)

Finance job creation has grown just 0.7% since the financial crisis compared to total private-sector employment gains during that period of 6.6%, a symptom of a wholesale restructuring of how financial services are provided. (Bloomberg)

Morgan Stanley Investment Management senior portfolio manager Marco Spaltro is readying the launch of a new global macro hedge fund firm, Newfin Capital. (HFMWeek)

How does Renaissance Technologies do it? 🤔 (Bloomberg)

From the first moment you walk into a room people are making judgments about how much they like you, so try these tricks to make yourself effortlessly charming. (BBC)

Peruse the J.P. Morgan Reading List Collection 2017, featuring books that Jamie Dimon claims to have read…or at least skimmed. (J.P. Morgan)
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Photo credit: Bloomberg by Roman Kruglov is licensed under CC BY 2.0.
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Around this time last year, Chintan Joshi was co-heading Nomura’s banks equity research unit. After the bank closed its cash equities business in April 2016 he joined Mediobanca for a brief eight-month stint. Now, after three months out, he’s leapt across to the buy-side.

Joshi is now senior equity analyst at Abaco Asset Management, a $1bn hedge fund that primarily invests in European financial stocks. This is his sweet spot – he previously co-headed the banks research within Nomura’s now defunct European equity research team, and led its coverage of UK banks.

As we reported previously, after Nomura’s sudden closure of its European cash equities business, Joshi landed a role as an equity researcher on UK and European banks at Mediobanca, but the role lasted just 8 months. Before this, he spent close to eight years at the Japanese bank, having moved across from Lehman Brothers following Nomura’s acquisition of its European business in the immediate aftermath of the 2008 financial crisis.

Abaco is a small outfit in the UK – it has just six employees registered with the Financial Conduct Authority. It paid its investment management staff £4.4m, according to the Pillar 3 disclosure in its 2016 accounts released in April. Its highest paid partner received £1.2m.

As well as Joshi, Abaco hired Gary Lee, an analyst at KBW focused on UK insurance, as an analyst in June.

Joshi is one of the few highly-regarded analysts within Nomura’s disbanded equity research team to make the move to the buy-side.

Jon Peace, the other co-head of equity research at Nomura, joined Credit Suisse as a managing director covering investment banks and French banks. David Hayes, who focused on consumer goods at Nomura, joined Bank of America Merrill Lynch as a managing director.

Joshi’s move across to the buy-side may prove to be wise. Investment banks are under increasing pressure to improve their research output as MiFID II regulation requires them to ‘unbundle’ costs from other trading charges.

Most banks have been willing to hire top-ranked analysts – although this status is no guarantee of employability – and recent studies suggest that maintaining large research teams covering multiple sectors is increasingly unsustainable.

Quinlan Associates, the consultancy set up by the former head of equities strategy for Asia-Pacific Benjamin Quinlan, released research last week suggesting that large investment banks’ research teams could lose $240m by 2020, and that it would be increasingly difficult to justify maintaining large in-house teams.

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You might not want to leave London for Frankfurt or Paris or Dublin in response to Brexit, but if the opportunity to emigrate arises, you should seize it. Particularly if you happen to be an associate or vice president.

As banks prepare to shift a vanguard of staff out of London and into the European Union before Brexit bites in 2020, bankers say the juniors who arrive in the new European offices early on will be granted a significant opportunity to get ahead.

“The people banks move because of Brexit will be the ones who are young, flexible and willing to go wherever the bank sends them,” predicts an executive director in the markets business at a major U.S. bank. “Yes, banks are going to need to move some senior people to sign off risk, but there won’t be many,” she adds. “It’s just too expensive to move a lot of senior traders and their families.”

Goldman Sachs has already indicated its intention of moving 200 people to Frankfurt by an unspecified date in the future. As we noted previously, the U.S. bank’s German business is short on managing directors, but Goldman may choose to shift senior vice presidents and executive directors to Germany, rather than pay expensive relocation fees for senior U.K. staff.

Moving to Frankfurt in the first wave will bring huge career advantages predicts the ED: “Once the bank realizes that you’re a flexible person who can work across different markets, you’re likely to get promoted more quickly. You can also forge a niche for yourself as someone who can operate in the new market structure.”

London juniors who don’t get moved internally can always apply externally for new Brexit-related jobs in Frankfurt. Banking headhunters in Germany said they’re expecting banks to boost local headcount by both shifting existing staff across from London and by hiring new people on the ground. “We expect that 50% or maybe more of the new jobs in Frankfurt will be filled by hires made here in Germany,” says Nils Wilm, managing director of Bankenwelt Executive Search. He adds that there are already signs that the German market is opening up to non-German speakers: “Last week, we filled banking audit positions with non-German speaking Russians who spoke English.”

For the moment, German headhunters say there’s little sign of Brexit boosting recruitment. But this is expected to change soon. “We think the jobs will come in the third and fourth quarter of this year and early next year,” says Wilm. “We’ve already seen banks making preparations with risk and compliance hires.”

Carola Hansen at Frankfurt recruiter Brownian Motion agrees that Brexit-driven hiring is expected to start at the end of this year and to persist into 2018. Hansen says Frankfurt has an ample supply of risk and compliance professionals, many of whom are currently working for the Big Four accounting firms in Germany. Sales and trading talent, however, is more likely to be moved from London. “A lot of banks had traders in Frankfurt in the past, but they made them redundant or moved them to London in 2009 and 2010. It will be a question of moving some people back again.”

