Supporting the thesis, salary benchmarking site Emolument. The impact of this exodus has hit pitching capabilities hard and banks now find themselves pushing hard to retain junior talent from leaving. The state of play, bank-by-bank Check out the brief firm-by-firm run-through below.
What it illustrates too is the secular trend of bank A hiring from bank B which fills the gap by hiring from bank C which poaches from bank A in an actually very small circle of firms. So there is a certain sense of job inflation-meets-zero-sum-game about it all. But on the other hand, if it works for you it works for you. As a related side-note, I was taken by how few moves there have been between banking groups and independent advisory shops.
Of a string of coverage and advisory hires in the past year, the most recent was Lewis Steinberg. Citigroup Citi has been busy too, launching an infrastructure banking division and re-organising TMT. On the talent front, the bank hired Anthony Diamandakis to be head of its alternative assets group. Rankin had been global co-head of retail and consumer products since and she had run the Americas business since Lindsay has an involvement with the firm now dating back a staggering 32 years.
He will split his time between New York and London. But while that is undoubtedly a coup, the bank had made no secret of its intent to bolster its coverage and advisory businesses. That has meant, like other firms mentioned here, a process of selective hiring of key bankers.
Kenji Kawashima, chairman of corporate finance Japan joined a little under a year ago, having been out of the market since leaving BofA Merrill in It seems clear from the outside that the firm is taking advantage of an opportunity to think about how it leverages its already significant footprint, optimises coverage and maximises value to itself and to clients.
In the round, giving its elite squad of highly-seasoned bankers the space to focus on clients should pay dividends. As of March 6 this year, the firm was also in the number one slot on a world-wide basis. On the country side and with Germany clearly a focus, Norbert Reis joined as vice-chairman of German. He will also chair a newly-formed global investment banking strategic advisory council.
And in moves the firm said are intended to enhance the connectivity of its business globally and better reflect the changing regulatory environment in Europe, Simon Smith, head of UK and Ireland IB, was named head of EMEA investment banking; Henry Stewart took on the UKI role in addition to his current role as head of European consumer banking.
The firm noted that he will continue to cover a number of important consumer companies. Tags - 10 Australian Dollar. Chinese Renminbi. Hong Kong Dollar. Indian Rupee. Japanese Yen. Key Personnel Changes. People Moves. Singapore Dollar. Taiwanese Dollar.
Dibelius, Karlo J. Duvnjak, Isabelle Ealet, Elizabeth C. Fascitelli, Celeste A. Guth, Gregory T. Mastrocola, Charlotte P. Ransom, Kaysie P. Bermanzohn, Richard M. Campbell-Breeden, Anthony H. Carpet, Kent A. Clark, Daniel A. Ramos, Jacob D. Rosengarten, Steven M. Scopellite, Edward M. Siskind, Tetsufumi Yamakawa, David J. Greenwald, Michael G. De Lathauwer, Martin R. Iwanowski, David K. Kaugher, Ellen R. Porges, Pablo J. Salame, Shahriar Tadjbakhsh, Donald J. Truesdale, Jason H. Ekaireb, Antonio Borges, Seaborn S.
Eastland, Elizabeth E. Beshel, Amy L. Chasen, W. De Pourtales, Earl S. Enzer, Robert K. Frumkes, Robert R. Hitchner, Andrew R. Jessop, Carsten Kengeter, George C. Liberopoulos, James R. Paradise, Richard J. Sussman, Caspar W. Von Koskull, Gary J. Goodwin, David J. Grounsell, Melina E. Higgins, Jill E. Lohrfink, Bernard A. Mensah, Gavin G. O'Connor, Anthony J. Principato, Thomas S. Sloan, David D. Wildermuth, William M. Wicker, Philip S. Cholnoky, Bradley S. Grimaldi, J.
Christopher A. Kojima, Simon M. Madoff, Puneet Malhi, Milton R. Millman, Steven M. Pinkos, Kirk L. Rimer, Guy C. Slimmon, Richard J. Stingi, Robin A. Vince, Howard Q. Spooner, Sanaz Zaimi, Olusegun O. Aganga, Anton J. Arriola, John W. Cembrook, William J. Conley Jr, Thomas W. Cornacchia, Francois-Xavier de Mallmann, L. Brooks Entwistle, Mark B. Florian, J. Douglas Kramer, Thomas H.
