Top 25 Banking European Edition 2010

VAULT GUIDE TO THE
TOP 25 BANKING EMPLOYERS

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European Edition
VAULT GUIDE TO THE

DEREK LOOSVELT AND THE STAFF AT VAULT
Copyright 2009 by Vault.com Inc. All rights reserved.
All information in this book is subject to change without notice. Vault makes no claims as to the accuracy and reliability of the information contained within and disclaims all warranties. No part of this book may be reproduced or transmitted in any form or by any means, electronic or mechanical, for any purpose, without the express written permission of Vault.com Inc. Vault.com, the Vault logo, and the most trusted name in career information TM are trademarks of Vault.com Inc. For information about permission to reproduce selections from this book, contact Vault.com Inc., 6 Baden Place, London, SE1 1YW, +44(0)20 7357 8553. ISBN 13: 978-1-58131-715-2 Printed in the United Kingdom
Acknowledgments
We are extremely grateful to Vaults entire staff for all their help in the editorial, production and marketing processes. Vault also would like to acknowledge the support of our investors, clients, employees, family and friends. Thank you!
Table of Contents
INTRODUCTION 1
A Guide to this Guide . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .3 The State of the European Investment Banking Industry . . . . . . . . . . . . . . . . . . . . . . . . . . .5
THE VAULT PRESTIGE RANKINGS
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Ranking Methodology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .13 The Vault 25: 2010 Rankings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .14
THE VAULT 25
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1. Goldman Sachs Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .17 2. J.P. Morgan Investment Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .25 3. Morgan Stanley . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .34 4. Deutsche Bank AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .41 5. Credit Suisse Group AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .48 6. Rothschild . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .55 7. The Blackstone Group L.P. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .63 8. HSBC Holdings PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .68 9. Lazard Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .74 10. BNP Paribas SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .79 11. Barclays Capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .83 12. UBS Investment Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .89
13. Socit Gnrale SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .97 14. Nomura International PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .102 15. Bank of America Corporation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .111 16. Macquarie Group Limited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .121 17. Citigroup Inc. (Citi) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .126 18. Banco Santander, S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .133 19. Standard Chartered PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .138 20. Calyon . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .143 21. ING Groep N.V. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .148
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22. Crdit Agricole S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .153 23. Jefferies & Company, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .157 24. Lloyds Banking Group PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .163 25. Commerzbank AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .169
BEST OF THE REST
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Allied Irish Banks P.L.C. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .177 B. Metzler seel. Sohn & Co. KGaA (Metzler) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .181 Banco Espaol de Crdito S.A. (Banesto) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .185 Bank of Ireland Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .189 BBVA S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .194 Canadia Imperial Bank of Commerce (Wholesale Banking Division) . . . . . . . . . . . . . . . . .199 Crdit Industriel et Commercial SA (CIC) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .203 Dexia SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .206 Groupe Caisse d'Epargne . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .210 HypoVereinsbank AG (HVB) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .214 Intesa Sanpaolo SpA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .218 KBC Group NV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .222 Mediobanca S.P.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .225 Mizuho Corporate Bank, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .228 Natixis S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .231 Petercam S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .235
Rabobank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .239 RBC Capital Markets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .245 The Royal Bank of Scotland Group PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .250 Sal. Oppenheim jr. & Cie. S.C.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .255 UniCredit S.P.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .259 WestLB AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .263
ABOUT THE EDITOR
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INTRODUCTION
Vault Guide to the Top 25 Banking Employers, European Edition
A Guide to this Guide

To understand how the information in our company profiles are organised, we have created a glossary of terms for you to refer to. This Guide to this Guide defines the terminology and section headers we use to present all the information our profiles feature.
FIRM FACTS
Locations: A listing of the companys offices, with the city (or cities) of its European headquarters bolded. We have only listed cities within Europe. Departments and Divisions: Official departments and divisions that employ a significant portion of the firms employees. Departments are listed in alphabetical order, regardless of their size and prominence. Employment Contact: The name of the department, correspondence address, contact telephone number and/or website that the firm has identified as the best way for job-seekers and applicants to submit their CVs and/or answer any questions about the recruitment process and opportunities at the firm.
THE STATS
Employer Type: The firms classification as a publicly traded company, privately held company or subsidiary of a public or private company. Ticker Symbol: The stock symbol of a public company on a specific stock exchange, as well as the exchange (s) on which the companys stock is traded. Chairman, Chief Executive: The name and title of the leader(s) of the firm or group. Revenue: The gross income (in the relevant currency) that the firm generated in the specified fiscal year(s). Some privately owned firms do not disclose this information. Numbers included are from the most recent year the information is available. Revenue is worldwide except where otherwise stated.
Net Profit: The return minus the costs made by the firm in the stated fiscal year. As with net revenue, some firms do not disclose this information. When information is available, profits given will be worldwide unless stated otherwise. No. of Employees: The total number of employees at a firm across all of its offices (unless otherwise specified). Some firms do not disclose this information. Figures from the most recent year the information are included if available. No. of Offices: Worldwide except where otherwise stated. Pluses and Minuses: The best and worst things, respectively, about working at the firm. Pluses and minuses are taken from the opinions of insiders based on our surveys and interviews.
Vault Guide to the Top 25 Banking Employers, European Edition A Guide to this Guide
The Buzz: When conducting our prestige survey, we asked respondents to include comments about the firms they were rating. Survey respondents were not able to comment on their own firm. We collected a sampling of these comments in The Buzz. We tried to include quotes that represented the common external perceptions of a given firm. The quotes may not always reflect what insiders say in our surveys and interviews. We think The Buzz is a way of gauging external opinion of a company.
THE PROFILES
The profiles are divided into five sections: The Scoop, Getting Hired, Our Survey Says, Pluses and Minuses, and The Buzz. The Scoop: The firms history, clients, recent developments and other points of interest. Getting Hired: Valuable information about any available internships and graduate programmes; qualifications the firm looks for in new associates and analysts, specific tips on getting hired as well as other notable aspects of the hiring process. Our Survey Says: Actual quotes from surveys and interviews with current employees of the firm on such topics as a firms culture, hours, travel requirements, salaries, training and more. Profiles of some firms do not include an Our Survey Says section.
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The State of the European Banking Industry

Recent developments
When the world of finance was rocked by billion-dollar write-downs, mass layoffs, declarations of bankruptcy, rumors of nationalisation of the worlds biggest banks and grimfaced government officials unveiling plans to bail out financial institutions, experts from London to Tokyo to New York turned to each other and asked, What just happened? Well be parsing the events of 2007, 2008 and 2009 for decades to come; the scope of the crisis falloutand blameis still being assessed. For now, we know that the banking landscape has been permanently changed. In a nutshell, heres what happened. The U.S. housing market, which had risen steadily through the 1990s, finally began to slow down. At the same time, mortgage lenders were making increasingly risky loans approving mortgages for subprime customers who were at high risk of defaulting. (Later, the world heard horror stories about unemployed people being approved for expensive home loans, despite having no real proof of income.) Meanwhile, banks had figured out ways to securitise home loans and the risks involved with them, packaging and slicing these new securities into arcane derivatives. These derivatives wound their way through the worlds financial system, piling up in banks balance sheets. This created a ticking time bomb: as people began defaulting on their mortgage payments, these assets values evaporated, leading to massive write-downs and losses. In the fall of 2008, the worlds investment banks were in a state of panic, fearing for their ownand otherssafety. Things that looked like assets on paper proved worthless. Because of the way credit risk was spread through the system, banks began freezing lines of credit to other banks and consumers: no one knew for sure who was liquid and who was on the verge of collapse. The credit crunch slammed the brakes on an already-slowing economy, and banks, mortgage lenders, insurers and public companies scrambled to avoid bankruptcy. Some were successful; some were not. Its unsurprising, then, that banking revenue has been less than stellar lately. Banks earnings had soared through 2005, 2006 and the first half of 2007. Then came the downswing. According to Dealogic, in the first quarter of 2009, global investment banking revenue was US$9.2 billion, down from US$15.4 billion in the first quarter of 2008, and far from the peak of US$26 billion in the second quarter of 2007. Because the United States and Europe were hardest hit by the global recession, Asia, the Middle East and Africa have risen in relative importance and fee income. Some banks have already begun shifting resources and attention to Asia, where private equity and a reasonably-stable financial system have kept deals flowing.
Giants fall
Perhaps the most lasting legacy of the financial crisis will be its impact on Wall Streets biggest players. Bear Stearns was the first to collapse, and the U.S. government helped engineer a sale of Bear to JPMorgan Chase in March 2008. Lehman Brothers toppled into
Vault Guide to the Top 25 Banking Employers, European Edition The State of the European Banking Industry
bankruptcy and was sold in pieces to Nomura, which now owns Lehmans former European and Asia-Pacific businesses, and to Barclays, which owns its North American operations. (The U.S. governments refusal to step in for Lehman, as it had for Bear, remains a source of anger and bewilderment for its former employees.) And after 94 years in business as an independent invesment bank, Merrill Lynch (part of the so-called bulge bracket) admitted defeat and sold itself to Bank of America. That left Goldman Sachs and Morgan Stanley as the last independent bulge bracket banks on Wall Street. But even they succumbed. In late 2008, both banks received permission from U.S. regulators to convert themselves into bank holding companies, a restructuring move that allowed them to receive government assistancebut also left them bound by strict regulations and rules regarding leverage and risk-taking. This raises an important point: in the UK and in the US, banks that have taken government assistance (bailout funds) face the imposition of new operating requirements. In other words, governments have poured billions into their banksand now they want a say in how theyre run, especially in light of the fact that many blame loosely-regulated derivatives trading for fuelling the crisis. Will banksor the banks that acquired themever go back to their unfettered ways? Maybe. In some cases, banks will be able to win back some freedom if they can repay their bailout allotments (many have already repaid). But the bottom line is the days of high-flying, overleveraged risk-taking are over, at least in the near term. International and local regulators, politicians and taxpayers are watching banks like hawks, keeping an eye on everything from executive compensation to the state of the balance sheet.
Big banks, small banks

For the first quarter of 2009, J.P. Morgannewly fattened by the addition of Bear Stearns businesstopped the Dealogic investment banking revenue rankings, earning US$828 million and holding an 8.2 percent market share. Bank of America Merrill Lynch was No. 2, with revenue of US$695 million and a 6.9 percent market share. Citi was right behind, with revenue of US$679 million and a market share of 6.8 percent.
As in the old days of the bulge brackets, big institutions continue to dominate the market. The top 10 major firmsfive American, five Europeanaccount for over half of the invesmtent banking industrys revenue. Representing Europe in the top 10 are UBS, Deutsche Bank, Barclays Capital, Credit Suisse and BNP Paribas. Rounding out the top 15 are the I-banking divisions of smaller European and Japanese banks, including RBS, HSBC, Nomura, Lazard and Calyon. In recent years, a class of boutique I-bankssmall, independent firmshas been on the rise, in some cases challenging their larger competitors for deals. Among the worlds preeminent boutiques are Evercore Partners, Allen & Co., Moelis & Company and Perella Weinberg. (Except for Allen & Co., which has just one office in New York, all of these firms have locations in London, New York and a handful of other key financial centres.)
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For most boutiques, the selling point is simple: world-class service (their founders and top executives are often refugees from bigger banks) with a personal touch. Clients who worry about getting lost in the shuffle at, say, J.P. Morgan may turn to a boutique for personalised advisory and a guarantee of independenceboutiques that focus solely on advisory services are less likely to run into conflicts of interest with research and sales departments. Since they lack the trading floors and vast securities portfolios of their mega-rivals, boutiques have been largely untouched in the financial crisis. If anything, theyve been able to pick up business, presenting themselves as a safer alternative to banks that are being kept alive by taxpayer funds.
M&A boom and bust

Mergers and acquisitions advisory was, for most of the late 1990s and early 2000s, a leading source of revenue for the global investment banking industry. In 2000, the worlds volume of M&A activity totaled almost US$3.5 trillion; business dipped in 2001, and in 2002, deal volume was down to US$1.2 trillion worldwide. Things picked up in 2004 as a strong global economy, low interest rates and thriving stock prices raised confidence and spurred dealmaking. Global M&A activity was up to US$2.7 trillion by 2005, and both Europe and the U.S. saw 30 to 40 percent increases in volume. Deals kept going through 2006, peaking in mid-2007. (Incidentally, European M&A once accounted for just 10 percent of the worlds dealmaking; now, its closer to 40 percent.) A notable feature of the mid-2000s M&A boom was the major part played by financial purchasers, including some multi-billion dollar deals. Private equity groups, which were raising ever-larger funds, were buyers on an unprecedented scale. Some of the major investment banks played a significant role in this development. Management buyouts were also a thriving contributor. The global recession that nearly destroyed banks in 2008 took a big toll on mergers and acquisitions. Without access to cheap, plentiful credit, potential buyers were less likely to buy. Embattled companies made less-attractive targets. And in a climate of no confidence, few CEOs wanted to take on any unnecessary risk. As a result, banks M&A revenue dwindled. The worlds I-bankers did just US$2.6 billion of M&A business in the first three months of 2009, way off the peak of US$8 billion in the fourth quarter of 2007.
Bankers vs. traders

Investment banks have long contained two culturestraders and corporate finance advisers. It was the latter who traditionally became firms chief executives and chairmen. The lines have blurred, however, as former traders have risen in prominence at their respective firms. (Some corporate financiers have responded by heading out on their own to start boutique advisory firms.) Among the traders who worked their way to the top: Goldman Sachs CEO Lloyd Blankfein, a former commodities trader; Huw Jenkins, who led UBS until stepping down in 2007 after massive losses at the investment bank; and Oswald Grubel, a former floor trader who served as CEO of Credit Suisse until taking over for Jenkins at UBS.
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Speaking of losses, traditional trading at I-banks consisted of dealing in equities, bonds and basic financial derivatives for currency and interest rate products. That changed when banks began inventing new kinds of derivatives, an effort to wring more return from, well, just about anything. New types of derivatives allow banks to trade contracts based on future energy prices, complicated bundles of currency prices, even the odds of another company defaulting on its debt. Whats more, investment banks and brokerage firms used to act only as agents: they bought and sold securities on behalf of their clients. Now theyre just as likely to be principals in trades, using firm assets to make their own bets. When they get it right, traders have reaped big rewards for their employers. When they get it wrong, as the world discovered in 2007 and 2008, the losses can be devastating. Compounding these issues is the fact that trading activity has increased as a proportion of I-banking revenue, and brokerage services have expanded at many banks. The growth of hedge funds drove banks to build prime brokerage units, which offer dedicated financing, securities lending, clearing, custody and advisory services to major investors and hedge funds. Mergers and acquisitions groups werent the only ones to feel the pinch of the recession in early 2009. Invesmtent banks made revenue of just US$1.8 billion in the equity capital markets in the first quarter, down from a high of US$6.9 billion in the last quarter of 2007. Global debt capital markets revenue fared better, climbing from US$2.1 billion in the last quarter of 2008 to US$4.2 billion in the first quarter of 2009. Still, thats far from the peak of US$7 billion in the second quarter of 2007.
The European scene

Europes major commercial banks have traditionally provided investment banking services for corporate clients, and as economic divisions among European nations have relaxed, opportunities for cross-border bank mergers have expanded. Despite differences in legal, tax, accounting and regulatory systems, a number of banks have sought targets beyond their home borders.
Spains Banco Santander kicked off the cross-country mega-merger trend with its US$17 billion acquisition of the UKs Abbey National in 2004. This was followed a year later by Italian bank UniCredits US$22 billion purchase of Germanys HBV and Dutch giant ABN AMROs US$7 billion acquisition of Banca Antonveneta of Italy. Not to be outdone, in 2006 Frances BNP Paribas spent US$11 billion to buy Italys Banco del Lavoro. But the biggest acquisition of all came in 2007 when a consortium led by the Royal Bank of Scotland beat out Barclays to buy ABN AMRO in a 70 billion dealthe biggest bank takeover in history. Joining RBS in the winning consortium were Spains Banco Santander and Belgiums Fortis. Game, set, match? Not quite. Both RBS and Fortis were slammed with losses in 2008, partially the result of bad investments linked to subprime assets, partially the result of the expensive acquisition.
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(Some observers wondered why, exactly, the RBS-led consortium decided that the onset of a global recession was a good time to forge ahead with such an outsized deal.) In late 2008, RBS joined HBOS and Lloyds TSB in accepting bailout funds from the UK Treasury; as a result, the British government ended up with a 58 percent stake in the bank. Disgraced CEO Sir Fred Goodwin resigned over the matter. It gets worse: in January 2009, RBS reported a 28 billion loss, the largest in UK banking history. Of this, about 20 billion was attributable to the ABN AMRO purchase. The UK government raised its stake in RBS by converting preferred shares to ordinary shares, and today RBS has, for all intents and purposes, been nationalisedthe government holds a 70 percent stake. Fortis also took a hit after the headline-worthy ABN AMRO deal, which drained the Belgian bank of capital. CEO Jean Votron stepped down, and in September 2008, Fortis announced that it would divest most of the ABN AMRO pieces it had acquired, mostly operations in Belgium and the Netherlands. Shortly thereafter, the Benelux governments had to step in, and in the end, the remains of Fortis were sold to its former consortium partner BNP Paribas. Although they were not involved with the disastrous ABN AMRO transaction, U.K. banks Lloyds TSB and HBOS floundered in the global crisis. After accepting bailout funds from the government, the two banks were forced into a merger, forming a new entity called Lloyds Banking Group. It, too, is poised for greater government involvement.
Jobs and bonuses

Losses and write-offs led, necessarily, to layoffs, bonus cuts and pay freezes at many top banks in 2008 and 2009. For the full year 2008, the financial services sector cut over 225,000 jobs worldwide. Londons Centre for Economics and Business Research (CEBR) predicts that City jobs will total 296,000 by the end of 2009, down from a 2007 peak of 353,000. Economic turmoil has meant a mixed bag for prospective banking employees: some banks have limited new hires, while others are taking advantage of a flooded candidate pool to scoop up displaced talent at lower-than-usual pay scales. Despite the grim numbers, the first half of 2009 brought tentative signs of a turnaround in London, where thousands of finance workers received pink slips in late 2007 and 2008. In May alone, 500 new jobs were created, driven by Barclays Capitals announcement that it would hire 300 new equities bankers by the end of 2009. (Why? As BarCap reshuffled people to accommodate its purchase of Lehman in North America, positions opened up.) Other European and Asian firms, including Japans Mizuho Securities, UniCredit and Standard Chartered, began modest UK hiring efforts in the spring of 2009. Jobs will likely recover before salaries do, and it may be some time before City bankers can count on receiving the colossal paycheques and bonuses to which they were accustomed. Most bankers in the City and on Wall Street finished 2008 with a wary wait and see approach about their compensation. Uncertainty about base salary raises and bonus payouts made it difficult for many people to predict what theyd be making in a year, let alone in a few years (unlike the old days, when promotions and raises were fairly locked-in). And at the uppermost levels of the boardroom, CEOs have come under increased pressure from
lawmakers to cut compensation for the highest-paid executives, and to bring bonuses in line with profits. According to the CEBR, total bonus payouts in the City peaked in 2006, when banks paid out an incredible 8.8 billion. For 2008, the CEBR estimated bonuses fell more than 60 percent, to 3.6 billion, and predicted that 2009 bonuses in the City would total approximately 2.8 billiona 70 percent decline from 2006. Banks are also making modifications to bonus schemes, like shifting from cash awards to stock awards, and spreading payments across several years. Banks that received bailout money from their respective governments will be further constrained in their ability to pay top execs top dollar (or top pound), unless they can repay the funds. Goldman and J.P. Morgan said in May 2009 that they were hoping to make repayments by the end of the year, in part because they wanted to be free of government oversight when it comes to compensation. And by June 2009, their hopes turned into reality, as they, along with eight other firms, were given approval by the US government to repay their bailout funds. Still, look for bank pay scrutiny to continue on both sides of the Atlantic. Failure to repay bailout money could have serious consequences for American banks such as Citi and Bank of America (which were not part of the 10 approved to repay funds): US President Barack Obama has called for a $500,000 cap on salaries and bonuses for bailed-out banks executives, and suggested that firm excesses (like private jets and corporate sponsorships) should be posted online for taxpayers to see. Gordon Brown took a similar stand, requesting a 25,000 cap on cash bonuses for bankers at RBS.
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THE VAULT PRESTIGE
RANKINGS
Ranking Methodology
The Vault Guide to the Top 25 Banking Employers rates 47 firms with significant commercial banking or investment banking operations in Europe. We chose the 47 firms included in the guide based on previous Vault surveys that gauged opinions of industry insiders, as well as on various factual data, including annual revenue and number of employees. The firms we identified were all asked to distribute our online survey to their banking professionals. The survey consisted of questions about life at their firm or former firm, along with a prestige rating. Survey participants were asked to comment on qualifications the firm looks for in new employees, specific tips on getting hired, questions asked during the interview process, firm culture, hours worked, travel requirements, relations with managers, compensation, training and more. Participants were also asked to rate companies with which they were familiar on a scale of 1 to 10, with 10 being the most prestigious. Participants were not allowed to rate their own employer. Vault averaged the prestige scores for each firm and ranked them in order. Eight companiesBBVA, Barclays Capital, Citigroup, Credit Suisse, J.P. Morgan Investment Bank, Rothschild, Nomura and UBS Investment Bankagreed to distribute the survey. All surveys were completely anonymous. For those companies that opted not to distribute the survey, Vault sought contacts at the firm to take the survey through other proprietary sources. Those professionals took the same survey as the employees at firms that participated. A total of 516 banking professionals filled out Vault's 2009 European Banking from February 2009 through April 2009. Vault averaged the prestige scores for each firm and ranked them in order, with the highest average score belonging to our No. 1 firm, Goldman Sachs. With a score of 7.985, the New York-based firm retained the top spot, beating out the new No. 2 firm, J.P. Morgan Investment Bank, which scored 7.592. Morgan Stanley slipped one place to No. 3, scoring 7.143, while Deutsche Bank jumped one place to No. 4 (6.943) and Credit Suisse leaped three notches to No. 5 (6.723). Beyond the top five, many firms took big leaps in the rankings. Nomura went from being unranked to No. 14, BNP Paribas leaped six notches to No. 10, HSBC climbed six places to No. 8, Socit Gnrale hopped five places to No. 13 and Rothschild jumped four places to No 6.
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THE VAULT 25
[The 25 most prestigious banking employers] 2010
Score
7.985 7.592 7.143 6.943 6.723 6.591 6.556 6.509 6.166 6.068 6.013 5.922 5.490 5.381 5.363 5.359 5.301 5.271 4.888 4.649 4.602 4.416 4.291 4.243 4.140
Rank
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 Customized for: Graham (efeldman@mail.wm.edu) 18 19 20 21 22 23 24 25
Firm
Goldman Sachs Group, Inc. J.P. Morgan Investment Bank Morgan Stanley Deutsche Bank AG Credit Suisse Group AG Rothschild The Blackstone Group L.P. HSBC Holdings PLC Lazard Ltd BNP Paribas SA Barclays Capital UBS Investment Bank Socit Gnrale SA Nomura International PLC Bank of America Corporation Macquarie Group Limited Citigroup Inc. (Citi) Banco Santander, S.A. Standard Chartered PLC Calyon ING Groep N.V. Crdit Agricole S.A. Jefferies & Company, Inc. Lloyds Banking Group PLC Commerzbank AG
Rank 2009
1 3 2 5 8 10 6 14 11 16 13 9 18 BofR 17 19 12 BofR BofR BofR BofR BofR BofR 22 BofR
European HQ/Largest Office

London London London Frankfurt Zurich London London London London Paris London Zurich Paris London London London London Madrid London Paris Amsterdam Paris London London Frankfurt
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THE VAULT 25: TOP BANKING
EMPLOYERS
PRESTIGE RANKING
GOLDMAN SACHS GROUP, INC.

THE STATS
Employer Type: Public Company Ticker Symbol: GS (NYSE) Chief Executive: Lloyd C. Blankfein 2008 Revenue: US$53.58 billion 2008 Profit: US$2.32 billion 2007 Revenue: US$45.9 billion 2007 Profit: US$9.5 billion No. of Employees: 27,898 No. of Offices: 62
Goldman Sachs International Peterborough Court 133 Fleet Street London EC4A 2BB United Kingdom Tel: +44 20 7774 1000 www.gs.com
DEPARTMENTS
Asset Allocation Asset Management Bank Deposits Bank Loans Clearing Services Closed Ended Investments Debt Financing Environmental Markets Equity Capital Markets Execution Services Fund Administration Pensions, Endowments & Foundations Global Investment Research Lending Mergers & Acqusitions Mutual Funds Prime Brokerage Private Equity Private Wealth Management Products Securities Lending Programs Securitised Derivatives Transition Services
KEY COMPETITORS
Barclays Capital J.P. Morgan Morgan Stanley
PLUSES
Unrivalled reputation for being the best Excellent leaders, highly competent colleagues Enables you to work at your potential
EUROPEAN LOCATIONS
London, UK (HQ) France Germany Ireland Italy Russia Spain Sweden Switzerland United Kingdom Customized for: Graham (efeldman@mail.wm.edu)
MINUSES
High pressure More needs to be done toward promotion of minorities No second chances for those who make mistakes
THE BUZZ
what employees at other firms are saying
Still the top dog globallysuper aggressive, super intelligent staff, super benefits Arrogant, self-interested, untrustworthy megalomaniacs No. 1: definitively the premier firm in the space Slave drivers
EMPLOYMENT CONTACT
See careers at www.gs.com
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Vault Guide to the Top 25 Banking Employers, European Edition Goldman Sachs Group, Inc.
THE SCOOP
First among many
Goldman Sachs provides investment banking, securities and investment management services to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals. Widely considered the most prestigious name in investment banking activities, Goldman is headquartered in New York, and maintains offices in London, Frankfurt, Tokyo, Hong Kong and other major financial centers around the world. It employs nearly 28,000 people worldwide. Business at Goldman Sachs is divided into three departments: asset management and securities, investment banking, and trading and principal investments (encompassing the equities, principal investments and fixed income, currency and commodities businesses). Founded in 1869, the venerable Goldman Sachs has a slew of "firsts" to its credit. Goldman played a major role in establishing the IPO markets in the early 1900s; five decades later, it was the first firm to focus on the institutional sales market. It was also the first investment bank to create a dedicated mergers and acquisitions group, negotiate a trade on the New York Stock Exchange and use emerging computer technology to distribute its research reports electronically. The firm opened its first international office in London in 1970. In 1986, it became the first American bank to rank in the top-10 in M&A volume in the UK In 1994, Goldman opened an office in Beijing, and in 1996, it was the lead underwriter of the Yahoo! initial public offering. Goldman entered a new era when it went public in 1999. A second major change came in 2006 when Lloyd C. Blankfein replaced Henry Paulson at the firms top post. Paulson, a longtime Goldman leader, left the bank to become Secretary of the US Treasury. Another big shift occurred in fall 2008. After witnessing the sudden bankruptcy of Lehman Brothers and Merrill Lynch's acquisition by Bank of America, Goldman Sachs and Morgan Stanleythe last two large independent investment banks still standingdecided to take matters into their own hands. In the midst of US Congress endeavoring to pass a US$700 billion rescue package for big Wall Street players, Goldman and Morgan both requested to become bank holding companies. The requests were granted by the Federal Reserve on 21 September 2008, and since, the firms could operate with the backing of bank deposits instead of having to rely on high-risk forms of financing (as of 31 August 2008, Goldman Sachs already had $20 billion in retail deposits). As bank holding companieslike commercial banking behemoths Citi, BofA and JPMorgan Chase Goldman and Morgan Stanley will now be closely regulated by several federal supervising organisations, and not only overseen by the US Securities and Exchange Commission. The holding company status also means Goldman and Morgan will have to lower the amount they borrow versus their capital, resulting in financially safer institutions with limited upside potential with respect to profits.
Goldman Sacks
Goldman Sachs made headlines throughout 2008in January, March, June and Octoberwhen it announced significant staff cuts from its global work force, further succumbing to the worst financial crisis in decades. The first round of major cuts occurred in January 2008, when the firm sacked the
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underperforming 5 per cent of its 31,500-strong workforce (globally). In October, Goldman moved to cut 10 per cent of its global workforce, representing about 3,260 jobs. Then in December 2008, a further 250 Europe-based staff cuts were announced. The firm said most (about 220) would occur in London, representing 4 per cent of the firms then European staff of 5,500. In February 2009, Goldman announced it would cut a further 10 per cent of its staff, in addition to the 10 per cent it cut at the end of 2008.
Buffett wants in on the action

On September 23, 2008, Goldman had a bit of a reversal of fortune when investing guru Warren Buffett said his firm, Berkshire Hathaway, would buy US$5 billion in preferred shares in Goldman. Analysts applauded the move, as did investors, which immediately pushed Goldman's stock up 16 per cent in after-hours trading. The day after the news broke, Goldman raised another US$5 billion in a stock offeringtwice what it was hoping to raise via sales of its shares. Meanwhile, analysts said Buffett's confidence in the struggling Goldmanespecially since he had previously abstained from investing in the financial industrymight mean that other investors will follow in his footsteps. Under the terms of his deal with Goldman, Buffet received an interest rate of 10 per cent on his US$5 billion and the right to buy US$5 billion in the bank's common stock at $115 a share during the next five years.
A gift from Hank (and Uncle Sam)

In October 2008, Goldman Sachs found out that it would receive $10 billion from the US Treasury in an effort to recapitalize the markets. US Treasury Secretary Henry Paulson (the former Goldman head honcho) announced that the Treasury would inject billions of dollars into US banks in order to help restore confidence to the markets. Paulson said, "The needs of our economy require that our financial institutions not take this new capital to hoard it, but to deploy it." With the injection, the US followed in the footsteps of some European countries, which had already announced similar moves designed to help thaw their credit markets.
Mining for a merger?

In October 2008, it was also reported that soon after Goldman received approval to convert its status to holding company, Goldman CEO Lloyd Blankfein approached Citigroup CEO Vikram Pandit regarding the possibility of a merger. According to the Financial Times, Citi roundly rejected the proposal, which was structured as a Citi takeover that would likely have led to thousands of job cuts in both companies' investment banking departments.
Still gold
In October 2008, Goldman Sachs asked 94 employees to become partnersdown from the 115 asked in 2006 (partners are inducted every other year) but still respectable given the financial crisis. Although partners receive a larger share of the firm's bonus pool, 2008 was likely to be different; at the time of the announcement, Goldmans share price had dropped 56 per cent in 2008, and bonuses were expected to dwindle further now that Goldman had become a bank holding company.
Setting an example
The days of fat bonus checks for top investment banking executives may be falling by the wayside. In November 2008, executives from Goldman Sachs requested that they not receive bonuses for
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2008. The step, quickly approved by the company's directors, was expected to influence Goldman's rivals to decide to make a comparable move (and indeed, other firms followed).
New rules for riding off into the sunset

In December 2008, Goldman changed its retirement rules in order to push some of its older employees to leave the firm by the end of 2008. According to the new rules, which didnt go into effect until 2009, Goldman employees have to wait until their age plus their years of service add up to 60 in order to retire (the former figure was 55).
M&A is down, but Goldman still on top

Goldman Sachs was sitting pretty atop the worldwide announced merger and acquisition tables for 2008, coming in at No. 1 with 342 deals worth US$831.5 billion, according to Thomson Reuters. (However, thanks to a very dry deal market, Goldmans M&A deal volume was down nearly 30 percent versus 2007.) Goldman also snagged the No. 1 spot for US announced M&A deals, advising on 198 deals worth $572.7 billion (down a whopping 38 per cent versus 2007). And the firm took the No. 2 spot in European announced deals. As usual, Goldman has worked on some big-name deals recently, advising on Genentech's US$41.3 billion bid for pharmaceutical company Roche in July 2008 as well as Belgian beer brewer InBev's US$60 billion purchase of Anheuser-Busch, the largest M&A transaction of the year. Goldman also worked on the largest IPO of the year, underwriting (along with J.P. Morgan) Visa's US$17.9 billion initial public offering in March 2008. (Like the M&A market, the IPO market was down in 2008, as U.S. IPO issues fell 85.6 per cent versus 2007, hitting a 31-year low.) The Visa deal certainly helped Goldman jump from No. 8 to No. 6 in global debt, equity and equity-related issues (Goldman worked on 584 deals worth $228.1 billion). On the global equity tables, Goldman also moved up to two spots to rank No. 2 in equity and equity-related issues, underwriting US$45.1 billion in deals. The firm leaped four spots to No. 3 in EMEA equity and equity-related deals, and moved up two spots in US IPOs. However, it dropped two spots to No. 7 in global initial public offerings and six spots in EMEA IPOs.
Goldman's first public loss

Goldman suffered its first loss ever as a public company in December 2008, when it reported a US$2.1 billion loss, or US$4.97 a share, for its fiscal fourth quarter, a big dip from the US$7.01 per share the firm earned during the same period a year earlier. Wall Street analysts had predicted an average of a US$3.73-per-share loss for the firm (although some had forecast a loss of US$6 per share). Though the loss was not Goldman's first quarterly loss (in 1998, a year before going public, the firm sustained its first loss), its first as a public company was, nevertheless, devastating across almost all of its business lines. Goldman's fixed income, currency and commodities trading unit posted negative revenue of US$3.4 billion, principal investments posted a US$3.6 billion loss, investment banking revenue tumbled nearly 50 per cent to US$1.03 billion and asset management revenue dropped 19 per cent to US$945 million. Full-year results for Goldman didn't look much better. Goldman reported fiscal 2008 earnings of US$2.32 billion, its lowest annual earnings since 2002 and an 80 per cent plunge versus 2007. Revenue, meanwhile, decreased 52 per cent to US$22.2 billion from US$46 billion in 2007. The
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firm's largest dip came from its trading and principal investments division, whose revenue fell 71 per cent from 2007 to US$9 billion.
President steps down

In February 2009, Goldman Sachs announced that Jon Winkelried, the firm's co-president and cochief operating officer, would be retiring from the firm at the end of March 2009. Winkelried, who won't accept severance after stepping down, first joined Goldman in 1982 and helped conduct much of the firm's recent wave of job cuts. Taking over Winkelried's duties was co-COO Gary Cohen (who will continue to assume his current duties as well). According to a Dow Jones report citing insiders, Winkelried's retirement was tied to his understanding that he was "not in the pole position" to ultimately become CEO of the company. Insiders said Cohen had the inside track to become CEO, if the post were to become available.
Personal bailouts
While federal bailouts became a fairly common occurrence in the finance industry in 2008, they weren't the only rescue acts happening. In a proxy statement filed in March 2009, Goldman Sachs revealed that it had bailed out two of its own senior executives, repurchasing shares of internal investment funds owned by Jon Winkelried, its co-chief operating officer who recently retired, and Gregory Palm, the firm's general counsel. Bank directors became worried that if the executives had sold the shares to outside purchasers, investors may have become spooked, insiders told The New York Times. Instead, Goldman chose to buy about US$19.7 million in Winkelried's internal hedge funds (about 10 per cent) and paid Palm US$38.3 million for about 25 percent of his assets.
Covering their assets

In March 2009, Goldman Sachs offered to loan funds to more than 1,000 of its employees. The loans, which may reach up to hundreds of thousands of dollars, are being given as an option for employees who are finding their personal investments (which include Goldman's investment funds) deflated by market conditions. Goldman's investment funds mandate that investors continue to add capital to them, a condition that the firm realised some employees may have trouble meeting after receiving smaller bonuses than usual. An insider told The New York Times that if employees do not make the fund payments, they could lose their jobs. The firm, which accepted a taxpayer-funded bailout package, is not yet certain how many workers will decide to opt in on the loan offer.
Hedge fund heads step down