Hansen says forward thinking London-based juniors are already plotting their moves. “Now, I get 20-25 calls every week from people in London who want to move to Frankfurt. Before Brexit became an issue I had 1-3.”

London traders and salespeople who emigrate to Germany could be in for a pleasant surprise. “Logically, it’s a paradise for banks here,” says Stefan Mueller at consulting firm DGWA Financial Engineering. “Frankfurt is in the middle of Europe. It has a huge and nearby airport and a perfect train system and everything runs on time.”

Mueller predicts that banks will use the transhumance of markets jobs from London to Frankfurt to cut pay. “Banks are going to get rid of the senior people who were paid £300k in London and replace them with more junior people earning €150k in Frankfurt.”

Cost aside, Mueller says there’s another reason banks will struggle to transfer senior staff with families to Frankfurt: schooling. “My kids go to the European School RheinMain in Frankfurt. The school has already received approaches from all the major banks to see if they have 50+ places for London bankers’ children from 2018 and 2019. It’s the same for all private schools, but these schools are already over-subscribed. Those places don’t exist.”

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Going from Nomura’s London investment banking division (IBD) to IBD at Goldman Sachs would count as an achievement. The Japanese bank ranked outside the top ten for M&A fees in Europe in the first half of this year according to Dealogic, while Goldman ranked third. It’s impressive, therefore, that a Nomura London analyst has not only moved across to Goldman, but moved into one of the U.S. bank’s most popular teams.

Yaajan Govindia, an analyst who spent just 12 months at Nomura after graduating from the London School of Economics, has just joined Goldman’s alternative investments and manager selection (AIMS) private equity (PE) group in London. The group provides Goldman’s clients with advice relating to investment in private equity funds, including due diligence on PE fund managers, portfolio construction, risk management, and liquidity solutions.

Plenty of Goldman’s own analysts might like to shift internally into this group themselves. Govindia, however, has beaten them to it. The move is likely to leave him well placed to move to the buy-side in future, particularly to a fund of private equity funds which allocates money across the private equity industry.

Govindia’s move underscores the resilience of junior banking careers. He joined Nomura in 2016 after competing an internship at Deutsche Bank the previous summer. Although Nomura isn’t typically considered a top tier (or even a second tier) investment bank, his time at the Japanese bank hasn’t precluded a move to Goldman. Just because you don’t join a top tier bank out of university, you shouldn’t therefore give up on that aspiration. Of course, it probably helps that Govindia achieved a first class degree in economics from the LSE and graduated one of the top in his class.

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If you’re interning in an investment bank this summer, you’re probably prepared to work some long hours. You’re probably also fine with working 70 hours or so each week given that you will be earning a pro-rated version of full time analysts’ salaries that’s likely to be around £4k ($5.2k) in the front office. But how would you feel if you were doing an internship in finance whilst being paid nothing at all?

This is the way of the world at Tobin & Company Investment Banking Group LLC, a mid-market investment banking boutique in Charlotte, North Carolina, which takes on banking interns and analysts pays them zero in return for the opportunity to gain actual deal experience and embellish their résumés.

The company, which was founded in 2001 by Justine Tobin, a former Bank of America MD and Goldman Sachs associate, makes no attempt to hide its business model. “We teach people how to work, how to excel, about the investment banking industry. It’s not about studying and taking tests. It’s about doing,” Tobin tells us. Is this akin to an unpaid internship? “It is,” she says.

Despite the absence of pay, Tobin & Co. doesn’t take just anyone. It interviews all its hires and has recruited around four interns this summer. The company offers both summer and winter internships along with an unpaid “analyst program” typically lasting six to eight months, or until analysts find jobs elsewhere. 10 people are usually hired onto the analyst program each year and participants get to, ‘build financial models and Excel worksheets, update pitch books and write offering documents for multiple clients.’

Far from being exploitative of its young trainees, Tobin says the company has a mission to make the world a better place. The goal of the company’s program is to, “help change the world of investment banking. Or just the global work world in general,” she tells us. “We train people to be better, kinder, more ethical investment bankers. Our interns go out in to the work world and hopefully make a positive impact for the rest of their working lives with the help of the training that they received at Tobin.”

Do Tobin’s juniors agree? None of them responded to our invitation to comment for this article (although one said Justine wouldn’t want analysts talking to reporters). However, Tobin has dubious reviews on Glassdoor (two with one star and one extremely sycophantic review with five stars) and has long been disparaged on the Wall Street Oasis forums.

This could simply be bad feeling from anonymous ex-employees though. Tobin herself says 90% of her unpaid analysts go on to secure full time jobs in finance and that those who don’t go into things like the Peace Corps, tech, or the U.S. army. “We think that these outcomes are just as powerful as the ones in the world of finance. Some of our interns learn that they don’t like investment banking, or even finance, by working with us, and choose another field based on what they learned here,” she says.

Although Wall Street Oasis claims that Tobin juniors rarely get to work on live deals, Tobin’s own Twitter account suggests there is some action to be had there. Tobin & Co tweeted that a client, Roberts Properties, made an offer for Brookside Apartments LLC on June 28, for example. Prior to that, it Tweeted that it closed a deal in June 2016.