Mattox, Peter C. Oppenheimer, Peter D. Selman, Heather K. Shemilt, Thomas D. Teles, Greg A. Tusar, Helena Koo, Peter F. Spies, Stefan R. Bollinger, Fareed T. Ali, Dolores S. Bamford, Christoph M. Brand, David C. Carlebach, Ahmad B. Deek, Wolfgang Fink, David L. Jasper, Christopher M. LaGorga, Christopher D. McFadden, Cheri S. Mowrey Davison, Bryant C. Park, Bruce B. Petersen, Cameron P. Poetzscher, Buckley T. Ratchford, Robert W.
Savage, Lewis M. Sweeney, Terrence P. Travis, Alan S. Waxman, Dominic A. Wilson, Court E. Golumbic, Douglas Borden, Kent D. Boheim, Ralane F. Bonn, Torrey J. Browder, Charles E. Burrows, Stuart A. Cash, Albert F. Dombrowski, Daniel A. Dreyfus, Henrik G. Ehrnrooth, Stephan J.
Feldgoise, Benjamin W. Ferguson, Ivan C. Gallegos Rivas, Basil P. Geoghegan, Christoph Gugelmann, John D. Haase, David R. Mittelbusher, Rebecca M. Shaghalian, Barry Sklar, Jeffrey E. Sockwell, Mark R. Sorrell, Cory W. Thackeray, David G. Torrible, Suzette M. Will, Kenneth N. Aktug, Koral Anderson, Kulbir S. Arora, Gerard M. Beatty, Shane M. Broadbent, Richard J. Butland, Kasper E. Christoffersen, Juan D. Gomez-Villalba, Dylan S. Halterlein, Harold P. Kleeger, Ravi G. Krishnan, Leland Lim, Fabio N.
Mariani, Shogo Matsuzawa, Patrick S. McClymont, Scott R. Norby, Graham H. Officer, Gerald B. Pennings, Curtis S. Probst, Kara Saxon, Justin W. Sterling, Robert M. Suss, J. Turok, Fred Waldman, Iain N. Drayton, Gregg J. Felton, Drake Pike, Douglas R. Manchester, William L. Blais, William F. Spoor, Peter Scaturro, Robert M. Pulford, Maximillian C. Justicz, Kenneth J.
Newcombe, Timothy J. Bartsch, Lawrence S. Brandman, Francesco Cafagna, Jimmy R. Carlberg, Westley D. Chapman, Charles J. Citro, John G. Creaton, Cecile Crochu, Andrew K. Davilman, Babak Eftekhari, Jonathan H. Fine, Ramani Ganesh, Richard C. Govers, Arni G. Hauksson, Steven P. Herrup, Brian J. Jacoby, Dominique M. Jooris, William P.
Keirstead, Satoshi Kubo, Shane M. Lanoway, Edward T. Lees, Philip G. Lindop, Michael W. Linse, Rory A. MacFarquhar, Christoffer L. Malmer, Matthew D. Menguy, Jason Moo, Edward S. Pallesen, Richard A. Peacock, James F. Powell, Padideh N. Raphael, Douglas L. Sacks, Luke A. Skoglund, Ronny Soemitro, Aurora J. Swithenbank, Carl H. Taniguchi, Robert B. Thompson, Kenneth A. Absolutely fantastic news! We all know that dharma is the eternal law of the cosmos. The companies that abide by this law are going to be monitored now by the Dow Jones Dharma Indexes!
How brilliant is that? There is no stopping mystical capitalism. It can only be a matter of time before all the companies in the world have to obey the eternal law of the cosmos. Don't laugh. It will happen - one day.
Ganesh is on board. Pan is on board. Big Herb is rocking at the moment. Business people the world over need to realize that there is no escaping the universe and its laws. We are the cosmos. We are the people. That sounds obvious, but most business nuts still don't acknowledge the fact.