In March 2009, Goldman Sachs announced the retirement of the firm's heads of Global Alpha (Goldman's biggest hedge fund) and its computer-based investment group. Global Alpha's Mark Carhart and Raymond Iwanowski took leave of Goldman, as did Giorgio De Santis, the research cohead. Filling Carhart and Iwanowski's shoes was Katinka Domotorffy, who served as strategy head for the firm's quantitative division, insiders told Reuters. Global Alpha has faced harsh times recently, with its assets dropping to $2.5 billion in 2008 from $12 billion in the previous year.
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Hitting above the mark

In April 2009, Goldman Sachs posted a bit of (pleasantly) shocking newsthe firms profits for the first quarter of 2009 came in at US$1.8 billion, up from US$1.5 billion in the same period in 2008. Analysts, predicting the firm to post about US$1.60 a share, were surprised with the US$3.23-pershare earnings announcement. Revenue for the quarter also increased, rising to US$9.43 billion from US$8.34 billion in the first quarter 2008. The firms results were bolstered by record quarterly net revenue in its fixed income, currency and commodities division, which was helped by strong activity in interest rate products and commodities. Separately, but on the same day it revealed its earnings, Goldman announced it would be offering $5 billion worth of its common stock to the public. The firm says it plans to use the money from the sale to help pay back its borrowed TARP funds.
Payback time
In June 2009, Goldman Sachs received permission to repurchase 10 million shares the US Treasury bought from the company under its Troubled Asset Relief Program, and repaid the $10 billion it received from the program. Along with Goldman, nine other firms were given the go ahead to return a collective $68.3 billion to the US Treasury, more than the original estimate of $25 billion in funds expected to be returned in 2009.
GETTING HIRED
Tough and getting tougher
Goldman Sachs hires based on merit, but each candidate is weighed against highly stringent selection criteria. We aim to hire the best candidate for the job, one source says. The process is rigorous, and it is highly competitive for the number of places available. Indeed, sources say that its tough enough to get a Goldman job in a more normal environment, and its extremely difficult in the current market environment. Your likelihood of getting a job is often a question of your fit with a given desk, and this is often a product of your character and personality rather than something you can actively influence, a contact explains. The firms list of target schools for campus candidates varies depending on department and level of entry, a contact says. There are targeted top universities, but generally we recruit from as diverse a background as possible. For many open positions, however, Goldman recruiters have their sights set on the top universities in the UK and Europe.
Fit is critical
Multiple-round interviews give candidates the opportunity to meet a wide range of professionals in a number of different settings. The exact number of interview sessions may vary based on a candidates experience and the needs of each desk, but for lateral hires there are generally three rounds of interviews, four people per round, two at a time. A senior executive explains that these rounds will include future colleagues, members of the US team and other key employees in the wider division. Campus hires start the process with an on-campus first round of two-on-one interviews, followed by a Super Day at the firm. Thats likely to consist of at least three interviews, after which come desk-specific interviews to identify a particular role to be hired into. The process is thorough,
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sources say. Questions will cover aspects such asbut not limited togeneral knowledge of the firm and industry, technical expertise and suitability for the role, including consideration for any necessary soft skills.
Up close and personal

Working as an intern is extremely important for graduate entry, says an insider, because its like a 10-week interview, where we get to see the candidate and they get to see us under no pretensions. Although Goldman does try to convert as many interns as possible, many sources say its still possible to get in without having interned, though given current market situations, having that extra edge is an even bigger advantage. One senior executive believes that now, more than ever, the firm is mainly hiring from its graduate summer internship programme. Those who wish to intern need to apply online and proceed through two rounds of interviews, in a setup very similar to the full-time hiring process. The internship is a useful way to see what life at Goldman is really like, say those whove done it. I worked on projects for a variety of desks around the floor, recalls a current employee. The work is more of a means than an end. It allows that desk to see what sort of person you are and whether you'd fit in.
OUR SURVEY SAYS

This is how they do it
There is a very strong corporate culture at Goldman, one that strives for excellence and keeps the focus on our franchise, as well as profitability. Outwardly, the firm is aggressively competitive, but inwardly, theres a strong team ethic. Everyone has a common goal to ensure the firm is successful, an insider says. We pride ourselves on our integrity and aim to excel while providing the best possible level of service to our clients. Goldman didnt get to be Goldman without cultivating a careful strategy, either. According to insiders, the company takes a very educated approach towards risk. The firm is one of the most riskfriendly when comes to common risk taking, but it turns into a risk averse one when facing unusual risks. As an employer, we view our people as our assets along with capital and reputation, adds another source. We try to recruit the best person for the role and we aim to develop them by providing the relevant training necessary. However, some say theres very little flexibility in the career paths offered. They need to find something to replace bonuses as a method of incentivising people to work hard, says one respondent. The promotion process is too rigid to fulfil this role.
Catching a breath
In a normal market environment, [the hours] can be pretty tough. But recession or no recession, its not the hours that give people headaches but the expectation that you're available 24/7 if needed. Hard work is always required, agrees another contact, but Goldman is about results, not face time. Others say the firm is very supportive of flexible work schedules, especially in todays market conditions. I take 25 minutes for lunch and can occasionally leave earlier or arrive late if needed, a source reports. A trader says hes in the office from 7 a.m. to 6.30 p.m., occasionally staying a few hours later when things are busy. Outside the weekdays, many sources say they simply devote some time each day to keeping on top of email or markets until the New York close, which means relying on the BlackBerry outside peak work hours.
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Goldman insiders give very high marks to their total compensation packages, too. A second-year analyst in the trading department reports earning a 50,000 base salary with an anticipated pay raise of 35,000 for the third year; another source, with three years of experience in sales, cites a 55,000 base salary before bonuses.
Support for you, and you, and you

Insiders applaud the firms efforts to welcome women, ethnic minorities and GLBT workers. Those who fall in a minority category are not treated any differently in any respect, sources say. One openly gay trader who has built a long career at Goldman says hes had no negative impressions at all, and adds that firm policy is very supportive. Great efforts are being done regarding recruitment and retention, another source offers, but more needs to be done towards promotion of minorities to top management roles. There is considerable scope for progress in this field.
Run with it
Because Goldmans departments are so different, its no wonder that sources say the quality of their relationships with management varies massively by desk. That said, Most managers have a very positive view on developing their employees' skill sets, and ensure that we progress and achieve our full potential. An analyst adds, Managers are very fair, though there is a very light management structure. I dont get managed much. Its a jump-in-and-swim environment, where junior staffers are handed responsibility right from the start. Equal opportunities are a strong element of the Goldman culture, explains another contact. So its a good thing sources say that the training, both compulsory and optional, is excellent. Its all done very professionally and flexibly, between classroom sessions or online self-study. Employees can help themselves to a wide range of offerings, from technical (products, markets, current issues) to soft skills (leadership, motivation). And for those anticipating a role change, theres training for specific job-related skills as well as transferrable skills.
Ties optional
Employees are expected to maintain a business casual appearance, so a suit is not a necessity when not meeting clients. Sources also say that on most days ties and jackets are not required for trading and sales. Some departments permit casual Fridays, but jeans are not allowed except for special occasions. Goldmans offices are better than some, and feature good-sized desks with ample personal space. In most cities the furnishings are all good quality, though London staff bemoan the appalling air conditioning system, and say things can get fairly cluttered and dirty at times. On the plus side, the firm has unveiled extensive policies in relation to the environment, from rainforest projects to greener technology in new buildings.
We will survive
Yes, there have been layoffs at Goldman, and the firm has cut back on office parties, perks and travel expenses. A London-based insider says they even switch off the fountains in the lobby when it's a bear market to save money. Since times are tough, one contact wishes managers were more aware of when employee morale is low and do more to address it. But on the whole, sources expect things to get better in the very near future and for Goldman to emerge from the recession with its businesses largely intact. Were very bullish on the opportunities that will arise, a respondent declares.
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PRESTIGE RANKING
J.P. MORGAN INVESTMENT BANK

EUROPEAN LOCATIONS
London, UK (European HQ) Austria Belgium Denmark Germany Finland France Italy Luxembourg The Netherlands Norway Spain Sweden Switzerland United Kingdom
10 Aldermanbury London, EC2V 7RF United Kingdom Tel: +44 (0) 20 7742 4000 www.jpmorgan.com
DEPARTMENTS
Investment Banking Equities Credit & Rate Markets Foreign Exchange Commodities Risk Management Prime Services Emerging Markets Securitised & Structured Products Research Technology & Operations
KEY COMPETITORS
Bank of America Merrill Lynch Barclays BNP Paribas Citigroup Credit Suisse Deutsche Bank Goldman Sachs HSBC Merrill Lynch Morgan Stanley Nomura Socit Gnrale UBS
THE STATS
Employer Type: Division of JPMorgan Chase & Co. Chief Executive, JPMorgan Chase & Co.: Jamie Dimon Co-Chief Executives, J.P. Morgan Investment Bank: Steven Black & William Winters 2008 Revenue: US$12.2 billion 2008 Profit: -US$1.18 billion 2007 Revenue: US$18.1 billion 2007 Profit: US$3.1 billion No. of Employees: 24,000 (approx.) No. of Offices: 60+
PLUSES
The quality of the training programme Reputation opens most doors The people are second to none
MINUSES
Conservative nature gets frustrating Theres a no error policy Communication from senior management is sometimes lacking
EMPLOYMENT CONTACT
Global: jpmorgan.com/careers Europe: jpmorgan.com/careers UK: jpmorgan.com/careers
THE BUZZ
Strongest global bank left; well-respected CEOhe should be US Treasury Secretary Sweatshop, past its prime, too focused on cost cutting The big winner in the crisis; very strong UK franchise Macho
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Vault Guide to the Top 25 Banking Employers, European Edition J.P. Morgan Investment Bank
THE SCOOP
It was a Bear market back then
J.P. Morgan Investment Bank is a part of New York-based JPMorgan Chase & Co., a financial services behemoth with US$2.3 trillion in assets and nearly 170,000 employees that provides investment banking, asset management, private equity and retail banking services to clients across the globe. JPMorgan Chase & Co. is a component of the Dow Jones Industrial Average, and boasts a US retail banking network of millions of customers, through both its main J.P. Morgan and Chase brands as well as its Washington Mutual (WaMu) brand. WaMu was picked up by JPMorgan Chase & Co. from the 2008 industry-wide sale of struggling banks. On the investment banking side, J.P Morgan offers M&A advisory, capital markets, prime brokerage, restructuring, risk and research. Some of the worlds biggest firms are clients of the international J.P. Morgan, which offers products and services through what it calls integrated global delivery. J.P. Morgan Cazenove is an established and highly respected investment bank in the UK jointly owned by J.P. Morgan and Cazenove. It provides the full range of investment banking services offered by J.P. Morgans global investment banking network. Through its corporate finance business, J.P. Morgan Cazenove is a financial advisor to UK companies on transactions both in the UK and abroad; this division offers M&A, equity capital markets, debt capital markets, corporate broking, balance sheet management and investor relations services. Cazenoves equities unit includes about 75 research analysts that cover major stocks in the firms areas of specialisation in the UK and Europe.
The big Bear buy

A lot of J.P. Morgans prime brokerage capacity was gained from its spring 2008 acquisition of (pieces of) New York-based Bear Stearns. In early 2008, Bear Stearnsa long-established investment bank and brokerskirted insolvency after reporting a 61 per cent plunge in 2007 profits and US$1.2 billion in write-downs on mortgage-backed securities. The industry began to panic as fears of a market crash loomed on back of a potential Bear Stearns collapse. Then, on 14 March 2008, JPMorgan Chase & Co. arranged emergency funding for its once competitor Bear Stearns, with the aid of the U.S. Federal Reserve as the liquidity crisis deepened. Bear Stearns' shares dropped in value by 50 per cent. Two days later, J.P. Morgan agreed to buy Bear Stearns for US$236 million dollars, or US$2 a share. Soon after this initial agreement, J.P. Morgan amended the merger terms. Under the new terms, each share of Bear Stearns common stock was exchanged for 0.21753 shares of JPMorgan Chase & Co. common stock, or approximately US$10 dollars a share. J.P. Morgan began to tighten its grip on Bear in April 2008, by merging the two firms' investment banking units.
Changing the course of history

J.P. Morgans history extends back to 1799 when the New York State Legislature chartered The Manhattan Company to supply pure and wholesome water to the citizens of New York City. In the charter, the legislature made some provisions that permitted The Manhattan Companys involvement
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in banking. That marked what the firm describes as JPMorgan Chase & Co.s earliest predecessor institution. J.P. Morgan also has some European roots. When J. Pierpont Morgan established J.P. Morgan & Co. in New York in 1861, the bank initially served as a New York sales and distribution office for his fathers firm, J.S. Morgan & Co., which was an underwriter for European securities. However, it wasnt until 1871 that the ever-enterprising J. Pierpont Morgan and Philadelphia banker Anthony Drexel formed a private merchant banking partnership in New York called Drexel, Morgan, and Co. recognised as the earliest partnership that evolved into the modern J.P. Morgan firm. The firm proudly quotes one of its founders as saying that J.P. Morgan has always been doing only first-class business ... in a first-class way. And the facts of the firms history certainly support the claim. In 1895, the firm delivered the US government from its then-economic crisis, and in 1901, J.P. Morgan was the firm behind the creation of United States Steel, the worlds first billion-dollar corporation. In 1907, the firm bailed out both New York City and the NYSE from insolvency. Arguably, J. Pierpont Morgans greatest talent was recognising an opportunityand taking risks when others wouldnt. A perfect example of this occurred in 1882 when he believed that Thomas Edisons remarkable new inventionthe light bulb had been adequately developed for him to take the plunge and have an entire system of lights installed at his Madison Avenue home in Manhattan. Morgans became the first private premises in the city of New York to be entirely lit with Edisons practical new invention. On the morning of J. Pierpont Morgans funeral in 1913, the NYSE remained closed until noon, which is an honour that was then (generally) reserved for the heads of state. Even after the death of the firms leader, J.P. Morgan continued its tradition of first-class business. In 1915, the firm arranged the then-largest foreign loan in Wall Streets history, a US$500 million Anglo-French loan, and acted as a purchasing agent for the Allies in the US.
Taking on Tony
In January 2008, J.P. Morgan landed a high-profile new employee: former British Prime Minister Tony Blair, who signed on as a part-time advisor. At J.P. Morgan, Blair will serve as an advisor to Jamie Dimon and other senior managers and directors, offering strategic and political advice. He was also given a seat on the J.P. Morgan international advisory council.
According to the Financial Times, Dimon made a personal recruiting call to Blairs office. I went to visit him and we hit it off, Dimon said, adding that he and Blair will try to make the world a better place and have a bit of fun doing it. Toward that end, Dimon said that Blairan accomplished guitar playerwas going to teach him some chords after work.
It was a really tough year

The year 2008 will perhaps forever be remembered by the global finance industry as the year that the banking business hit the fan. The instantly-infamous credit crunch was the source of much woe, and even greater losses and write-downs at banksand J.P. Morgan, though not as adversely affected as most large banks, received its fair share of headaches. The firm, like others, suffered through tough first and second quarters of the year, and in fall 2008, the financial crisis worsened with the September fall of Lehman Brothers and the disastrous aftershock that ensued. Banks
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around the world started axing employees by the thousands, and governments around the world charged forward to help bail out struggling banks. In October 2008, JPMorgan Chase & Co. was asked to accept US$25 billion from the US Treasury in an effort to recapitalize and stabilize the markets. Then-US Treasury Secretary Henry Paulson announced that the Treasury would inject billions of dollars into US banks in order to help restore confidence to the markets. Paulson said, "The needs of our economy require that our financial institutions not take this new capital to hoard it, but to deploy it." With the injection, the US followed in the footsteps of some European countries, which announced similar moves earlier in the week designed to help thaw their credit markets.
Standing strong on the tables

On the Thomson Reuters investment banking industry league tables for 2008, J.P. Morgan was again standing tall, maintaining top rankings in several categories. Most notably, the firm did extremely well in the global rankings, taking the No. 1 spot in three of the most important categories: global investment banking fees, European announced M&A volume, and global debt, equity and equityrelated underwriting. J.P. Morgan also ranked No. 1 in global high-yield bond underwriting for the fourth year in a row, No. 2 in global announced M&A deal volume, No. 3 in US announced M&A volume, No. 2 for EMEA equity and equity-related underwriting, No. 2 for French announced M&A, No. 9 in Spanish announced M&A, No. 6 in German announced M&A, No. 1 in Nordic M&A and, through J.P. Morgan Cazenove, No. 5 in U.K. announced M&A.
Honours, awards and accolades

J.P. Morgan also brought home a gaggle of noteworthy awards in 2008. Euromoney magazine named the firm Best Equity House in Western and Central Europe. The Financial Times and Mergermarket awarded J.P. Morgan with Deals of the Year awards, and Euroweek gave J.P. Morgan three top honours: Most Impressive Bank of the year, Best Arranger of Acquisition Finance Loans and Best Arranger of LBO Financing. In addition, Risk magazine gave the bank four awards: Derivatives House of the Year, Bank Risk Manager of the Year, Credit Derivatives House of the Year and Derivatives Research House of the Year.
Drops across the board

Although JPMorgan Chase & Co. posted an overall US$702 million profit for the fourth quarter of 2008, its investment banking business lost US$2.4 billion during the period. J.P. Morgan investment bank also booked a negative US$302 million in net revenue, a big drop from the US$3.5 billion in 2007. The decline was attributed to investment banking fees and advisory fees taking a tumble as well as an increase in credit loss provisions. For the year, the investment bank suffered a US$1.18 billion loss, quite a fall compared with the US$3.14 billion in net income it recorded for 2007.
Surpassing expectations
In April 2009, JPMorgan Chase & Co. posted first-quarter 2009 earnings of US$2.14 billion, a 10 per cent drop from the US$2.37 billion it brought in a year earlier but higher than analysts had predicted.
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The bank was buoyed by record revenue of US$8.3 billion in its investment banking division (largely due to its fixed income trading business), nearly tripling the US$3 billion it brought in for the first quarter of 2007. The positive results didn't come as much of a surprise, since JPMorgan Chase & Co. CEO Jamie Dimon recently said the bank turned a profit in January and February.
Passing with flying colors

In May 2009, JPMorgan Chase & Co. passed the US government's stress test, meaning the bank would not need to raise supplementary capital. JPMorgan Chase had a strong financial showing in comparison with many of its competitors, some of which were told to shore up additional capital after their stress tests. The results were hardly a surprise to JPMorgan Chase executives, who had already argued that the company had enough capital to deal with a crumbling economy.
Buyback time
In May 2009, JPMorgan Chase & Co. applied to repay its governmental TARP loan (as did competitors Goldman Sachs and Morgan Stanley). Confirmation of this repayment came in mid-June 2009 when the firm repaid the US$25 billion preferred stock investment. In addition to this principal amount, JPMorgan Chase & Co. paid the US Treasury US$795.1 million in preferred stock dividends, including dividends that had accrued through the redemption date. JPMorgan Chase & Co. also notified the US Treasury of its intent to repurchase the 10-year warrant issued to the Treasury in connection with the preferred investment.
GETTING HIRED
Recruiting around the world
An enormous amount of applications from high calibre graduates floods J.P. Morgans offices each year, and the sheer number of quality candidates means that the firm can afford to be picky. Given current economic conditions, the hurdles are even higher than usual. Says an analyst, Two years ago, on average, about 20 to 30 per cent of interns got hired. These days its between 5 per cent and 10 per cent. In order to survive the rigorous selection process, insiders say candidates need to work hard on standing out from the crowd, as most will have a very strong academic background and extracurricular activities. Make an effort to be seen as a right fit for the firm and subsequently your team, and youre more likely to make the cut. There is no one particular university, inside or outside the UK, that J.P. Morgan recruits from, and each year, the firm recruits from a wide, diverse range of universities. Elite colleges and the top 5 per cent of world universities are targets, of course, but J.P. Morgan isnt afraid to look off the beaten path. I must admit that I was surprised my application was even considered, as I studied at a small university in Israel, says a current insider. However, over the course of my internship and graduate trainee program, I met many other people from smaller, more far -lung universities than mine.
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Show your brains

Depending on location, candidates may have a telephone interview prior to the first round, which follows a resume drop on campus or an online application. The latter involves long questions and a logic test. First-round interviews usually mean meeting between two and four people, interviewing them separately; questions are focused on communication, ethics and drive. There may also be a mathematical quiz and other tests for brainpower. The second round assessment centre, recalls an associate, involved three different teams, and management and senior staff for those departments. The aim was to test my compatibility and basic understanding of the roles and the day-to-day work. Candidates may also take part in a group discussion, a role play exercise and a case study. Interviewers are all fairly senior, a trader says. I recall a couple of math questions and questions on economic logic, but many were more personal questions about what interested me in the industry. J.P. Morgan really tries to assess candidates with an open mind, agrees another source. We tend to be interested in the way the candidate thinks and answers the question and what he or she says, rather than trained answers. Although preparation is always good, there is a point where over preparation becomes a disadvantage and where the true character of the candidate becomes hard to distinguish.
The key experience

Like the regular recruitment process, the internship interview process is very lengthy and thorough, sources say. Those who land a spot do have an advantage when it comes to filling full-time positions, as internships are the main feeder for the full-time graduate hires. Many others have had work experience at other banks, an insider explains. Few grads have no previous experience at all. Available both spring and summer, the internship starts with a week of training and continues with weekly enrichment sessions. On the job, former interns say, People were very keen to teach, and since the firm has tried to adopt desk rotations, it gets to see many aspects of the business. Interns are given important responsibilities and real-work experience, tackling assignments that actually impact business. An assigned mentor provides guidance, and respondents say an emphasis is placed on skill-building, as well as the opportunity to work with people at all levels.
GETTING HIRED
Can you keep up?

J.P. Morgan people are driven, but fun at work, sources say, and the bankwith its storied historyhas a culture that is well defined. Employees are friendly and approachabledefinitely not the loud, brash stereotype of City bankers portrayed in popular culture. But it is highly competitive in the sense that everyone wants to succeed. Strong meritocracy and equally strong teamwork are the hallmarks of the firm, and there is a lot of emphasis on junior development, mentoring and continued education. Theres also a strong social and community awareness, and each analyst is assigned a mentor, and benefits from the social networking and educational events organised by the analyst and associate committee. The firm is supportive, but not coddling. From your very first day, youre
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involved and consulted on issues, and given the opportunity to speak your mind. You have to be quick, because everyones expected to keep up in the fast-paced, exciting environment.
Totally connected
A fantastic team spirit drives the mergers and acquisitions department, says a source. Meanwhile, in debt capital markets, a contact describes the business as a great mix between markets and Ibanking, with lots of client contact. An equities trader says J.P. Morgan is doing well and gaining market share in this difficult environment. Were progressing quickly in the equities space and have built a very strong team. Another insider notes that the equities department is very good at information flow from research and sales. That seems to be a prevailing opinion in most departments; no matter where you work at J.P. Morgan, youll never be isolated from other parts of the firm. The departments are rather interrelated, and the firm promotes cooperation between areas, an insider explains. Therefore, when you work in one department, it provides significant opportunity to connect with the rest of the bank.
Its no 9 to 5
Hours are on par with other investment banks, which means they can get long. Typically, I work between 80 and 90 hours per week, one source says. In my first two years, I had very frequent all nighters where I worked past 3 a.m. and started again before 10 a.m. Ive worked many 100-hour weeks, and Ive worked some 50-hour weeks, says another source. It all depends on how active your sector is and how well staffed the team is. One insider is blunt about time on the job, saying, The 9-to-5 mentality does not exist here. If you are working on deals, you need to be available even if that means responding to emails through the BlackBerry during out of office hours. However, its also the case that if you need to step out for a couple of hours, you can do so. Even more encouraging, most employees say face time isnt part of the J.P. Morgan culture, simply because it doesnt make sense. A source explains, The focus is less on the hours and more on the quality of work being produced. Still, inevitably, There are times when long hours increase the workloadin times of market volatility or strain, for example. This is why many contact agree that its always worthwhile to take advantage of the quieter times.
High hopes
Compensation is dubbed in line with other bulge bracket banks, but one insider warns that pay freezes have been put in place across all levelswhich is certainly not unique to J.P Morgan. One source notes, Given the stresses in the financial system and the downward pressure the crisis caused on compensation, J.P. Morgan probably awarded somewhere around the average amount of compensation in 2008 when compared to other firms, although the spread was wide. He adds, I expect J.P. Morgan should be among the top payers in 2009. In normal years, bonuses are very much performance-driven, and employees are only rewarded for strong performance. Other benefits include 25 days holiday (27 for associate level), various discounts for employees and private medical care. A relocation allowance upon joining the graduate scheme and two weeks accommodation is very useful in helping move to London, another new hire notes.
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Better space en route

The buildings in which we are currently based are relatively old, a London source sighs. They dont have the style and comfort of many corporate offices in the City. The canteen and IT need a lot of improvement, adds another. At least theres a fully functional trading floor and meeting rooms are fine. Better still, says a source, We will move into a new building in a few years to alleviate the cramped space. Some insiders dont mind their workspace. Offices are OK says a contact. Theyre not in the luxury bracket, but then again that sort of reflects J.P. Morgans style: quality in front of superficiality. As for attire, most areas of the bank prefer formal wear, especially client-facing areas, although we do not normally have to wear ties. Some departments do permit casual Fridays, though a contact adds, Were not allowed to wear jeans, which I can understand.
Diversitys a priority
Overall, the culture is good, says a woman whos been with the firm for a while, but locally, managers are still not very good at promoting women in the teams. Another insider says, Women are underrepresented in many areas of the bank, and adds, Although there are several committees addressing the issue, I feel they could still do more to change the culture. Among the steps being taken is a council called Junior Women Connect that facilitates networking between junior and senior women and that aims to strengthen the network among the junior population. At the recruiting end, J.P. Morgan launched Winning Women, a series of women-only events on campuses to learn about the bank. Ethnic diversity gets higher marks, as insiders cite a corporate diversity council and over 70 networking groups worldwide that represent many different nationalities and backgrounds. Diversity is part of the investment banks priorities for 2009, and many networks exist which seek to promote diversity, a contact says. An employee organisation called PRIDE represents the firms GLBT population, though opinions differ on how welcoming the workplace really is. My training year had very few GLBT people, most of who have now been let go, an associate reveals. This could require a culture shift, although its comparable to other banks. I have quite a few gay friends at work, and most of my good friends in the office know and accept my sexuality, says a source, who is gay. However, my immediate team do not know, and though I usually have no qualms about being completely open with everyone I meet, I havent yet told them because Im wary of how it will change the dynamic within the team. I think it could put my personal relationships with certain team members at risk.
Power down
Opinions about the firms green initiatives are mixed. There are some institutional efforts, but employees dont cooperate enough, one source says. Trash receptacles were replaced by recycling bins, but some employees dont make an effort to use them correctly. There is room for improvement. Others point out that the firm could do more to conserve energy by turning more lights off at night and reminding employees to turn their screens off at night, as many dont. At least theyre starting to use firm-provided refillable water bottles to cut down on plastic, and, as one trader points out, J.P. Morgan has put its money behind the environment: We have been a leading equity investor in renewable energy.
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Tip-top training
Respect is very important here, and thats a belief shared by every member of staff, from assistants to MDs. Managers can be counted on for honest and constructive feedback, an analyst says, although if you mess things up, they can come down hard if you are making the same errors twice. There is definite pressure on you to be up to speed, but sources appreciate the clear promotion criteria and transparent performance feedback. J.P. Morgan is a place where resources are available, declares an insider, and if you have the will, you can excel. Among these resources is J.P. Morgans much-lauded training programme, which employees call second to none in the industry. In spite of market turmoil, senior management has decided to invest in the analyst and associate workforce via a new, more structured continued education schedule, based in part on employee surveys. A source says, The programme is called GMU, Global Markets University, and involves compulsory modules, like the global analyst to associate training programme that takes place in New York, as well as electives where individuals can focus on their specific areas of weakness and personal development. That initial training in New York lasts for eight weeks, and not only do you learn a lot of useful material, but you get to connect with people from across the bank, which facilitates networking. I could not rate it higher, says an analyst of J.P. Morgans training. Ive been so impressed by the time and effort that goes in to training graduates.
Frugal ways pay off

J.P. Morgan has done relatively better than the competition in terms of weathering the financial storm, most sources agree. Cost cuts and layoffs have taken place, but overall, the investment bank seems largely untouched compared to our peers. Besides trimming travel budgets, headcount and some office perks, insiders believe other cost-cutting measures will followlike taxis. On the other hand, the frugal J.P. Morgan may have had less fat to cut in the first place: Most office perks were removed years ago. Respondents admit that its a difficult time in the industry but the firm has gained market share as some of its rivals have been sunk by huge losses. This has made life a little better in the current downturn, a contact says. Others point to the firms strong balance sheet, good resources and very good reputation as signs that it really is the place to be.
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PRESTIGE RANKING
MORGAN STANLEY
EUROPEAN LOCATIONS
London (HQ) France Germany Hungary Italy The Netherlands Russia Spain Sweden Switzerland Turkey United Kingdom
25 Cabot Square Canary Wharf London, E14 4QA United Kingdom Tel: +44 20 7425 8000 www.morganstanley.com
DEPARTMENTS
Asset Management Capital Markets Global Wealth Management Investment Banking Sales & Trading (Equity & Fixed Income)
KEY COMPETITORS
Bank of America Merrill Lynch Citigroup Credit Suisse Deutsche Bank Goldman Sachs J.P. Morgan UBS
PLUS THE STATS

Employer Type: Public Company Ticker Symbol: MS (NYSE) Chairmain & CEO: John J. Mack 2008 Revenue: US$24.74 billion 2008 Profit: US$1.70 billion 2007 Revenue: US$27.98 billion 2007 Profit: US$3.20 billion No. of Employees: 46,964 No. of Offices: 600 Potential to share ownership in the firm
MINUS
Some office locations arent very cosmopolitan
EMPLOYMENT CONTACT
www.morganstanley.com/careers
THE BUZZ
Strong franchisea premier force in the space Somehow survived; past its prime Likely to be one of the three dominant players in the new world order (alongside J.P. Morgan and Goldman) Pretentious
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Vault Guide to the Top 25 Banking Employers, European Edition Morgan Stanley
THE SCOOP
Over 40 years in Europe
American banking giant Morgan Stanley has been in Europe since 1967, when it established an office in Paris. Today, the firms European headquarters is in London, a city thats home to approximately 5,500 employees; a workforce of 3,000 more people is spread across offices in Zurich, Paris, Moscow, Frankfurt, Budapest, Glasgow, Luxembourg, Madrid, Stockholm, Milan, Munich, Geneva and Amsterdam. The firm is divided into three main businesses: institutional securities, which offers equity and fixed income sales and trading, including prime brokerage; financial advisory services, which included M&A advisory, restructuring, real estate, project finance and capital raising; asset management, which offers institutional investment products and mutual funds across a range of fixed income, equity and alternative investments; and global wealth management, which provides financial planning and wealth management services, annuities and insurance, and brokerage and investment advisory services that cover a wide range of investment alternatives.
J. S. and J. P.
In 1854, Junius S. Morgan, an American banker from Massachusetts, began working for a London banker named George Peabody. Morgan took over the business after 10 years, changing the firms name to J.S. Morgan & Company. His son J. Pierpont Morgan learned the banking business at his fathers side, but eventually returned to America to found the firm that would become J.P. Morgan & Company. J. Pierpont rose to fame as a hotshot financier, backing the construction of the American rail system and helping establish General Electric and US Steel. In 1935, J. Pierponts grandson Henry Morgan and fellow J.P. Morgan partner Harold Stanley left to start their own company: Morgan Stanley.
Responding to tough times

The global financial crisis began to take its toll on Morgan Stanley in early 2008, as the firm struggled to recover from $9.4 billion in write-downs. Morgan Stanley sacked about 1,500 peopleprimarily from mortgage divisionsand the firms British home lending business was shuttered.
In September 2008, amid the crisis, Morgan Stanley requested and received permission from the United States Federal Reserve to convert itself into a bank holding company, which means it now operates under tougher leverage ratios and capital reserve rules than it did as an independent investment bank. On top of that, its subject to oversight from the Fed. However, Morgan Stanley may now participate in the Feds bank lending programs. (Its main competitor, Goldman Sachs, also became a holding company). Shortly after the structure conversion, Morgan Stanley agreed to accept US$9 billion from Japans Mitsubishi UFJ Financial Group in exchange for a 21 per cent stake in itself. The move was intended to calm fears about Morgan Stanleys capital reserves. At the same time, Mitsubishi and Morgan Stanley also agreed to establish a strategic partnership and look for opportunities to work together. (The first such opportunity was revealed in March 2009, as the firms announced the planned combination of Mitsubishi UFJ Securities Co. Ltd. and Morgan Stanley Japan Securities Co. Ltd. The
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combined business, of which Morgan Stanley owns 40 per cent, will offer a full range of institutional services as well as a Japanese retail brokerage network.) In October 2008, U.S. Treasury Secretary Henry Paulson announced that the Treasury would inject a total of $250 billion into US banks in order to help restore confidence to the markets. Morgan Stanley was among the first group of banks to receive US Treasury money, with an investment of US$10 billion. The injection followed in the footsteps of some European countries, which announced similar moves earlier to help thaw their credit markets. Two months later, in December 2008, Morgan Stanley CEO John Mack released a memo telling employees that the banks top executives would forgo their yearly bonuses and that a permanent bonus clawback provision was being implemented. And starting in 2009, all Morgan Stanley senior executives were subject to a performance-linked compensation plan that ties their payouts to the firms return on equity, total shareholder return and the firms return on equity relative to other banks.
First loss of the year

Morgan Stanley posted a $2.36 billion loss for its fourth quarter 2008, a financial thrashing that affected nearly every one of its businesses. Every divisions' revenue fell, an after effect that CEO John Mack attributed to the financial crisis and its resulting "exceptional market conditions." For full-year 2008, the firm reported US$1.7 million in net income, down from US$3.2 million in 2007. Net revenues in 2008, meanwhile, fell 12 per cent from 2007, coming in at US$24.7 billion. Asset management was one sector in particular that took a beating, posting a pre-tax loss of US$1.8 billion (mostly due to markdowns in investments and reduced assets under management). Investment banking brought in net revenue of US$3.6 billion, down from US$5.5 billion in the previous year. Equity sales and trading fared comparatively well, bringing in a record net revenue of US$10 billion, up 10 per cent from 2007.
Slipping on the tables