Nonetheless, some of Tobin’s ex-analysts are certainly employed at major banks. Tobin & Co. boasts a big list of companies who hire its trainees. However, we only count around 17 ex-Tobinites currently at well known organizations on LinkedIn, including someone at Goldman Sachs, someone at UBS and someone at Bank of America Merrill Lynch. Wells Fargo seems to be one Tobin’s biggest employers. Is that worth giving up your summer for free? Maybe.

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Photo credit: Wendy in the Wheel by Carrie Cizauskas is licensed under CC BY 2.0.

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As investment banks invest ever more into automation, getting the right person at the top of technology is increasingly important.

Bank of America Merrill Lynch, which has been losing senior technologists over the course of the past 12 months, has just lost another – this time to UBS.

Neil Boston is the Swiss bank’s new head of investment banking technology and UK regional lead. He joined the bank in June after a near two-year stint at Bank of America Merrill Lynch.

Boston joined BAML in July 2015 as head of FX technology. By the time he left in June, however, he was head of FX technology, global co-head of markets e-trading technology and EMEA head of technology for fixed income currencies and commodities (FICC).

Boston’s role at UBS will encompass a broader range of responsibilities across the investment bank, which reflects his depth of experience. He spent seven years at Citi before moving to BAML and held various senior roles including head of FX and chief technical architect within its options technology team.

UBS confirmed the appointment.

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If you’re looking for a job at the cutting edge of quantitative risk management, you might want to look to UBS. The Swiss bank is creating a new team to validate and control its algorithmic trading models, and it’s looking for someone to lead it.

UBS is advertising for a head for a new team of model risk managers focused on algorithmic and electronic trading. The successful candidate will be expected to hire in a team of people focused on the validation of its algorithmic and electronic trading models, and to oversee the algo trading “model inventory.”

Banks already have model validation teams, but they’re not seen as particularly desirable places to work. Tasked with checking that derivative pricing and risk management models adhere to regulatory requirements, model validation is often seen as a career cul de sac. Jobs in the area are increasingly being off-shored to low cost centres in Eastern Europe.

UBS’s new team is exciting, both because it’s based in London and because it’s a break from the model validation norm. It marks an opportunity to become embedded in the process of developing the trading algorithms (and ultimately, possibly, the machine learning trading algorithms) which are the future. The latest role comes after UBS also advertised for a head of artificial intelligence in its equities business.

UBS says the head of its algo validation team needs a Master’s or PhD degree in statistics, financial mathematics, mathematics or physics. It also wants someone who has “extensive previous experience in relevant algo/e-trading models” – either as a trader or from a model validation perspective.

James Kennedy, director of the quantitative trading team at NJF Search, says UBS will find experienced algo model validators from other banks within model review departments, as well as high frequency algorithmic trading firms. This new class of model validator will likely be paid competitively with model validators working on derivatives pricing models, says Kennedy, who predicts more of this hiring in future as banks must adhere to Basel III and TRIM (targeted review of internal models) which was launched in late 2015 and is expected to be finalized in 2019.. “Banks need to validate all of their models and algorithmic trading strategies in order to comply with regulators,” he says. “These people are going to have to be paid decently – although they won’t get paid as much as the people that design the trading algorithms.”

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If you’re a junior investment banker looking for a move across to the buy-side, there’s a new player in town that continues to poach from bulge bracket firms in London.

PSP Investments, the private debt fund of Canada’s Public Sector Pension Investment Board, is building out its London operation as it looks to grab a bigger slice of the European leveraged finance market.

Oliver Duff, the former head of capital financing at HSBC, signed up to PSP Investments as a managing director for principal debt and credit for its European operation in July last year. He’s proving to be something of a magnet for young leveraged finance professionals across the City.

The latest hire is Camillo Villani, an associate within the leveraged finance and high yield division of HSBC who joined PSP Investments as a manager in its principal debt and credit investments division. Meanwhile, Anita Das, an associate within Goldman Sachs’ merchant banking private credit group, has also joined PSP as a manager within its European private debt group.

PSP is offering junior investment bankers both a promotion and a coveted move to a fast-growing firm on the buy-side. At the time of Duff’s appointment, it was reported that he had the go-ahead to hire a team of London-based senior private debt investment professionals and had $4.3bn to deploy in private debt financing over the next three years. PSP’s European hub officially launched in May and now has 28 people working in its office in Victoria.

As we reported previously, PSP has been targeting people at large investment banks. David Witkin, a former executive director at Goldman Sachs, joined as a senior director in January, while juniors at J.P. Morgan and Perella Weinberg made the switch at the tail of last year. Marco Strizzi, a former J.P. Morgan analyst and associate who spent the last two years at private equity fund BC Partners, along with Paola Rastelli, an infrastructure investments specialist from Arcus Infrastructure also joined in April.

PSP’s success in recruiting junior bankers is reflective of the fact that the leveraged finance divisions of investment banks are being raided by a broader range of buy-side firms. The likes of Permira Debt Partners, Park Square Capital and Albacore Capital have all tapped investment banks’ leveraged finance divisions in recent months and this continues.

Uzair Chiragdin, an associate in leveraged finance at RBS, has just joined debt advisory firm Marlborough Partners, while Nicole Schoenauer, an associate in European leveraged finance at Deutsche Bank, has recently signed up to Stepstone Group. These moves are not restricted to smaller players, however. As we mentioned last week, KKR has been poaching from banks’ leveraged finance teams – most recently hiring in Risham Saif from J.P. Morgan.