Their focus is all money, money, money. But there is something else. There is the lonely ghost in the hallway at midnight. There is the alchemist making his gold. There is the deranged mystic howling at the moon. All this is beyond money, and yet - in a way - it is money. Money is everywhere. Money is in your soul. Money is in the hoot of the owl. Money is in the crimson cloud hovering over the hermit's cave. We all know this.
Look into your heart. Do you know it? Do you know it for real? Yes, you do. Steve Delo has been appointed chief executive of Pan Group's new governance partnership. I wish him all the best. I don't really know too much about Pan Group's new governance partnership, but we all know that Pan is the god of nature and the universe. This can only be a good thing. What I mean is, I presume Steve will now be responsible for bringing all the different gods together and making sure that they are all moving in the same direction.
We need this. Only last month I had to intervene in an argument between Ganesh and Big Herb. But I haven't got the time for it. David Pitt hasn't got the time for it. We're busy men. I actually tried to contact Pan, but I couldn't reach him on the astral plane. Well, at least he has got off his arse now and decided to sort the gods out and get this partnership going. Steve Delo is a decent man. Pan made the right choice. Will it work though? It will have to work.
There is so much chaos in the universe. Your average joe in the street likes to imagine the universe is neat and tidy. If only that were true. Frankly, it's a fucking mess. Too many gods are working in the same areas, and it just leads to confusion and conflict. We can't have this - not with so much money involved.
The chief executives of the big investment banks will not want to touch mystical capitalism with a bargepole if they feel the whole thing is being run like a circus. That's a fact. Hard-headed business people always look at the bottom line. Mr Delo will have to convince the banks that the gods are just as money hungry as any City of London or Wall Street trader.
But don't worry, he'll do it. Exciting news. HSBC is changing the name of its investment division from 'corporate, investment banking and markets' to 'global banking and markets'. I'll say it again - wow! Couldn't HSBC do better than that? How about - 'shamanic banking and global mysticism'?
Or 'investment gods and banking seers'? Or 'market global banking warriors of the Big Herb cult and lords of the big money'? Let's have a bit of honesty, please. About bloody time! Josef Ackermann, the big cheese at Deutsche Bank, has called for investment banks to be more open - to combat the loss of investor confidence in complex financial products. He's not just talking about securities and all that jazz though, is he?
Reading between the lines, I can tell he wants investment banks to admit that they employ financial shamans and money mystics. So far, only the British merchant bank Dodger Coombes has publicly announced that it employs mystical workers. Well, why doesn't Mr Ackermann tell the truth about Deutsche Bank?
I'm pretty sure the bank employs loads of shamans and mystics. I have been speaking to Arthur Simmons this morning. Unfortunately, I can't publish what he said because he is still steaming about the other day. During our phone conversation he called one highly respected City trader a mofo.
He sees conspiracies everywhere now. I hope he's not going to end up like Keith Busby. Anyway, Arthur more or less agrees with me that Deutsche Bank should follow the lead of Dodger Coombes - let's hear the truth! This is all because of the losses the banks suffered as a result of the subprime mortgage nightmare in the US. Is this the end of it now, or will there be further losses? Vikram Pandit, Citigroup's new chief, said, 'The church of my love is such a holy place to be.
Bad news for top hedge fund group Renaissance Technologies. Its Institutional Equities fund lost 1 per cent of its value last year. This may not seem like a total disaster, but a loss is a loss, and Renaissance has led a charmed life so far if a hedge fund group can have a life, of course.
I do talk a lot of crap sometimes, but you know what I mean, don't you? What is the reason for this loss? Some absolutely vicious rumours have been circulating. The main one being that a financial shaman working at Renaissance screwed up. I won't have that. I won't have it! I spoke to Arthur Simmons this morning. I will not publish what he said because nearly every other word was an F-word or C-word. He was absolutely furious. Like me, he believes shamans and mystics working in finance are being used as scapegoats when things go wrong.