For many years, Morgan Stanley was a fixture at the top of the banking league tables, often (barely) ceding the No. 1 spot in M&A to Goldman Sachs. But it was a different story in 2008, as the firm fell behind UBS, J.P. Morgan, Citigroup and Goldman on the M&A tables by deal volume. According to Thomson Reuters, Morgan Stanley ranked No. 5 in worldwide announced M&A deals in 2008, dropping from its No. 2 spot in 2007; its total deal volume also fell significantly, dropping by 51.2 percent. In Europe announced deals, the firm plummeted to No. 7 from No. 1, and in U.S. announced M&A deals, it dropped to No. 7 from No. 2, as its deal volume in the U.S. plummeted by 58.4 percent. Part of the problem was that two big transactions fell through. Morgan Stanley teams were hired by Swedish telecom TeliaSonera to advise on a US$47 billion bid by France Telecom, but the French company backed out of the deal. The firm was also working with Microsoft on its ultimately failed $44 billion offer for Yahoo!. Still, during the year, Morgan Stanley did advise on several high-profile deals, including Verizon Wirelesss $28.1 billion acquisition of Alltel. The firm also advised Cadbury plc on its US$6.4 billion de-merger of its American beverage business, Dr Pepper Snapple Group Inc.; Reed Elsevier Group plc on its US$4.1 billion acquisition of ChoicePoint Inc.; electricity giant Enel on its 11.1 billion sale of assets in France, Italy and Spain; and Altor Equity Partners and Bure Equity AB on their acquisitions of investment bank Carnegie and insurance adviser Max Matthiessen.
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On the underwriting side, Morgan Stanley held on to its No. 7 ranking in global debt, equity and equity-related issues. And in total global debt underwriting in 2008, during a year when fixed income deals across the industry dropped by nearly 40 per cent, Morgan Stanley fell two spots in the rankings to No. 9, advising on 533 debt issues worth $183 billion. A few of the firms higher profile deals included acting as joint bookrunner on International Powers 700 million convertible bond issue and serving as joint lead manager in a US$1 billion two-year bond issue for ICO of Spain.
Local leaders
Tragedy struck Morgan Stanley Europe in December 2008 when Gavin MacDonald, head of global M&A and founding member of the firms M&A division in Europe, died suddenly of a heart attack at the age of 47. MacDonald was, in many ways, emblematic of Morgan Stanleys leadership in Europe: while other American investment banks dispatched U.S. leaders to head up European operations, Morgan Stanley tended to hire locals like MacDonald, a rugby-playing Cambridge grad. This reliance on native talent was seen by many as proof that Morgan Stanley took its European business very seriously, but as The Wall Street Journal reported after MacDonalds untimely passing, 2008 was a tough one for Morgan Stanleys European business, as some of its highest-profile investment bankers left Europe or the investment-banking business entirely. Among those who moved on were private equity advisory head David Law, who left London for Dubai; Scott Matlock, global head of media and communications M&A, who left London to become chair of Asian M&A in Hong Kong; institutional securities group COO Jonathan Chenevix-Trench, who resigned from the firm; and Michael Zaoui, vice chair of institutional securities and legendary European dealmaker, who also retired. And in early 2009, Jim Dilworth, Morgan Stanley Investment Managements EMEA head, resigned from his post. He was replaced by the divisions chief risk officer, London-based Andy Mack.
Teaming with Citi

In January 2009, Morgan Stanley and Citi announced plans for a wealth management joint venture. The deal, which closed in June 2009, combined Morgan Stanleys global wealth management group with three Citi businesses: UK-based Quilter, Smith Barney Australia and Citi Smith Barney. Operating under the name Morgan Stanley Smith Barney, the joint venture will be comprised of 18,500 financial advisors in 1,000 offices worldwide, with more than $1.3 trillion in client assets. Morgan Stanley will hold a 51 per cent stake in the venture, and firm co-President James Gorman will serve as chairman of the new company. Soon after the deal was announced, The New York Post reported that Morgan Stanley and Citigroup may be considering paying its top-drawer brokers between $2 billion and $3 billion in retention bonuses. The firms, who are considering a merger of their respective brokerage units, would parse out the bonuses over a period of nine years. Most of the bonus cash would be given to brokers working at Smith Barney, according to the paper.
A future study
What lies ahead for the troubled securities industry? That was the question Morgan Stanley tried to answer in April 2009 when it published the results of research carried out in partnership with international management consultancy Oliver Wyman. According to The Outlook for Global
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Wholesale & Investment Banking, the worlds 15-largest investment and wholesale banks will see their balance sheets contract by another US$2 trillion by the end of 2009, though corporate banking and retail businesses are expected to grow. For the investment banks that remain standing, businesses that rely on unsecured fundslike prime brokerage, fixed income and warehousingwill be under heightened scrutiny by executives with a renewed focus on liquidity. Furthermore, the report suggested that, at least in the short run, the investment banking industry will see a heightened focus on the US, at the expense of Europe and emerging markets, as USheadquartered banks reign in globalisation models and cut down on non-domestic credit.
Another loss, but tops in M&A

In April 2009, Morgan Stanley posted a larger-than-expected first quarter 2009 loss of $177 million, largely due to real-estate losses and debt-related write-downs. The loss, compared with a profit of $1.4 billion in the first quarter 2008, came in at 57 cents per shareabout six times the loss of 9 cents analysts had predicted. Revenue also dropped, falling 62 per cent from the previous years first quarter to $3 billion. There was good news, though. According to Thomson Reuters, Morgan Stanley ranked No. 1 in worldwide announced M&A deal volume for the first quarter 2009. The firm worked on 70 deals worth a total of US$218.7 billionor about 33 per cent of all M&A deals worldwide during the threemonth period. (Morgan Stanley had ranked No. 10 in the first quarter of 2008.) The firm also placed No. 1 in US announced M&A, and came in No. 6 in European announced deals.
Paying back TARP

In May 2009, Morgan Stanley announced that it planned to apply to repay its US governmental TARP loan. Morgan Stanley, along with Goldman Sachs and JPMorgan Chase, applied to repay the funds, which amounted to a collective US$45 billion. Morgan Stanley had already made a dent in its debt, raising $4.57 billion in stock, a figure that surpassed the US$1.8 billion in added capital regulators indicated the bank needs after running the bank's stress test. And in June 2009, Morgan Stanley received permission from the U.S. Treasury to repay the US$10 billion it borrowed in government Troubled Asset Relief funds. In a statement, the company said it believed the development "reflects both Morgan Stanley's strong capital position as well as the important systemic role the TARP program played in helping stabilize the US banking system since the height of the financial crisis." Along with Morgan Stanley, nine other firms were given the go ahead to return a collective US$68.3 billion to the Treasury, more than the original estimate of US$25 billion in funds expected to be returned in 2009.
GETTING HIRED
The world of Morgan Stanley
Morgan Stanley offers 21 graduate programmes around the world, spanning a range of business areas. Of these programmes, the ones available in Europe are credit, finance, equity research, investment banking, investment management, operations, prime brokerage, private wealth
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management, sales and trading, the Spring Insight Programme and technology. Each area designs its own programme, so they are closely tailored to the real positions that they run parallel to. Programmes can vary considerably in length and start time, so be sure to find out well in advance if the programme you select is available as a full-time, summer or industrial placement, and whether it can be undertaken by those with little or no experience at analyst level. Some programmes may even be limited to the associate level, seeking applications only from those with several years of experience and an MBA or other advanced degree. Analysts are hired from a wide range of backgrounds and after brief classroom training gain the majority of their instruction on the job, while working alongside more experienced professionals. The firm promises responsibility early on, as well as the opportunity to foster a network of colleagues and develop further through an ongoing development curriculum offered throughout their career. Associate programmes also consist of a brief intensive training period, followed by work alongside more experienced employees and a significant level of responsibility. Flexibility in your position is offered and encouraged as a means of improving your skills.
Its all online

The application process for a job at Morgan Stanley begins either by filling out an online application or during one of the firms many campus recruitment events. The prestigious employer is open about the fact that it is constantly seeking very focused employees and has a popular internship programme that often leads to full-time employment. If Morgan Stanley wants to take your application further, you will be phoned soon after you submit your application for a technical telephone interview, when youll be asked technical questions about the role you applied for, and will be expected to know many things in detail.
The interview-athon
If youre one of the lucky ones that lands an interview, make sure you thoroughly express your interest in both the firm and role as the interviewers are very perceptive to enthusiasm levels, say insiders. Staffers across all divisions say they had two rounds of interviews. One source, who first interviewed for a summer analyst position, says the first interview was on campus with a professional from the firm.
Questions that are typical of an investment bank interview were askedexcept it was very friendly and not particularly technical. The second round, a source says, was in London over a full day called the assessment centre, starting with some tests and group discussions over imaginary problems and ending with three interviews in the afternoon with senior people. He adds, One of these interviews was very technical, pushing me to where I could not answer correctly. The other two were more of the behavioural type, trying to see what I was interested in and whether there was good fit. An ex-intern says both of the assessment day interviews were quite relaxed, adding, I didnt feel like they were trying to catch me out. I was made to feel relaxed throughout the assessment process. One analyst, who interviewed for a role in the popular investment banking division, describes the two-round interview process: The first round is fit-based whereas the second round is organised as a one-day assessment centre which involves group exercises, one-on-one investment bank interviews, a numerical/reasoning test and a one-on-one case study.
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The group exercise involves the discussion of a business situation where candidates simulate a board meeting. One respondent explains that in the simulated board meeting there is not much room for preparation, as the teamwork ability is what seems to matter here. Those who got the offers contributed creative ideas directed to the core issues, not those who tried to be great leaders without making effective team contributions. Interviews in the first round are personality-based, says an employee, adding, Nonetheless, those with previous experience got a lot of technical questions. Some also reported consulting questions, such as market sizing, where simple calculations had to be done. Our contact, rather relevantly, slips in some handy advice: Those who have read the Vault Guide to Finance Interviews should not have any problems.
Quantitative elements
Maths-phobes need not fear, as the numerical test is very easy. Our insiders advice for the test is simple: Answer questions correctly rather than rushing through itnobody in my group finished it! Go to the Morgan Stanley careers page to get an idea of what such tests look like. Practise your school mathspercentages, multiplying and dividing, fractions, etc. Thats it. The case study is very simple and involved a business disposal situation where various alternatives for the seller have to be evaluated. It is essential that you ask the interviewer loads of questions and that you prepare a good structure for your analysis, as in consulting interviews. An ex-intern reflected on his experience of getting hired with satisfaction: I believe that Morgan Stanleys recruitment process was very good. It was best to have most of the selection stages on one day in the form of an assessment centre. In addition, I agree with having two interviews on the day as this provides a fairer assessment of your suitability. One says, About 50 per cent of equity interns make it onto the full-time payroll. Another insider and former intern explains that at the end of the internship, all interns are interviewed about their experience and have a feedback session with their manager. That information is then used to decide if an intern will be offered a graduate position. Insiders do point out that if youre interested in a role in the coveted investment banking division, the firm expects you to have incredible marks on your transcriptand if you havent interned for the firm, you must simply be very good.
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PRESTIGE RANKING
DEUTSCHE BANK AG
EUROPEAN LOCATIONS
Frankfurt am Main, Germany (HQ) Austria Belgium Bulgaria Czech Republic Finland France Germany Greece Hungary Italy Luxembourg The Netherlands Poland Portugal Russia Spain Sweden Switzerland Turkey United Kingdom
Taunusanlage 12 Frankfurt am Main, 60325 Germany Tel: +49 69 910 38080 www.db.com
DEPARTMENTS
Corporate & Investment Bank Global Banking (Corporate Finance & Global Transaction Banking) Global Markets Private Clients & Asset Management Asset Management/DWS Private Wealth Management Private & Business Clients
KEY COMPETITORS
Commerzbank Credit Suisse Goldman Sachs Morgan Stanley UBS
THE STATS
Employer Type: Public Company Ticker Symbol: DBK (Frankfurt); DB (NYSE) Chief Executive: Dr. Josef Ackermann 2008 Revenue: -5.7 billion 2008 Profit: -3.9 billion 2007 Revenue: 8.7 billion 2007 Profit: 6.5 billion No. of Employees: 80,456 No. of Offices: Offices in 72 countries
PLUS
Well-respected name; has done relatively well in the credit crisis
MINUS
Diversity efforts could be stronger
EMPLOYMENT CONTACT
www.db.com/careers Customized for: Graham (efeldman@mail.wm.edu)
THE BUZZ
Weathered the storm the best; has looked after its employees Aggressivepeople are like machines Very strong name, particularly in the FX and fixed income area Second tier
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Vault Guide to the Top 25 Banking Employers, European Edition Deutsche Bank AG
THE SCOOP
All around the world
Boasting more than 80,000 employees across 72 countries, Deutsche Bank truly has a global footprint, with particularly strength in Europe and its homeland of Germany. Deutsche Banks international presence encompasses retail banking branches, corporate and investment banking and asset management. Its made up of two main divisions: corporate and investment bank (CIB), and private clients and asset management (PCAM). The whole group is directed by a management board, which controls resource allocation, accounting and disclosure, strategy and risk management. Deutsche Bank's corporate and investment bank group oversees the capital markets (origination, sales and trading), corporate advisory, corporate lending and transaction banking businesses. It also oversees mergers and acquisitions, and gives general corporate finance advice primarily to global corporations, financial institutions and sovereign entities. Deutsche Bank's private clients and asset management group, or PCAM, comprises two subdivisions: asset and wealth management services, and private and business client services. Its asset management services include traditional asset management and alternative investments, the latter encompassing absolute-return strategies and specialist real estate asset management. Its client base includes retail clients and institutional investors such as pension funds. The asset management group at Deutsche Bank is one of the largest asset managers in the world. The bank's private wealth management division caters to high-net-worth individuals and families. It offers traditional and alternative investments, risk management strategies, lending, wealth transfer planning and philanthropic advisory, among others services.
A complex history
In 1870, a private banker named Adelbert Delbruck and a politician named Ludwig Bamberger opened Deutsche Bank in Berlin as a specialist bank for foreign trade. By 1876, it had become the largest bank in Germany and, by 1880, investments were scattered across the globe, including in North and South America, Eastern Asia and Turkey. Before the turn of the century, the German giant had invested in projects like the Northern Pacific Railroad in the US and the Baghdad Railway. After World War II, Deutsche Bank closed its offices in Soviet-occupied areas and was scattered into 10 regional offices while western Germany was under occupation. By 1957, the bank had regained its footing as a unified Deutsche Bank AG with headquarters in Frankfurt am Main. By 1986, the firm made its first major bank acquisition outside of Germany with the purchase of Banca d'America e d'Italia. Other acquisitions included the Morgan Grenfell Group (1989), the US Bankers Trust (1999), the US asset manager Scudder Investments (2002), the Swiss private bank Rued Blass & Cie (2003) and the Russian investment bank United Financial Group (2006). DBs shares have been listed on the Berlin Stock Exchange since the banks birth in 1870. The bank also listed in Frankfurt in 1880, on the Paris Stock Exchange (now Euronext) in 1974, on the Brussels exchange (also now Euronext) in 1979, in Tokyo in 1989 and on the New York Stock Exchange in 2001.
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Merrill Lynch vs. Deutsche Bank

In March 2009, Deutsche Bank hit headlines when it emerged that its long-time rival investment bank Merrill Lynch (which had just recently been acquired by Bank of America) was suing the German banking giant for poaching several of its senior staff members: 11 bankers and Merrill treasurer Eric Heaton. Merrill called it a hiring raid, and according to its lawsuit, Heaton was violating a noncompetition agreement by joining Deutsche Bank and didnt provide Merrill with the required notice of six months before leaving the firm. Furthermore, Merrill accused Deutsche of having plotted for many months in advance to poach its staff, which the bank said had together generated tens of millions of dollars in revenue for Merrill. Included in the group that ditched Merrill for Deutsche were the head of global asset management investment banking, David Heaton (Eric Heatons brother); a senior banker in European financial institutions, Richard Slimmon; and the head of financial institutions in the Asia-Pacific and Australia regions, Richard Gibb. Merrill is seeking an estimated US$100 million dollars in damages from Deutsche Bank, and has claimed that Eric Heaton is in possession of highly proprietary information about Merrill Lynchs business operations, liquidity, funding sources, clients and corporate strategies.
On the subject of hopping jobs

Other noteworthy recent appointments include DBs March 2009 appointment of Tom Cooper, former head of European M&A at UBS, as the co-chairman of global mergers and acquisitions in London. In March 2009, DB also announced the appointment of Marc Pandraud (joining from Bank of America Merrill Lynch) as chief country officer of France in its corporate finance group.
Bargain basement
Deutsche Bank revealed in July 2008 that it would buy several ABN Amro commercial-lending units from Fortis Bank for $1.13 billion. Specifically, Deutsche will purchase two corporate client groups and 13 commercial banking offices in addition to segments of Hollandsche Bank Unie and IFN Finance BV. The acquisition seems to be well timed for Fortis, which has suffered the loss of approximately 50 per cent of its market value since buying ABN Amro's asset management and banking groups in 2007, and selling off the units at a deep discount. According to Deutsche, the deal will significantly strengthen its corporate banking operations in the Netherlands.
No bonus for Joe

Deutsche Bank CEO Josef Ackermann said in October 2008 that he, along with other top-ranking Deutsche executives, will not be receiving bonuses for t2008. In an interview with German newspaper Bild, Ackermann said, "I'm renouncing my bonus in this difficult year in favour of deserving employees that need the money more than I do." For 2007, the chief took home about $17 million in cash and stock as a bonus, and for 2008, he stood to make a "few million" Euros. The move followed other top-ranking banking executives at (the now-defunct) Lehman Brothers and Morgan Stanley, among other banks, foregoing their bonuses, and coincided with former UBS Chairman Peter Kurer saying that he will "most probably not get a bonus for this year because we will have a loss."
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900 traders shown the door

Deutsche Bank will cut about one in seven of its traders from its global market division, Reuters reported in November 2008. The unit, which employed about 7,000 traders at the time, was said to layoff approximately 900 employees in total. The wave of layoffs was the largest to hit Deutsche since the beginning of the financial crisis that crippled the industry.
Nothing like a pat on the back

The year 2009 got off to a good start for Deutsche Bank. On January 19th, DB was named the Best Investment Bank 2008 in the Asia Pacific region (excluding Japan) by The Asset magazine. Also in January 2009, Risk Magazine named DBs loan exposure management group the Credit Portfolio Manager of the year, for the fourth year in a row. Other recent awards include Global Trade Review naming the firm the Best Global Structured Commodity Finance Bank, and Treasury Management International naming DB the Best Global Cash Management Provider for the second year in a row. The firm also took home many awards at the end of 2008. In December 2008, Finance Asia magazine named DB the Best Bank, and in November 2008, Structured Products magazine awarded DB with the titles of both Hedge Funds House of the Year and Structured Funds House of the Year. Also in November 2008, DB was named Equity Derivatives House of the Year and Derivatives House of the Year (excluding Japan) by AsiaRisk magazine.
Despite rough waters, Deutsche stays afloat

Globally, merger and acquisition deals decreased 29.6 percent in 2008 versus 2007and Deutsche Bank felt the squeeze. On the Thomson Reuters worldwide announced M&A tables for 2008, Deutsche Bank came in at No. 8 for the second straight year, but saw the its deal volume decrease by 25.1 per cent. In US announced M&A transactions, the firm jumped three places to No. 5, with 89 deals worth $274.5 billion. Deutsche advised on several big US-based M&A deals in 2008 such as biopharmaceutical company Eli Lilly's US$5.75 billion bid for ImClone Systems and health care company Fresenius' US$3.73 billion bid for APP Pharmaceuticals. In European announced M&A, the firm also leaped three spots to No. 5, working on 197 deals worth a total of US$351 billion. On the global debt, equity and equity-related tables for 2008, Deutsche Bank held on to its No. 4 ranking, losing just a bit of market share (0.6 per cent). And in global IPO underwriting, Deutsche Bank fell two spots to No. 9, losing 1.7 per cent of market share in the process. In EMEA equity and equity-related deals, it ranked No. 6, and in EMEA IPOs, it placed No. 5. In global debt underwriting, Deutsche Bank moved up a spot to No. 3 versus 2007, with 705 deals worth $287.6 billion. The firm also ranked No. 1 in all bonds in Euros, No. 3 in international bonds, No. 5 in global mortgage-backed securities, No. 6 in asset-backed deals, No. 8 in U.S. investment grade debt and No. 8 in global high-yield debt.
Bye to Boaz
In January 2009, Deutsche Bank announced that the co-head of its global credit trading business will be departing the firm to create his own hedge fund. Boaz Weinstein, who headed up the unit with Colin Fan, will leave the company in the second quarter 2009 after 11 years with the firm taking about 15 of his co-workers to the hedge fund along with him.
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When the German giant gets bigger

As one of Germanys biggest banking and financial institutions, Deutsche Bank took a great leap forward in its hugeness when it announced in February 2009 that it had agreed to acquire a 22.9 per cent stake in Deutsche Postbank AG, a German financial services provider with assets of 229 billion. Deutsche Postbank AG is the subsidiary financial services business of Deutsche Post, the worlds largest logistics group and successor to Germanys former state-owned mail monopoly that was privatised in 1995.
Deutsche's largest loss

In February 2009, following one of the worst financial eras in decades, Deutsche Bank posted a record fourth quarter 2008 loss of US$6.3 billion in January 2009. For the full year, Deutsche posted a net loss of US$5 billion after snagging an US$8.32 billion profit in 2007. Full-year revenue came in at about US$17.26 billion, a 56 per cent drop from 2007. Its investment banking unit had a particularly bad year, posting a pre-tax loss of US$10.87 billion. Its corporate banking and securities division and asset management unit didn't fare much better, reporting losses of US$10.85 billion and US$671 million, respectively. While announced its fourth-quarter results, Deutsche Bank CEO Josef Ackermann said that the US governments executive pay cap at US companies receiving bailout money under its TARP plan will encourage American executives to go work overseas. "If you are only going to be able to pay a $500,000 bonus, I think talent will be happy to work for us," he said in a statement.
Group exodus
Deutsche Bank's quantitative trading unit, Equitech Group, announced its departure from the firm in February 2009 to begin the Roc Capital Management LP hedge fund. Roc Capital is expected to open in the second quarter of 2009 with about 20 employees. It will be based in New York and headed up by Arevind Raghunathan, who ran Deutsche Bank's global arbitrage unit.
Revisiting profit, keeping Ackermann

In April 2009, Deutsche Bank booked US$1.6 billion in net income for the first quarter of the year, compared with a US$185 million net loss for the first quarter of 2008. The bank was buoyed by improved trading revenue, which increased 56 per cent versus the same quarter a year earlier to US$9.4 billion. The firm also reported record revenue in interest rate and foreign exchange products, in addition to a good showing in its money market area. Its corporate banking and securities unit increased revenue nearly four times versus what it posted for the same period of 2008. At the same time, the bank also announced that it would be holding on to CEO Ackermann for three more years after his contract runs out in 2010.
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GETTING HIRED
The worlds your Deutsche
To apply for a job at Deutsche Bank, click the careers link on the company homepage at www.db.com, followed by the application centre link on the right. From here you can select your level of entry: school leaver, undergraduate/graduate, MBA or professional. Each link will take you through a slightly different process, based on which region you would like to work in, which level of qualification you are at and which division you would like to work in. Deutsche Bank recruits across all business lines.
Slipping into something a little more profitable

The firm has extensive opportunities for students at a range of levels. If youre an undergraduate, clicking graduates/undergraduates from the menu on the careers page, followed by analyst internship programmes will take you to a list of the programmes that are being offered in, at the time of writing, the Americas, Australia/New Zealand, China/Hong Kong, Germany, Japan, Singapore, the US and the UK Requirements differ depending on what youre looking to do, but as a general rule, youll be offered a place on the analyst training programmethe next step upif you do well. Simply click the link at the bottom of each programmes page to apply for an internship.
Doing your homework

As a top player in the employment market, getting a position with Deutsche Bank is not very easy, a London-based worker says. You should try to attend a careers event as they seem to value this highly, he suggests. I made some good connections at mine and it was very helpful as it gave me a lot of insight. However, you still need to work very hard and do a lot of homework to get the job. Internships seem to be extremely important an analyst says. If you want a good full-time job, my advice is start earlyand look for an internship. It is worth noting that the firm interviews its fulltimers and interns together, says a junior insider, so they are judged on the same scale.
Teamwork and initiative

That said, insiders say that the interview process is very straightforward. One recently employed junior analyst in London says his interview started off in the waiting room where an HR person explained what was going to happen and gave me some food, drinks and more documents. He recalls, I waited for 10 minutes and talked to other candidates during this time. Everyone was friendly. One insider says interviews can last between one and two hours, recalling that both the interviewers were from the division I applied to. He fondly remembers the interview started with a handshake and a discussion about me. This conversation was followed by yet another explanation of what I was going to go through. The skills part of the interview was entirely competency-based, explains a junior staffer in London. It included a teamwork question and an initiative question. Before I finished I had a brief opportunity to ask some questions. They got back to me within 24 hours.
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OUR SURVEY SAYS

Bring the results
Like all investment banks, hours are long, and its all about results, admits one director. Others seem to agree with this assessment. Investment banks work you hard and long, one weary insider in London tells us. Youll have to make sacrifices, and if its quality of life and a 9-to-5 work schedule youre after, then this place is definitely not for you. On the other hand, if youre a glutton for punishment and want to work in a fast-paced, dynamic atmosphereas well as have a mountain of responsibility from the word gothen climb aboard. Indeed, gearing up for some hard work is imperative. If youre not hard-nosed now, confides one respondents, you soon will be. Another London employee notes, Deutsche Bank can be political. Its a huge company, he adds, too big in my opinion. It can also be very cliquey. One insider says, Its not always what but who you know that matters. He adds, Networking is key, and if you want to progress, You need to be assertive and take ownership of your career progression.
Differing opinions
Sources have different takes when it comes to diversity efforts in the workplace. Some insiders say that the diversity attempts from higher-ups leave something to be desired, but others say that there is a lot of diversity, with many women in high positions.
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PRESTIGE RANKING
CREDIT SUISSE GROUP AG

EUROPEAN LOCATIONS
Zurich, Switzerland (HQ) Austria Czech Republic Denmark France Germany Gibraltar Greece Guernsey Hungary Italy Jersey Lichtenstein Luxembourg Monaco The Netherlands Poland Portugal Russia Slovakia Spain Sweden Switzerland Ukraine United Kingdom *Not limited to IB locations
Uetlibergstrasse 231 P.O. Box 700 CH 8070 Zurich Switzerland Tel: +41 1 332 6400 1 Cabot Square London, E14 4QJ United Kingdom Tel: +44 (0) 20 7888 8888 www.credit-suisse.com
DEPARTMENTS
Asset Management Information Technology Investment Banking Investment Banking Operations Private Banking Shared Services
KEY COMPETITORS
Deutsche Bank Goldman Sachs Morgan Stanley UBS
PLUSES THE STATS

Employer Type: Public Company Ticker Symbol: CSGN (SWX); CS (NYSE) Chairman: Hans-Ulrich Doerig Chief Executive: Brady W. Dougan 2008 Revenue: CHF 9.2 billion 2008 Profit: -CHF 8.2 billion 2007 Revenue: CHF 39.3 billion 2007 Profit: CHF 7.7 billion No. of Employees: 46,700 No. of Offices: 57 Lots of responsibilities given to junior employees Stable economic outlook High intellectual standards
MINUSES
The intensity of the work Political connections play a role in career paths Working in Canary Wharf
EMPLOYMENT CONTACT THE BUZZ

Graduate programmes email: campusrecruiting.emea@creditsuisse.com www.credit-suisse.com/careers
Strong investment banking franchise; weathered the storm relatively well Work becomes your life Good training for employees Doing okay compared to peersso far
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Vault Guide to the Top 25 Banking Employers, European Edition Credit Suisse Group AG
THE SCOOP
International player
The three core business divisions of the Zurich-based Credit Suisse Group are investment banking, private banking and asset management. Since the group rebranded to create an integrated bank in 2006, all businesses under its umbrella are collectively known as Credit Suisse. Credit Suisses investment banking businessencompassing M&A advisory, equity and debt capital markets, private placements and leveraged finance servicesis one of the worlds leading investment banks. The groups private banking businessinvestment counselling and asset management to high-networth individualshas a global footprint, and the firm is touted as being one of the worlds largest private banking organisations. Within its global asset management business, the firm offers a wide range of products, including equities, fixed income, multiple-asset class products and alternative investments, such as real estate, private equity and hedge funds. Credit Suisses history dates back to the mid-19th century when Alfred Escher founded Schweizerische Kreditanstalt (thats Swiss-German for Swiss Credit Institution). The bank opened its first branch in Basel, Switzerland, in 1905. As World War II raged in Europe, Credit Suisse opened its first international branch outside its home country in New York City in 1942. For the next three decades, the bank grew within Switzerland, across Europe and internationally. In 1978, Credit Suisse began its cooperation with The First Boston Corporation in the United States, acquiring a controlling stake in the firm 10 years later (after which the bank was renamed to Credit Suisse First Boston). A year after that, Credit Suisse Holding was established as the parent company of the group. Various mergers, acquisitions and alliances continued through the 1990s, and merged banks ultimately became assimilated into the Credit Suisse identity. In 2002, the group famously restructured into two streamlined business units: Credit Suisse Financial Services and Credit Suisse First Boston. Two years later, in 2004, the group restructured again, into three business units: Credit Suisse, Credit Suisse First Boston (CSFB) and Winterthur (a Swiss insurance firm that it divested in 2006 to AXA). Also in 2004, CSFB was famously (along with Morgan Stanley) one of the principal underwriters of Googles historical US$23 billion IPO. In 2006, Credit Suisse rebranded and shifted its structure (again) to an integrated bank model, and dropped the First Boston affiliation, becoming once and for all, Credit Suisse.
Crunched
In the now infamous third quarter 2008 (made infamous by the collapse of Lehman Brothers in September 2008), Credit Suisse Group was hit with a net loss of CHF 1.26 billion. The groups core net revenue for the quarter (CHF 3.1 billion) was 48 per cent lower versus what the firm reported for the third quarter 2007. The investment banking arm (like those of its peers) was hardest hit, with a pre-tax loss of CHF 3.2 billion; the firm had write-downs of CHF 2.4 billion in its leveraged finance and structured products business. However, the investment banking arm experienced strong results in its global rates, foreign exchange, electronic trading and prime services. Credit Suisse also reported strong results in its other businesses, including wealth management as well as its Swiss corporate and retail banking businesses. The groups private banking division had sustained asset inflows, with net new assets of a whopping CHF 14.5 billion. Credit Suisse was also pleased with the results of its new integrated bank structure, through which the group was able to earn CHF 1.5 billion in revenue from its cross-divisional business activities.
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Cuts on the way

As almost every big investment bank was forced to do in late 2007 and early 2008, Credit Suisse began handing out some pink slips in January 2008 due to the subprime mortgage meltdown. After a rumour surfaced from inside Credit Suisse that approximately 20 per cent of the firm's fixed income group received pink slips, it was revealed that the firm would indeed have to cut about 500 investment banking positions. A spokesman for the firm cited "market conditions and projected staffing levels required to meet client needs" as causes for the cuts. In October 2008, Credit Suisse confirmed it would purge another 500 jobs from its securities group and from some support roles. The new cuts added to the 1,565 positions the bank had already eliminated in the past year. Analysts pointed to the difficulty banks have had downsizing their costs in light of the shaky market as reason for the layoffs. A week before, Credit Suisse had announced $1.5 billion in securities-related losses. In December 2008, Credit Suisse announced that it would cut another 5,300 positions or about 11 percent of its employeesmostly in its investment banking unit.
Chinese connection
Credit Suisse partnered with another powerful nation in June 2008, when regulatory agencies approved a joint venture it had proposed with the Chinese brokerage firm Founder Securities. The Swiss bank announced that it was seeking to partner with Founder Securities in January 2008 in order to get a foothold on securities underwriting and wealth management, among other things, in China. The announcement followed on the heels of chief rival UBS's acquisition of Beijing Securities.
A boost from Qatar and Scotland

In October 2008, Credit Suisse received $8.7 billion in financial backing from "a small group of major global investors" that included Qatar Holding LLC, a unit of the Qatar Investment Authority. Two months later, in December 2008, Credit Suisse agreed to sell a part of its asset management unit to Aberdeen Asset Management for a $360 million stake (about 25 percent) in the British company and a seat on its board. As part of the deal, Credit Suisse transferred about $71 billion in its managed assets to Aberdeen, the largest independent investment management firm in Scotland. The deal included portions of Credit Suisse asset management divisions in the US, Europe and Asia.
A bonus that's not fruitcake

In December 2008, Credit Suisse hit upon a novel idea to lessen its loss risk: using $5 billion from extremely illiquid securities such as leveraged loans and mortgage-backed debt (the type largely attributed for beginning the financial crisis) to pay its managing directors' and directors' annual bonuses. The securities will be put into a partner asset facility, and workers will be given shares in it. If the securities weaken in value, however, bonuses will be affected first.
No trophy case big enough

Credit Suisse annually receives numerous honours, awards and accolades from leading industry publications for excellence in various business areas and divisions. In January 2009, Acquisitions
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Monthly named Credit Suisse M&A Advisor of the Year for both the UK and Nordic Region, and gave the firm the Domestic Deal of the Year award for the recapitalization of UK banks. Also in early 2009, Euromoney ranked Credit Suisse as the Best Foreign Bank in the UK and having the Best Private Banking Services Overall in Switzerland; the publication also ranked the bank first in several other categories, including Range of Investment Products, Structured Products, Real Estate Investment, Equity Portfolio Management and Fixed Income Portfolio Management.
Joining the restructuring game

In January 2009, on the heels of similar moves by competitors Goldman Sachs and Morgan Stanley, Credit Suisse formed a debt advisory and restructuring group to provide advice for corporate clients seeking counsel regarding debt and liability-related issues. The new unit, created in response to the numerous client requests for help with such issues, will be headed up by Marisa Drew and Craig Klaasmeyer. Drew is currently the co-head of Credit Suisse's European global markets solutions group, and Klaasmeyer serves as the co-head of the firms leveraged finance group in Europe.
Decent year on the tables

According to Thomson Reuters, in worldwide announced M&A deals for 2008, Credit Suisse held on to its No. 7 ranking for the second consecutive year, though its total deal volume was down 28.3 per cent. In European announced M&A deals, Credit Suisse jumped four spots to No. 6, working on 162 deals worth a total of US$340 billion. In U.S. announced M&A transactions, the firm placed No. 8, down two spots and losing 30.3 per cent in deal volume versus 2007. In global initial public offerings, the firm dipped to No. 8 from No. 3 in the previous year, working on 20 deals worth $4 billion. In US IPOs, Credit Suisse also took a tumble, falling to No. 9 from No. 7, working on just eight deals worth $758.7 million. In EMEA equity and equity-related deals, the firm placed No. 7, working on 33 deals worth a total of US$9.7 billion. In EMEA IPOs, it ranked No. 9, working on five deals worth US$1 billion. In global debt underwriting, Credit Suisse experienced a rise, coming in at No. 7, up from No. 10 the previous year, advising on 574 deals worth $183.5 billion. The firm also had a good year in global mortgage-backed securities underwriting, rising four spots to No. 2, working on 47 deals worth $25.8 billion while gaining 4.4 per cent in market share. And Credit Suisse placed No. 3 in global highyield debt underwriting.
An unenviable record
In February 2009, Credit Suisse posted a net loss for the fourth quarter 2008 of $5.2 billion and a record full-year loss of $7.1 billion. The results were worse than analysts expected, which had forecasted an average full-year loss of $5.4 billion. The firm cited weak trading and restructuring charges as reasons for its deep loss, and said it will follow through on its promise to cut 5,300 positionsabout 11 per cent of its total workers. Though its results were mostly dismal for 2008, the firm said all of its divisions have been profitable so far in 2009.
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Surpassing estimates
In April 2009, Credit Suisse posted first-quarter net income of about $1.7 billion, an increase of 8.2 per cent from first quarter 2008which doubled analysts predictions. Revenue, meanwhile, came in at $8.2 billion for the quarter, up from $2.5 billion. The bank, which was helped by a boom in fixed-income trading, has also taken on its share of cost-cutting measures, including 5,300 job cuts.
GETTING HIRED
Fewer options today
It has always been fairly tough to get a place at CS because most years there is a large number of applicants trying to get in. In addition to the usual qualities of intelligence, academics and work experience, a candidates personality is weighed carefully. Fit in the group is very important, one vice president reports. Recruiting takes place at top-tier universities, including Oxford, Cambridge, LSE, Warwick and Manchester in the UK. Other targets include MBS, INSEAD, NYU Stern and Columbia. As befits its heritage, Credit Suisse also recruits from a number of universities across Switzerland, Germany and Austria, especially European Business School, WHU and the University of St. Gallen. According to CS, although numbers are down a little, the bank is still hiring for between 350 and 450 vacancies in 2009, with 150 to 250 roles in our full-time program.
Find your fit