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Remember Engadine Partners, the London-based hedge fund set up last year by Marcello Sallusti, the former deputy chief investment officer at Egerton Capital? It’s still hiring.

Engadine just recruited Sascha Safai, a former vice president in UK institutional equities at Man Group, as its director of business development.

Safai’s arrival suggests Engadine hasn’t finished with the build that started last November when it hired a researcher from Goldman Sachs and the former head of equities for Iberia at Cheuvreux as a senior analyst.

53 year-old Sallusti started Engadine with around $200m in assets under management. It’s not clear what Engadine’s AUM are right now, but Safai’s arrival suggests they’re expected to grow in future. Disgruntled equities professionals in banks may want to look the fund up: Sallusti’s previous outfit was known as a very generous payer.

Safai isn’t Engadine’s only recent hire. In April it recruited Chude Chidi-Ofong from Ledbury Capital Partners as chief operating officer. Chidi-Ofong replaced the former COO, Michelle Wood, who only stayed for seven months and has yet to move into a new role according to the FCA Register.

The fund’s expansion comes as equities professionals and equity researchers in particular face an uncertain future. Many are expected to lose their jobs before the introduction of MiFID II in January 2018 and are looking for more secure jobs on the buy-side. As we reported yesterday, Nomura’s ex-head of equity research unit has just taken a job at a tiny hedge fund.

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Deutsche Bank is slightly happier and more positive place to work. Two months ago, the German bank unrolled a program to encourage its employees to share the positive impact they were having upon clients and society to an internal web page created for that purpose. Coincidentally, it also installed a craft coffee trolley in its London foyer. Something seems to have gone right. Bloomberg reports today that Deutsche’s latest employee satisfaction survey reveals that around half the bank’s global staff are now proud to work there – a slight improvement upon last year, despite the absence of performance bonuses for 2016. Morale at the German bank is stabilizing for the first time in three years.

The warm feelings at DB might be the result of more than the artisanal coffee trolley and positive hashtagging. Deutsche insiders point out that the bank has also worked hard to improve its culture by swapping out senior people. Werner Steinmueller, head of the bank’s APAC business said yesterday that, “fixing culture is one of the most difficult things to achieve,” and noted that under the leadership of CEO John Cryan Deutsche has changed 18 of its senior management positions. “Except for two or three, [there] are new people or people who were not involved in senior positions before,” Steinmueller said.

Now a new Deutsche job ad helps explain why Deutsche’s promotions may have brought a waft of fresh air. The German bank is looking for a “workforce capability specialist” to join its leadership planning and development team and develop a pipeline of senior talent. Among other things, the individual in question needs to be familiar with Hogan psychometric tests – a suite of tools best known in the leadership development context for their ability to identify “dark side elements” of the personality which can come to the fore in times of strain.

Deutsche didn’t immediately respond to a request to comment on its use of the Hogan tests. However, the bank is no stranger to personality testing – it uses Koru, a machine learning-based test, to assess junior staff.

Hogan’s darkside questionnaire looks for 11 “derailers” which can prompt senior staff to come undone. They are categorized as follows:

Being skeptical: If you’re not skeptical at all, you’re trusting, forgiving and naïve. If you’re too skeptical, you’re suspicious, argumentative and shrewd. A subset of skeptical characteristics includes being cynical and holding grudges.

Being excitable: If you’re not at all excitable, you’ll be peaceful content and relaxed. If you’re “high risk” excitable, you’ll be volatile passionate and emotional. The subset of excitable characteristics include being easily disappointed (or not easily disappointed enough and therefore lacking “fire in the belly”) and lacking direction.

Being bold: Being bold is a bad thing when you’re so bold that you’re forceful, arrogant, and demanding. As subcategories of boldness, Hogan says you might also be entitled, over-confident and suffer from fantasies relating to your own talent.

Being mischievous: Having a few very slightly mischievous senior bankers might be a great thing, but Hogan screens for excessive mischief which it says can be, “limit testing, impulsive and manipulative.”

Being reserved: If you’re high risk reserved, you’ll be remote, aloof, and tough. You might also be highly introverted, argumentative and anti-social. Being super-social also isn’t great though: it can be a sign of being too conflict-avoidant.

Being dutiful: If you’re high risk dutiful, you’re loyal, respectful and conforming. If you’re not dutiful enough you’re challenging, independent and unconventional. Highly dutiful people may be too compliant and very ingratiating. Not very dutiful people may also be disloyal and rebellious, challenging and contentious.

Being leisurely: Hogan says a leisurely attitude becomes a risk when you become stubborn, procrastinating and uncoachable. You might also be horribly passive aggressive (defined as, “overtly pleasant and compliant but privately resentful and subversive regarding requests for improved performance; moody and easily upset.”)

Being imaginative: Having a bit of imagination is all very well, but not when you’re “strategic, unfocused, and expansive.” You might also be overly eccentric (expressing “unusual views that may be creative or strange”) or too creative (“bored and potentially overconfident in one’s problem-solving ability”).

Being diligent: Hogan screens for too much diligence, which makes people ” hard-working, scrupulous, and controlling.” It also screens for insufficient diligence, which can lead to people having low standards and being too forgiving.