Well, anyway, I have been doing a bit of investigating and - I have to be careful here - there is a possibility that a rogue money mystic was involved. From what I've heard this mystic was a complete charlatan. But I can't confirm any of this. It is all hearsay. However, I have warned banks and finance companies in the past to carefully vet their mystical staff. Mystical capitalism is still so new and most people don't understand it. So, if any company is considering taking on any new shamans or mystics, it would do well to consult either myself or Arthur first.
Sure, we're expensive, but better safe than sorry. UBS is so worried that its best investment bankers are going to jump ship that it is allowing them to sell some of their share-based bonuses after just one year. Cash bonuses are down as a result of the bank's losses with the subprime disaster in America.
I think this is a very good idea, but there must be other ways of rewarding staff. When I worked at Shaman Money Management I tried to reward the shamans and mystics under me by sending them on trips to the desert. It is actually quite cheap to do this because you only have to pay for the air fare. There are no hotel expenses as the staff stay in caves.
Unfortunately, the bosses at SMM didn't approve. They thought that money was the only way to reward staff. Trips to the desert were banned, and morale hit rock bottom. Now, I know what you're thinking. You're thinking that conventional investment bankers are only interested in money and would consider any trip to the desert as utterly insane. Well, I don't know. You'd be surprised how many bankers have a spiritual side.
You'd be surprised how many bankers read this blog and have actually emailed me. They practically beg me to clean out their chakras, or open up their third eye, or paste fortune oil all over their face, or put a good word in for them with Big Herb. These 'conventional' bankers have a real hunger for something beyond money. But don't get me wrong. Don't start imagining that I'm some deluded socialist who despises money. I am a staunch capitalist, always have been.
But as I keep saying over and over again - money is spiritual. By making money you can travel a road that will lead you to the world of the gods. So, what should UBS do? My advice is that the bank should do the desert thing, but also arrange chakra healing and meditation sessions, hand out free crystals to its staff, and play soothing music in the office with subliminal messages.
What messages? Something like - 'O beautiful bankers, the universe loves you' or 'There is money burning in your heart, cherish it'. Shit like that. That stuff works wonders, believe me. The speaker will be Peter Mead - Chairman of Omnicom Europe - and he will be discussing the topic, 'The future lies ahead - trying to make sense of the signs'.
What in God's name is that all about? Trying to make sense of the signs? What signs? Tea leaves? And the future lies ahead? Well, of course it does. It wouldn't be fucking behind us, would it? I'm confused. I'm sure Peter Mead is a decent cove, but what on earth is he on about? Where is he coming from with this pseudo-mystical nonsense?
I have been speaking to award-winning financial psychic Keith Busby, and he said to me, 'Michael, you are being purposely obtuse. You know perfectly well what Mr Mead is talking about, or will be talking about. You like your little jokes, don't you? Pete is a seer, pure and simple, just like yourself. Why make fun of him, or deliberately misunderstand him, when he is one of the good guys?
Is there something you're not telling us, Michael? Are you jealous of him because the IAA didn't approach you? I bet you would love to be speaking at this lunch, wouldn't you? How many does Citi need? Also, how many of this new bunch have been trained in financial shamanism? I know for a fact that there aren't any shamans at Citi Private Bank, but Citi Investment Research could be a different matter. Shamans are good at research. Well, anyway, congratulations to: Carlos J. Arrizurieta, John Elwaw, David S.
Katz, Larry R. Stanley, David R. Pereira, Brenda C. Thomas, Brenda Berger, Ronanld L. Fishbein, Lawrence M. Levine, Elizabeth Peterson, Harold J. Tucker, Joe Brent, Harry M. Ford Jr. Turner, Marc J. Frumento, Geeta S. Madan, Thomas Roiz, Nancy G. Usher, Kerry E. Buckley, Barbara J. Fuentez, Hasnain Malik, Michael I. Rollins, Lori A. Van Dusen, Manuel Cabielles, K.
Gallo, Antoine E. Maroun, Maura Rose, Richard A. Vaughan, Jay Canell, Greg A. Gangas, Terry K. Marr, Lewis S. Glotzbach, Michael P. Maurer, John P. Rufo, Paul M. Weisenfeld, Robert G. Sack, Michael P. McGuire, Michael P. Salamida, Perry W. Graham, Vikas Mittal, Mary T. Schwartz, Timothy D. Williams, Paul Chanin, Andrew D. Griffo, Kress Monarch, Michael J.