The number of rounds and interviews may vary, but generally, as many as 10 people would interview you before a decision is made. Candidates should be prepared to meet with interviewers from all ranks, including managing directors, peers and potential teammates. I had two rounds of interviews, six interviews in total, recalls an analyst. I was interviewed by a cross-sectional representation of the bankassociates all the way to MDs and group heads. For another candidate, The hiring process was composed of three parts: first, the online application; once that was completed and successful, I was invited to the first round of interviews, with six or eight people; finally, there was the Super Day at our offices in London, which included case studies, senior interviews, and another written test on numbers and reasoning.
Campus hires may begin with a recruitment dinner at university, followed by an invitation to interview for a specific group or department. Note, however, that candidates are sometimes redirected to a different area of the bank. Most questions were looking at a cultural fit and not too technical, an associate says, although I was asked to define my business plan and strategy for a client acquisition. The interviews were not technically taxing, agrees another source. Instead, they were more directed to see what I was interested in within the markets. An analyst recalls that most of the questions related to my understanding of finance, reasons for wanting to work in the industry as well as some technical questions, brainteasers. Interviewers also wanted to know about situations where I showed leadership and management skills.
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Intern for insight

Summer interns fill most of the places of full-time offers, so its very important to participate in the summer intern programme, explains a contact. Others call the internship very important, and say that we are still hiring interns, even though the environment is tough for banks. Those who completed the summer internship call it an invaluable experience that gives you more insight into the industry than when you apply without experience. I worked on a long-term project for my desk that involved lots of research on the Internet, Bloomberg, etc., says a former intern. Another notes, I did presentations, reports, went to client meetings and was given lots of responsibility, and received a prorated summer salary that worked out to 3,000 less than what the average first-year analyst makes.
OUR SURVEY SAYS

A people place
Insiders describe Credit Suisse as open, diverse, highly sociable and great fun, filled with smart and talented people. The firm is collaborative place, which means most employees are friendly and often happy to help each other with tough assignments. An equity research insider calls that department very polite, friendly and relaxed. I was surprised. Things can seem a little too hierarchical at times, an analyst admits, but juniors are given a lot of attention. This includes communication from the top down, so people feel they are always kept updated on how the firm is proceeding as a whole. Calling Credit Suisse a US-style bulge bracket firm with a European flavour, insiders note that the bank is innovative, yet not a compulsive risk taker. Overall, its the entrepreneurial, team-oriented culture that has bred loyalty and camaraderie. The reasons Im still at Credit Suisse are the people it employs, says one firm veteran.
Average or better ... probably

Most insiders agree that the firms compensation is in line with, or better than, our group of key competitors. There are other banks that pay more generously as a starting salary, a recent hire estimates, but compared to most other graduates I can't complain! However, with Credit Suisses pay rises frozen as of early 2009, theres significant uncertainty about bonuses and salary increases in the immediate future. But, at least, theres still 25 days of annual holiday, and the bank gives all newlyweds a wedding present of an extra week off from work.
Different workloads
Hours can vary widely depending on department, and also on immediate manager and group culture. An equity research source says an average workday is 7 a.m. to 7 p.m. Sources in the M&A advisory business say they often put in more than 60 hours per week and work weekends more than once a month. Contacts in other departments agree that there may be long hours during the week but are more likely to have weekends free, unless working on an urgent deal.
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Standing out
In keeping with the banks European spirit, relationships between managers and subordinates are very civilised and respectful. Most insiders say they have always been treated with respect and consideration by their bosses, but there are some exceptions. My direct management is strong and fair, one contact says, adding that colleagues in some other areas are not quite as lucky. On the issue of training, the consensus is that training is absolutely something where Credit Suisse stands out versus the competition. Besides initial training, theres a huge availability of training sessions covering soft and technical skills, says one analyst. Another insider says the firms continuing education programme maps business school well.
Squash, anyone?
Satisfies sources say the dcor is modern and theres sufficient desk space at Credit Suisses offices; In London, CS probably has the most extensive gym as compared to its competitors, with a swimming pool, squash courts, etc., boasts one Briton. If theres a general complaint, its that the IT system could stand an upgrade. In terms of eco-friendly policies and procedures, one Londonbased insider says there have been initiatives put in place, but there could be more focus in this area. Its a different story in Switzerland, though, as our Zurich office is completely carbonneutral. The dress code is business casual except for client meetings, and the interpretation of casual has some variation depending on department. In private wealth management, for example, its no ties, but suits are expected. Similarly, Fridays can be less formal than other work days, but it all depends on the specific area of the bank.
A strong contender
Internal networks for ethnic minorities and GLBT employees are well promoted, and insiders give Credit Suisse good marks on diversity. We have a women's network and the firm is keen to link women in mentoring roles, a source says. Theres still room for improvement, though. As one analyst puts it, They are very pro-women in the workplace, but there still aren't many in my department. It is banking, and there could be more women in general, another concludes. Though, Credit Suisse is relatively strong in this area.
Cuts, but no despair

Layoffs and budget cuts have impacted Credit Suisse, and the changes havent gone unnoticed by the rank and file. One insider laments the loss of business class travel on shorter journeys. Being stuck in a foreign country and not having access to flexible tickets or lounges is not right. On the whole, sources say, CS has weathered the economic storm very well in comparison with its peers, and the firm feels relatively resilient compared to others in the marketand is gaining share rapidly as rivals stumble. We actively receive requests from clients who want to diversify their counterparty risk to safer banks, reports an analyst. The strong balance sheet and stable environment means morale is OK, considering the number of redundancies. Credit Suisse is well positioned with its private bank and integrated bank strategy, an optimistic insider declares, and has a better outlook than most in the financial sector.
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PRESTIGE RANKING
ROTHSCHILD
EUROPEAN LOCATIONS
France London
New Court, St. Swithin's Lane London, EC4P 4DU United Kingdom Tel: +44 20 7280 5000 www.rothschild.com
KEY COMPETITORS DEPARTMENTS

Corporate Banking Investment Banking Merchant Banking Private Banking & Trust Goldman Sachs Greenhill JPMorgan Cazenove Lazard Morgan Stanley
THE STATS
Employer Type: Private Company Chairman: Baron David de Rothschild 2008 Revenue: 1.58 billion 2008 Net Income: 407 million 2007 Revenue: 1.46 billion 2007 Net Income: 285 million No. of Employees: 2,800+ No. of Offices: 49
PLUS
Small teams means great interaction with clients Friendly, supportive culture Job security
MINUS
Cost-cutting gone mad Slightly off the top in terms of remuneration Not as well known as rivals in some countries
EMPLOYMENT CONTACT
www.rothschild.com/careers Customized for: Graham (efeldman@mail.wm.edu)
THE BUZZ
Excellent reputation and client list OKy boutique First rate among top-tier M&A banks Classic institution, though probably a bit overhyped
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Vault Guide to the Top 25 Banking Employers, European Edition Rothschild
THE SCOOP
Inside history
The investment banking arm of the family-owned Rothschild Group, Rothschild has been serving governments, corporations and wealthy individuals for two centuries. Its London headquarters have never moved from New Court, St Swithin's Lane, though over the years its offices have been rebuilt and expanded. The latest version, a Rem Koolhaas-designed tower with a rooftop pavilion, is slated for occupancy in mid-2011. The Rothschild story began in 1769 when Mayer Amschel Rothschild began offering banking services in his home town of Frankfurt, Germany. His five sons carried the family businessand the family nameacross Europe, winning fame as the financiers who funded the Duke of Wellingtons victory over Napoleon. In later years, the Rothschilds arranged loans for the Prussian government; kept the Bank of England afloat during a financial crisis; financed the British governments purchase of a controlling stake in the Suez Canal; helped De Beers founder Cecil Rhodes establish his eponymous scholarship at Oxford; and played a major role in financing the London Tube. The modern Rothschild family includes vast holdings of art and land, not to mention historic estates and some of the most esteemed vineyards in the French wine country. There are also the financial services businesses, of course. These underwent reorganisation in 2003 when a new holding company, Concordia BV, was created to oversee operations in Europe. Rothschilds Continuation Holdings AG is the holding company for UK and other international businesses; while it remains under the control of the Rothschild family, Hong Kong-based Jardine Strategic owns a 20 percent stake and Rabobank owns 7.5 per cent.
Reaching the world

Perhaps best known as a high-powered advisor, Rothschilds investment banking division provides debt advice and restructuring services, mergers and acquisitions advice, equity advice and advice on divestments and privatisations. Other divisions cover private banking and trust, merchant banking and corporate banking. It has approximately 2,800 employees in 49 offices worldwide, though its footprint remains largest in Europe.
Rothschilds industry sector groups include property, financial institutions, consumer products (in which it has a joint venture with Rabobank), transportation, health care, natural resources, industrials, business services, oil and gas, infrastructure, media and technology, and financial sponsors.
Russia restructuring
In January 2009, Russian oligarch Oleg Deripaska retained Rothschilds London office to restructure the 9.5 billion ($14 billion) debt of United Company Rusal, his massive aluminum company. Rusal needed the help: after spending most of 2008 trying to arrange a hostile takeover of rival Norilsk Nickel, the Russian government had to provide a $4.5 billion debt relief loan. Kremlin observers say the Rusal debt restructuring is part of a government-backed plan to merge Rusal, Norilsk and OAO Metallo-invest, an iron ore company, to create a consolidated mining group that would bring in more than $40 billion annually.
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Rothschilds restructuring team has also been busy in the US, advising the Obama administration on how to restructure the giant automakers General Motors and Chrysler.
A patriarch passes
It was Nathan Meyer Rothschild who founded the London branch of Mayer Rothschilds bank, NM Rothschild & Sons, in 1798and who, it is said, eventually became the richest man in Europe. In February 2009, Nathans great-great-grandson Edmund Leopold de Rothschild, the scion of the family, passed away at the age of 93. In addition to his family and his business legacy, de Rothschild left behind a series of spectacular gardens. Despite leading N.M. Rothschild & Sons for many years, his passion for horticulture was such that he was said to be a banker by hobby and a gardener by profession.
Going for a Songbird

Most of the Canary Wharf office complex in London is owned by Songbird Estates plc, and when Songbird ran into trouble, it called Rothschild. In March 2009, the bank was hired to advise Songbird in response to fears that the company was on the brink of breaching covenants on a 880 million ($1.3 billion) loan that comes due in May 2010. Rothschild is exploring refinancing options and reviewing Songbirds overall financial picture, which is less rosy than it once was: as a result of the global crisis, the market value of the Songbird property portfolio fell over 25 per cent. Songbird had a near miss with the collapse of Lehman Brothers, one of its biggest Canary Wharf tenants; because Japanese bank Nomura acquired Lehmans European business, the building remains fully occupied for now.
Swatman takes a bow

In September 2008, Philip Swatman, a vice chairman in Rothschilds investment banking division, departed the bank after serving seven years in the role. A Rothschild veteran who joined in 1979, Swatman participated in some of the banks most newsworthy deals: he worked on Northern Foods acquisition of Express Dairies; the IPOs of Vodafone and William Hill; and the defense of UK building materials group against a 3.7 billion hostile takeover bid from French construction giant St Gobain. In March 2009, Swatman announced his new gig: he would serve as chairman of Merlin, the London-based financial PR firm.
Picking up a few dealmakers

UBSs loss was Rothschilds gain in March 2009, as the London bank hired senior banker Martin Reitz as head of investment banking for Germany, Austria and Switzerland. At UBS Reitz had served as co-head of German investment banking, advising such companies as Volkswagen, BASF, Bayer, Apax Partners and HG Capital. The move was seen as further proof that Europes independent banks are poised to pick up top talent from bigger rivals, who are struggling to pay bonuses and maintain calm during the credit crisis. Reitz was just one of a dozen recent high-profile dealmakers that Rothschild has hired, and according to Rothschild, all of them cited the banks global independent advisory model as the main attraction.
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Staying busy through the storm

In April 2009, the government of Dubai hired Rothschild to help construct a $10 billion fund aimed at softening the impact of the global recession. Officials at the Dubai Department of Finance began disbursing the funds quickly, saying they would offer most of the support to real estate and property companies. According to Standard & Poors, Dubais economythe second-biggest in the United Arab Emiratesis on track to slump between 2 per cent and 4 per cent by the end of 2009. Rothschild picked up another key assignment in April 2009 when it was retained by Belgian chemical and pharmaceutical conglomerate Solvay to co-run the auction of its lucrative pharmaceutical business. The two-stage auction, which is also being run by Citigroup and Morgan Stanley, is expected to bring in 5 billion ($6.62 billion).
Nice work
Other major deals Rothschild worked on in late 2008 and early 2009 included advising Londons Telereal Ventures on its 750 million acquisition of Land Securities Trillium; advising CSR plc on its 91 million ($136 million) acquisition of California-based SiRF Technology; assisting Unibanco with its $45 billion acquisition of Banco Itau; and advising the Swedish government on its 19.9 per cent stake purchase in the Nordea financial services group as well as participating in its 2.5 billion rights issue. Rothschild picked up its share of banking industry recognitions, too. EuroWeek dubbed it the LBO Advisory Bank of the Year for 2009, and Acquisitions Monthly recognised its work on the 7.8 billion ($15.4 billion) acquisition of Scottish & Newcastle plc by Carlsberg A/S and Heineken as the Cross Border Deal of the Year. In the FT & Mergermarket Awards for 2008, Rothschild won UK Financial Adviser of the Year, Italy Financial Adviser of the Year and Middle Market Financial Adviser of the Year. For 2008, Rothschild ranked No. 12 in worldwide announced M&A deal volume, according to Thomson Reuters; in completed deal volume, it ranked No. 11. It put up similar numbers on the Europe banking league tables, ranking No. 13 and No. 9 in announced and completed transactions, respectively. The banks strongest M&A performance was in France, where it ranked No. 4 in both announced and completed deal volume.
By number of M&A deals, Rothschild ranked No. 8 worldwide for both announced and completed deals in 2008. In Europe, Rothschild consistently ranks No. 1 in number of announced deals (though, in 2008, according to Thomson Reuters, the bank ranked No. 2). It also ranks No. 1 by number of deals year after year in France and the UK. In addition to its established markets, Rothschild has been increasing its success in emerging markets, including Latin America and the Middle East. In 2008, it ranked No. 4 in announced M&A volume in Brazil, and No. 9 in announced M&A volume in the Middle East and North Africa.
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GETTING HIRED
The bar has risen
Landing a job at Rothschild is harder now than it was just a couple of years back, says a corporate finance source. Thats because there are fewer positions available these days, and the firm has always adhered to a rigorous selection process. I believe that you genuinely have to be the right fit for the firm, as well as possess the right attributes for the firm, an analyst says. To get hired, you will need to show not only exceptional talent but a keen desire to work closely within a team environment. While recruiting occurs in all countries, mainly from top universities, sources say that Rothschild most actively targets Oxford, Cambridge, Warwick, Bristol and the LSE, although it also accept applicants, and hire from, other schools, says an insider. In my year, we also have Bath, Edinburgh and Newcastle from UK schools, as well as a significant number of graduates from foreign schools such as HEC, Warsaw, Wharton and Rotterdam. The good news is a wide variety of degrees will be considered for hire. Rothschild looks outside the usual boundaries for selecting their graduates, explains a current employee. There are a lot of graduates with art degrees, languages and unusual backgroundsbarristers, ex-army captains to name but twoas well as the usual complement of finance, economics and accounting majors.
Prepare for intensity

After an initial application, submitted online, candidates move on to two rounds of interviews, including a final round assessment centre (also known as Super Saturday). The first round of interviews usually involves one banker and a recruiterthese are shorter and less stressful encounters than the second round, sources report. On the same day, candidates sit for a numerical and verbal reasoning test. The final stage is two panel interviews with senior bankers, who, according to Rothschild, readily dedicate their time to interviewing at the final round. While the overall tone and direction of the interviews depends on who the interviewers are, at least one insider says, My interviews were quite intense. Some socialising is involved, too: before the Super Saturday event, many candidates go out for a drinks evening on Friday with current graduates.
A leg up, but not a shoo-in

Like graduate positions, the Rothschild internship requires two rounds of interviews that sources say can be just as tough as the regular recruitment process. Yet its the best way to go for those who want a full-time position. As one insider explains, Permanent recruitment via summer internship is becoming increasingly important. Approximately 75 per cent of current graduates were interns is one analysts estimation. However, the internship is not a guarantee: when the summer is over, interns go through a review process and based upon this, one may be offered a place. During the programme, interns receive a highly competitive salary. Best of all, they get the chance to do a wide range of work, including live deals. The internship is a meritocracy in action, says a recent hire. The more you put in, the more you are able to get out.
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OUR SURVEY SAYS

The legacy lives on
No surprise here: sources say Rothschild is not like an American bank at all in its atmosphere. Its family-owned, European approach to investment banking means risk-averse models aiming for long-term success and a good work/life balance compared to American peers. Respondents describe themselves as straightforward and hardworking, with a sense of humour and plenty of responsibility when staffed on smaller deals. They also take pride in Rothschilds legacy and its deep roots in the financial industry; upon hiring, all new graduates meet Baron David de Rothschild in small groups for an hours informal chat. While its history is truly European, these days the firm is picking up American-sized dealsand bigger in a range of industries, from blue chip to midmarket, which some say makes it an ideal M&A environment for a junior banker. The combination of the manageable size of the bank with low staff turnover results in a situation in which bankers at all levels know each other, fuelling a much more positive and friendly corporate culture than the investment banking stereotype would lead you to expect, says a source. Another notes that its very easy to use resources across the banki.e., youre able to ring up other departments or offices in other countries to ask for assistance in projects. Perhaps rarest of all at this moment in time, Rothschild bankers arent worried about their jobs. This holds true this year more than ever before, an insider explains. While larger competitors are decimating their ranks, the words 'headcount reduction' have not been uttered at Rothschild.
Voices down, please

The firms close-knit team atmosphere creates an extremely friendly, trusting work environment with opportunities for considerable responsibility on projects, although insiders say theres a big difference between micro and macro hierarchies at the firm. Its very hierarchical in terms of promotion and career progression, but theres limited hierarchy on a day-to-day basis, says an analyst. For example, new graduates can find themselves working directly with the global head of a division. Ultimately, most believe that good work is rewarded with increased responsibilities, and since uncouth manners have no place in a barons bank, theres no shouting or aggressive behaviour from the bosses.
New hires start with six weeks of basic training on accounting, valuation, etc., and a good HR training team ensures that there is real investment in training throughout your time at the bank. This includes weekly seminars on a variety of topics and other team-specific regular training sessions, plus two weeks off for FSA exams, including training. All told, Rothschild offers an extensive range of training options, and the firm is happy to spend on quality training.
Lots of benefits
Insiders say compensation is competitive, but a few sources believe pay is slightly below industry norms. Insiders are happier with the amount of vacation time they receive, with 25 days holiday plus discretionary days over Christmas. Theres also a pension, including matching of your personal contribution by the company, and taxis in the evening are free after 10 p.m. Obviously, there are no stock options, but contacts mention other perks like health insurance and luncheon vouchers, approximately 3 per day. And, as one source notes, compensation isnt tied
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to the ups and downs of the US dollarbankers are paid in local currency unlike many US banks, which pay in dollars.
A decent balance
Yes, the work often involves long hours, especially for those in M&A and corporate finance advisory. Its investment banking, what can you say? shrugs one insider. Hours are extremely variable and, on average, long, but insiders agree that Rothschild has a very balanced attitude, compared to peers. Although flexibility and availability are expected, especially when deadline pressure is on, theres a culture of avoiding face time. Still, most sources work 70 to 90 hours a week. One mergers and acquisitions analyst says a 9 a.m. to midnight schedule is not atypical, and even though there is not a culture of requiring weekend work, in practice some people put in some hours at least one or two weekends a month. However, says a source, that isnt about trying to appear busy in order to impress managersits only when its absolutely required.
Getting greener
Numerous initiatives [such as an energy reduction plan] have been launched and are starting to be implemented as Rothschild joins the ranks of firms trying to make less of an impact on the environment. However, sources say theres definitely more work to be done. Recycling points do exist around the office, but many people are very lax about complying. Still, general awareness is on the rise, and one contact explains that A new Rothschild in the Community position has increased the aims and amounts we recycle, and has focused our activities within the greater community.
Ties at all times

Rothschilds small and old office impresses few, which is why the vast majority of London-based insiders say theyre excited that a new office building is being built for mid-2011. (The address wont change; construction is taking place on the original site.) Not wearing a tie is frowned upon at the ber-proper firm, where image is important. There are no casual or dress down days, and no light suits. While some banks permit more casual wear on Fridays or when clients arent around, at Rothschild, ties are needed every weekday and dress is always formal, regardless of whether youre meeting clients.
One weakness
Although one contact says, Female bankers in my team are not discriminated against because of their sex, many admit that there are not many female staff on the banking sidethere are very few women hired, and fewer still who remain to attain higher positions. There is nothing done explicitly to promote women in the firm: no women's groups or networking events, or women's mentors, says one woman. But informally, senior women are very supportive to junior women. Similarly, theres no organised GLBT workplace group or structure. One recent hire says, The subject has not once been mentioned in the eight months I've been here. That said, colleagues are
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generally open-minded and accepting. Nor is Rothschild especially proactive in hiring minorities; it has created a workforce thats mainly Europeans with not much diversity. Theres no explicit mentoring or promotion of minorities, insiders say, even though recruiters assess all applicants on the basis of their merits, showing bias to no one. Overall, though, diversity is not the firms strongest point.
Could be worse
Office perks, travel budgets and holiday parties have all fallen victim to Rothschilds cost-cutting, which some say has been aggressive. But given whats going on elsewhere in the financial industry, insiders know they could be a lot worse off. Relative to other investment banks we have fared well given the circumstances, admits a source. In the near future, sources say that revenue will likely be down, but nowhere near other banks, and thus far, Rothschild has avoided government bailouts and the huge losses that other banks have had. Plus, even though 2009 bonuses will be smaller than in the past, insiders say, We're not expecting to see large-scale headcount reductions. Part of the firms strength is its advisory-only businessthe lack of balance sheet risk is a huge competitive advantage right now. This will help us gain new clients as businesses seek an advisor they know will be there, come rain or shine. Meanwhile, recurring business is holding strong: Rothschild is famous for long-term relationships with clients, many of whom have stayed loyal to its advisors (especially the exceptional restructuring team, which has been very active in the current climate). We are relatively well placed to see ourselves through a recession, concludes one employee, citing Rothschilds lean organisation and smart people, as well as its signature intellectual, bespoke approach thats easy to adapt to prevailing conditions.
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PRESTIGE RANKING
THE BLACKSTONE GROUP L.P.

EUROPEAN LOCATIONS
London, UK (HQ) France United Kingdom
40 Berkeley Square London, W1J 5AL United Kingdom Tel: +44 (0) 20 7451 4000 www.blackstone.com
DEPARTMENTS
Advisory Services Alternative Asset Investments Corporate Advisory Services Corporate Debt Distressed Securities Advisors India/Asia Closed-End Funds Long/Short Equity Investments Private Equity Private Placement Advisory Real Estate Restructuring & Reorganisation
KEY COMPETITORS
Goldman Sachs Lazard Morgan Stanley
EMPLOYMENT CONTACT
www.blackstone.com/careers
THE STATS
Employer Type: Public Company Ticker Symbol: BX (NYSE) Chairman & Chief Executive: Stephen A. Schwarzman 2008 Revenue: -US$349.4 million 2008 Profit: -US$872.3 million 2007 Revenue: US$3.05 billion 2007 Profit: US$1.6 billion No. of Employees: 1,340 No. of Offices: 12 Customized for: Graham (efeldman@mail.wm.edu)
THE BUZZ
Very strong brand, with highly skilled people The best in PE, but not so strong in banking A powerhouse Troubled
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Vault Guide to the Top 25 Banking Employers, European Edition The Blackstone Group L.P.
THE SCOOP
Going back to Lehman
The Blackstone Group was first founded as an alternative investment banking back in 1985 by Stephen A. Schwarzman and Peter G. Peterson, two former Lehman Brothers bankers. At Lehman, Schwarzman was the chairman of mergers and acquisitions, and Peterson was chief executive of the firm. Despite their top-level clout, Blackstones early days were humble. When the firm first opened in New York City, it had a startup-sized staff of four and a modest balance sheet of US$400,000. However, the group of four persevered, and Blackstone earned its place in private equity history, particularly in the United States, when it completed the first major initial public offering of a private equity firm in June 2007, raising a US$4 billion dollars from the float. At the time, it was also the largest US IPO since 2002 (unfortunately, due to the worldwide recession, the firms market capitalisation has slipped down to about $2 billion). Today, two decades after its founding, the firm has offices across the US, in Atlanta, Boston, Chicago, Dallas, Los Angeles and San Francisco. It also has international outposts in London, Paris, Mumbai, Hong Kong and Tokyo. The firms global headquarters remains in New York City, in prestigious offices on Manhattans Park Avenue. As an investment group, Blackstone says it maintains a small firm in order to give senior-level attention to clients, and invests only in friendly takeovers rather than in hostile bids. The firm mainly operates in alternative asset investing, such as private equity, real estate, corporate debt and hedge funds, but also has a small but strong corporate and restructuring advisory business. In addition, it invests significant amounts of its own money.
How theyre set up

The firms business segments include corporate private equity, real estate, financial advisory and marketable alternative asset management. The firm is a renowned market leader in private equity investing, and is big international player in the real estate business. Blackstones financial advisory business is structured into three divisions: corporate and M&A advisory services, restructuring and reorganisation advisory services, and fund placement advisory services (for alternative investment funds). Marketable alternative asset management includes funds of hedge funds, credit-oriented funds, collateralised loan obligation vehicles and publicly traded closed-end mutual funds). Blackstones strength as a top global alternative asset manager is evident in its US$91 billion in total assets under management as of January 2009.
Life in Britain
Blackstones US operations (falling under the name of The Blackstone Group L.P.) are set up significantly differently to the firms UK operation, or its international arm. In the UK, Blackstone operates as The Blackstone Group International Limited (BGIL). While the parent firm is a publicly listed American investment and advisory firm, the UK operation is a subsidiary. In addition to offering investment advisory services, BGIL assists affiliates in investment advisory. The subsidiary is regulated in the UK by the Financial Services Authority (FSA).
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Its a private (equity) matter

Recognized as one of the worlds largest and most respected private equity firms, Blackstone focuses mainly on leveraged buyouts of more mature companies and friendly investments in large capitalisation companies. In addition, the firm invests through minority investments, corporate partnerships, industry consolidations and sometimes through startup investments. Blackstones corporate private equity offices are mainly based in New York, London, Menlo Park, Mumbai and Beijing. Blackstone has traditionally relied on private equity funds from a range of sources, including pension funds, insurance companies, high-net-worth individuals, sovereign wealth funds and institutional investors. At the beginning of 2009, the firm said it was in the process of raising (more money) through Blackstone Capital Partners VI, which has a target size of US$15 billion. Blackstone completed its fund raising at the end of 2008 for six funds, achieving investor commitments of a whopping US$36 billion dollars, a major feat considering the grim economic climate.
Weathering the storm

In December 2008, amid a souring global economic climate and decline profits, Blackstone cut 70 jobs, mostly in its New York-based units. A month earlier, the firm had reported a quarterly loss of US$502.5 million, its biggest loss since it went public in summer 2007. Despite revealing losses in November 2008, Blackstone CEO Schwarzman didnt allude any job cuts, opting instead to optimistically state, We are in an extremely strong financial position.
A big score
In better news, at the end of 2008 and in early 2009, Blackstone was contracted by insurance giant AIG to help with its restructuring and sell off its businesses, including the insurance concerns aircraft leasing business. Blackstones relationship with AIG (which infamously nearly crumbled in 2008 and is now largely owned by the US government) goes back many yearsAIGs former chairman and chief executive Maurice Greenberg was a member of Blackstones first board of directors in 1989.
Sinking deeper
In February 2009, Blackstone announced that it had sustained a net loss of $827.1 million in the fourth quarter of 2008, compared with net income of $128.2 million in fourth quarter 2007. The firm also suffered negative fourth quarter revenue of $611.28 million (analysts expected negative revenue of $589.09 million) compared with positive revenue of $344.97 million in the fourth quarter of 2007. A bright spot, or rather a not so dark spot, was that it booked $381.4 million in management advisory fees during the latest quarter, which was not that large of a drop compared with the $447.5 million in similar fees it brought in during the same period a year earlier. Meanwhile, revenue for full-year 2008 came to a negative $349.4 million compared with $3.05 billion in 2007. Blackstone also stated a net loss of $872.3 million compared with $1.62 billion in profit the firm pulled in within the previous year. In a conference call with analysts, Blackstone President and COO Tony James called the current economic conditions a depression but said it wasnt as bad as the Great Depression. James also said that, contrary to media speculation as of late, Blackstone would not try to become a private company again by buying up its stock on the open market.
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Exec compensation takes a tumble

In a Securities and Exchange Commission statement filed in March 2009, amid an industry-wide crackdown on executive pay, Blackstone acknowledged that founder Stephen A. Schwarzmans compensation fell 99.8 per cent from 2008 to 2007from $180 million to $350,000. CEO Hamilton E. James, meanwhile, received a $350,000 salary in 2008, but also received a $15.4 million bonus. Still, James total compensation dropped 73 per cent from the $58.2 million he earned in 2007. The way James and Schwarzman may most be affected in their day-to-day lives is what costs theyre now responsible forboth must reimburse the company for personal use of the chauffeured company car and airplane.
GETTING HIRED
Romancing the stone
A list of vacancies can be found on the firms careers page under open positions. When positions become available, Blackstone invites experienced candidates to complete an application to be included in this process. When it comes to recruitment in Europe, the firms offices are considerably smaller than its US offices, and recruitment is conducted on a case-by-case basis as a result. Its London office is home to four of its business units: corporate private equity investing, real estate investing, funds of hedge funds investing and corporate advisory. If youre keen to work in the European offices then submit your CV and cover letter through Blackstones online recruitment link, found under how to apply on the careers page. You should ideally have experience in one of the business areas listed and appropriate local language skillsor significant experience working in the region being applied to.
Laying the foundation stone

Blackstone offers two levels of internship programme, both of which typically take place in the summer. The summer analyst position is for graduates or those in their final year of study, while the summer associate programme is designed for second-year MBA students, or students with one year of an advanced degree remaining.
As an intern, youll undertake a number of the responsibilities of full-time analysts and associates, receiving the chance to assist on several assignments at once. The comparatively small number of professional staff means that teams are small and your role as an intern will be far from insignificantyoull most likely be expected to take on an integral team position. Internships last for 10 weeks. First-round interviews tend to begin between late January and early February, and are held on campus if your university is among those visited by the firm. Otherwise, they are held in the firms offices. Those selected in the first round are invited for a second interview. If youre made an offer, your programme will begin in early June.
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Joining up
If youre looking to go into a full-time analyst or associate position, click the appropriate How to Apply section on the firms careers page. Analysts are usually fresh university graduates who tend to get more of a look in on the action than one might expect at one of the larger banks. Responsibilities typically include financial analysis, computer modelling, research, competitive analysis and the development of client presentations. Successful candidates kick off their tenure in July with a three-week training course that will take you through the fundamentals of accounting, corporate finance, corporate history and operations, financial modelling, and a look at Blackstones technology systems and database capabilities. If youve just made it through an MBA programme, you might want to join Blackstones associate body. As an associate, youll get panoramic exposure to the full range of financial and strategic issues, whilst working closely with senior members of the firm and as well as clients. If offered a position, youll typically start in early August.
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PRESTIGE RANKING
HSBC HOLDINGS PLC

EUROPEAN LOCATIONS
London, United Kingdom (HQ) Armenia Belgium Channel Islands Cyprus Czech Republic France Germany Greece Hungary Ireland Italy Luxembourg Malta Monaco Netherlands Poland Russia Slovakia Spain Sweden Switzerland Turkey
8 Canada Square London, E14 5HQ United Kingdom Tel: +44 020 7991 8888 www.hsbc.com
DEPARTMENTS
Asset Management Commercial Banking Consumer Banking Credit Cards Insurance Leasing Securities Trading
KEY COMPETITORS
Goldman Sachs Merrill Lynch Morgan Stanley
THE STATS
Employer Type: Public Company Ticker Symbol: HSBA (LSE); HBC (NYSE); 0005 (Hong Kong) Group Chief Executive: Michael F. Geoghegan 2008 Revenue: US$88.57 billion 2008 Profit: US$5.7 billion 2007 Revenue: US$87.6 billion 2007 Profit: US$19.1 billion No. of Employees: 312,866 No. of Offices: 9,800
PLUSES
Committed to a good work/life balance "Collegiate" culture
MINUSES
Too bureaucratic Difficult to make a difference
EMPLOYMENT CONTACT
See careers at www.hsbc.com Customized for: Graham (efeldman@mail.wm.edu)
THE BUZZ
Worldwide opportunities, good for consumer banking Lacks direction Still strong; mostly unscathed by credit crunch Has survived wellpreviously third tier, arguably second tier now
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Vault Guide to the Top 25 Banking Employers, European Edition HSBC Holdings plc
THE SCOOP
The big one
HSBC Holdings is one of the largest financial services firms in the world. Headquartered in London, the global banking group has about 9,500 and more than 310,000 employees throughout Europe, North and South America, Asia, Africa and the Middle East. HSBC was established as the international and uniform brand name in order to better promote the banking group as a whole in 1999. However, with a truly international presence and established local presence in so many countries, HSBC took its internationalism a step further in 2002 by marketing itself as the worlds local bank, an approach thats still taken by the firm. HSBCs largest and most-recognised subsidiaries include HSBC Bank plc in the UK, HSBC France, Hang Sent Bank Limited in Hong Kong, Household International and HSBC Bank USA N.A. in the United States, and HSBC Private Banking Holdings (Suisse) S.A. in Switzerland, Hong Kong SAR, Monaco, Luxembourg, Singapore, the Channel Islands and the UK. In addition to being known throughout the world for its size, HSBC has also earned a reputation for being a well-run organisation. While many other large banking groups have struggled in the midst of the worldwide financial crisis that began in 2007, HSBC has remained relatively (though not completely) unscathed. It has not had to take any government bailout money, remaining one of the better capitalised banks in the world.
A storied history
HSBCs origins stretch back to the mid-19th Century, when Thomas Sutherland, the Hong Kong Superintendent of the Peninsular and the Oriental Steam Navigation Company identified a need for local banking branches both in Hong Kong and along the Chinese coast. The Hong Kong and Shanghai Banking Corporation Limited was founded in 1865, and opened offices in both Shanghai and London. And, over the coming decades and then century, the bank opened branches throughout China, Southeast Asia, and the Indian subcontinent, also further expanding in Europe and North America. Almost a century into its existence, in 1959 the Hong Kong and Shanghai Banking Corporation acquired the British Bank of the Middle East, which was originally known as the Imperial Bank of Persia and had a number of operations in the Gulf Arab states, as well as the Mercantile Bank, which had banking operations in India and South East Asia. In 1965, six years after purchasing the two banks, the Hong Kong and Shanghai Banking Corporation bought a controlling interest in the Hang Seng Bank, which had already been based in Hong Kong since 1933. Through the rest of the 1960s, 1970s, and 1980s, the now banking giant continued its provensuccessful strategy of moving into new markets. In 1981, it established the Hong Kong Bank of Canada, and in 1986, established the Hong Kong Bank of Australia. The following year in the USA, in 1987, the Hong Kong and Shanghai Bank holdings acquired the New York-based Marine Midland bank, further strengthening the massive groups US operations. By this point the group had a global constellation of operations which really needed to sit unified under one umbrella. In 1991, the international constellation of banks and companies owned by Hong Kong and Shanghai Bank were
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brought together under the single ownership and control of the newly created umbrella banking holding company HSBC Holdings, under which business and operations have remained since. In July 2000, HSBC kicked off the millennium by paying a US$11 billion dollars for French banking group Crdit Commercial de France (CCF). The acquisition of CCF, which was established in 1894, gave HSBC a network of 650 branches in France and prompted HSBC to list on the Paris Stock Exchange (now Paris Euronext). In 2003, HSBC opened its brand new European headquarters to 8,000 staff, with its Canary Wharf office in London. The following year, 2004, marked a significant year in the history of HSBCs European operations, as it continued to grow through strategic acquisitionsone of its largest purchases was the financial services arm of the Marks and Spencer Group. The same year, HSBCs French business, CCF, increased its stake in the French private bank Banque Eurofin S.A. to a domineering 84 per cent. In 2005, celebrating 140 years in business in China, HSBC significantly increased its business in the Chinese market, particularly in the areas of insurance. The following year, the banking group expanded considerably in Latin America through HSBC Latin American Holdings (UK) Limited. All was going well until 2007 rolled around. The subprime crisis began to snowball, creating a year of huge challenges for banks, including HSBC, which was directly affected by the struggling US property market through its American subsidiary, HSBC Finance Corporation. The clever thing that HSBC did, though, in 2007, was identify early on that there would be a huge impact of bad debts. As a result, it warned investors by means of a trading statement issued in February 2007, enabling them to, at least, try to prepare for the crisis before it became a swirling vortex. That said, by the end of 2007, HSBC did have to close its US subprime mortgage loans business, Decision One.
Growing in Asia and Europe