Being colourful: The test looks out for people who are “high risk colourful” and therefore, “dramatic, flirtatious, and noisy.” It also looks for people who are drab and, “may seem socially inhibited and lacking in outward confidence.”

The implication is that Deutsche’s leaders are screened for and made aware of their darkside shortcomings. Hogan says business and finance people tend to suffer from being bold, colourful and dutiful. Technology and quantitative types tend to suffer from being cautious, reserved and diligent. Having darkside traits need not be the end of a bid for promotion: Hogan says it’s possible to “coach the darkside personality” and Deutsche specifies a coaching qualification alongside familiarity with Hogan tests in its job description.

Either way, it seems you shouldn’t find arrogant, ingratiating or overly demanding people at the top of DB any more.

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Canadian private equity funds are busy hiring in London this year. As we reported yesterday, PSP Investments, the private debt fund of Canada’s Public Sector Pension Investment Board, has been busy hoovering up juniors from investment banks. It’s not alone: a fellow Canadian fund is also hiring, but so far it’s been stocking up at the senior end.

That fund is Caisse de dépôt et placement du Québec (CDPQ), a Québécois pension fund which has an office close to London’s Trafalgar Square. It’s hired at least four senior investment directors since January and is understood to be building still.

So far – and unlike PSP Investments -CDPQ has shown little inclination for hiring juniors from investment banks. The emphasis instead has been on bringing in senior private equity (PE) professionals from rival firms.

The most recent of these was Dr. Signe Michel, a former Permira healthcare investment professional, who started her career in the Boston Consulting Group. Michel joined in June. Other hires in 2017 include Alain Cianchini from Sun Capital Partners (previously an analyst at Citi), Pierre Heinrichs from Helios Investment Partners, and Albrecht von Alvensleben from Wendel, a family investment firm.

Of course, this may change. CDPQ registered in London and all of its staff have been hired this year or last. The most junior is a senior associate who was hired from Uber last year.

Pretty soon CDPQ may decide it needs some analysts too. Given the notoriously long recruitment process at private equity funds, it may be an idea to get your CV in early.

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Photo credit: Canada by Alex Indigo is licensed under CC BY 2.0.

““

Senior investment bankers quitting the confines of a bulge bracket firm to do their own thing is a growing trend among big-swingers in London. Giovanni Gregoratti, the co-head of the real estate and lodging group for EMEA within Citi’s investment bank is the latest MD to leave, and he’s just launched a new real estate investment and advisory firm in London with the backing of some major Middle Eastern financial institutions.

Gregoratti is now CEO of Aegila Capital Management, a European real estate investment firm that originates, executes and manages property deals across the world from its base in London. Aegila already has the backing of the Bank of Bahrain and Kuwait (BBK) and Ossol Asset Management. Senior staff at these organisations including Simone Carminati, head of business development at BKK and head of asset management Mohammed Ahmed Abdulla Ali, currently sit as non-executive directors on its board.

Gregoratti joined Citi in 2001 following the completion of his MBA from INSEAD. He previously worked for Deutsche Bank and Bank of America in both London and Milan. He was promoted to co-head of real estate and lodging group in EMEA in 2014, alongside Julian Allen in New York as the bank relaunched its European business to capitalise on a surge in new deals.

Aegila Capital Management has been building a (small) team in London to support Gregoratti. Alexander Doobay, a former Credit Suisse M&A analyst who has been working at private equity firm Tristan Capital Partners for the past five years, has signed up to Aegila, while Ulf Nore, a real estate analyst at Norges Investment Management who previously worked for UBS, has also joined as an associate.

Senior investment bankers have increasingly been quitting large institutions to start their own boutique advisory firms, but in most instances these are one-man bands. Aegila, which gained authorisation from the Financial Conduct Authority in May, now has eight registered employees.

Gregoratti was based in London and covered M&A, equity capital markets and debt capital markets deals across the real estate and hotel sectors. However, he was also involved with some big banking deals in the Middle East including the $500m flotation of Dubai real estate group Damac Properties in 2013. He graduated with a degree from Bocconi University in 1995.

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““

Barclays is on a roll. Fresh from hiring Asita Anche, Goldman Sachs’ former quant trading star as head of a new cross-asset quantitative trading unit, it’s now picked up a new head of electronic trading in Europe from Knight Capital Group in London.

Sources say Barclays has hired Graham Wayne, KCG’s head of EU Electronic trading. KCG confirmed Wayne’s exit. He’s arriving at Barclays in September to join the electronic product team, reporting to Nej D’Jelal, head of electronic equities product, EMEA, who has responsibility for electronic trading supervision and product development. Eric Krueger will remain responsible for sales of Barclays’ electronic business in EMEA.

The hire comes after Joe Mecane, the former global head of Barclays’ electronic equities business, left for Citadel Securities in June. Barclays insiders say the bank is reviewing its electronic trading operations in the U.S. in particular, where it never recovered from the dark pool scandal of 2014. John Neary, former head of equity trading at Morgan Stanley in the Americas, is understood to be helping Barclays on a consultancy basis.

Barclays confirmed Wayne’s appointment. The hire is a big catch for the British bank as it looks to build equities revenues after they fell 10% year-on-year in the first quarter. Wayne spent four years at KCG after joining from Marex Spectron (where he was an independent futures trader) in 2013.

