From the monthly archives:

November 2010

Across the pond, the London website Here Is The City posted a list of which firms they expect will be beefing up their investment banking job payrolls in 2011, especially if economic developments keep improving. Among the international and North American firms that look promising:

– Citigroup tops the list. After a few years of trimming staff, the firm may start to cautiously hire in 2011.

– Royal Bank of Canada, which through conservative management has emerged from the financial crisis with a strong balance sheet and asset base. RBC has already begun to increase its headcount in 2010.

– Deutsche Bank. The German giant will continue to staff up and is mentioned for being patient before expecting a return on its investment in talent.

– Nomura is listed for wanting to establish a bigger footprint in the U.S. That, together with the influence of ex-Lehman executives, could push hiring higher.

– JPMorgan is expected to continue hiring judiciously, while not necessarily paying top dollar.

– HSBC Investment Bank, which is predicted to beef up its operations in the Asia-Pacific region.

You can see the complete list of 26 firms, including those who are not likely to be hiring, at Here Is The City.

Meanwhile, back here on Wall Street, the New York Post reports that firms are “tripping over” one another to fill critical shortages of skilled financial workers. The Post predicts a 10,000-person jump in employment from February of 2010 to the end of this year.

The hottest sectors include capital markets, investment banking jobs, compliance officers, fixed income, back office operations and wealth management. Demand for MBAs has grown as well.

There’s a cautious optimism on the Street, according to Danny Sarch, a financial services headhunter, who’s quoted in the article. “When the industry gets more confidence, like now, that revenues will be more consistent, and the markets are good, that encourages firms to hire more people.”

How about you? Are you seeing an uptick in hiring at your firm? Or more opportunities available, if you are looking for investment banking jobs? Add your comments below.

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Here’s a quick investment banking job question: you’ve worked late at night but do not have a voucher for a car home. Do you:

a) Take the subway;
b) Take a cab;
c) Sleep under your desk and take a car the next day?

The correct answer is “c” as you might suspect. And it’s the opening of a review for the latest satirical (and informative) book on investment banking by DayOnBay, a resource for Canadian business students interested in finance.

The book itself is called Damn, It Feels Good to Be a Banker, written by Amit Chatwani. For the past four years, Chatwani has gone by the pseudonym “Leveraged Sell-Out”, which is also the title of a popular blog he started online in 2005. Chatwani apparently wrote a mock letter to Lehman Brothers for an investment banking job, and posted his letter online. It went viral, so he started a blog to poke fun at the extravagance of investment bankers.

Chatwani published Damn, It Feels Good to Be a Banker in 2008, admittedly, a rough time to sell a book on investment banking. In addition to its satirical content, the book offers sections about the various divisions at i-banks, notably sales, trading, equity research, etc. and the possible opportunities at moving from investment banking into hedge funds or private equity. According to the reviewer, it also covers the typical career ladder of an investment banker, and takes a look at different size firms in the industry.

The book provides both color and commentary on the people, schools, culture, and compensation of investment bankers. Damn, it Feels Good to be a Banker is both an informative and humorous look at the industry, along the lines of Liar’s Poker and Monkey Business.

According to the reviewer, the book is both “enjoyable to those in the investment banking industry and the finance industry in general, those who yearn to break in to the industry, and those who love reading about the self-abuse that investment bankers inflict upon themselves.” You can read the full review at DayOnBay or pick up a copy of the book at Amazon.com

What’s the best book on investment banking you’ve read? Add your comments below.

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In today’s wired and mobile world, it shouldn’t surprise you that there’s now an application for your iPhone or iPod Touch that can help you ace your next investment banking job interview.

Jobjuice, a company founded in 1999 by a few Wharton MBAs while they were at the business school, has just announced the release of the Jobjuice Finance and Investment Banking App, according to a press release on PRMac.com The App provides over electronic 60 flashcards to help prepare users for demanding job interviews. There’s also a section on strategies for interviews at top finance jobs and investment banks.

The Jobjuice Finance and Investment Banking App includes electronic “cards” with essential accounting, finance, and valuation concepts to review. It lets users create their own interview-prep cards on topics or interview questions. It has a Q&A section to practice typical finance case questions, and more. App content is cross-referenced between the accounting, valuation, capital markets and LBOs and M&A sections, allowing users to review key financial concepts in a dynamic fashion.

The press release claims that Jobjuice has become a popular interview preparation and reference tool for thousands of MBA students and Business Management professionals around the world. This isn’t their first interview prep product. The founders have apparently created theme cards and mobile apps for a wide range of business topics. Given the affordable price of their Finance and Investment Banking App, it may be worth checking out at the Jobjuice site online.

Do you use any particular technology tools (new or old school) to prepare for important interviews or meetings? Add your comments below.

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Coping With a Bad Investment Banking Job Interviewer

November 8, 2010

It’s hard enough doing the research, networking and follow-up to land an investment banking job interview. What happens if you find yourself seated across from a deliberately difficult interrogator? The folks at Bradley CVs Ltd. in the UK offered a few suggestions recently. They identified three challenging scenarios and what to do about them: The […]

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Hong Kong a Hot Spot for Investment Banking Jobs

November 1, 2010

Better polish up your Cantonese. Hong Kong’s financial services sector is set to expand by 7,200 jobs in 2011, says executive search firm Kinsey Allen International. In an article in the Wall Street Journal, they say China’s fast-growing economy coupled with a boost in fixed-income activity will make the city a hot spot for investment […]

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