In August 2008, HSBC became the first foreign bank to take on a 20 per cent interest in a domestic Vietnamese bank by increasing its existing stake in Techcombank. Also in 2008, HSBC strengthened its Central and Eastern European operations, opening new offices in the former Soviet states of Georgia and Kazakhstan, and expanding its existing services in EU member countries Poland, the Czech Republic and Austria.
Award time
HSBC regularly picks up honours and awards. In November 2008, Global Finance named HSBC the Best Consumer Internet Bank, and in July 2008, The Banker named HSBC the Top World Bank. Also in 2008, Euromoney awarded HSBC Global Markets with the honour of being the Best Emerging Markets Bank.
When the times got tough, staff had to go

Though HSBC may not have had to open its hands for government bailout funds, it did have to make thousands of job cuts in the wake of the worldwide financial crisis. In September 2008, less than two weeks after the collapse of New York-based investment bank Lehman Brothers, HSBC announced it would be cutting 1,100 jobs worldwide, representing 4 per cent of its global banking and market division. Of this number, half were to be from the UK offices. Out of a then-global workforce of 335,000 employees, HSBC assured onlookers that the cuts only affected a miniscule 0.3 per cent of its workforce. However, at the time of the announcement, HSBC executives didnt
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rule out the prospect of further cuts in the near future, having had already booked write-downs of US$18.7 billion dollars since the crisis kicked off in 2007. Just over two months later, in December 2008, HSBC announced it would be cutting more than 500 jobs as bad debts in the US cost the bank an estimated 3 billion.
That scheming Bernie

On December 15, 2008, HSBC confirmed that it had $1 billion exposed to an alleged $50 billion Ponzi scheme (where investors' returns are paid from subsequent investors, not by revenue from any real business) carried out by former Nasdaq chief Bernard Madoff. The week before HSBC's announcement, Madoff was arrested and confessed to masterminding the fraud, which might be the largest of its kind in history. HSBC provided financing to institutional investors who invested in Madoff's funds.
How the tables looked

Year in and year out, HSBC appears at the top of several investment banking league tables. In 2008, according to Thomson Reuters, HSBC ranked No. 7 in all international emerging bonds, working on 19 deals worth a total of US$4.5 billion. In EMEA emerging bonds, HSBC ranked No.8, working on 8 deals worth US$1.4 billion. And In EMEA IPOs, HSBC placed No. 4, underwriting 7 deals worth a total of US$2.95 billion. In worldwide completed mergers and acquisitions, HSBC came in at No. 21, working on 77 deals worth a total of US$78.5 billion dollars across 75 deals. In European announced M&A deals, the firm ranked No. 19, advising on 59 deals worth US$61.5 billion.
So whos the boss?

HSBCs long-serving chief executive for Europe, Dyfrig John, retired from his post after 38 years at the bank, in March 2009. Johns role was filled by Paul Thurston, the group managing director for UK banking. Thurston himself is a long-time employee of HSBC, having joined the banking group in 1975.
More cuts coming

In March 2009, HSBC confirmed that up to 1,200 of its UK employees may be laid off. About a third of the dismissals will come from the bank's call centers rather than the firm's High Street offices, said a HSBC spokesman, and other jobs will be lost at operation centers. However, unions have come forward to challenge HSBC's 1,200 figure, countering that the number of positions cut will actually be around 3,000 when workers are shifted into other sections or resign. At the time, the bank had 330,000 employees worldwide and about 58,000 in the UK.
Profit down, and could get worse

In March 2009, HSBC reported $5.7 billion in net profit for 2008, down considerably versus the $19.1 billion it booked in 2007. And many analysts predicted that HSBCs earnings may slide further as the market succumbs to a recession. In the meantime, the bank was doing what it can to stop the bleeding. Attempting to shore up capital, HSBC said it would ask investors for $18 billion in new
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capital via a share issue, and cut another 6,100 positions. The job losses came from subprime lender Household International, which HSBC plans to shutter (HSBC bought the U.S. lender in 2003 for US$15.5 billion.)
Big rights offering

In April 2009, HSBC sold about five billion shares of its stock to existing shareholders, raising US$19.1 billion in one of the biggest rights offering in the history of the UK. The sale, which fortified HSBCs balance sheet, is expected to allow HSBC to continue to avoid taking capital from the UK government.
Better, but not out of the woods

In May 2009, HSBC posted a $6.6 billion pretax profit on its debt for the first quarter 2009, up from $2.5 billion in the same period in 2008. In a conference call, HSBC CEO Michael Geoghegan admitted that 2009 promises to be a tough year, adding, We are in this recession. We have not come out of it yet. The firm also notes that bad debts increased from the same period in 2008 but were lower than in the preceding quarter.
GETTING HIRED
Easy as HSBC
On HSBCs careers page youll find an extensive range of opportunities for students and graduates. You can search for a programme by the region youd like to work in, or by the business sector to which your experience relates. There is also an international programme, focused around giving you experience in several of HSBCs global locations. At the internship level, HSBC offers paid work placements to undergraduate students in their first or penultimate years. You can undertake a seven-week placement on the first-or penultimateyear programmes, which are centred around retail and/or commercial banking, or sign up for a yearlong undergraduate placement in the banks operations or IT departments. HSBC also offers a 10-week IT summer programme.
Out of the library into the bank

HSBCs graduate programmes are popular among graduates as they span a range of departments and divisions, including commercial management, operations management, executive management, insurance broking, information technology, corporate banking, marketing, human resources and trainee financial planning manager programmes. These last between 18 months and two years, and while requirements vary, the majority require a 2:1 degree (2:2 for retail or commercial management). To apply, simply select the region or business area you are interested in from the student careers section of the HSBC careers page, select your preferred programme and click find out more. This will take you to the page associated with your chosen region, and a link to complete the online application form. The application process opens in June each year, but
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for specific dates check the website at www.hsbc.co.uk/1/2/graduatecareers/home.
Country-hopping
HSBC subdivides its graduate offerings further with a placement aimed at those who want to globetrot. In the international management programme, after an initial seven-week residential training programme in the UK, youll be given your first two assignments. Together, these last 18 months and span a number of roles and locations. Following your third assignment, youll be asked to settle on a business area, whilst remaining internationally mobile. For this role youll need a 2:1 and have at least two languages to an operational levelone of which must be English. Simply click the apply now link on the company careers page to put yourself in with a chance.
OUR SURVEY SAYS

Is HSBC for me?
One insider says its important when joining HSBC to work out beforehand if you are an HSBC type of person, adding that if you arent, then you probably will not last very long. Another experienced hire says the firm is a good, solid company to work for, but its not for those who really want to make a difference or with too much energy. That said, another staff member says, It can be quite difficult to keep projects progressing as senior managers tend to want to sign off on everything. Yet another laments that there is no strategy and poor management within the firm. An outspoken London banker tells us he believes that HSBC could improve how the firm communicates its aims and goals, and where it perceives itself in the global marketplace. He adds, This is also a positive, in the way that the bank is diversified throughout the global environment and economy, with profits tending to break down quite evenly between Asia, the Americas and Europe. All in all, the bank is committed to a good work/life balance and has an ongoing campaign to be on the Best Place to Work lists, one London staffer tells us. A junior insider adds that HSBCs culture is collegiate and the dress code smart. Perhaps a great indicator of the multicultural and international staff in HSBC offices, one insider describes the office vibe as having, Quite an expat flavour, with people rotating round the business into new areas even at senior levels.
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PRESTIGE RANKING
LAZARD LTD
EUROPEAN LOCATIONS
Amsterdam Bordeaux Frankfurt Hamburg London Lyon Madrid Milan Paris Stockholm Zurich
50 Stratton Street London, W1J 8LL United Kingdom Tel: +44 (0) 20 7187 2000 www.lazard.com
DEPARTMENTS
Asset Management Financial Advisory
KEY COMPETITORS
Goldman Sachs Morgan Stanley Rothschild
THE STATS
Employer Type: Public Company Ticker Symbol: LAZ (NYSE) Chief Executive: Bruce Wasserstein 2008 Revenue: US$1.68 billion 2008 Profit: US$3.7 million 2007 Revenue: US$2.05 billion 2007 Profit: US$155.3 million No. of Employees: 2,300 No. of Offices: Locations in 39 countries worldwide
EMPLOYMENT CONTACT
www.lazard.com/careers
THE BUZZ
Probably the best independent bank; Wasserstein's leadership is key Self-indulgent; an incompetent version of Goldman Sachs Excellent reputation and client list Fading in the UK
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Vault Guide to the Top 25 Banking Employers, European Edition Lazard Ltd
THE SCOOP
M&A masters
Called the Granddaddy of M&A, Lazard has advised on some of the most significant mergers and acquisitions in Europe and the Americas since the mid-19th century. The firms modern history can be traced to 2002, when dynamic dealmaker Bruce Wasserstein took over the helm of the firm, becoming chief executive. Wasserstein had a plan when he took leadership of the companyto expand the firm's business so that the Lazard name would be known throughout the world. The firm went public in 2005, and today, Lazards influence indeed reaches almost every corner of the globe. It has 2,300 employees and offices in 39 cities across 24 countries on five major continents, and manages more than US$81 billion in assets for its clients. At Lazard, there are only two main business units: financial advisory and asset management. Its respected mergers and acquisitions practice is divided into industry groups that include consumer, financial institutions, financial sponsors, health care and life sciences, industrial, power and energy, real estate and technology, media and telecommunications. Each industry group is managed by regional or global heads. Lazard also offers financial restructuring, government advisory, alternative investment fund raising and corporate finance services. (In a financial environment where companies are crumbling and bankruptcies are occurring on a daily basis, Lazards well-known restructuring division appears primed to be the firms blue ribbon business in 2009 and 2010). Lazard's asset management business is mainly comprised of equity products, but it also offers fixed income and alternative investments. Lazard's principal executive offices are in New York, London and Paris.
Gold rush roots

How much does it cost to start a financial services firm? For the Lazard brothers of New Orleans, Louisiana, the initial investment was US$9,000, which funded a dry goods business in 1848. One year later, the Lazards relocated to the gold rush town of San Francisco. The brothers, French immigrants, expanded into banking in Paris in 1852. An office in London and a new American headquarters in New York were opened in 1870 and 1880. For decades the three "Houses of Lazard" operated mostly autonomously, developing their own specialties and client lists.
Unification took place in 2000 when the three Houses merged following criticism of Michel DavidWeill, a distant relative of the original Lazards, who took over the company in 1977. After the merger David-Weill became manager of the firm's executive committee, naming William Loomis as CEO. Loomis resigned in 2001 (reportedly because of wrangling between partners in London and Paris, all of whom were accustomed to having their way). Bruce Wasserstein, founder of Wasserstein Perella, stepped in to lead the firm, and embarked on an ambitious plan to expand the firm's international business and recruit top investment bankers from around the world.
Buying out
In August 2008, Lazard Ltd. said that it would buy out the minority shareholders of Lazard Asset Management to the tune of US$240 million. Lazard, which has since recorded a one-time charge of about US$192 million for the transaction, hopes to simplify its business structure and increase the overall share price of LAM's stock with the deal. As part of the terms of the transaction, equity unit
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holders in Lazard Asset Management were given $60 million in cash after the deal closed and the remainder over the course of the next three years.
Loss for Lazard

For the third quarter 2008, Lazard posted a net loss of $77 million, a big drop compared with its $40.3 million profit in the third quarter 2007. Overall revenue was also down, dropping 22 per cent to $231 million (asset management revenue was also comparatively listless, falling 12 per cent to $156 million). The poor showing was due largely to the pummeling the credit and financial markets have taken, which has sent securities prices into a free fall.
Dealing well with the financial crisis

In February 2009, one week prior to the announcement of its 2008 results, Lazard revealed that it had cut approximately 10 per cent of its staff, reducing headcount to 2,200. When it did report its 2008 results, though they were down considerably versus 2007, they werent too bad when compared to those posted by many of its competitors. For 2008, Lazard booked US$1.68 billion in revenue versus US$2.05 billion it reported for 2007. It booked a measly US$3.7 million in net income, versus the US$155.3 million it made the year before (though, the results included a US$192.1 million one-time charge relating to the purchase of all outstanding Lazard Asset Management equity units).
Still in the game

According to Thomson Reuters, Lazard ranked No. 11 in worldwide announced M&A deals for 2008, moving up one spot from the previous year but losing 19.9 per cent in total deal volume (a drop that was better than that of the industry overall; worldwide M&A deals decreased 29.6 per cent versus 2007). For European announced M&A deals, the firm ranked No. 10, a four-place jump versus 2007. And for UK announced M&A, Lazard leaped 12 spots to No. 8. For US announced M&A deals, Lazard dropped one spot to No. 12. A few of Lazards larger deals during the year included Mitsubishi UFJ Financial Group's US$6.05 billion bid for an interest in Morgan Stanley, Nationwide Financial Services' US$2.41 billion sale to Nationwide Mutual Insurance and InBevs monstrous US$52 billion acquisition of Anheuser-Busch (on which Lazard served as InBevs lead financial advisor).
Thats fine, keep the bonus

In February 2009, on the heels of several announcements from industry executives turning down their annual bonuses amid public criticism during the financial crisis, Lazards chief executive Bruce Wasserstein also requested that the board of directors not give him a bonus for 2008 on top of his base salary of $900,000. In 2007, Wassersteins bonus was US$36.2 million (in stock, redeemable in March 2011) and his salary was US$4.8 million.
New faces and promotions

In January 2009, Lazard hired Franois Guichot-Prre and Geoffroi de Saint-Chamas, co-heads of the leveraged finance team in France of the Royal Bank of Scotland. The appointments were made amid ongoing expansion of Lazards European restructuring and debt-advisory businesses.
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In March 2009, Lazard appointed Antonio Weiss to its newly established post as global head of mergers and acquisitions. Weiss, an investment banker living in Paris, has advised a number of clients in Europe, including InBev on its acquisition of Anheuser-Busch and KKR Private Equity Investors in its sale to Kohlberg Kravis Roberts. Lazard CEO Bruce Wasserstein said Weiss "has proven to have a keen understanding of international cultures, has built a knowledge base across a wide swath of industry sectors, and has led Lazard teams on many of our most complex, cross-border and multi-dimensional transactions." In April 2009, the firm continued the expansion of its European debt advisory business, hiring Erwin de Jong from RBS Netherlands; de Jong joined Lazard as head of Benelux debt advisory. In May 2009, Lazard appointed Alexander Doll as managing director of its Germany division, bolstering its investment banking and capital structure advisory in one of Europes most important markets. Prior to joining Lazard, Doll spent eight years at UBS in Germany. In June 2009, the firm announced two further appointments: Jack Lentz, previously head of Lehman Brothers' worldwide energy practice, joined the firm as chairman, international power and gas; and John Stewart, who joined the firm's Australian corporate advisory business as a managing director.
An unforeseen loss
In April 2009, Lazard posted a US$53.5 million loss for the first quarter of the year, a significant fall versus the US$7.8 million in net income it booked for the first quarter 2008. The 26-cent-per-share lossattributed to layoff costs, and a decrease in merger and acquisition activitywas much lower than analysts had anticipated (analysts surveyed by Bloomberg expected Lazard to post a 31-centper-share gain). Revenue also decreased for the quarter, dropping 19 per cent to US$248.4 million.
GETTING HIRED
Stiff competition
Lazard is well known for its presence on the university scene through a series of campus events with a view to picking up top graduates. Check its website for a list of dates and locations. With around 15 analyst vacancies each year, the competition is fierceyoull need at least a 2:1 or equivalent to apply. The deadline to apply is generally mid-November. To give you a taste of the place and pace, Lazard offers 25 summer internship positions in its London office for undergraduates and postgraduates in their penultimate year of study. There are two sevenweek internships run during the summer, one beginning in late June and another beginning in early August. The firm also offers a one-year placement, during which participants complete the nine-week graduate induction programme, before joining a specialist team for the remaining time. The application process for both programmes is in February, but you should check the company careers page for precise dates. Applications for the one-year placement can be made online through the Campus Recruitment section of the company careers page. For internships in Paris, or the firms other European offices, you should send your CV and covering letter expressing interest in any internship opportunities to the appropriate email addresses (also found at the firms careers page).
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Tricks of the trade

Once youre in the analyst programme, youll find yourself working alongside bankers of varying seniority, including managing directors, directors, vice presidents, associates and analysts. In London, youll be assigned to a range of generalist and specialist teams on a semiannual basis. The analyst programme in Paris and the rest of Europe likes its candidates to have an economics or business school background, in addition to a good academic background. The analysts role there is to support transaction teams by carrying out financial and statistical analysis, research, due diligence work and the preparation of client presentations. Lazards graduate training programme consists of residential courses, master classes taught by practising bankers, coaching on the job and visits to the firms European offices. Twice a year the firm discusses individual employees training needs, and arranges a selection of technical, personal, management and business skills courses.
Are you experienced?

The firms financial advisory group looks for professionals with M&A experience from time to time, the firm says. The asset management team seeks applications from experienced buy or sell-side research analysts, and sales and trading professionals. Vacancies for professional positions are posted on the firms website.
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PRESTIGE RANKING
10
BNP PARIBAS SA
EUROPEAN LOCATIONS
Paris, France (Global HQ) London, UK (Fixed Income HQ) Austria Belgium Bulgaria Cyprus Denmark France Finland Germany Greece Hungary Ireland Italy Jersey Luxembourg Netherlands Norway Poland Portugal Russia Slovakia Spain Sweden Switzerland Turkey Ukraine United Kingdom
Global Headquarters: 16, Boulevard des Italiens 75009 Paris France Tel: +33 1 401 445 46 Fax: +33 1 401 469 73 Fixed Income Headquarters: 10 Harewood Avenue London NW1 6AA United Kingdom www.bnpparibas.com
KEY COMPETITORS
Credit Agricole HSBC Holdings Socit Gnrale
DEPARTMENTS
Corporate & Investment Banking Investment Solutions Retail Banking
EMPLOYMENT CONTACT
careers.bnpparibas.com www.graduates.bnpparibas.com
THE STATS
Employer Type: Public Company Ticker Symbol: BNP (Euronext Paris) Chief Executive: Baudouin Prot 2008 Revenue: 27.4 billion 2008 Profit: 3.02 billion 2007 Revenue: 31.0 billion 2007 Profit: 7.82 billion No. of Employees: 205,000 No. of Offices: Locations in 83 countries
THE BUZZ
Well-managed, good derivatives franchise possibly the best EU bank Respected in France, less prominent elsewhere Up and coming Just OKnothing more
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Vault Guide to the Top 25 Banking Employers, European Edition BNP Paribas SA
THE SCOOP
Leader of the pack
BNP Paribas is the largest bank in France and the fifth-largest in the world based on annual revenue. In 2008, BNP Paribas was named Global Bank of the Year by The Banker magazine, the eighth safest bank in the world by Global Finance and the 13th-largest company in the world by Forbes. In 2009, Brand Finance named BNP Paribas the worlds eighth top banking brand. In addition to enviably strong European operations, the banking powerhouse has a solid and growing international presence, spanning 83 countries, with strong operations in both the United Sates and Asia. The banking groups total employee network worldwide boasts more than 205,000 employees, of which 165,000 are in Europe. BNP Paribas can trace its roots back to the early 1800s, though the modern day version of the bank began to take form in 1966, when Comptoir National dEscompte de Paris and Banque Nationale pour le Commerce et lIndustrie united to form Banque National de Paris (BNP). The Paribas Group was formed in 1988 after many (notorious) years of French nationalisation and reorganisation; the group included the Banque Paribas, compagnie Financiere de Paribas and Compagnie Bancaire. In 1999, after the French financial markets authorities gave BNP the green light, it took control of the Paribas Group, creating one of the largest financial institutions in Europe. (In case youre curious, Paribas comes from the phrase Paris et Pays-Bas, which means Paris and The Netherlands.)
The bricks and mortar of it all

BNP Paribas international business is comprised of three key divisions: retail banking; corporate and investment banking; and investment solutions. The banking groups retail banking operations include retail banking both in France and internationally, branch banking, personal finance and BNL Banca Commerciale. The corporate and investment banking business encompasses various divisions, including equities and derivatives, fixed income, corporate finance, structured finance and cash management. The asset management and services business is comprised of private banking, asset management, online savings and trading, securities services, real estate services and insurance.
Trying to buy in Benelux

In October 2008, BNP Paribas announced it was acquiring the Belgian, Luxembourg and international banking and insurance businesses of fallen Benelux banking giant Fortis for 14.5 billion in cash and stock. The deal looked very attractive for BNP Paribas: it would increase its already-strong continental position, boosting its capital position and thus making it the biggest deposit bank in the Eurozonewith France, Belgium, Luxembourg and Italy as its core markets in Europe. The takeover would add 200 billion to BNP Paribas balance sheet, raising its total deposits to an impressive sum of 600 billion. In 2008, Fortis was the largest private employer in Belgium and, as part of the deal, BNP Paribas would pick up 75 per cent of Fortis Belgian operations (the Belgium government retains 25 per cent of Fortiss Belgium operations). In Luxembourg, BNP Paribas would pick up 66 percent ownership
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of Fortis, with the remaining being kept by the government. The Dutch segments of the bank were nationalised by the Dutch government and would therefore not be part of BNP Paribas deal. The deal was expected to close in January 2009, but hit a bump when Fortis shareholders became critical of the acquisition. A court suit followed, and in December 2008, a court ruling determined the Belgium government had not fully considered the interest of Fortis shareholders in the deal to sell the company, suspending the deal for 65 days. The shareholders victory was followed by the collapse of the Belgian government under Prime Minister Yves Leterme, who offered his resignation due to strong indications of obtrusive political interference.
Buying Fortis, finally

In March 2009, BNP Paribas finally arrived at an agreement to purchase 75 per cent of Fortis from the Belgian government. The transaction included an interest in Fortis insurance business in return for assurances against losses and ownership of Fortis Luxembourg bank. In addition, the deal will have Fortis taking a 25 per cent stake of its Belgian insurance group while BNP Paribas promises financial backing. Previously, a form of the deal had Fortis taking just a 10 per cent stake in the insurance unit, but a court decreed that shareholders must be able to vote on the matter. Cementing the transaction, shareholders voted to approve the deal in April 2009 in a meeting that was not too cordialFortis management was bombarded with shoes and coins from furious shareholders, who believed the government did not have their best interest in mind. After the shareholders stopped throwing things, the vote passed with 72.99 per cent support.
Burned by Bernie
When the now infamous New Yorker Bernard Madoff made headlines with his notorious Ponzi scheme in December 2008, public and private investors around the world scrambled to assess their exposure and calculate their losses. Meanwhile, BNP Paribas issued a statement stating that though it didnt have any investments of its own in the hedge funds managed by Bernard Madoff, it does have risk exposure to these funds through its trading business and collateralised lending to funds of hedge funds. The bank went on to state that, if the value of assets of Madoffs hedge funds is determined to be nil, then BNP Paribass losses could amount to around 350 million.
Lehmans wake
Also in December 2008, BNP Paribas announced that its corporate and investment banking division had been adversely affected by the market dislocation and extreme volatility aggravated by Lehman [Brothers] bankruptcy and its violent market repercussions. This resulted in the firm realising negative revenue for the preceding two months of October and November. It also resulted in BNP Paribas announcing that it would be implementing a number of measures in order to immediately address the losses, including reducing its market risk and bonds inventories, evolving products to meet clients new requirements, and considering worldwide staff cuts of approximately 5 per cent within its corporate and investment bank. The banking group did have some good news, stating that its diverse businesses and strong retail banking operations enabled the group overall to be largely profitable during the first 11 months of 2008.
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However, although profitable, BNP Paribas did have an overall tough 2008, not unlike many other financial institutions did. For the year, the bank booked revenue of 27.4 billion and net profit of 3.02 billion, down from 31 billion and 7.82 billion, respectively, in 2007.
Table topping
BNP Paribas is one of the worlds top investment banks, and it regularly ranks among the leaders in merger and acquisition advisory and debt underwriting. According to Thomson Reuters, the bank ranked No. 10 in worldwide announced M&A deal volume for 2008, rising from No. 17 a year earlier. BNP Paribas worked on 120 deals in 2008, worth a total of US$269 billion. In US announced M&A volume, the firm worked on just 4 deals, but combined the transactions were worth US$102.5 billion and thus good enough for a No. 12 ranking, quite a rise versus the banks No. 45 ranking in 2007. In European announced M&A, BNP Paribas cracked the top 10, ranking No. 9 with 93 deals worth a total of US$219 billion. In fixed income underwriting, BNP Paribas ranked in the top 10 in 2008 in several categories, including global asset-backed securities (No. 7), international bonds (No. 9), bonds in euros (No. 2), international securitizations (No. 2), international emerging market bonds (No. 10), Asia-Pacific emerging market bonds (No. 9) and bonds in yen (No. 8). BNP Paribas also ranked No. 10 in EMEA equity and equity-related underwriting, working on eight deals worth a collective US$7.8 billion.
GETTING HIRED
All around the world
Considering that about 165,000 of BNP Paribas 205,000 employees are based in Europe, and the firm recruited 26,000 people in 2008, the scope of opportunity available at the biggest bank in the Eurozone is vast. Of the total number of employees, approximately 19,500 are based in Italy; 63,900 are based in the banks homeland of France and across the groups overseas departments; 15,900 are in North America (20,800 in Americas); and 10,500 are in Asia. To find out more about internships and graduate programmes, visit the firms graduate careers website.
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PRESTIGE RANKING
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BARCLAYS CAPITAL
EUROPEAN LOCATIONS
5 The North Colonnade Canary Wharf London, E14 4BB United Kingdom Tel: +44-20-76232323 www.BarCap.com

Distribution Ecommerce (BARX) Global Markets (Commodities, Foreign Exchange & Inflation-Linked Products) Investment Banking Private Equity Research & Indices Bank of America Merrill Lynch BNP Paribas Citi Credit Suisse Deutsche Bank Goldman Sachs HSBC J.P. Morgan Morgan Stanley RBS Socit Gnrale
PLUSES
Good dealflow Opportunities for progression Better outlook compared to others
THE STATS
Employer Type: Division of Barclays Bank PLC Chief Executive: Robert E. Diamond Jr. 2008 Revenue: 5.231 billion 2008 Profit: 1.302 billion* 2007 Revenue: 7.119 billion 2007 Profit: 2.335 billion* No. of Employees: 20,000 No. of Offices: Locations in more than 50 countries *Before tax
MINUSES
Still not doing the headline deals Long hours Sometimes youre treated like a number
EMPLOYMENT CONTACT
See careers at www.BarCap.com
THE BUZZ
Better shape than the rest Aggressive and arrogant Moved up the ladder after they acquired Lehman Brothers Not really an international player
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Vault Guide to the Top 25 Banking Employers, European Edition Barclays Capital
THE SCOOP
Big Barclays
Barclays Capital is the investment banking division of Barclays Bank PLC, a venerable London-based bank that dates back to 1690, provides retail and commercial banking, credit card, investment banking, wealth management and investment management services. It has a presence in more than 50 countries worldwide, with over 48 million customers and 155,000 employees. The banks retail and commercial operations are provided through six main units: UK retail banking, Barclays Commercial Bank, Barclaycard, GRCB (global retail and commercial banking) emerging markets, GRCB Western Europe and Absa (the largest South Africa financial services institution in terms of customer deposits and loans as well as online banking; Barclays acquired Absa in 2005). Its investment banking and investment management operations are provided through three main divisions: Barclays Capital (the investment banking unit), Barclays Global Investors (the asset management unit) and Barclays Wealth (its wealth management business). Barclays Capital is known as a powerhouse in the fixed income marketplace. Often referred to as BarCap, it was created in 1997 to provide financing, risk management and advisory services to corporate, government and institutional clients around the world. It also offers foreign exchange management, capital raising, and equity and interest rate services. Although it's younger than many of its peers, Barclays Capital's relationship with Barclays Bank PLC allowed it to grow at an astonishing rate: today it has offices in 29 countries and 20,000 employees. The main clients of Barclays Capitals services are large corporate, institutional and government clients, which are offered finance, advisory and risk management solutions. The firm has expertise in a wide variety of products and services, including bonds, commodities, convertible bonds, credit products, electronic trading, emerging markets, equity derivatives, equity origination, foreign exchange, fund-linked derivatives, fund solutions, index products, inflation-linked products, interest rate products, leveraged finance, loans, M&A, market making, municipal finance, prime services, private equity, research, restructuring, securitisation and structured investment products, among others.
Born to goldsmiths
Barclays Bank PLC can trace its roots back to the City of London in the 17th Century, when city streets were paved with goldsmith bankers who financed colonialism by funding monarchs and merchants. John Freame and Thomas Gould were two such goldsmiths, and set up their own firm in 1690. In 1736, a man by the name of James Barclay married into Freames family, laying the foundation for what would eventually become Barclays Bank. By the beginning of the 20th century, Barclays was one of the five-biggest banks in the UK. In 1925, Barclays merged with the Colonial Bank, the Anglo Egyptian Bank and the National Bank of South Africa, establishing operations in the Middle East, Africa and the West Indies. The investment banking business, Barclays Capital, was born in 1986the year Argentina beat England in the quarterfinals of the World Cup. It was also the year Barclays Bank became the first British bank to be listed on both the Tokyo and New York Stock Exchanges.
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Barclays buys the Brothers

More recently, Barclays became famous for buying big in New York, agreeing to acquire Lehman Brothers US investment banking business for $2 billion in September 2008. The deal, struck just one day after a struggling Lehman had filed Chapter 11 bankruptcy, included Lehman's equity, fixed income and M&A advisory units, as well as approximately 10,000 Lehman employees. The deal also included Lehmans trading assets, which had an estimated value of US$72 billion; liabilities worth US$68 billion dollars; Lehmans New York City headquarters; and two offices in neighbouring New Jersey, with a combined market value of US$1.5 billion. Barclays expressed delight at the acquisition, making clear an ambition to increase its presence in the U.S. Barclays Capitals chief executive, Bob Diamond, confirmed the joy when announcing the Lehman deal, stating, This is a once in a lifetime opportunity for Barclays. A few months after the Lehman buy, in January 2009, Investment Dealers Digest named Diamond its Best Banker of the Year for 2008.
Looking to the Middle East

In October 2008, parent Barclays PLC decided to raise approximately $11.8 billion from sovereign wealth funds in the Middle Eastincluding investors in Abu Dhabi and Qatar. Through this plan, Barclays will sell convertible notes and preferred shares through 2019 to the investors in the Middle East. In addition, Barclays will sell securities to new and current shareholders to raise capital.
Share and share alike

Barclays PLCs packed shareholder meeting on November 24, 2008, was a dramatic affair, inviting the presence of 500 people. Though Barclays' deal with Middle Eastern investors was eventually voted throughand the bank received the 5.8 billion it needed22 per cent of Barclays' shareholders voted against the deal, and calls were made for the resignations of Chairman Marcus Agius and Chief Executive John Varley. The duo had already waived bonuses for four bank directors, and put the entire board up for early re-election in an attempt to quell investor anger. At the heated meeting, the ill will surrounding the deal was being made so apparent that Agius was forced to end an open question session following the decision. Upset he never got to ask his question, one investor stormed to the front of the hall and had to be restrained by security. Deciding to offer more than a third of company shares to Middle Eastern investors without offering its existing shareholders the right of first refusal stirred controversy and raised questions as longstanding Barclays investors faced dilution and a contravention of their rights.
Letting the good times roll

Few have been able to compete with Barclays Capital in 2008 when it comes to sweeping up the honours. In December 2008, International Financing Review and IFR Asia named BarCap the Interest Rate Derivatives House of the Year, Supra/Sovereign/Agency/Regional Bond House of the Year, and Australia and New Zealand Bond House of the Year. Barclays Capital was also named Most Innovative in Inflation Products and Most Innovative in Commodities at The Banker magazines prestigious 2008 Investment Banking awards. In November 2008, it won a slew of awards from FX Week (Best Bank for E-Trading, Best Bank for FX in London, Best Bank for Euro/Sterling and Best Bank for Dollar/Sterling). And in October 2008, it was named Structured Retail House of the Year
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by Derivatives Week, No. 1 in equity research (for the sixth year in a row) by Institutional Investor, and Best Syndicate and Best Structuring Bank by Euroweek.
Not bad overall despite investment banking decline

Barclays PLC reported $9 billion in pre-tax profit for 2008, beating analysts expectations of $8 billion while boosting profit 1 per cent versus 2007. The results were buoyed by the purchase of some of Lehman Brothers assets and the selloff of an insurance venture. Barclays retail banking sector also helped the year-end results, as the unit increased profit by 7 per cent to $2.04 billion for the year. But the news wasnt all positive. Barclays Capital posted a pre-tax profit of just $1.94 billion, a 44 per cent decline versus 2007.
Etching out its spot