Barclays’ investment bank is now run by Tim Throsby, the former global head of equities at J.P. Morgan. Throsby joined Barclays in September 2016 after successfully building the electronic trading business at J.P. Morgan. The bank has already hired over 20 people for its European equities business this year.

Banks like Goldman, BAML, Unicredit, J.P. Morgan and Citi have also been building their electronic trading businesses this year.

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Photo credit: Barclays Bank London by Duncan Rawlinson is licensed under CC BY 2.0.

It’s a tough time to be working in asset management. Aside from the gradual dominance of passive investment strategies like ETFs and the hardline from regulators in the UK shaking up fee structures, the asset management industry is tipped to be more impacted by the growth of artificial intelligence than any other part of the financial sector – 90,000 jobs could disappear over the course of the next eight years.

Ensuring your continued employability will be complex, but an obvious starting point is making your CV stand out from the competition. This, according to recruiters and is what you need to include.

1. Remember, academics count

Years into your career, which university you went to and what you studied may seem irrelevant to your job prospects. However, while impeccable academics may be less important than in investment banking or hedge funds, asset managers won’t overlook them altogether. Yes, asset managers recruit more people with ‘arts’ degrees than other parts of the financial sector, but they also have a bias towards Ivy League and Oxbridge/London School of Economics graduates.

“There are a disproportionate number of people in these positions coming from Oxford, Cambridge and the London School of Economics,” says James Dewhirst, director of recruiters Investment Management Partners. “I rarely have clients request a specific university, but they always require impressive academics.”

2. Highlight technical skills, but show your contribution

It’s tempting to pack your CV with the sort of information that can demonstrate how well the funds you manage have performed. In asset management, portfolio managers’ performance figures can easily be tracked on research providers like Morningstar. Therefore, your CV needs to go a step further. Not only should your resume attempt to demonstrate a story behind the figures, but it should demonstrate how you achieved them.

Victorian McLean, managing director of City CV, suggests that you should be highlighting your fund’s performance, how you outperformed the benchmark, how your assets under management increased, and how you achieved all of this with a relatively low risk profile. Most importantly, what sets you apart from the competition?

“Ensure you tell a story – how your job has evolved, how you compare to others, identify and explain your key differentiators – why should they hire you rather than the 500 other people that have applied for the role,” she says.

3. Know what the role is looking for

It may sound obvious, but it’s equally important that your CV is tailored towards the position you’re applying to. Your resume will be judged on three key criteria, says Dewhirst, so know what to bring out.

“Firstly, anyone hiring you will want to know what products you focus on and in which geographic locations/industries (for example a Japanese pharmaceutical equity analyst versus a UK equity generalist),” he says. “Secondly, they will want to know who you have worked for and on which funds. Thirdly, they will look at academic background. And not necessarily in that order.”

4. Show knowledge of the ‘quantamental’ approach

It’s enough to set the teeth of the old school fund managers on edge. Quantamental is the cringeworthy term referring to fund managers who combine the “old” fundamental stock picking approach with an understanding of how data science and computer-driven funds will impact investment in the future. The big data approach is not without its problems – firstly a shortage of data scientists means that buy-side firms are all chasing the same limited pool of expertise, and secondly the huge datasets currently being used are either unstable, or incredibly difficult to utilise for investment decisions that will set you apart from the competition.

Right now, says another asset management recruiter, firms want to see that you’re at least speaking the lingo of the new quant world. “Portfolio managers are not being replaced by machines just yet,” he says. “But it’s worth showing an understanding of quantitative techniques and big data.”

It’s worth getting in early. Raffaele Savi, a managing director and head of developed markets within BlackRock’s scientific active equities team, told a recent conference that asset management was on the cusp of its “Pixar moment” when data science, artificial intelligence and economic theory meet.

“It took 20 years from Pixar being formed to Toy Story finally being released. 20 years of commitment without ever making a movie,” he said. “But two years after the first Toy Story, there hasn’t been another big animation movie made by humans again.”

“When data science and AI finally meet economic theory, the investment game will change for ever,”

4. Remember the ‘so what?’ factor

Demonstrate, briefly, the implications of the achievements on your CV. So, you may have managed a £5bn UK equity fund, but how did evolve during the time you were in charge? Did AUM grow? Did performance improve? What did you achieve?

“Often people are too technical on the level of detail of the trades they have made, but actually failed to talk about performance,” says McLean.

“You will save yourself time and effort by incorporating summarised performance information in bullet points on your CV. Specifically, which funds/investments you worked on, what you specifically contributed to and their performance,” says Dewhirst.

5. Don’t leave open questions

If you’ve taken time out, or spent some periods out of work, you need to explain this. Lay-offs have been less common in asset management than in banking, job tenure is generally longer and any inconsistencies are given greater scrutiny.

“CVs with employment gaps or frequent job moves always need explaining,” says Dewhirst. “If possible briefly outline reasons for questionable moves or gaps on the CV to give them context as they will be scrutinised.”

Photo: Digital Vision/Getty Images

Rothschild is not like other banks. While most banks pay and promote people at the start of each year, Rothschild pays and promotes on July 1st (changing to April 1st as of next year).

Rothschild’s bonuses and titles have therefore only just been allocated. Analysts have become associates, associates have become VPs, lucky VPs have become directors, and the luckiest directors have become managing directors (MDs). This was also a biannual “partner year” at the bank: since 2014, Rothschild’s most senior people have been promoted to partner and given increased pay, although no voting rights.