Serio, Scott C. Guernsey, Carmen R. Monks, John T. Shadden, Jason Yeung, Breda W. Shaffer, Ideal N. Zanelli, Timothy D. Clarke, Stanley A. Harris, Julia E. Morgenstern, Michael J. Coleman, Henry S. Hill Jr. Motz, Robert D. Correll, Thomas E. Hill, Charles H. Mulfinger II, Sean J. Howard, Sandra L. Myers, Joseph A.
Deneault, James C. Hughes, Lewis J. Nedelcoff, Anthony A. Dertouzos, Lam'a Hussaini, Jeffrey A. Nichol, Peter Dorfman, Anthony E. Kalinowski, Nandan Pai. Bear Stearns, due to recent losses, is desperately searching for a partner. It has been reported that the bank held talks with Fortress Investments, but nothing happened.
So, what will happen now? Will Bear Stearns find a suitable partner, or will it be sold to a bigger bank? I have been speaking to Tatum Jones from the British merchant bank Dodger Coombes, and she said, 'We wouldn't want a partnership with Bear Stearns, but we wouldn't mind some sort of deal where we could share our financial shamans and money mystics with them.
That would really help them out, and also be a good way of promoting mystical capitalism in the US. As you know, Dodger Coombes employs more mystics and shamans than any bank in the world, and a lot of people have ridiculed us for that. But look how much money we're making! A few years from now Dodger Coombes will be as respected as Goldman Sachs - that's a promise. Lehman Brothers is at it as well. Let's congratulate the shamans and mystics among them in style.
O beautiful shamans, glorious mystics, you are the chosen ones. Money will burn in your hearts. Can you feel the burning? The love of money is a burning. Congratulations to: Niels Ackerman, Nicholas J. Gendron, Alex Lau, Paul A. Ghafur, Peter Leonard, Joshua R.
Levin, Timothy D. Rasner, Russel Botha, Dominic I. Gibb, Sarah J. Lewis, Michael D. Rees, Kevin Brady, Jon K. Giblin, John A. Lovito, Christopher E. Roehm, Bret Budenbender, Michelle A. Rosen, Anthony S. Rosenthal, Terence Burke, Stewart A. Gollmer, D. Hugo Malan, Mark J. Rossano, Richard R. Burton, Anthony S. Gould, Mark F. Mancini, Lonnie B. Rothbort, Peter E. Calistri, Felipe de Grado, Charles A. Manna, Antony J. Rush, Matt Cannon, Michael A.
Gran, Amit Manwani, William A. Gresdo, Shari Mason, Eric J. Schlanger, Jane M. Castle, John L. McSwain, Leonard T. Scicutella, Robert H. Searle, Don S. Sears, Paola Cicchine, Felicia R. Coffin, James F. Henn, Mark S. Meyers, Scott L. Steffen, Christopher R. Moraes, Marie Stewart, Timothy R. Cook, David E. Hobert, Curt G.
Morley, Michael L. Mosher, Alexis Suzat, Jose V. Nass, Christopher C. Taylor, Alex F. Davison, Bradley R. Hutchinson, Alex Neumann, Sarah C. Thompson, Albert Desclee, Randall J. Hutton, Michael V. Neumann, Adam R. Toms, Ralf C. Dieke, Jay M.
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The use of any trade name or trademark is for identification and reference purposes only and does not imply any association with the trademark holder. Prior to that, he spent 15 years at J. Morgan, where he served as a Global Chairman of J. Before joining J. Morgan, Mr. Lynch was a general partner of The Beacon Group, a private investment and strategic advisory firm, and was a member of its Operating Committee and Investment Committee.
Lynch currently serves on the board of the Cancer Research Institute. He has served in the past on a number of NYSE publicly-traded and privately-held corporate boards, as well as on the board of numerous not-for-profit organizations and educational institutions.
Alongside Grant Porter, Mr. Lynch will be one of two Chairman in Banking to report directly to Mr.
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