Even BarCap boss Bob Diamond is becoming bored being asked just how long the investment bank can sustain its current level of success. 'It has been sustainable and it has been very consistent', he said. 'Over a seven-year time period, we've had a 25% compound annual growth rate in revenue and profit within a point either way'.
Robert Walters has just released its 2007 Global Salary Survey, a mega offering which provides significant insight into the recruitment trends across a broad spectrum of disciplines such as accounting and finance, banking , IT, legal and secretarial support. Here are the key highlights for Banking Operations:
Financial News has run some interesting snippets about Credit Suisse, Deutsche and Merrill this week. Here's a quick round up.
Investment banks don't encourage their staff to blog - especially when the blogger is talking about his recent bonus award.
Well, it's coming up to our 5th anniversary and our news e-mail alerts now go out to over 37,500 people who work in, or have an interest in, the financial markets. And we are on track for 50,000 users by the year-end.
Are you a big spender, but don't have the time to think about recycling and the environment ?
The Evening Standard reported on Friday that 'dozens' of traders who work in London at Bank of America's investment banking unit are mighty miffed over what have been described as 'derisory' bonuses. According to the newspaper's unnamed source, 'massive numbers of people (will be) leaving' after bonuses hit bank accounts later this month. One trader who claims to have made almost $50m for the firm last year, says he bagged a bonus of less than $2m (poor old soul).
The Financial Times reports that Citigroup CEO Chuck Prince is now coming in for some criticism over the composition of his board. With 8 of the 16 Citigroup board members CEOs of other companies (some of whom who are under fire themselves for the performance of their own businesses), some are suggesting that Prince is getting off lightly due to a 'there but for the grace of God attitude'. Citigroup investors continue to be frustrated over the company's share price, and are alarmed that costs have been increasing at a faster pace than revenues.
The financial markets were a little shocked last week when Credit Suisse investment banking boss Brady Dougan was named as the new CEO of Credit Suisse Group, in succession to Oswald Gruebel, who retires in May. Now we've had time to reflect, here's some interesting information about the new cappo and the challenges that he will face.
HereIsTheCityNews is giving serious consideration to fielding an Independent candidate in the race to become the next Mayor of London in 2008.
The hits are coming thick and fast now.
ING Groep NV, the biggest Dutch financial-services company, will cut 2,350 jobs in its banking and insurance units after reporting a 64% drop in third- quarter profit.
Commerzbank has won the chance to appeal a U.K. court ruling forcing it to pay about $64m in bonuses to 104 Dresdner Kleinwort bankers.