Who was promoted? Despite claims from London recruiters that Rothschild is “top heavy” and has made very comparatively few promotions (albeit more than Lazard which promoted no MDs at all in London for three years between 2012 and 2015) this year’s U.K. promotions were reportedly on a par with the past.

This doesn’t mean they were plentiful. The bank is understood to have promoted only a handful of new MDs in London, including Niall McBride, a former director in the bank’s debt capital markets (DCM) business, and William Marshall, a former director in equity capital markets (ECM). It’s not clear who was promoted in the U.S., but Rothschild’s recent habit of hiring in MDs from elsewhere (eg. Paul Klepetko and Michael Speller from Credit Suisse and Aashis Mehta from Lazard) may have stymied the potential for internal advancement across the Atlantic.

Becoming an MD or partner at Rothschild is a big deal. You’ll get access to the company butlers. You’ll also benefit from exceptional job security. While the average tenures of MD and partners at Goldman Sachs are thought to be 11 years and eight years respectively, MDs at Rothschild are more likely to go on and on (and on). Akeel Sachak, for example, has been global head of Rothschild’s consumer investment banking business for at least 12 years and has worked there for nearly 32 since leaving Christchurch College at Oxford University. Recruiters say that MDs who reach the top at Rothschild rarely leave (arguably making it difficult for those below them to get a look-in). If you make it, you’re set for life and remunerated generously. Even 10 years ago, Sachak already had a family home in Surrey, a flat in Kensington, and an Aston Martin to drive to work in.

And if you don’t make it? You’ll have to wait. Most are happy to do so – there have been fewer resignations at Rothschild this year than in the past. Recruiters, however, say they’re finding Rothschild juniors and mid-rankers disgruntled by the recent pay round knocking on their doors: “People at Rothschild don’t feel like they’ve been paid well for the work they’ve done,” claims one. “It’s can be hard to progress there and there’s some frustration.”

The most recently available annual report for N.M. Rothschild in the UK, ending March 2016, shows the bank paying its 706 staff an average of £332k ($429k). This includes pay for 256 support staff, and is likely to have been higher for the 422 advisory bankers and 28 asset managers.

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Photo credit: 2004 Aston Martin DB7 Zagato by Spanish Coches is licensed under CC BY 2.0.

This wasn’t supposed to happen. Quantitative trading based on complex algorithms devised by the mathematical elite is supposed to be the future. So, why did Man GLG just close its Oxford-based “quantitative incubating unit,” and make five of the fund managers working there redundant?

Man itself is saying nothing. Bloomberg notes that like most hedge funds, Man has been cutting costs. It’s done away with the role of chief risk officer, for example. It’s also appointed a new head of machine learning who might be seen as making the quant incubator surplus to requirement.

Not everyone’s leaving. The managers of the Oxford quant incubator – Francois Moreau and Jaco Vermaak – are staying. Vermaak is a dyed-in-the-wool quant who holds a PhD in engineering from Cambridge and joined from Winton Capital Management in August 2010. Moreau was Man’s former head of business strategy and a one-time trader at Barclays. The two men had been allocating money to mathematical models devised by the five fund managers in their incubation hothouse since February 2016. The implication is that they weren’t making much money.

Maybe this was inevitable? Man’s quant incubator seems to have hired proven quant traders like Sanatan Rai from BlueCrest, but the strike rate on democratised quant sites like Quantopian is just 0.02%. On this basis, Man would have needed to get very lucky with just five traders. Quantopian invites anyone, anywhere to devise algorithmic trading models and only pays them if they’re successful. Maybe the best quant incubation units aren’t five quant traders sitting in the rarefied environment of Oxford, but hundreds of thousands of printer repairmen and actuaries devising quant trading strategies for free after work?

Separately, top M&A bankers earn a lot of money – but not compared to the money they earn for banks. Bernard Mourad, a former M&A “dealmaker” at Morgan Stanley in Paris, says he earned $100m in fees for Morgan Stanley in 2015. For that, he was allocated a deferred bonus of $1.5m which was withheld (Mourad says unfairly) when he left to work for a client. It’s not clear what Mourad’s cash bonus was – but assuming it was double his deferral, Mourad would have eaten just 3% of what he killed. This is why senior M&A bankers leave for boutiques.

Meanwhile:

Deutsche Bank is, ‘preparing to move large parts of the trading and investment-banking assets it currently books in London to its hometown of Frankfurt .’ (Bloomberg)

Deutsche’s booking centre change would not have any impact on where traders are based but could require the relocation of a small number of back office jobs. (Financial Times)

JPMorgan is expected to announce plans to create 500 jobs in Dublin this week. (Businesspost)

John Cryan has no plans to step down at Deutsche. (Reuters)

Deutsche hired a global head of tech services from Citi. (Business Insider)

Susa Fund Management, a hedge fund founded in 2009 by former Citadel star Reza Amiri is closing. (Financial News)

Andrew Bailey, chief executive of the UK Financial Conduct Authority, earned £449k last year. His predecessor, Tracy McDermott, was paid £570k. (Financial News)

“We worked hard, we paid our taxes…I ask myself why should I make an effort for this country which I don’t belong to and which treats me like a second-class citizen.” (Financial Times)

Jefferies CEO tells staff to stop fixating on Putin and Kim Jong-Un. (Jefferies)

Man feels bad for collecting full time pay despite automating his job six months’ ago. (Quartz)

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There’s an old mantra that you never really retire from investment banking, you just work equally as hard on something else outside of finance. Chris Fleming, the former head of global markets EMEA sales at Nomura, retired from the Japanese bank in August last year to launch a new mentoring website. Now, though, he’s back at his old employer in a major new role.