In a year where the entire market suffered from the fallout from the mortgage industry, Barclays Capital came in at No. 1 in US mortgage-backed securities table, up from the No. 2 spot in the previous year. It also took the top spot in global mortgage-backed securities. The firm held steady at No. 2 on the global debt, equity and equity-related table, working on 1,041 deals worth $401.3 billion, and came in at No. 1 in global debt underwriting as well as all international bonds. In global equity and equity-related deals, the firm placed No. 8 in 2008. In global common stock, it ranked No. 9. On the mergers and acquisitions front, Barclays captured the No. 9 spot on Thomson Reuters worldwide announced M&A table for the second year in a row, though its deal volume dipped 26.6 per cent versus 2007. In US announced M&A deals, the firm ranked No. 4, up from the No. 5 spot, but it suffered a 31.2 percent drop in volume.
Selling off iShares

In April 2009, Barclays agreed to sell its exchange-traded funds division iShares to CVC Capital Partners Group for $4.4 billion. The sale will increase capital (and the bank's tier-one capital ratio), aiding Barclays attempts to steer clear of taking government funding like some of its competitors have been forced to do (both the Royal Bank of Scotland and Lloyds Banking Group are now taxpayercontrolled companies). Barclays, which financed most of the deal itself with a $3.1 billion loan, will keep a 20 per cent stake in iShares.
There is a chance that the deal won't go through. Barclay's agreement with CVC Partners includes a "go shop" clause, allowing Barclays to break the deal if it receives a better offer before June 18, 2009. And a better offer could mean a bigger offer. Insiders told The Sunday Telegraph that Barclays will "consider, rather than solicit" offers for its entire asset management division, Barclays Global Investors, which includes iShares. According to the Telegraph, for Barclays to bite, a bid for BGI would have to be close to $11.7 billion. And indeed, in May 2009, Barclays began talks to sell Barclays Global Investors, after the auction for the Barclays iShares division brought about interest in other areas of Barclays. In the case of BGI, the bank reported that the interest is unsolicited, but may ultimately lead to a deal worth $10 billion, insiders told Reuters news agency. Companies that may bid for BGI include Blackrock and Bank of New York Mellon, the Financial Times and Bloomberg reported, respectively. (Neither bank commented on the potential bidding.) If BGI were to be sold, iShares would not be sold separately.
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Trading heats up
In May 2009, Barclays reported that its first quarter 2009 profit increased 15 per cent from the previous year's first quarter results to $2.1 billion, despite impairment charges and other credit provisions that rose to $3.5 billion from $1.95 billion. The company cited a strong showing in its investment banking division, Barclays Capital, whose trading business helped compensate for soured debts in the midst of a weak economy. Barclays Capital's profit soared 361 percent to 907 million for the quarter, thanks in part to its purchase of Lehman Brothers.
New M&A heads

In May 2009, Barclays Capital appointed Matthew Ponsonby and Mark Warham as co-heads of its European mergers and acquisitions division. Previously, Ponsonby served as global co-head of infrastructure investment banking at Citigroup, and Warham worked as Morgan Stanleys chairman of its British investment banking division.
GETTING HIRED
In general, explains one source, its quite difficult to get hired. Indeed, the hiring process is extremely competitivecompetition is ridiculously high. Crisis or no crisis, theres always been a high standard relating to finance knowledge, even at a basic level. Recruiters want to see well-rounded candidates with strong interpersonal skills, because, as one source explains, the culture fit is quite important; no arrogant Goldman-esque people here. Although some say Barclays Capital chooses hires based more on their potential than their existing knowledge, the mix of tough academic and cultural standards makes successful candidates few and far between. Get an edge by taking action: Dont wait for the deadline, suggests an insider, who describes recruitment as first come, first serve. Recruiting takes place on a rolling basis, and the ongoing selection process is quick to filter out the best candidates from the competition.
Tough, but no tricks

Although its rigorous, insiders say the recruitment process is pretty conventional. All candidates must complete an online application form, online tests and CV screening. Those that pass these stages are usually telephone interviewed before being invited to an assessment centre. Since candidates are hired by a desk, and not placed in a pool, the on-site assessment centre is a chance for candidates to meet the people [theyll] be working with and know exactly what [theyll] be doing when [they] start. This final round may be preceded by networking drinks and dinner with the hiring desk representatives. And according to current employees, candidates should expect standard, competency-based questions focused on CV, experience and skills throughout the process. There were also some brainteasers, recalls a source, and others suggest reading the paper beforehand, in anticipation of questions on news-related items.
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Barclays Capital sends representatives to top-tier universities and recruits all over the world, but candidates can also apply directly online. The hiring process really impressed me, one insider says. They were faster to respond than other firms and organised the interview days earlier in the year.
Meet and greet

A significant per centage of employees come through the summer internship, which is said to be an amazing programme. We had a lot of events in addition to work, a London source says, ranging from dragon boat racing to barbecues. Another respondent says the internship really helped me get up to speed prior to starting the grad programme. Another former intern says the experience offers real-time learning about the job I would hopefully be hired to do, with a full-time offer confirmed in the last month of the internship. Its a great opportunity to get to know different areas in the firm, another insider adds. If you feel the division where you do your internship is not your best place, you'll get the chance to move to a different department if its approved by your manager. Interns are also encouraged to meet with very senior people within the firm, which creates great opportunities to learn about different divisions and build contacts.
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PRESTIGE RANKING
12
UBS INVESTMENT BANK

EUROPEAN LOCATIONS
Basel, Switzerland (HQ) Zurich, Switzerland (HQ) United Kingdom (Graduate Recruiting for EMEA) Austria Belgium Cyprus Czech Republic France Germany Greece Hungary Ireland Italy Luxemburg Monaco Netherlands Poland Portugal Russia Spain Sweden Switzerland Turkey Ukraine
Bahnhofstr. 45 P.O. Box CH-8098 Zurich Switzerland Tel: 41 11 234 11 11 www.ubs.com
DEPARTMENTS
Equities Fixed Income Currencies & Commodities (FICC) Investment Banking
KEY COMPETITORS
Bank of America Barclays Citigroup Credit Suisse Deutsche Bank Goldman Sachs HSBC J.P. Morgan Morgan Stanley
THE STATS
Employer Type: Division of UBS AG Chairman: Kasper Villiger Co-Chief Executives, UBS Investment Bank: Carsten Kengeter & Alexander WilmotSitwell 2008 Revenue: US$2.88 billion 2008 Net Income: -US$34.3 billion 2007 Revenue: US$6.64 billion 2007 Net Income: -US$16.7 billion No. of Employees: 17,171 No. of Offices: Offices in more than 50 countries
PLUSES
The quality of the people Hard work is rewarded Flexibility to work from home occasionally
MINUSES
Lack of management direction Doesn't pay quite in line with competitors Current reputation issues
THE BUZZ
Powerhouse In serious trouble Still a strong name Retreating
EMPLOYMENT CONTACT
See careers at www.ubs.com
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Vault Guide to the Top 25 Banking Employers, European Edition UBS Investment Bank
THE SCOOP
A bad year for a Swiss giant
UBS Investment Bank is one of the main units UBS AG, one of the worlds largest financial firms. Headquartered in Zurich and Basel, UBS serves clients worldwide through its wealth management, investment banking and asset management businesses. UBS has offices in over 50 countries and employs more than 75,000 people around the world. In Switzerland, UBS is the market leader in retail and commercial banking. It comprises four business divisions and a corporate center. UBS Investment Bank, one of those businesses, employs more than 17,000 people and provides securities products and research in equities, fixed income, rates and foreign exchange. It also provides advisory services as well as access to the world's capital markets for corporate, institutional, intermediary and alternative asset management clients. As an integrated global financial firm, UBS AG creates added value for clients by drawing on the combined resources and expertise of all its businesses. Along with its investment bank, UBS AG is a leading global wealth manager and asset managers. The firm holds roughly a quarter of Switzerlands lending market, and is the countrys market leader in corporate and individual client banking. To say the least, UBS AG has had a rough time lately. As a result of serious losses stemming from the subprime mortgage crisis, it reorganized itself and shrank considerably throughout 2008 and the early part of 2009. It did so by exiting businesses, divesting assets, internally restructuring and significantly cutting jobs. The company also received CHF 6 billion in aid from the Swiss government and sold US$39.7 billion of assets to a separate fund run by the Swiss National Bank. Additionally, Marcel Ospel, chairman of UBS, stepped down from the post in April 2009; Kaspar Villiger, Switzerlands former finance minister, succeeded him. The draconian measures were responses to staggering losses: for the fiscal year 2008, its net operating loss was CHF 20.7 billion, putting its 2007 loss of CHF 4.7 billion to shame.
Back in the day

UBS traces its roots to the early days of Swiss financing when a series of mergers, acquisitions and name changes brought a number of Switzerlands banks together as the Union Bank of Switzerland and the Swiss Bank Corporation. These entities merged in 1998 to form UBS AG, and in 2000, the bank acquired a brokerage company, purchasing New York-based PaineWebber.
Fire sale
To further raise cash and rid itself of toxic assets, UBS AG sold a portfolio of US residential mortgagebacked securities for US$15 billion to the RMBS Opportunities Maser Fund, a fund managed by BlackRock. These assets, whose nominal value totaled $22 billion, were mostly subprime mortgagebacked securities. A few months later, in December 2008, UBS sold its 3.4 billion shares in Bank of China to institutional investors. And in January 2009, the company sold its commodity businesses, excluding the commodity index and commodity ETF business, to Barclays Capital, J.P. Morgan and Scotiabank.
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Finding a lifeline
In October 2008, UBS AG received a financial lifeline in the form of a fund set up by the Swiss National Bank. The fund will allow UBS to transfer US$60 billion in toxic assets to the fund. Most of the funds money will be provided by the Swiss National Bank, but UBS will provide US$6 billion in equity capital. Under the plan, UBS will also receive US$5.3 billion in mandatory convertible notes.
Jobs, bonuses slashed

The company announced that it would reduce investment bank headcount to 15,000 by the end of 2009. At its peak, in the third quarter of 2007, the investment bank employed 23,000 people. The bank also reduced variable compensation (also known as bonuses) across the bank.
Trouble with the authorities

In January 2009, as a result of an inquiry brought by the US Internal Revenue Service and the US Justice Department, UBS AG agreed to pay a US$780 million fine and to name US clients whom it had helped evade US taxes by setting up and managing offshore accounts. In a statement, UBS AG Chairman Peter Kurer said, We accept full responsibility for these improper activities. The firm closed those accounts and agreed to release some 250 names (of the 19,000 clients who had been under investigation). The settlement, however, did not resolve the civil action brought about by the US Internal Revenue Service, which asked to order UBS to disclose the identities of 52,000 US clients. Under Swiss financial privacy laws, this information is protected from disclosure. UBS filed its opposition to the enforcement in April 2009, and as of June 2009, according to The New York Times, the US Justice Department was poised to drop the case against UBS. The Times cited an American official close to the matter as saying, To have a complete meltdown in Swiss-US relations and go to the mat with Switzerland three years from now when money is getting back into the system doesnt make sense.
The show must go on

According to the Thomson Reuters, in spite of its difficulties, UBS Investment Bank ranked No. 4 in worldwide announced M&A deal volume in 2008, working on 352 deals worth a total of US$574 billion. UBS also ranked No. 4 for European announced M&A deals in 2008, down from its No. 2 spot in 2007 and No. 6 in U.S. announced, up from No. 10 a year earlier. In addition, it ranked in the top 10 in announced M&A deals in France, Spain, Italy, Germany, the Nordic region, the Benelux region, Asia Pacific, China, Japan, Australia and New Zealand. In underwriting, UBS also fared well, coming in at No. 10 in worldwide debt, equity and equityrelated deals; No. 9 in worldwide mortgage-backed securities; No. 10 in global high-yield debt deals; No. 8 in international emerging market bonds; No. 4 in EMEA emerging market bonds; No. 6 in global equity and equity-related deals; No. 2 in global IPOs; No. 6 in global common stock; No. 8 in EMEA equity and equity-related deals; and No. 7 in EMEA IPOs.
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New CEO: Grbel steps up

In February 2009, UBS AG announced that its CEO Marcel Rohner had resigned from his post and Oswald Grbel, an ex-Credit Suisse executive, would be taking over for him. Grbel, who was coCEO at Credit Suisse from 2003 to 20007, was largely responsible for turning that firm around, and investors seemed to think Grbel would be able to do the same for UBSon the news, the banks shares increased 9.7 per cent in Zurich trading.
More big cuts

In April 2009, UBS AG stated at its annual general meeting that it will reduce its workforce from 76,200 at the end of March 2009 to around 67,500 in 2010. According to UBS, he cuts reflect the changed market conditions and reduced levels of business.
Bye to Brazil bank

UBS AG agreed in April 2009 to sell its Brazil banking unit UBS Pactual to Andre Esteves, who previously ran the division. The US$2.5 billion sale will result in a small loss for UBS mainly due to currency translation, but will have a positive impact on the banks capital position. UBS bought Pactual for US$1 billion in 2006 and sold the bank (to Esteves company BTG Investments) at a price higher than its book value.
Goodbye, Jerker
In April 2009, UBS AG announced that Jerker Johansson, head of UBS Investment Bank, would be leaving the firm. (UBS Investment Bank has been the source of nearly all of UBS AGs credit crisisrelated losses.) UBS replaced Johansson with co-CEOs: Alex Wilmot-Sitwell, previously co-head of UBS global investment banking division and chairman and CEO of UBS Europe; and Carsten Kengeter, co-head of fixed income, currencies and commodities.
Down again
In May 2009, UBS AG posted a first-quarter 2009 net loss of CHF 1.975 billion, thanks to big writedowns (including a hefty one connected to monoline insurance companies), a goodwill impairment and severance costs from the sale of its Brazilian division Pactual. Though the results werent as bad as the CHF 11,617 million net loss the firm booked for the first quarter 2008, the losses dont appear to be letting up anytime soon. In its earnings announcement, UBS AG noted that it expects to book significant restructuring and severance charges during the second quarter of 2009.
Wage increases intact

In May 2009, UBS AG CEO Oswald Gruebel said the firm will keep to its practice of paying market wages to its employees. This means that despite being disparaged for raising salaries after taking government aid, UBS will still be increasing senior bankers salaries by 50 per cent to avoid defections. UBS also put about $831 million in bonus funds aside in order to help retain senior bankers. The bank will pay out the bonuses over the course of three years. UBSalong with rivals Credit Suisse and Morgan Stanleyhas also inserted clawback provisions into certain bankers compensation, which lets banks retract payments from workers who dont meet specific goals.
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GETTING HIRED
Show your strength
It's not easy to get a position within UBS, says a source, but the assessment process is extremely fair. Candidates still have to navigate standards based on high selectivity for an ever-decreasing number of vacancies, though. A job offer is based not only on technical skills but also on a candidates fit within the team and the firm. Insiders say, UBS is looking for highly intelligent, motivated and personable people who can keep up with our dynamic culture. Which is not to say personality trumps everything: the firms recruiting is as objective as any process I have seen, in that it uses competencies, explains a source. The organisational fit and team fit is secondary. UBS is open to applications from any university, but often turns to top European universities like Oxford, Cambridge, Imperial, INSEAD and LSE. Recruiting takes place both internally and externally, a source adds. Employees can recommend candidates.
No surprises here
While the firms recruitment process can be rigorous, depending on the role and level of entry into the organisation, respondents use words like standard and generic to describe the various stages involved. An initial application form and online tests leads to on-site numerical reasoning and IT aptitude tests, plus two one-to-one interviews, followed by a final classic IB assessment centre consisting of group exercise, interviews and case study presentation. Experienced hires may encounter multiple interviews that are competency-related, and, depending on the role, mathematical and personality profiling is administered. Questions typically cover strengths, weaknesses, your resume, and motivation for applying to the industry and us specifically. There may also be talk about technical IT experience and potential. I was asked a number of competency-related questions about teamwork, professional behaviour and client service skills, one banker remembers. Another analyst notes, I liked that it wasn't a Q&A but a nice chat where they appreciated sincerity and creativity rather than just filling the gaps and ticks in a form. I would say the assessment centre was very well balanced between the technical and the business. An associate director offers this advice: Interviewers also like candidates to display knowledge about the bank's operationsdeals, management, history, etc.
Lasting impact
Internships are a very strong channel for recruitment into the graduate programmes, says a source. Managers like internships as they give them a very good view of the candidates potential. Participating in the internship has become increasingly important, as we are trying to recruit candidates early in their career in order to be able to retrieve top students. Besides, given market conditions, an internship will be a significant differentiator when it comes to selection, because there are fewer graduate positions likely to be available. Former interns say they performed real work on projects, and participated in team building exercises, as well as education sessions on the organisation for my business area and all business areas. One ex-intern calls it a fantastic experience that paid similarly to what I get as a full-time
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employee. The program begins with one week of training in New York for all global MBA interns; the remaining nine weeks are spent with an allocated group. Interns are given as much work as they can handle, often on a live transaction, an insider says. Their midterm review includes a case study, and theres plenty of emphasis on networking both within the intern group and with other bank employees, often at a senior level. A current employee adds, I was given two pieces of project work to deliver [as an intern], which I was pleased to discover were still in use when I returned as a graduate 18 months later.
OUR SURVEY SAYS

Loyal, but struggling
UBS employees are professional, intelligent, considerate, well qualified types who work hard and play quite hard. With many people from different countries and cultural backgrounds, its a diverse yet extremely collegial culture in which contribution is always recognised and everyone's input counts. High levels of performance and commitment are expected, but insiders say UBS allows employees to have a reasonable work/life balance. One source says that he was initially attracted to the firm by its emphasis on training, acceptance of career changers, old school prestige and momentum in gaining global market share. Of course, that momentum has suffered lately and thats the biggest source of dissatisfaction for most employees. Morale has taken a beating recently, which up until the last 18 months was always strong versus peers, a UBS veteran admits. The firm has a lot of long-timers compared to other banks, but that loyalty is being tested due to the company's continued woes. An insider reports being very disappointed with the poor decisions that led to large-scale UBS losses and very poor articulation by senior management to employees about ongoing restructuring plans within bank.
Not too rigid

Hours are long and getting longer for employees in the wake of layoffs, because nothing is giving in terms of the business appetite to grow. Although insiders say that this needs to be addressed given redundancies, UBS, for the most part, still has fairly standard hours for the industry. I regularly work more than 10-hour days but do not often exceed 60 hours per week, one banker says. Others really appreciate the flexibility of being able to work from home now and then. I sometimes log in during the evenings, or check my BlackBerry, as I leave work early to collect my children from school, one parent says. Working late-evening hours most often involves phone conversations with teams or clients in the U.S., and looking at emails. Some sources say they rely on weekend hours to catch up by reading documents or email, but agree that there is not a big face time culture here. My workload is very transaction dependent, an associate says. If Im busy on a number of transactions, I will spend time working out of hours both from home and in the office. People at UBS remain relatively flexible about when work is done, as long as it gets done, which allows people a reasonable scope for a social life.
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Choice of benefits
For new hires, the starting salary is very competitive, with a sign-on bonus guaranteed. While many believe tough economic conditions will lead to less emphasis on bonuses going forward remember, the year-end bonus is discretionaryemployees arent concerned about major compensation reductions. Firm perks remain in place, including the Value Flex plan, which is equivalent to 14 per cent of base pay and can be taken as cash or used for extras like pension benefits, health care, dental, travel insurance or additional holidays, up to 10 additional days of annual leave. Standard vacation time is 25 days, and UBS employees also receive reduced rates for access to cultural institutions and interest-free loans for travel and gym membership. Perks even extend across the pond: New York is a particularly good deal, says one London insider who enjoys free access to all the main galleries and museums.
Ready for responsibility?

Clearly there is a direct link between seniority and accountability, says one contact. However, in relationship terms, employees are treated as equals. Managers offer their subordinates respect and tolerance but also great support and belief, and are said to be motivating and encouraging of professional and personal developments. Junior bankers receives meaningful responsibilities from day one, and are always pushed gently to learn and rotate to have, from early on, a wide vision of the bank and industry. A more serious problem arises at the higher levels of management. As one trader puts it, The communication by senior management can be appalling. A director points to disjointed leadership, noting that the rank and file often feels that the doors are closed in Switzerland when decisions about our future are being made. Training gets solid marks from sources who call the internal training facility excellent, with additional education provided externally if we dont have the knowledge in-house. There is a range of internal courses that you can enroll on, a source says. Some are computer based training that you can do at your desk, others are classroom based. The classroom courses are sometimes difficult to get on due to demand and limited offerings. Another insider tips, Sufficient training is provided, but your manager has to drive the process. Furthermore, Most training is of the on-thejob variety, so it depends on the quality of the people on your particular desk or team.
Making the effort

There are loads of programmes available to celebrate different cultures and minorities at UBS. There is a lot of effort put towards hiring and mentoring women, one woman says, who adds that there is a very strong womens network that organises events and provides mentoring. Many UBS women look forward to the networks regular speaker series featuring notable women from finance and industry. However, this has not translated into many senior women at the firm yet, and one source whos involved with the womens network says undoing vestiges of a macho culture will require real patience and hard work, on both the employee and employer side.
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With employees from around the world, insiders say many different cultures and countries are represented in the very diverse workforce. They also applaud UBS for its thriving GLBT network, which includes openly gay employees at many levels of the firm.
Green everywhere (well, almost)

A firm-wide initiative has led to recycling, using recycled paper, turning off lights and turning off computer monitors in the offices. We also have an internal interest group for environmental issues, and one source says, They are committed to being carbon-neutral in the next few years. Organic fair trade coffee, electricity reduction, water saving devicesyou name a green initiative and I bet we have it, an associate says. UBS has also hired a senior scientific advisor, Sir David King, to advise on all matters with a specific emphasis on global climate change and the challenges it poses to sustainable economic growth. But the greening of UBS may take a while to impact its entire business. As one trader shrugs, They talk a good game but then go and invest in coal-fired power stations.
Classy culture
Functional at best is how offices are described, and while they are comfortable, they could be nicer looking. Theres free tea and coffee provided, but dont expect anything over the top luxurious. One London analyst describes the space as better than other companies, but my floor is due for refurbishment. Other floors in the same building are better. The trading floor was last renovated in 1997, so its getting a little tired. Clothing-wise, the office is very conservative business casual or business formal, and client contact is always the latter. Most senior people are 100 per cent business formal, and while the firm policy is no shortsother than that pretty much anything goes, insiders say people generally take pride in their appearance and dress appropriately for work. Client-facing personnel are generally encouraged to come in a suit in case of meetings, explains a source.
Planning the recovery

UBS still has some serious challenges to return to stability, and respondents are keenly aware of the beating the bank has taken, both in terms of its losses and public opinion. Morale has definitely taken a large hit because of litigation in the US with our wealth management division and tax evasion charges, and bonus and salary cuts have not helped. Like employees at other banks, UBS insiders know theyre under intense pressure, but they are starting to see some glimmers of hope. Despite the bad headlines, one insider says, I think people also see we still have a lot of potential if we can recover from this. Another source points to growth prospects due to our business and geographic mixskewed toward wealthy individuals, Europe and Asiaand the strong support of the Swiss financial centre. Theres also a sense that what goes down must come up. UBS Investment Bank was the first to enter this downturn, a contact says, and will be the first to come out of it.
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PRESTIGE RANKING
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SOCIT GNRALE SA
KEY COMPETITORS
BNP Paribas Crdit Agricole Natixis
29 Blvd. Haussman Paris, 75009 France Phone: +33 1 4214 2000 Fax: +33 1 4214 5451 www.socgen.com
PLUSES DEPARTMENTS
Corporate & Investment Banking International Retail Banking Financial Services French Networks Global Investment Management & Services Good opportunities both to switch teams and focus Weekend work is rare
MINUSES
Seniority counts more than it should Career progression not as rapid as desired
THE STATS
Employer Type: Public Company Ticker Symbol: GLE (Euronext Paris) Chairman: Daniel Bouton CEO: Frdric Ouda Deputy Chief Executive Officers: Didier Alix, Sverin Cabannes 2008 Revenue: 21.866 billion 2007 Revenue: 21.923 billion 2008 Profit: 2 billion 2007 Profit: 0.9 billion No. of Employees: 163,000 No. of Offices: Offices in 82 countries worldwide
EMPLOYMENT CONTACT
See careers at careers.socgen.com/groupe/en/home.html
THE BUZZ
Strong investment banking divisionvery selective Trading scam; hurt by Kerviel Very good in derivatives Haughty French
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Vault Guide to the Top 25 Banking Employers, European Edition Socit Gnrale SA
THE SCOOP
A bank decreed
French banking giant Socit Gnrale was formed by a decree signed by Frances then-emperor Napoleon III on 4 May 1864, founding the firm in order to foster the development of trade and industry in France. During the past two centuries, thats what Socit Gnrale has done. Socit Gnrale fast evolved into a leading European financial services company and a major player in the global market. The firm began its international expansion in 1871 with the opening of a London branch. By 1913, the booming banking powerhouse had established 1,400 branches and established itself as a network bank. The company remained private until 1945, when the banks capital stock passed into the hands of the French government. Then in 1970, Socit Gnrale stepped up its international development, concentrating on Asia and Eastern Europe. Ten years later, in 1980, the bank had branches in 54 countries. At end-March 2009, GIMS (Global Investment Management & Services) had 332 billion in assets under management, 2,762 billion in assets under custody and 8.8 billion in direct banking.
Not immune to state aid

Socit Gnrale avoided the staggering losses attributed to mortgage-backed securities and subprime loans that spelled catastrophe for so many investment banks in 2008. Nevertheless, in January 2009, after announcing that it broke even for the fourth quarter of 2008, the firm accepted 1.7 billion from the French government. Regarding Socit Gnrales fourth-quarter breakeven results, and its 2 billion profit for the fiscal year 2008, Pierre Flabbee, an analyst at Kepler Capital Markets, had this to say to the International Herald Tribune: "They are not what you would call very good results, but it reassures in a market where anxieties are maybe excessives.
The new wave of global expansion

Socit Gnrales capital markets subdivision was created in 1987, and Socit Gnrale was privatised soon after. The next year, and following the lead of many commercial banks, the firm acquired an investment banking arm, purchasing New York-based Cowen & Company. The following year, Socit Gnrale set up retail banking outside France, expanding into Romania, Bulgaria and Madagascar. The firms Central European operations, combined with Socit Gnrales acquisitions in Africa, have headed up the banks external growth. It also owns 64.7 per cent stake in Russias Rosbank.
A Gnrale feeling
Socit Gnrale Group is divided into four businesses: retail banking, specialised financial services, global investment management & services and corporate and investment banking. In France, the banks retail banking division runs two distribution networks in tandem, Socit Gnrale and Crdit du Nord. In Europe, the specialised financial services activities of the bank have seen it become a major player over the past five years.
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Socit Gnrales Global Investment Management & Services division is huge, encompassing five complementary business lines: Socit Gnrale Asset Management, SG Private Banking, Securities Services, Newedge, a multi-asset brokerage business and Boursorama, an online banking platform. This division employs 11,000 people worldwide. SG Private Banking has offices in 21 countries, offering wealth management services to clients with a net worth of more than 1 million. In 2008, SG Private Banking was ranked best private bank worldwide for structured products, and best private bank in Japan and in Luxembourg by Euromoney. Also in 2008, Socit Gnrale Securities Services acquired UniCredits Capitalia Groups clearing, custody, depositary bank and fund administration businesses. The acquisition brought SGSS an additional 102 billion in assets under custody and an additional 27 billion in assets under administration.
Problems au gnrale
In late 2007, Jrme Kerviel, a junior trader at the bank, was found to have stolen computer codes and falsified documents, costing the bank 4.82 billion. Kerviel was arrested in January 2008, served about six weeks in prison, and was released in March; the next month, he began work at Lemaire Consultants & Associates, a firm that specialises in computer security and system development. Per the conditions of his release, Kerviel cannot enter trading rooms or exchanges, and cannot engage in any activity related to financial markets. A lawyer for Socit Gnrale, Jean Veil, said that he was delighted that Kerviel had found employment. It means he will be in a position to start repaying the bank, he told The New York Times.
Asset management: a one-two punch

In January 2009, Socit Gnrale has signed a preliminary agreement with Crdit Agricole in order to combine their asset management operations. The new entity will combine the entirety of Credit Agricole Asset Management group, and the European and Asian activities of Socit Gnrales asset management business, SGAM, as well as 20 per cent of TCW, its asset management subsidiary in the United States. The combined group will be the fourth-largest asset manager in Europe and No. 9 globally. Ownership will be split between Credit Agricole (a 70 percent stake) and Socit Gnrale (the remaining 30). The new entity will have 638 billion of assets under management (as at September 30, 2008), more than 1.8 billion of net banking income and 0.9 billion of gross operating income (annualised nine months figure as at 30 September 2008, before synergies). Geographically, the merger will extend coverage to 37 countries. Also in 2008, Socit Gnrale sold its UK segment of SGAM to GLG Partners. SGAM UK had some $8.2 billion under management. And as of February 2009, the company said in its year-end earnings letter, Socit Gnrale plans to merge SGAM Alternative Investments with Lyxor Asset Management.
Madoff and me
The New York Times reported that when it looked into Madoff Investment Securities in 2003, Socit Gnrale put it on its internal black list, believing something was amiss with Madoffs investment vehicle. The French bank did not reveal its suspicions to any other members of the financial community. As a result of its skepticism, Socit Gnrales total exposure to Madoff is less than 10 million.
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Heres to private banking

In June 2008, Socit Gnrale bought a 37 pe rcent stake in Rockefeller Financial Services, a New York-based firm that provides services for high-net-worth individuals. As of March 2008, Rockefeller had $29 billion in assets under management, while SG private banking had about 71 billion. The terms of the deal were not disclosed. Socit Gnrale further strengthened private banking on its home turf recently, opening offices in Bordeaux, Marseille, Lyon and Lille. In 2009, it will open additional private banking branches in Strasbourg and Rennes.
Tremendous improvement
On its home turf, Socit Gnrale ranked No. 9 for announced French M&A in 2008, according to Thomson Reuters. That No. 9 post is the result of US$35.9 billion in deals. As for worldwide announced M&A, the bank ranked No. 18a tremendous improvement on its No. 39 position a year earlier.
Chairman steps down

In April 2009, Socit Gnrale Chairman Daniel Bouton said that he would resign from his post after spending more than a decade with the firm. The bank, which had been mired by the aftermath of a $6.44 billion trading fraud in 2008, had also been handling scandal-related attacks against Bouton calling for his resignation. Bouton, who offered his resignation shortly after the fraud was uncovered, was asked to stay in his role by the boardeven though the banks trading loss resulted in Socit Gnrale being made to request a US$7.2 billion capital increase to mend its finances. In a statement (April 2009), Bouton said attacks against him risk harming the bank and its 163,000 employees, adding that in the present financial and economic storm, priority must go to unity." A year earlier, in April 2008, Socit Gnrale had dissociated the functions of chairman and CEO. Bouton, who had held the post of chairman and CEO since 1997, was named chairman and Frdric Ouda was named CEO. Philippe Citerne and Didier Alix were confirmed as co-Deputy-CEOs.
Write-downs and losses

In May 2009, Socit Gnrale reported a US$370.6 million loss for the first quarter 2009, a big drop from the US$1.47 billion in profit the firm pulled in for the first quarter 2008. CEO Frederic Oudea pointed out that the firm, which is still rebuilding after enduring a trading scandal in 2008, "registered an excellent commercial performance and high revenues," but added that Socit Gnrale "fell into a loss due to losses and provisions on risk assets."
GETTING HIRED
Name drop
Socit Gnrale recruits actively in France as well as internationally. In its home country, the groups approach is based on pre-recruitment via work-study programmes and internships within various business lines and sales training. These programmes are offered
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to more than 1,000 graduates yearly. The placement may be part of a sandwich course or an initial posting immediately after your degree, lasting three to six months or more. A significant proportion of trainees are offered a permanent position at the end of their placement, staying on to pursue their careers in one of the banks many different fields. More information can be found at careers.socgen.com/groupe/en/evolving/students-1.html. SocGen also holds various recruitment forums in France throughout the year, a schedule of which can be found at the following link: careers.socgen.com/groupe/en/home.html. If you are a European citizen interested in international work experience, Socit Gnrale also offers the V.I.E. for people between the ages of 18 and 28, who have a minimum of a bachelors degree. The programme involves assignments of six to 24 months throughout the international SG network and applications can be submitted via the firms careers website. More information can be found at careers.socgen.com/groupe/en/evolving/recent-graduates.html.
OUR SURVEY SAYS

Where diversity is key
The office culture is quite diverse, and depends on which team you fall into and who your manager happens to be, a worker in Paris says, adding, Ive had three different managers, and feel like the culture, hours and career growth differed amongst the three. On the whole hours vary a lot, he adds. Dont expect a 35-hour week; its more like 50 to 60 hours, with peaks being higher. Weekend work is rare, however. You actually need your bosss permission to do work on the weekend. An employee on the graduate international programme is pleased that the corporate culture is not as stressful as is often the case in American banks, saying, There is time to have a chat or coffee with your colleagues. With respect to diversity, an analyst in Paris observes there is good ethnic diversity within the French employees at the firm, as well as a surprising number of foreign staff. In the London office particularly, a graduate international programme worker says, The teams I worked in were up to 50 per cent women, from analyst to MD, and also included people from different cultures and backgrounds. When it comes to advancement, seniority counts here more than one might think it should, a banker in the Paris office confides, meaning you may not rise as rapidly as you like. On the other hand, theres a lot of lateral mobility within the organisation. Theres a conception of mobility where youre expected to move departments every three to four years, less frequently once you are more senior. This does give you a lot of different things to try out. A worker in London corroborates this, noting, You are able to switch teams and focus, especially in the Paris office.
Bringing home the bacon

Salaries are raised yearly, and you can expect to receive an annual performance-based bonus, as well as a signing-on bonus. On top of pay, on a French contract, you can look forward to 25 days holiday per year, plus 16 to 18 days off for overtime. In the UK, youll receive 25 days off per year. Once a year, employees can buy stock options for a preferential price, an employee adds. Other perks also available include gym memberships and additional health insurance.
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PRESTIGE RANKING
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NOMURA INTERNATIONAL PLC

EUROPEAN LOCATIONS
Nomura House 1 St Martins-le-Grand London, EC1A 4NP United Kingdom Tel: +44 (0) 20 7521 2000 www.nomura.com/europe