Fleming is now vice-chairman of wholesale banking for Europe at Nomura, a job that he took up officially earlier this month. He will report directly into Yasuo Kashiwagi, Nomura’s senior managing director and executive chairman for EMEA, who briefly held the role of interim European CEO until the appointment of Jonathan Lewis in January 2015.

“I have some good, deep relationships with some of Nomura’s biggest clients, so I’ll be helping the bank make the most of these,” Fleming tells us. “I’ll be looking for synergies, where compliant, among the wholesale and private sides of the business and also seeking to bridge the gap between East and West. There are a number of clients in the UK who want to connect with Japan, so I’ll be able to help with this.”

Fleming spent six years at Nomura, having joined from Royal Bank of Scotland in 2010 where he was European head of interest rates sales. He joined Nomura as global head of rates sales, before moving to a similar role across the macro business and finally heading up the entire sales function for the Japanese bank’s EMEA operation.

However, in August last year he was given a send off by Nomura and retired from the City to start a website called Mentor Xchange, which aims to connect young professionals with senior managers who can help provide career guidance. The aim was initially to focus on financial services, where Fleming has connections, before expanding out to other industries. Fleming says he’s still trying to get the business off the ground, so the role at Nomura is currently only three days per week.

“I’ve worked on the trading floor for over 30 years and that means I’ve witnessed a rising interest rate environment. There are senior people within the markets functions who haven’t seen this, so it helps to have some wise old heads around,” he says.

Fleming is expected to work closely with Steve Ashley, Nomura’s head of global markets to help grow revenues within its UK sales and trading operation. Ashley and Fleming worked together at RBS and both men joined Nomura from the Scottish bank in 2010, and Fleming says they’ve known one another for over 21 years.

“Vice-chairman sounds like a big role, and I want to to be one where I can really add value,” says Fleming. “Nomura wanted me back to help grow their UK business through the deep relationships I have with clients. I don’t want it to be a sedentary role – I want to make a real difference.”

After the swift and brutal closure of its European cash equities desk last year, which eliminated 500 jobs in London, Nomura’s UK operation has been revived, and it says that it’s back in expansion mode in both Europe and the U.S.

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““

I went from being a lonely cubicle slave to an MD at a top bank

This top BAML DCM banker has just turned up at new fintech firm

Meet the banking interns with a big advantage this summer

1. Jan Friedemann, private equity summer analyst, Goldman Sachs London

2. Madeline Conway, investment banking division (IBD) summer analyst, J.P. Morgan New York

3. Kamil Slaoui, IBD summer analyst, Morgan Stanley London

4. Tobias Weimann, equity research summer analyst at Morgan Stanley London

5. Peter Style, markets analyst, Citi London

5. Francisco Lobo, IBD summer analyst at BAML London

6. Ioan Masca, global markets summer analyst, Deutsche Bank London

Morning Coffee: Bloomberg pays more than J.P. Morgan. Why your banking job is more secure than you think

Meanwhile:

Nomura’s former co-head of banks research has just taken a job at this tiny hedge fund

Brexit is a once in a generation opportunity for a big promotion

Goldman Sachs just hired a Nomura analyst into its PE group

Are these the most exploited juniors in finance?

UBS has just poached a top technologist from Bank of America Merrill Lynch

UBS wants a new generation of risk professionals for an algo validation team

The growing London buy-side firm targeting junior bankers

Unhappy with your equities job? This UK hedge fund is hiring

Deutsche Bank is looking for someone to assess the “dark side” of its MDs

The other Canadian private equity fund hiring in London now

This Citigroup heavy-hitter has been quietly hiring for a new London boutique

Barclays has hired KCG’s European head of electronic trading

The perfect resume for asset management

1. Remember, academics count

2. Highlight technical skills, but show your contribution

3. Know what the role is looking for

4. Show knowledge of the ‘quantamental’ approach

4. Remember the ‘so what?’ factor

5. Don’t leave open questions

Are Rothschild’s new MDs the most fortunate people in finance?

Morning Coffee: Shock as the world’s hottest finance staff lose their jobs. The paltry pickings of the M&A rainmaker

Meanwhile:

Nomura’s retired head of sales in London has just returned to the bank in a major new role

Related articles:

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1. Jan Friedemann, private equity summer analyst, Goldman Sachs London

2. Madeline Conway, investment banking division (IBD) summer analyst, J.P. Morgan New York

3. Kamil Slaoui, IBD summer analyst, Morgan Stanley London

4. Tobias Weimann, equity research summer analyst at Morgan Stanley London

5. Peter Style, markets analyst, Citi London

5. Francisco Lobo, IBD summer analyst at BAML London

6. Ioan Masca, global markets summer analyst, Deutsche Bank London

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1. Remember, academics count

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4. Remember the ‘so what?’ factor

5. Don’t leave open questions

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