Asset Management Global Investment Banking Global Markets Global Merchant Banking Retail Bank of America Merrill Lynch Barclays BNP Paribas Citi Credit Suisse Deutsche Bank Goldman Sachs HSBC JP Morgan Lazard Mediobanca Mitsubishi Financial Group Mizuho Morgan Stanley RBS Rothschild UBS
THE STATS
Employer Type: Public Company Stock Symbol: NMR (NYSE) CEO: Kenichi Watanabe 2009 Revenue: US$6.6 billion 2009 Profit: -US$7 billion 2008 Revenue: US$13.9 billion 2008 Profit: -US$590 million No. of Employees: 25,000 No. of Offices: 190
PLUSES
International exposure Seniors who support your career development Strong team spirit, strong momentum
MINUSES
Lacking brand recognition Top-heavy organisational structure in some departments Still distracted by the Lehman bankruptcy/integration
EMPLOYMENT CONTACT
Follow the careers link at www.nomura.com
THE BUZZ
Up and cominggaining position in Europe after Lehman acquisition Culture in chaos StrongLehman purchase was a good deal Unproven
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Vault Guide to the Top 25 Banking Employers, European Edition Nomura International plc
THE SCOOP
From Tokyo to the world
Nomura International plc is the UK-based subsidiary of Nomura Holdings, Japans largest securities group. As of April 2009, Nomura boasted 20,300 billion (US$203 billion) in assets under management. Its 190 offices are located in 30 countries, including 15 offices in Europe and the Middle East. Best known in Japan as a domestic retail bank, Nomura has shown increasing interest in expanding its global operations. Worldwide, Nomura offers a full range of securities and investment banking services, including asset management, merchant banking, corporate advisory, derivatives, foreign exchange, sales and trading, research and capital raising. In Europe, its focus is on securities brokerage services, underwriting, M&A advisory and asset management.
A growing group
Tokushichi Nomura founded the Osaka Nomura bank in 1919, giving rise to Osaka-based Nomura Securities, which spun off in 1925. Two years later, Nomura Securities became the first Japanese securities firm to open an overseas office. In 1946, the firms headquarters shifted to Tokyo, and, five years later, it launched an investment management business. Nomura is credited with pioneering the use of investment trusts. It was also one of the first foreign-owned companies to gain membership on the London Stock Exchange. In 2007, Nomura paid US$1.2 billion to acquire Instinet, Inc., a major electronic trading services provider with 1,500 clients worldwide. Today, the Nomura Group is a sprawling financial services network that encompasses Nomura Holdings and its many subsidiaries, as well as 20-plus group companies that provide everything from funds research to consulting to health care financing.
London calling
The financial world took notice when Nomuras global head of investment banking, Hiromi Yamaji, packed his bags for London in April 2009. In a shift that signaled Nomuras heightened focus on Europe, Yamaji announced that the investment banking division would be run from the UK instead of Nomura global HQ in Tokyo. The importance of Japan as our most important market won't change," he told the Financial Times. Even though Japanese retail banking remains Nomuras biggest moneymaker, Yamaji promised that his move "is a message that we place priority on London.
Landing Lehman
In September 2008, Nomura found itself at the center of the world financial crisisand made the purchase of a lifetime. After the spectacular collapse of U.S. investment bank Lehman Brothers, Nomura swooped in to buy Lehmans equities and investment banking operations in Europe, Asia and the Middle East. The Asian businesses sold for 123 million (US$225 million), while the European and Middle East arms went for the nominal sum ofthis isnt a typo1.09 (US$2), which was not a bad deal, considering that Europe and Asia typically represented half of Lehmans annual revenue.
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The move preserved thousands of Lehman bankers jobs outside the US and boosted Nomuras head count by over 8,000. In London alone, Nomura added about 2,500 people to its existing staff of 1,500; Nomura moved the bulk of its businesses into the Lehman Brothers building in Canary Wharf. Under the terms of the sale, several Lehman managing directors remained in place, and reports revealed that Nomura offered generous compensation and all-cash bonus payments to retain several top Lehman bankers.
Trouble?
The Lehman acquisition was clearly Nomuras leap for the major leaguesthe businesses it inherited included rosters of FTSE 100 clients and over 20 offices in Europe and the Middle East. With the deal less than a year old, it remains to be seen how legacy Lehman employees will merge into Nomuras culture and operating system. In March 2009, as the 2008 bonus season approached, Reuters reported that veteran Nomura bankers were concerned about disparities between their pay and the incentives offered to Lehman employees who remained with the firm. Meanwhile, some Lehman bankers have publicly expressed frustration at Nomuras conservative, risk-averse way of doing business, spurring rumors of a mass departure, layoffs or both. Compounding matters, Nomura took a hefty 67.8 billion loss for fiscal year 2008.
Gathering capital
In February 2009, Nomura announced a new share offering, its first since 1989, in an effort to raise 300 billion (US$3.3 billion). The news sent Nomuras shares to a 26-year low as investors worried that the Japanese bank was losing too much capital on bad investments and the costs of merging in Lehman Brothers operations. But the share issue did not seem to be solely intended to recoup losses. Instead, Nomura indicated it also needed the capital to fund expansion plansespecially brewing efforts to make inroads in the US.
Kudos on health care

Some good news from the health care industry sector: in February 2009, Nomura Code, a Nomura International plc subsidiary that specializes in health care and clean tech investment banking, was named Adviser of the Year in the Rosenblatt New Energy Awards for 2009. Nomura Code was cited as the most active clean tech advisor in the UK, representing six listed companies and raising 250 million in eight public market transactions since 2005. In 2008, Nomura raised 20 million in public equity deals for clients like PuriCore and Ceramic Fuel Cells. Nomura beat out rivals such as Morgan Stanley and KPMG for the New Energy Awards honour, picking up extra recognition for its in-house initiatives to promote green purchasing and reduce energy use and waste. Speaking of which, in February 2009, Nomura won a platinum award at the City of London Clean City Awardsfor the third year in a row. The bank was one of just 20 companies in the city to be lauded for its above-average efforts to reduce, reuse and recycle during daily operations.
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Dubai will do
Also in February 2009, Nomura International plc announced that it had been granted a banking license by Dubais Financial Services Authority, opening the door to investment banking and capital markets operations there. Pre-Lehman acquisition, Nomuras Middle East operations were in Bahrain, while Lehman had a presence in Doha and Dubai. In 2008, Nomura secured a license to operate in Saudi Arabia, and is slated to begin business there in the second half of 2009. The firm is also said to be in the process of securing licenses to operate in Qatar. The firms Dubai office will be its largest in the Middle East, and will serve as a link between clients and institutions in Asia and those in Africa and the Middle East.
Off to Italy
Italy is on the expansion list, too. In March 2009, Nomura tapped Andrea Pellegrini to serve as Italy co-chairman and co-head of Italian investment banking, working alongside Alessandro Cremona. Pellegrini had previously served as Merrill Lynchs chairman of the EMEA public sector group and head of investment banking/Italy. Then in April 2009, Nomura appointed Rainer Masera to the banks board of directors in Italy. Masera, former chairman of Lehmans financial institutions group, also holds a position on the board of the European Investment Bank. A former director of the Bank of Italy, Masera served as Italys technical minister for budget and economic planning in the Dini government from 1995 to 1996.
Strong standings
On the 2008 Thomson Reuters league tables, Nomura ranked No. 15 in global announced M&A deal volume and No. 12 in completed deal volume, wrapping 181 transactions worth a total of $268 billion. For European dealmaking, Nomura placed No. 14 and No. 12 in announced and completed transaction volume, respectively; in the UK, it ranked No. 11 in announced deal volume and No. 7 in completed mergers and acquisition volume. Nomura also made the top 10 for completed deals in France, Spain, Germany and Italy, but lingered at No. 20 for completed M&A deal volume in the Nordic region, and No. 14 in the Benelux countries.
Good as gilt
Nomura is one of just 16 firms to be recognized as a Gilt-Edged Market Maker (GEMM) by the UK Debt Management Office and the London Stock Exchange, and the only Asian-headquartered investment bank to earn the status. Thanks to its GEMM designationwhich it earned in March 2009Nomura can now participate in UK gilt auctions and make markets for both index-linked and conventional gilts.
Cutbacks in Asia
In April 2009, Nomura Holdings cut 50 investment banking positions in Asia, representing 2 per cent of the company's total 2,500 workforce in the region (excluding Japan). The bank has struggled with the cost of merging operations with Lehman Brothers, which immediately helped Nomura post a record quarterly loss. The latest round of layoffs followed a few others: in 2008, the firm cut 100 jobs in Asia, 100 in Japan and about 1,000 in London.
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Taking its biggest hit

In April 2009, Nomura Holdings posted its largest annual loss ever for the fiscal year ending March 31, 2009, booking US$7.2 billion in losses compared with a loss of under US$1 billion in the previous year. For its fiscal fourth quarter, the firm posted a net loss of US$2.2 billion, wider than the US$1.5 billion loss in the same period of 2008. Nomura cited trading losses and acquisition costs related to its purchase of the Asian, European and Middle Eastern divisions of Lehman Brothers as major reasons for the slide.
GETTING HIRED
Choosy about fit
The current situation in the financial markets makes it more difficult to get hired at Nomura, which was extremely selective to begin with. The firm is looking for people with diverse backgrounds, raw smarts, strong communication skills, solid technical base and clear leadership potential, as evidence by a top school degree, relevant internships, extracurricular activities demonstrating leadership, team spirit, analytical skills, broad language skill set and experience abroad. (No wonder insiders say the selection process is rigorous.) Cultural fit is very important, sources add, so a lot of significance is given to personality as well as intelligence and capabilities, which means that however well prepared you are, you still might not get in if the interviewers don't feel you'd fit. An associate agrees, remarking that most Nomura recruiters would choose a good fit over the most qualified candidate.
How do you handle pressure?

Nomura recruits at top-ranked UK and European schools. Specific targets include Oxford, Cambridge, HEC, etc., for analysts; LBS, Insead, IESE and Bocconi for associates, a vice president says. We used to actively recruit from top US business schools, but less so now. For campus candidates the general process involves approximately two rounds of interviews. The process consists of an online application, followed by first-round interviews including a competency-based interview and case study with interviewers at the associate or VP level. From there, selected candidates will progress to final round interviews, consisting of further interviews with more senior members of the firm, including managing directors or executive directors. Heads of different desks will size up candidates during the second round, and insiders say their questions are fairly complex, but if you have done the research and are genuinely interested in the programme and the specific area you will be fine. Other questions vary from simple questions about background and experience, to knowledge of finance and the current market. One contact says Nomura has mastered the right mix of questions to really test whether the candidate fits the culture and masters the technical skills required to be successful in his or her position. Its a welcome change from other employers who use useless stress interviews and brainteasers. However, adds another, It is typical for at least one of the MDs to make you uncomfortable by asking extremely challenging questions or
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being slightly abrasive, to see how you react under pressure or to see how you think when faced with a problem to solve outside of your comfort zone.
Real experience
Doing an internship is crucial, as most full-time junior analyst recruitment is done via the internship programme. Especially in the current situation on the financial markets, the majority of full time hires are ex-interns, a source notes. The experience is important both for the technical and soft skills that are taught, as well as the fact that it gives you access to the banks staff, so you get to know people and how the bank works. A summer internship is the best way for the firm to get to know the person and see if he or she fits into the team, an insider says. And for the intern it is great opportunity to gain experience in the sector and see if it is the right job for them. Hiring for the summer entry positions at analyst or associate levels involves two rounds of interviews, sources say, with up to four interviewers in each round. Questions cover everything from achievements and failures to business and industry-specific cases, situational analysis and business/commercial acumen. Those who make the cut earn the same salary as full-timers plus allowance for housing, and former interns say the daily work was no different from a full-time position. I researched potential basket trade ideas around sector M&A themes, assisted sales people with pricing, prepared morning news summaries for clients and prepared pitchbooks, one ex-intern recalls. Another worked on benchmarking analysis, DCF and comparable company/comparable transaction valuations, research and presentations. In addition to various training sessions and networking opportunities, including a corporate social responsibility event, interns typically receive a special summer project to deliver, like a full-scale board M&A presentation.
OUR SURVEY SAYS

So happy together
All of a sudden, Nomura stands alone as the worlds largest independent investment bank, a fact that excites its employee even as they cope with a culture thats in flux. After the October 2008 integration, and despite a round of layoffs at years end, Lehman Brothers is currently dominant in terms of headcount. That means we are still in the phase of redefining a corporate identity, and we still feel a lot of the difference between old Lehman and old Nomura. It is still too early to say what kind of culture will prevail, admits one insider. Nomura veterans say their firm culture means hard work but with nice people, and an open-minded, entrepreneurial spirit that requires a high degree of commitment and drive. The environment is said to be very respectful with less internal competition than at other firms. Nomura sources are proud about finally being a pure play investment bank and having a very exciting and unique opportunity in the current difficult market environment. On the one hand, theres the respect and integrity of a Japanese firm, explains a contact. On the other hand, theres the one firm leitmotif from Lehman, meaning a global integration of the firm.
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As for Lehman, one if its legacy employees says its culture was renowned both in the US and UK for its collegial atmosphere and friendly work environment. Fortunately, this relaxedby investment banking standardsculture has remained intact since the takeover. People are friendly in the halls and common areas; groups go out regularly together, and there is a lot of camaraderie. The associate continues, One thing that has actually improved since becoming part of Nomura is the entrepreneurial spirit. As Nomura is building a global investment banking practice from scratch, those of us in the London are much freer to pursue the opportunities we want. Another recent import declares, As an ex-Lehman employee now at Nomura, I feel like this is a great platform to rebuild something even better than before.
Top teams, combined

Several Nomura departments say theyve grown stronger post-Lehman. Fixed income is gaining momentum following the acquisition of Lehmans business, says a source. There is a great atmosphere on the trading floor, which is rare in the City. Another trader notes, Structured credit was strong at both Nomura and Lehman, and the combined team has very good prospects. Even though the M&A department shoulders its share of long hours, Nomuras advisors are feeling upbeat. I'm very happy in the department I'm in, one contact in M&A reports. I would love to see some more deals, but I'm sure that's a more broad market problem, which will hopefully get resolved at some point. My team is great, offers another M&A insider. Everyone looks out for each other and there is the right balance of knowing when to work hard and knowing when to have fun. We take a team trip annually in addition to holiday parties and other events throughout the year. I often spend my personal time with many of my friends on the team.
Take a break
Compensation is very much in line among international investment banks, although bonuses are a little up in the air becauseyou guessed itcomp policies havent been finalised since the Lehman acquisition. Very specific [pay] conditions were applied to former Lehman Brothers employees who joined Nomura, a source explains, so 2008 was a one-off year in terms of bonus levels and overall compensation. Previously, Nomura sources say, their year-end bonuses were 100 per cent cash, but may be part in stock going forward. Others mention a signing bonus of 7,000 plus a late meals reimbursement policy, night and weekend taxis paid, mobile phone and BlackBerry fully paid. We have 25 days of vacation, which we use, a source says, and that is the important point!
It gets better
Long hours are, of course, part of the industry, but we tend not to do too much face time, which is great. Sources say hours tend to be very long when working on live deals or pitches, but youre normally given enough downtime to recover. Hours are also dependent on market conditions, and some employees say they have to put in some overtime to reach
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clients in other countries, or to attend events outside working hours. Work hours get better the more senior you get, an insider explains. As an analyst, you work 15-plus hours per day on a regular basis. You also have no visibility around your free timeyou can be called into office on the weekend at little notice. However, this does improve over time. Others say Nomura is flexible, in the sense that you can work from anywhere. There is no need to wait around for documents or comments, as you can easily log on from home. While many people wind up doing some work on the weekends, working on the weekend rarely involves full days. Often its just an hour or two on Sunday or Saturday to take part in a call or review some work. One contact estimates that on average, an analyst will work one weekend per month. While there are certainly rough patches, there is no face time on my team, so when you catch a lull, it is totally normal for you to leave the office early and go out with your friends, an M&A insider concludes. At the same time, when things get busy, you are equally expected to stay as long as it takes to get the job done.
All are equal

As someone who helps a lot on recruiting, I have witnessed firsthand the many diverse programmes and outreach to both women and minorities, one source says. The programs are getting more creative and starting at ever younger ages so that students are aware of banking as a career option as they go through their studies. Equal treatment plays a big role, and theres also a womens network initiative called WIN (Women In Nomura), and a number of programs aimed at attracting, recruiting and retaining women. As an Asian firm, diversity is a key initiative at Nomura, explains another insider. The firm is undertaking huge efforts to diversify its workforce in terms of gender, race, religion, social background, but while its diversity is good relative to other firms, sources say theres always more to be done. Outreach to GLBT workers, for example, is not as proactive as minorities and womens groups.
Plenty of space
Nomuras London offices, dating to 2003, contain an on-site restaurant, laundry, coffee shop, juice bar, fitness centre and underground parking. Sources say these are probably the best offices in the city, with special mention for the gym on the seventh floor with all the latest technology and a canteen that serves a wide selection of food. While some complain that the Canary Wharf location is a long distance from Londons central areas, others like the fact that it offers significantly more space than the older buildings in the City. As for what to wear to the office, its usually business style, and even on Fridays people tend to wear business clothesthough some departments will indulge in casual Fridays. And, of course, its formal if we have client meetings. The firm is taking steps to contribute to green practices by promoting energy savings, less paper and seminars to increase green awareness. Offices have installed recycling and energy-saving devicesthough some sources say there is a lack of recycle bins on some floorsand reusable tea and coffee cups helps minimise trash.
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Hello? Hello?
Training is good and has been getting better, a source says. In addition to an excellent four- to six-week course for full-time hires, there is an ongoing training programme for firstyears which brushes up on old topics and introduces new ones. Job-specific training is readily available, so as long as you ask for it and there is a business need, then it is most likely that you will receive the training. Employees also do lots of on-the-job training, and due to the smaller intake they focus on you a lot. Sources say managers show respect, but you have to earn it. If you are good at your job they will trust you. They will give you responsibility quickly, but they also expect a lot from you in return, a contact agrees. While the general rule is respect to colleagues at all levels and maintain professionalism in everything, systems integrations have been challenging and frustrating at times to insiders.
The future looks bright

Selective job cuts aside, Nomura is investing in expanding the investment banking business in Europe and the US, say sources, who note that in the current environment, you have to be prepared for some turmoil and ongoing cuts in areas that are overstaffed. One contact calls the post-acquisition cuts normal in order to organise a new business, and adds that spending and travel are as they were before. Former Lehman bankers sayperhaps its an understatementthat the outlook and atmosphere at Nomura is by far superior to the days when we at Lehman Brothers first learned about bankruptcy and then were going through weeks of uncertainty. Now, theres very little distraction in the form of take-over rumours, multiple rounds of layoffs or government funding, giving Nomura the opportunities to build a leading global franchise with unique access to Asia and making it one of the few stable places with a clear ambition to develop its franchise. One insider cautions that the overall outlook is highly correlated to how many senior [Lehman] bankers stay with Nomura after receiving their guaranteed bonuses, but others describe a growing sense of excitement about what we can build from the ground up. One source says, if all goes as planned, were at the beginning of making a new top investment bank in the world.
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PRESTIGE RANKING
15
BANK OF AMERICA CORPORATION

EUROPEAN LOCATIONS
London, UK (HQ) Belgium France Germany Greece Ireland Italy Luxembourg The Netherlands Poland Russia Spain Switzerland Turkey United Kingdom
5 Canada Square London E14 5AQ United Kingdom 2 King Edward Street London, EC1A 1HQ United Kingdom Tel: +44 (0) 20 7174 4000 www.bankofamerica.com
KEY COMPETITORS
Goldman Sachs Merrill Lynch Morgan Stanley
DEPARTMENTS
Europe Card Services (Legacy MBNA) Global Markets & Research Global Investment Banking Global Product Solutions Global Wealth Management Middle Office Risk Management Technology
PLUS
Big European ambitions
MINUS THE STATS

Employer Type: Public Company Ticker Symbol: BAC (NYSE) Chief Executive: Kenneth D. Lewis 2008 Revenue: US$73.98 2008 Profit: US$4 billion 2007 Revenue: US$68.58 billon 2007 Profit: US$14.98 billion No. of Employees: 283,000 (approx.) No. of Offices: 6,100 retail bank offices Relatively new to some European countries
EMPLOYMENT CONTACT
www.bankofamerica.com/careers
THE BUZZ
Good global player Botched the Merrill acquisition Better with Merrill Lynch Has lots of problems
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Vault Guide to the Top 25 Banking Employers, European Edition Bank of America Corporation
THE SCOOP
Beyond America
Bank of America is one of the worlds largest financial institutions, with customers in more than 150 countries. The company has business relationships with more than 80 per cent of the Global Fortune 500. And as of the beginning of 2009, it could boast about making one of the most high-profile acquisitions in banking history. In September 2008, Bank of America made just about every headline in the world, announcing that it would buy New York-based investment bank Merrill Lynch. On 1 January 2009, the bank acquired Merrill Lynch in exchange for common and preferred stock with a value of US$29.1 billion. BofA, which called the purchase "a great opportunity for our shareholders," expects to achieve US$7 billion in pre-tax expense savings by 2012. When the deal closed in early 2009, it made BofA the biggest US bank in terms of assets, with more than US$2 trillion. It also made the combined firm the largest brokerage firm in the world, with about 16,000 financial advisors; one of the leading investment banking advisory firms, with significant operations in M&A advisory as well as debt and equity underwriting; and one of the worlds top wealth management firms, with Merrill Lynchs nearly 50 percent stake in U.S.-based investment management company BlackRock. In January 2009, not long after the Merrill deal closed, BofA accepted its second round of TARP (Troubled Asset Relief Program) funds from the US government, taking US$20 billion in exchange for preferred stock in the firm. That brought BofAs total TARP funds to US$45 billion (in October 2008, the US government gave US$15 billion to BofA and US$10 billion to Merrill Lynch under TARP in exchange for preferred shares). Many of Bank of Americas services to corporate and institutional clients are provided through its U.S. and UK subsidiaries such as Banc of America Securities LLC, Banc of America Securities Limited and Merrill Lynch. Banc of America Securities LLC (BAS), based in New York City, is the investment banking subsidiary of Bank of America. BASs business spans both domestic US and international investment banking markets. The use of the word Banc tends to confuse some people, but its use bears great significance in that it is indicative of the fact BAS is not a bank, and its deposits and holdings are not insured by the Federal Deposit Insurance Corporation. In the UK, Banc of America Securities Limited is a subsidiary of Bank of America, N.A., and is authorised and regulated in the United Kingdom by the FSA (Financial Services Authority). Headquartered in lower Manhattan, Merrill Lynch had two main business segments when it came into the BofA fold: global markets and investment banking (with subunits of sales and trading; fixed income, currencies and commodities; equities; and investment banking), and global wealth management (which included global investment management and global private clients). Bank of America has offices around the world, with London and Frankfurt being the companys main European locations. The financial turmoil of 2008 contributed to the termination of a multitude of industry groups in Europe, according to the firm, as it downsized its international operations . The companys strongest investment banking groups include leveraged finance and high-yield debt underwriting, in addition to a strong M&A business.
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Bank of Americas global corporate and investment banking group (GCIB) focuses on companies with annual revenue of more than US$2.5 million. This includes middle-market and large corporations, institutional investors, financial institutions, as well as government entities. GCIBs services include M&A, raising equity and debt capital, lending, trading, risk management, treasury management and research.
Awards galore
Through its equity markets division, Banc of America Securities caters to institutional, corporate and hedge fund clients, assisting them to raise capital, manage exposure, grow and invest funds. The bank has achieved considerable success in this realm and that has not passed without recognition. Recent awards include: No. 1 Converts US Market/Global Issuers (Bloomberg, December 2008); No. 1 Algorithmic Trading (Alpha, September 2008); No. 1 Listed Options Market Share (a leading independent research provider, 2007); No. 2 Best Broker for Difficult Trades (Bloomberg, October 2008); No. 2 Best at Recommending Risk Management Solutions (Treasury & Risk Magazine, 2008); No. 3 Overall Best Provider of Derivatives (Treasury & Risk Magazine, 2008); No. 4 Convertibles Market Share (a leading independent research provider, 2007); No. 4 NASDAQ 100 Trade Volume (Bloomberg, full year 2007); No. 5 Worlds Best Brokers (Bloomberg, October 2008); No. 5 US Initial Public Offerings and Follow On Offerings (Bloomberg, as of December 5, 2008); No. 5 Equity and Equity-linked Issuance (Bloomberg, as of December 5, 2008); No. 6 NYSE Trade Volume (Bloomberg, full year 2007) . Additionally, the newly combined organization won several awards in 2009 for its work in Europe. The Banker gave BofA a Europe M&A Deal of the Year award for its work on Electricite de Frances acquisition of British Energy, and a Europe Highly Commended Capital Raising Deal award for its work as sole advisor to Banco Santander. Capital Markets Daily also named BofA the Best Overall Euro Commercial Paper Dealer and Best USD Euro Commercial Paper Dealer. TABB Group European Equity Trading Report named Bank of America the Most Preferred Broker in Europe, and in the annual Financial Times/StarMine Analyst Awards, the banks research unit was ranked No. 1 overall worldwide, No. 2 overall in Europe, No. 3 in developed Europe and No. 3 for earnings forecasts.
Leader of the pack

Kenneth D. Lewis has been the banks chief executive officer since 2001. Although hes received a lot of heat in the past two years (while big banks, including BofA, have been hurting), Lewis has been credited with many achievements during his tenure as CEO. Under Lewiss watch, before the worldwide economic slide, BofA doubled annual revenue, doubled annual profit, increased assets to US$1.7 trillion from US$642 billion and grew its market capitalisation to US$183 billion from US$74 billion . A graduate of Stanford Universitys prestigious Executive Program, Lewis path to company leadership started in 1969 when he joined North Carolina National Bank (NCNB, predecessor to NationsBank and Bank of America) as a credit analyst in Charlotte, North Carolina. After various US roles, he took over as manager of the banks international banking business in 1977. Lewis executive progression continued and when he was appointed as chairman, chief executive officer and president of Bank of America in April of 2001, he was already serving the company as president of consumer and commercial banking and chief operating officer. In 2007, Time magazine included
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Lewis on its The Time 100 List identifying him as one of the 100 most influential people in the world. And in 2008, Lewis was named Banker of the Year by American Banker magazine.
Time after time

Bank of America can trace its roots back to the late 18th century when Massachusetts Bank was chartered in 1784 and the Providence Bank was created in Rhode Island in 1791. These banks were among the first banks in the United States of America. As decades past and the population expanded, these banks would grow with the country, expanding and merging with smaller firms and businesses. Two centuries later, in the swinging 1960s, a southern bank known as North Carolina National Bank (NCNB) had began an aggressive plan of expansion based on the model of a hometown bank where a branch would individually cater to the needs of the community it served. NCNBs model proved popular, and the bank expanded rapidly through the 1970s and 1980s. In 1991, NCNB merged with Citizens & Southern National Bank (C&S)/Sovran Corporation to form NationsBank, which acquired BankAmerica in 1998 to become Bank of America. The new entity was mighty in that its business reached throughout the country. But that wasnt all for growth and consolidation. In 2004, Bank of America acquired FleetBoston Financial for US$47 billion dollars, and in 2006, the bank paid US$35 billion for the MBNA credit card business, which, in addition to its US offices, had operations in Great Britain and Canada. The bank acquired US Trust in 2007. In the spring of 2007, Bank of Americas ambitious growth ambitions were once again the subject of business headlines, as the bank entered into an agreement in April to purchase the American business of Dutch bank ABN Amro Holding NVthe ABN Amro North American Holding Companywhich was the parent of US-based LaSalle Bank Corporation and its subsidiaries. The deal was completed in October 2007. In 2008, Bank of America purchased the US diversified financial services holding group Countrywide Corporation in an all-stock transaction worth about US$4 billion, before acquiring Merrill in September.
Merrills history
The Merrill in Merrill Lynch was Charles E. Merrill, who founded the firm in New York City in 1914. He met his partner, Edmund Lynch, while living in a rented room at the YMCA. From these meager beginnings grew a firm with about 900 offices in 40 countries and total client assets of approximately US$1.6 trillion. Before being acquired by BofA, Merrill Lynch had established itself as one of the world's leading wealth management, capital markets and advisory companies, serving private clients, institutions, and corporations and small businesses. As of mid-2008, the firm employed nearly 63,100 people worldwide.
Two at the top

According to Thomson Reuters, Merrill Lynch and BofA found themselves near the top of many investment league table rankings for 2008 (the firms were ranked separately for the year, since the Merrill acquisition didnt close until 2009). Among its many top rankings in 2008, Merrill placed No. 5 in global debt, equity and equity-related underwriting, No. 6 in global debt, No. 8 in global mortgage-backed securities, No. 9 in global high-yield debt, No. 7 in U.S. investment grade debt, No 7 in international bonds, No. 3 in global equity and equity-related underwriting, No. 2 in global
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common stock, No. 5 in global IPOs, No. 4 in US equity and equity-related underwriting, No. 1 in US IPOs, No. 4 in EMEA equity and equity-related deals, No. 4 in EMEA common stock, No. 6 in global announced M&A deal advisory, No. 4 in announced U.S. M&A and No. 8 in announced European M&A. Banc of America Securities, meanwhile, ranked No. 10 in global debt underwriting, No. 3 in global mortgage-backed securities, No. 4 in global debt, No. 3 in global asset-backed securities, No. 3 in US investment grade debt, No. 2 in global high-yield debt, No. 7 in global equity and equity-related deals, No. 10 in global common stock, No. 5 in US equity and equity-related underwriting, No. 5 in US IPOs, No. 14 in global announced M&A deals and No. 8 in US announced M&A.
Cutting back
In December 2008, Bank of America announced plans to cut 30,000 to 35,000 positions over the next three years. The layoffs will come from both BofA and Merrill Lynch, and will affect all business lines and divisions, BofA said in a statement. BofA added that the cutbacks, which will "eliminate redundancies," are due to the Merrill acquisition and the anemic US economy. BofA CEO Kenneth Lewis is hoping to save around US$7 billion from the merger, necessitating the abolishment of many jobs along with the possible sale of some of its business units. At the time, BofA and Merrill combined had 260,000 employees, including 50,000 working in investment banking.
Not meeting expectations

During the fourth quarter 2008, Merrill Lynch lost US$15.84 billionabout US$500 million more than the US$15.31 billion loss Bank of America had calculated for the firm. The little US$500 million oversight was due to not keeping effective internal controls, according to Merrills annual report. Merrill also took several charges in the fourth quarter, including a US$2.3 billion goodwill write-down due to exposure in its fixed income, currencies and commodities trading business. Merrills writedowns have stirred up several federal investigations into the firms practices.
Thains exit
In January 2009, ex-CEO of Merrill Lynch John Thain said he would resign from Bank of America, a decision that came about one month after Merrill Lynch was acquired by Bank of America. It also came not long after Merrill's steep fourth quarter 2008 losses led BofA to take another US$20 billion in federal aid (and not long after it was revealed that Thain approved bonuses for several Merrill Lynch executives days before the deal with BofA closed). According to a spokesman for Bank of America, Thain and BofA CEO Ken Lewis "mutually agreed that his situation was not working and [Thain] resigned."
Other bankers coming and going

In June 2008, Bank of America hired five ex-Bear Stearns senior executives, including David Glaser, Bears co-head of investment banking who was brought on to chair Bank of Americas global mergers and acquisitions department. In addition to the Bear Stearns-set, Bank of America also hired Phil Barnett from Morgan Stanley, to head up the groups financial institutions unit.
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In April 2009, George H. Young III announced his departure from Bank of America. Young, a respected banker within the industrywho headed up Merrill Lynchs global technology, media and telecommunications divisionis one of a number of bankers and executives from the firm who have chosen to leave BofA after it acquired Merrill. Insiders have indicated that some of the departures have been motivated by a difference in philosophy between the two firms. According to The Wall Street Journal, Bank of America has been accused by some of having a corporate business method as opposed to one that emphasises person-to-person relationships. Also in April 2009, Alan Hartman, an experienced health care banker and head of M&A for the Americas at Bank of America, departed the recently merged firm for the boutique investment bank Centerview Partners. Hartman was joined by senior health care bankers Richard Girling and Mark Robinson, who also defected BofA for Centerview. As of late, boutique banks have begun to look more attractive to executives of certain large banks, which, as a result of taking government bailout funds, increasingly have had to deal with the prospects of salary and bonus restrictions.
Who wants to be a millionaire?

In February 2009, New York State Attorney General Andrew Cuomo revealed that 700 of the 39,000 Merrill Lynch employees were paid a bonus of US$1 million or higher in 2008. In a letter to the House Financial Services Committee, Cuomo said Merrill "chose to make millionaires out of a select group of 700 employees." Cuomo also condemned Merrill for moving its bonus payments up to December 2008, prior to the firm's merger with Bank of America. A month later, in March 2009, The Wall Street Journal reported that the annual bonuses may have been higher than Cuomo originally thought. Eleven of Merrills high-ranking executives accepted more than US$10 million in cash and stock in 2008, insiders told the paper. Moreover, an additional 149 employees collected at least US$3 million in 2008. In total, the bonus payments for the firms 10 highest-paid workers came to $209 million in cash and stock, up from the US$201 million the firm paid out in the previous year.
Lewis gets subpoenaed

In February 2009, New York State Attorney General Andrew Cuomo subpoenaed Bank of America CEO Kenneth Lewis in a state probe regarding whether BofA held back information from investors prior to its purchase of Merrill Lynch. According to The Wall Street Journal, in addition to looking for facts about whether investors were deliberately deceived, Cuomo is also investigating if about $4 billion in Merrill bonuses should have been revealed to investors.
No bonus for Lewis

In March 2009, Bank of America said it did not give a bonus to CEO Ken Lewis or any other of its high-ranking executives in 2008. Although many of its competitors opted to pay out bonuses, the bank said its most recent financial statement didnt measure up to its hopes. Though Lewis received a salary of US$1.5 million, his total compensation (including stock-based rewards) dropped 56 per cent from the previous year; according to AP calculations, it fell from US$20.4 million in 2007 to US$9 million in 2008.
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Commence the probe

In March 2009, Bank of America launched an investigation into how Merrill Lynch accounted for some suspicious trades made by traders in 2008. Among the former Merrill employees involved in the probe is London-based currency trader Alexis Stenfors, who incurred a loss of more than US$120 million. Stenfors' trades set off a warning bell to the bank, which then began to look closely at the activities of other traders, some of whom had lost millions of dollars in other areas such as credit derivatives.
BofA turning around

In April 2009, Bank of America posted first quarter 2009 net income of US$4.25 billion, up from US$1.21 billion in the first quarter of 2008. The bank was bolstered by its Merrill Lynch and Countrywide units, profiting from trading at Merrill and mortgage refinancing at Countrywide. Merrill brought US$3.7 billion to the net income total, due largely to strong capital markets revenue. (Overall, BofAs corporate and investment bank delivered US$2.4 billion in net income, compared with a US$991 million loss in the same period in 2008). Meanwhile, mortgage banking and insurance losses decreased to US$498 million from US$732 million in 2008. BofAs credit card division didnt fare as well, losing US$1.77 billion compared with an US$867 million in profit in the first quarter 2008. Overall, net revenue for the company jumped about 50 percent to US$35.76 billion.
Lewis steps aside as chairman

In April 2009, during Bank of America's annual shareholders meeting, Ken Lewis was removed from his post as BofA chairman when shareholders narrowly passed a proposition (50.34 per cent in favor) preventing one person from holding the firm's CEO and chairman position at the same time. Lewis will retain his chief executive title. The board elected Dr. Walter E. Massey, a Bank of America board member since 1998 and president emeritus of Morehouse College, to serve as chairman of the board. Lewis, once celebrated as a top banker, has become a highly controversial figure in the industry. After paying what some industry watchers deemed as too much for Merrill Lynch, BofA endured two governmental rescue packages. New York Attorney General Andrew Cuomo is also currently investigating whether Lewis informed shareholders of the risks of such a transaction.
During the meeting, Lewis defended controversial transactions such as Merrill and Countrywide, saying, "These acquisitions are not mistakes to be regretted. Both are looking more like successes to be celebrated. We are building this company for the long run.
Raising billions
In May 2009, revealing the results of its stress tests, the US government told Bank of America it needed to increase Tier 1 common capital by US$33.9 billion to endure the possibility of an intense and prolonged downturn (beyond what economists had forecasted). As of early June 2009, Bank of America had raised almost US$33 billion of the US$33.9 billion, mainly by selling common stock worth US$13 billion, selling US$7.3 billion worth of its shares in China Construction Bank and converting nongovernment-owned preferred stock into common stock.
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Bull by the horns

In June 2009, Bank of America confirmed that it decided to resurrect Merrill Lynchs iconic bull symbol in a new promotional campaign. The print and Internet campaign will publicise BofAs Merrill Lynch unit via the thundering herd tagline. BofA Chief Marketing Officer Anne Finucane told the Financial Times that after interviewing clients, the firm realised that combined, the brands are stronger than either on their own.
GETTING HIRED
America calling
Bank of America has a global careers page (www.bankofamerica.com/careers) where you can search for vacancies and complete an online application by clicking the link at the end of your chosen position. Vacancies arise across the bank in a number of departments and divisions, including card services, global markets, investment banking, wealth and investment management, research, global product solutions, risk management, technology and human resources.
Bank of opportunity
The bank offers a wide variety of undergraduate and graduate career-entry programs across its locations in Europe. As with many banks, you also have a choice of entry level: analyst, if youre due to complete an undergraduate or masters degree, or associate if you have three years of work experience and an MBA. The bank also has openings for students pursuing a quantitative PhD and have an interest in working in financial services. The entry-level positions available in each department vary. Internship opportunities are available, and are mainly in the UK. The benefits of internships are manifold, but can be boiled down to two primary advantages: theyre a very important introduction to the company, and according to insiders, a high percentage of interns are offered a full-time job. Many interns here enter their final year at university with a secure job ready for them when they leave university, a London-based worker comments. As a student, youre well-paid for your time spent interning, and tasks range from simple housekeeping to developing emerging market indices. All of the programme opportunities for analysts and associates can be viewed on the companys campus recruitment page, which youll find on the companys careers site (www.bankofamerica.com/careers). Analyst opportunities include full-time or summer analyst positionsfor which youll need a 2:1 degreeand for those with an MBA, full-time or summer associate programmes are available. The analyst programmes can take place in any of the banks European locations, depending on the banking sector you choose, but common locations are London, Madrid, Frankfurt, Milan and Paris. For the analyst programs, you can select from the following options: global markets, investment banking, wealth and investment management, research, global product solutions, risk management, technology, and human resources. The associate programme options are global markets, investment banking and research.
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The summer analyst and associate programmes last for nine weeks. To apply for these, or any other programs on the campus recruitment page, simply select the position youre interested in from the drop down tab and click the link to complete the application form.
The application and assessment process

The online application for analysts opens in early September. For the 2009-2010 recruiting season, the deadline for full-time positions is 6th November and for summer internships its 11th December. For all analyst slots, the interview process includes an online numerical reasoning test and an assessment centre. For full-time analyst candidates, there is also a round of interviews. Students applying for the associate programs can submit a CV application and will go through two or three rounds of interviews. PhD candidates apply via the online application and also have two or three rounds of interviews. Most employees reported five or more interviews with staff members of increasing seniority. If youre wondering quite what to expect in the interviews themselves, according to another analyst the first two are motivational and look at your background, with some general market knowledge and math questions thrown in. The others are purely technical.
OUR SURVEY SAYS

Time flies when youre having fun
Working hours vary with department, with 60 to 70 hours per week being the average. The likelihood of weekend work also varies. I never work on weekends as markets are closed, one source tells us, while M&A people, just like in all major investment banks are in the office 24/7, according to another London-based source. Its about 11 hours a day on average, a third-year analyst in investment banking tells us, with a lot of scope to take breaks and step out for lunch. It all depends on your divisionflow traders, for example, cant get out for lunch, but get to leave earlier.
Meritocracy
Enthusiastic respondents see the bank as a meritocracy where youre given as much responsibility as you can handle. Its a friendly, passionate environment that is very focused, demands hard work, but fosters a true sense of being part of a team. The overwhelming majority of respondents believe that the company is dedicated to a friendly and relaxed workplace, and is fuelled by mutual respect. The environment is very friendly and not very hierarchical, says a source. This is crucial, as it gives you more opportunities to step up and show yourself, and to make decisions, even if you are in a junior position.
Diverse interests
The firms London office in particular is praised by staff for its diversity, with one Asian staffer noting the high number of people from a range of ethnic minorities at the firmhe adds, I have never
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encountered any issues relating to my race. In terms of diversity with respect to women, one female worker observes, There could be more women in top management roles.
There was one thing

Those surveyed who outlined potential for improvement focused on the banks need for more efficient and concrete work without the need of long superficial hours at work. An analyst points out that top and middle management should be involved more in the business matters of each individual and also get to know them better. Other areas for improvement suggested by insiders surveyed included higher one-off signing and relocation bonuses at the analyst level in order to bring in the top talent from universities; better training and health care were also brought up.
Travelling in style (and other benefits)

If youre working late, the firm pays for your dinner and car service home. For employees, discounts on restaurants and theatres are available. We also get a sign-on package, one contented London worker says. Its definitely cooler than other banks, a corporate financier concludes. New employees joining the bank will receive a benefits package that includes a non-contributory pension scheme and AXA PPP health care. The companys flexible benefits programme allows employees to tailor the benefits package to suit their lifestyles. For example, they can increase their holiday allowance, join the on-site gym or add further contributions to their pension scheme.
By order of the management

As an analyst, you can end up speaking to managing directors who will listen to you and give you things to work on directly, which, if you work hard and deliver the goods, is great for your career, says a source. You can easily access very senior people. Across the board, respondents spoke highly of managers accessibility, respect for junior staff and dedication to helping juniors develop. You have to earn respect like anywhere else, says an analyst in London, but when you prove yourself, youre treated very well. My manager is always teaching me new things, even in the course of a normal conversation, notes another junior.
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PRESTIGE RANKING
16
MACQUARIE GROUP LIMITED

THE STATS
Employer Type: Public Company Ticker Symbol: MQG (Sydney) Chief Executive: Nicholas Moore 2008 Revenue: AUS $5.5 billion 2008 Profit: AUS $871 million 2007 Revenue: AUS $8.25 billion 2007 Profit: AUS $1.8 billion No. of Employees: 12,700 No. of Offices: 70 offices in 26 countries worldwide
Level 35, CityPoint 1 Ropemaker Street London EC2Y 9HD United Kingdom Tel: +44 020 3037 2000 www.macquarie.com/eu
DEPARTMENTS
Client Services Corporate Finance & Advisory Energy Supply & Management Solutions Institutional Stockbroking & Research Lending & Asset Financing Real Restate Structured Finance Treasury & Commodities Activities Investment Management Infrastructure & Specialised Funds Institutional & Retail Funds Management Real Estate Capital Product Solutions Business Banking Services Commodities Funds German & Austrian Closed-End Funds Equity Derivatives UK Investment Funds Wealth Management services
EUROPEAN LOCATIONS
London, United Kingdom (HQ) Amsterdam Bristol Dublin Frankfurt Geneva Luxembourg Moscow Munich Paris Stockholm Vienna Zurich
KEY COMPETITORS
Citi Deutsche Bank Goldman Sachs
PLUSES
Respectful treatment by colleagues Having fun Customized for: Graham (efeldman@mail.wm.edu)
THE BUZZ
MINUSES
Culture can be very cliquey Perk cutbacks
Very bright, particularly in infrastructure space; great place to learn modelling (best in the business) Lost its infrastructure edge Good at what it does; becoming international Little known; third-tier investment bank in Europe
EMPLOYMENT CONTACT
See careers under about Macquarie at www.macquarie.com.au
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THE SCOOP
Made in Australia
Although the Australian banking and financial services giant Macquarie Group Limited has had a presence in London since the 1980s, it didnt become a household name there until 2005 when it famously failed to buy the London Stock Exchange. Macquaries 1.5 billion offer was less than the LSEs share price at the time and was, as one journalist put it at the time, laughed all the way out of town. The LSEs share price has since fallen well below Macquaries offer, and Macquarie is no laughing matter. The bank has built a solid reputation in Europe with its gung-ho dedication to investing in low-risk infrastructure investments, holding stakes in several major European airports, a fleet of London buses, ferries, tunnels, toll-roads and motorways. The global banking and financial services group has European headquarters in London, boasting an employee headcount of more than 1,300 professionals in Europe, the Middle East and Africa. It also has a European network with offices throughout Western Europe and Russia. Macquaries diversified product and services offering spans banking, finance, advisory, investments and fund management. The group attributes its success to its robust risk management framework, and it has the numbers to back this upits credit crunch losses have been fewer than most of its peers. As of March 31, 2009, Macquarie had AUS$243 billion of assets under management.
Born in 69
Macquaries origins date back to 1969 when three men founded Hill Samuel Australia bank in Sydney, a wholly owned subsidiary of UK merchant bank Hill Samuel & Co Ltd. The bank grew quickly thanks to its expertise in a diverse range of financial services and products. It wasnt until the 1980s, 15 years after Hill Samuel was first established in Australia, that the banks directors decided to restructure their firm into an Australian trading bank; they received government approval to do so in February 1985. At that time, they renamed the bank Macquarie after the popular early Aussie governor, Lachlan Macquarie (1761 to 1824), who is fondly remembered for figuring out how to solve the then looming problem of a currency shortage by purchasing Spanish silver dollars and punching out their centres to create two new coins, the Holey Dollar and the dump, ingeniously increasing their worth while doubling the number of coins in circulation. This prevented currency leaving the British colony.
Hill Samuels directors chose the Holey Dollar as the logo to represent their new banking entity, as they regarded Governor Macquaries ingenious creation of the Holey Dollar as being the ultimate inspired solution to a difficult problem.
New chief
More recently, in May 2008, Macquarie got a new CEO as longtime leader Allan Moss stepped down after nearly 15 years in the chief executives office. He was succeeded by Nicholas Moore, who previously served as head of the Macquarie Capital business, which accounts for over half of the groups profits. David Clarke, Macquaries chairman, called Moore the obvious choice to succeed Moss, citing his remarkable vision, energy and acumen.
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Moore has been with Macquarie for two decades, and has held a seat on the executive committee for more than 10 years. He is credited with leading Macquarie Capitals growth in corporate advisory, institutional stock broking, equity capital markets and infrastructure funds; his successor there is Michael Carapiet, former global joint head of Macquarie Capital Advisers.
The groups and divisions

Macquarie Group Limited is listed on the Australian Stock Exchange as MQG. In the UK, it owns Macquarie Bank International and is regulated by the UKs Financial Services Authority. Macquarie Group is organised into five key operating groups (Macquarie Capital, Macquarie Securities, treasury and commodities, Macquarie Funds Group, and banking and financial services) and two divisions (real estate banking, and corporate and asset finance). Macquarie Capital (MacCap) provides corporate advisory, equity underwriting and specialised funds management businesses (including infrastructure and real estate funds). MacCaps services include mergers and acquisitions, takeovers and corporate restructuring advice; equity capital markets, equity and debt capital management and raising; specialised funds management; debt structuring and distribution; private equity placements; and principal products. Macquarie Securities is made up of three subgroups: cash, which is a full-service institutional cash equities broker in the Asia Pacific region. In Europe, it operates as a specialised institutional cash equities broker; Delta 1, which oversees the groups equity finance, arbitrage trading and synthetic product businesses, catering to both institutional and hedge fund clients; and derivatives, which offers equity-linked investments, trading products and risk management services to clients around the world. The treasury and commodities group encompass a range of products and services relating to commodities, futures, debt, interest rate and credit derivatives, foreign exchange and emerging market bond broking. The Macquarie Funds Group is a full-service fund manager, offering a diversified range of funds-related products and services. Finally, Macquaries banking and financial services group offers banking services to private and corporate clients, in addition to brokerage services, private portfolio management, mortgage management, credit cards, funds management and life insurance. The real estate banking divisions activities encompass listed and unlisted real estate funds management, asset management, real estate investment, advisory, development management and real estate project and development financing. The corporate and asset finance divisionlocated in Australia, New Zealand, Asia, North America and Europespecialises in providing leasing and asset finance services, debt and finance solutions, asset remarketing, sourcing and trading.
Mortgages: coming and going

Macquaries full-year 2008 results (announced in May 2009) included write-downs of $A2.5 billion, due to continued deterioration of markets and provisions on long-term investments. (Macquarie exited the sphere of mortgages and personal loans in 2008.) This came on the heels of Macquaries assurances to investors and analysts at its operational briefing in February 2009 that it was comfortably capitalized, which fellow bank Citigroup seconded, saying that Macquaries position was strong enough to soak up AUS$2.5 billion in write-downs per year without hurting its Tier-1 capital ratio.
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M&A tables
Year in and year out, Macquarie turns up on Thomson Reuters investment banking league tables for M&A volumeand 2008 was no different. The bank ranked No. 18 for worldwide announced M&A advisory on deals up to US$500 million, working on US$7.25 billion worth of deals. It also secured top-five rankings in the Australia and New Zealand tables (though it didnt turn up on the European tables).
New employees on the block

In the first few months of 2009, Macquarie made some key high-profile hires. Macquarie hired Robert D. Redmond to be the vice chairman of its capital advisors group, based in New York. Redmond was formerly at vice chairman of the now-defunct Lehman Brothers as well as Barclays Capital. In the UK, Macquarie hired Anthony Isaacs, former head of UK equity capital markets at Credit Suisse, to develop Macquaries European equity capital markets business. At the end of May 2009, Macquarie announced that it had entered into an agreement to acquire Tristone Capital Global Inc. According to Macquarie, the acquisition will substantially enhance its energy offering by integrating Tristones energy advisory and capital markets capabilities within Macquaries global resources activities.
Some really fat cats

According to research comparing employee salaries with both a companys performance and shareholder returns, two fat cats at Macquarie Group, former Macquarie Chief Executive Allan Moss and current chief executive Nicholas Moore, are Australias most overpaid executives, as reported in the Aussie media in late March 2009. Moss, Moore and three other Macquarie execs reportedly earned a combined AUS $105 million in salaries and bonuses in 2008, reflecting Macquaries best profit results to date and the company approach to profit share being linked with profitability. In March 2009, Macquarie announced changes (that are subject to shareholder approval) to its remuneration structure. The proposed changes, in line with recent industry-wide remuneration trends, would cut cash bonuses for close to 300 of Macquaries most senior managers (executive directors). According to Bloomberg, the changes are an attempt to placate investors, since the firms stock had lost more than half of its value in the tumultuous 2008. Macquarie said that it would be raising the proportion of performance-based pay (bonuses) made in company stock, adding that the cash component of Macquarie boss Nicholas Moores profit-share would be reduced to 45 per cent from the previous 70 per cent. The change in payment type would require the firm to issue an estimated AUS$500 million in new equity. The news emerged at a time that public outrage throughout Europe and Australia (as well as the US) was raging over bankers salaries and executive bonuses.
So how did the year end?

In February 2009, Macquarie said its 2008 profit would plunge 50 per cent versus 2007, and thus end 16 joyous years of successfully rising earnings. The actual figures came out soon after the announcement, as Macquarie booked AUS $871 million for the year ending March 2009, down from AUS$1.8 billion it made a year earlier (a 52 per cent drop, to be exact). The firms stock has also taken a hit as of late. Between May 2007, when the firms shares peaked, and March 2009, Macquaries shares lost 74 per cent in value. And as of May 2009, the firms stock price was about AUS$35 per share, nearly half of its 52-week high of AUS$66. Though the price drop was significant, it correlated to market conditions during the period, and was lower than some of
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Macquaries competitors stocks had experienced. Further, as of June 2009, Macquaries stock price had risen by more than 34 per cent since the beginning of 2009.
GETTING HIRED
Chasing the sun
Macquarie has full-time opportunities available for graduates in a range of areas, including capital markets, treasury and commodities, fund management, finance, risk management and information technology. The firm also runs several summer internship programmes, which will take you through a comprehensive training course and give you hands-on experience while you work on specific projects alongside senior figures. Those who do well are offered places on the companys graduate programme. To view the available graduate programmes in Europe, youll need to click search jobs, and tick the graduates and undergraduates box on the search formjust click the programme youre interested in and follow the links to apply online. The opportunities vary widely, from analyst vacancies in the IT department, to summer interns wanted for Macquarie Capital. Youll need to search and investigate whats on offer. To browse opportunities at Macquarie, go to the company website, click careers and select the country youre interested in. Here youll find specific links for graduates and experienced professionals.
OUR SURVEY SAYS

Getting ahead in banking
Within Macquarie, there is a lot of teamwork in a relaxed setting where theres freedom to operate, workers say. Still, some insiders at Macquarie call the firm "risk-averse. Hours clearly vary according to what projects are being worked on. One employee remarks, Obviously, when were working on large deals, hours can be longer. A number of staff surveyed tell us that long hours are expected at all times. Some workers express dissatisfaction that virtually all senior positions at the firm are filled by Australian employees. According to a worker in London, the firm has a very young workforce, while another London-based employee calls the company culture very cliquey.
A nice way to say thanks

In terms of perks and benefits, although Macquarie has recently reduced the number of onsite office perks such as free coffee and free meals, respondents seem happy overall. An associate boasts, We get a season ticket loan and contributory pension scheme, as well as 25 days holiday. An insider at the firm's London office notes, Everyone is part of the team, not just part of IT or finance. Others admit the firm offers them good opportunities to travel. One satisfied source tells us, There are some nice touches, like beer on Fridays. Still, it seems that there have been cutbacks on certain perks.
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PRESTIGE RANKING
17
CITIGROUP INC. (CITI)

EUROPEAN LOCATIONS
London, UK (European HQ) Belgium Bulgaria Czech Republic France Germany Greece Hungary Ireland Italy Luxembourg Netherlands Poland Romania Serbia Slovakia Spain Sweden Switzerland Turkey United Kingdom
33 Canada Square Canary Wharf London, E14 5LB United Kingdom Tel: +44 (0) 20 7986 4000 Fax: +44 (0) 20 7986 2266 www.citigroup.com
DEPARTMENTS
Global Consumer Group Institutional Clients Group Corporate Banking Global Transaction Services Investment Banking Private Bank
KEY COMPETITORS
Bank of America Goldman Sachs JPMorgan Chase Morgan Stanley
PLUSES THE STATS

Employer Type: Public Company Ticker Symbol: C (NYSE) Chief Executive: Vikram Pandit 2008 Revenue: US$52.8 billion 2008 Profit: -US$18.7 billion 2007 Revenue: US$78.5 billion 2007 Profit: US$3.61 billion No. of Offices: 7,500 in more than 100 countries No. of Employees: 309,000 Customized for: Graham (efeldman@mail.wm.edu) Great working atmosphere Flexible hours
MINUSES
Compensation can vary widely We never sleep
EMPLOYMENT CONTACT
See careers at www.oncampus.citi.com.
THE BUZZ
Worldwide coverage, good travel opportunities, good compensation Too big to fail but trying hard to; terribly managed Strong M&A franchise Fell off a cliff
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Vault Guide to the Top 25 Banking Employers, European Edition Citigroup Inc. (Citi)
THE SCOOP
Down but not out
Although its official name is Citigroup Inc. and many folks in Europe still refer to it as Citibank, the global banking group based in New York and known throughout the world was rebranded as simply Citi back in 2007. Prior to its rebranding, Citi was revered as the worlds largest banking and financial services group, but the financial storm in the recent past has not been kind to this global giant, which has seen billions of dollars wiped off its market value, endured tens of thousands of employees, been forced to take $45 billion in assistance from the US government and had to resort to selling off assets including its brokerage arm to longtime rival Morgan Stanley in January 2009. However, the firm did have some bright news in April 2009, when it booked $1.6 billion in net income for the first quarter 2009, concluding five consecutive quarters of losses (including a $5.11 billion loss in the first quarter 2008). Revenue, meanwhile, skyrocketed to $24.8 billion, a 99 percent increase versus the first quarter of 2008. The positive numbers were propelled by increased fixed income trading revenue, a new accounting rule letting Citi take a one-time gain of $2.5 billion on its derivative positions and lower costsCiti cut operating expenses by 23 per cent in the previous 12 months and headcount by 13,000 since the beginning of 2009. Through its global footprint, Citis key areas of business are corporate and investment banking, transaction services, consumer and private banking, credit cards and personal finance. The groups four main business divisions are consumer banking, the institutional clients group and global cards. The consumer banking division includes retail banking, US consumer banking, loans and insurance. The institutional clients group includes global banking services such as merger and acquisition advisory, debt, equity, restructuring and underwriting, as well as global capital markets, transaction services and alternative investments. The global cards business encompasses Citis worldwide credit card business.
European roots
Citi can trace its European ancestry back to 19th century England, when J. Henry Schroder & Co. was established in London in 1818. Also in 1818, City Bank opened in New York to serve a group of merchants. Just over a century later, in 1919, the firm became the first American bank with $1 billion in assets. The banks growth continued during the following decade and it became the worlds largest commercial bank in 1929. Ten years later, in 1939, it became the worlds largest international bank. In 1979, Citibank became the worlds foremost foreign exchange dealer, and in 1993, it became the worlds largest credit and charge card issuer (and servicer). In 1998, the most memorable development in Citis modern history happened when Citicorp and Travelers Group merged to become Citigroup Inc. Two years later, Citigroup acquired the investment banking subsidiary of London-based Schroder & Co., creating Schroder Salomon Smith Barney, which was renamed Citigroup Capital Markets Limited in 2003. In addition to Schroder, Salomon Brothers (a storied firm whose roots go back to 1910) and Smith Barney (the old fashioned moneymaker with roots back to 1873), Citi has also over the years taken
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under its umbrella Primerica (the former American insurance giant), Banamex (the former Mexican mega-bank) and Bank Handlowy (formerly one of the largest banks in Poland). Beyond Poland, Citis Eastern European presence (to complement its Western European reach) is still strong, with banking businesses and subsidiaries in Bulgaria, Czech Republic, Hungary, Romania, Slovakia and Serbia, where the banking group opened its first Serbian representative office in 2006; from Belgrade, Citi offers corporate and investment banking products.
Look whos on top

Vikram Pandit became the chief executive of Citigroup in December 2007, replacing interim chief executive Sir Winfried Bischoff, who became chairman of the board as well as remaining chief executive of Citigroup in Europe. Pandit succeeded Chuck Prince (Charles O. Prince III), who had taken his post in 2003 amid some shareholder frustration that Citis stock prices werent matching those of its peers. Pandits job has not been easy, taking the helm of the worlds largest banking and financial services group during the worst financial crisis the world has seen in modern times. Pandit joined Citi just after the global banking group purchased Old Lane Partner, the hedge fund that Pandit set up after leaving Morgan Stanley. (On a side note, and unfortunately for Old Lane, after two years of flat returns that caused $200 million of write-downs in the first quarter 2008, Citi decided to close the hedge fund.) At the time of his appointment, industry commentators noted that in the wake of the huge losses which the group was hit with under Prince, Pandit would have to address the firms risk management practices in order to win back the confidence of staff and investors. Although Pandit lowered the banks costs and allowed reinvestments in growth in 2007, the following year was not so peachy. In 2008, the firm infamously sought and won a massive United States Federal Reserve bailout of a whopping $45 billion.
Its credit crunch time

The US-subprime crisis led global financial turmoil first started snowballing in early 2007, and in April 2007, Citi announced it would cut costs by axing 5 percent of its workforce, representing 17,000 jobs, in a restructuring attempt to boost its suffering stock value. At the beginning of 2008, while the worlds banks were reporting dramatic write-downs and losses, Citis write-downs of $15 billion fell below analyst expectations of $22 billion. Still, in January 2008, the firm announced it would cut another 5 percent of its workforce.
In April 2008, Citi sold its commercial lending and leasing business to General Electric for an undisclosed sum, in an effort to secure much-needed capital. In May 2008, Citi promised to cut $400 billion of assets globally in order to shore up its core businesses, and announced that it would cut almost a quarter of its UK consumer employees. Then, despite the $25 billion in bailout money, the firm announced in November 2008 that after four consecutive quarters of losses, the firm would cut an additional 52,000 jobs (in addition to the 23,000 it had already sacked before the announcement). Equally as dismal, by the end of the year, Citis stock value had plummeted to $21 billion from an impressive $300 billion two years earlier.
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It all went a bit too Fargo

In the third quarter of 2008, Citi was embroiled in a highly publicized bid for North Carolina-based bank Wachovia Corp. At the beginning of October 2008, a troubled Wachovia was given a lifeline by Citi, which almost immediately agreed to buy a portion of the Southern banks operations for US$2.1 billion in a deal that would be brokered by the US governments Federal Deposit Insurance Corporation. Wachovia agreed to the acquisition, realising that it was facing imminent threat of dying. However, four days later, it emerged that Wachovias board had agreed to another deal: an US$11.7 billion all-stock offer from San Francisco-based bank Wells Fargo for all of Wachovia. To say the least, Citi was not happy, and said it planned to seek US$60 billion in damages for breach of contract. In a statement, Citi chief Vikram Pandit stated, We did not seek the Wachovia transaction; Wachovia brought it to us. Citi also issued a statement saying, "Without our willingness to engage in this transaction, hundreds of billions of dollars of value would have been seriously threatened We stood by while others walked away. Now, our shareholders have been unjustly and illegally deprived of the opportunity the transaction created. Citi was adamant that if the original deal was honoured it would still be willing to compete for Wachovia. But, in the end, the Wells Fargo deal was deemed to be best for Wachovia shareholders and the Wells Fargo deal went through.
Top of the tables

Citi is one of the leading investment banks in the world, and each year, it ranks in the top 10 of several important investment banking league tables. In 2008, according to Thomson Reuters, Citi ranked No. 3 in worldwide announced M&A deal volume, working on 343 deals worth a total of US$705 billion. In US announced M&A volume, Citi ranked No. 2 (with 90 deals worth US$308 billion), and in European announced M&A volume, it ranked No. 2 (13 deals worth US$443 billion). In addition, Citi ranked in the top 10 in announced M&A volume in the UK (No. 7), France (No. 3), Spain (No. 2), Germany (No. 5), Italy (No. 6) and Benelux region (No. 5). Equally as impressive is Citis standings on the debt and equity charts. In 2008, the bank ranked No. 3 in worldwide debt and equity issues, raising US$309 billion worth of securities. It was also the No. 3 issuer of worldwide equity and equity-related securities, No. 3 issuer of global IPOs and No. 4 issuer of global common stock. In the US, the bank came in at No. 3 in all equity issues, No. 2 in IPOs and No. 4 in common stock. In the EMEA (Europe, Middle East and Africa) region, the firm ranked a little lower, coming in at No. 9 in all equity deals, No. 10 in IPOs and No. 9 in common stock. Citi is also a top debt underwriter, scoring numerous top 10 rankings on Thomson Reuters fixed income tables: global debt (No. 4), global mortgage-backed securities (No. 7), global asset-backed securities (No. 2), international bonds (No. 4), U.S. investment-grade debt (No. 2) and international emerging market bonds (No. 2), among others.
Selling Smith Barney

In January 2009, Citi agreed to combine its Smith Barney brokerage unit with New York-based Morgan Stanleys brokerage division, in effect selling a 51 pe rcent majority stake in the joint venture for US$2.7 billion. It was reported that Morgan Stanley is expected to acquire full control in phases over the next five years.
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Divide and conquer?

In January 2009, a few days after the Morgan Stanley deal was announced, Citi revealed that it was splitting into two operating units, Citicorp and Citi Holdings Inc. The former would continue to provide traditional retail and investment banking services, while the latter would oversee what remained of the groups high-risk investments (many had already been sold off). Citi itself remained as the parent company, but potential spinoffs and mergers from either of the units were not ruled out as possibilities. In fact, the two operating units were divided so that Citicorp remained the core bank, while Citi Holdings encompassed the saleable assets. Along with the restructuring, Citi announced its fifth consecutive quarterly loss, as it booked a loss of $8.29 billion for the fourth quarter 2008.
TARP spending breakdown

In February 2009, Citi posted its initial progress report regarding its use of the funds from the US governments Troubled Asset Relief Program. During the fourth quarter of 2008, of the $45 billion it received, Citi said it lent $36.5 billion, including $1 billion in student loans and $2.5 billion in business and personal loans. Citi also increased credit lines and opened new credit card accounts. Most of the funds, though, were ironically allocated toward the very thing that got the company into trouble: the housing market. Citi spent $27.5 billion to buying mortgages in the secondary market during the last three months of 2008. Also in February 2009, the US Treasury said it would boost its stake in Citi from 8 per cent to 36 per cent, converting $25 billion of its preferred stock into common equity. The move freed up some much needed capital for Citithe bank doesnt have to pay dividends on the common stock unlike it did on the preferred. It also significantly diluted existing shareholders stake in Citi by nearly 75 per cent. According to Citi CEO Vikram Pandit in a statement, the swap has one goal to increase our tangible common equity. He added, While we believe Tier 1 capital remains the most important measure of the financial strength of banks, we recognize that the markets also view tangible common equity as an important measure. Coinciding with the announcement, Citi agreed to make several changes, including changing the makeup of its board to include a majority of independent directors.
A Brazilian selloff
Citi will sell off most of its 17 percent stake in the Brazil-based credit card company Redecard, insiders told The Wall Street Journal in February 2009. Shares are expected to be sold to Redecard co-owner Banco Itau and on the open market. According to the Journal, Citi executives hope the sales will generate $1 billion in (much-needed) cash. Since 2007, when Citi owned 31 per cent of Redecard, Citi has made more than $1.4 billion in sales of the Brazilian companys stock.
Dollar days
In February 2009, Citigroup CEO Vikram Pandit said he had offered to take a US$1 salary and no bonus until the bank gets back on solid financial ground, noting that he understands the new reality and will make sure Citi gets it as well. The announcement came amid President Obama and other lawmakers slamming Citi and other banks for giving exorbitant bonus payments to top executives while simultaneously accepting federal bailout funding.
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GETTING HIRED
Choosy Citi
The process to get hired at Citi is a very selective one, sources say. You need not only the appropriate background, but also personality, ethics, teamwork, commitment, determination, attention to detail and language skills. Citi recruits at a select list of schools such as Cambridge, Oxford, Imperial and London School of Economics, and there are a large number of applicants for limited slots. Even if youre just out of school, be sure to bring your A game to the interview. I believe the graduate recruitment path both at analyst and associate level is more competitive than experienced hire, one insider says. Either way, you can expect many processes and interviews and many candidates get turned down overall. After you submit an application, expect to take an online numerical reasoning test. Although the in-office interview process differs depending on your level, anticipate at least two rounds (maybe even four or five) with a full day of interviews for the final interview. The interviews may include activities such as a case study, group discussion, preparation of a presentation, writing a memo and a numeracy test. The process isnt entirely a quantitative one, howeverthe process very focused on personal fit, one insider says. Overall, the processes used such as the interviews, were aimed at selecting the candidates who are most suitable to the roles that they have applied and these processes were not extremely easy or difficult, says one respondent. Yet another insider puts it succinctlythe firm is very selective during the best of timesand these are not the best of times.
Nab an internship
Getting an internship with the firm is very important and crucial to future hiring opportunities, insiders say. So its a good thing that the work was quite interesting and gives responsibility. You can expect to assist different teams in their day-to-day work, such as working on medium-term projects and ad hoc tasks, an insider says. Youre generally compensated properly, too. Interns, at the associate (MBA) level are paid the same rate as a full-time associate, plus a housing allowance and the company shouldering all travel and visa costs. Largely, if you have the suitable skills, the correct attitude and can deliver good results, then there is a better chance of gaining full-time employment.
OUR SURVEY SAYS

Welcoming, even in rough times
Theres an excellent atmosphere with great people at Citi, employees say. In fact, some call Citis workers the best in the industry, willing to help and support. Another contact agrees, saying that despite its size, the company feels welcoming. Despite the rough fiscal waters, the firm still comes up on top. I believe there is a great culture within the firm, and this has been highlighted during the tough economic climate we are experiencing, one worker says. Still, its business as usual most of the time. We do what we need to do in order to get the job done, says one insider. That can even translate to an extremely competitive and aggressive culture that is completely result-oriented. That means if you perform, you often get very good opportunities but we often dont evaluate risks very well, admits one worker.
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But, as one employee puts it, one can really learn a lot from working in such a large firm. You work with people across the globe, and most of the people offer help in regards to your professional and organizational growth. While youll run across a culture thats determined to success and fully committed to the task, its also one thats balanced out with approachable management and amiable collaborative culture.
Flex time
When it comes to work/life balance, managers tend to have flexible attitudes, and it is all about getting the job done and not about face time in the office, respondents say. One insider says, I work sometimes at home once or twice per month during the weekend usually Sunday. Still, hours worked can vary significantly. I normally begin at 7:30 in the morning and leave at around 7:30 in the evening, says one insider. If the workload isn't too heavy, Im able to leave a bit earlierbut Im also required to commit to working far longer hours if urgent. I work past 9 p.m. approximately once each week, one contact says.
Equal treatment
There is equal treatment when it comes to career opportunities, insiders say. For certain positions, women are also given more flexibility with work schedulesfor example, they can work four-day workweeks after giving birth, adds one source. Still, not everyone thinks gender relations are operating at their best level. Another notes that there are very few successful female representatives in the office, but there is a very strong male presence, which frustrates me. On the ethnic diversity side, however, the firm is given high marks by workers. Plus, race not an issue when determining opportunities, insists one insider. Treatment of gays and lesbians in the workplace also receives high marks from employees.
Great perks
Benefits and compensation generally receive high marks from employees, who praise the 23 days of vacation, year-end bonus and relocation allowance. Respondents may also think of their excellent treatment by managers as somewhat of a perk as well. The company employs great professionals, where the majority is always ready to help and support, insiders say. Managers treat employees as a real part of the team and are easily accessible. While managers do, of course, vary by individual, seniors are for the most part very friendly towards new recruits and take time to see how you are getting on and to explain things to you. Another insider says I really believe that I have been given opportunities of growth wherever possible.
Constant training
Training, too, offers employees chances to brush up on their skill sets. The company offers extensive training programmeand ongoing training at the firm means that you are given most of the necessary skills. There are also various online training courses available and employees can generally talk to managers to get additional internal and external training. Still, theres always room for improvementone insider calls the programmes very good, but not enough and another says that more trainingespecially on creditwould be very useful.
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PRESTIGE RANKING
18
BANCO SANTANDER, S.A.

EUROPEAN LOCATIONS
Madrid (HQ) Belgium Czech Republic Germany Holland Italy Luxembourg Poland Portugal Spain Switzerland United Kingdom
Ciudad Financiera Santander Boadilla del Monte 28660 Madrid Spain Tel: +34 902 112211 www.santander.com
DEPARTMENTS
Americas Asset Management Cards Financial Management Global Banking Insurance Markets Private Banking Retail Banking
EMPLOYMENT CONTACT
See jobs at Santander at www.santander.com
THE STATS
Employer Type: Public Company Ticker Symbol: SAN (Madrid), BNC (LSE), STD (NYSE) Chairman: Emilio Botin 2008 Revenue: 31 billion 2008 Profit: 8.88 billion 2007 Revenue: 27.1 billion 2007 Profit: 9.06 billion No. of Employees: 170,961 No. of Offices: 13,390
THE BUZZ
Well managed, relatively unscathedhave had a good credit crunch Shrewd management entering this crisis, but I worry about their Spanish exposure Outstanding retail bank; up and coming Not too sophisticated
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Vault Guide to the Top 25 Banking Employers, European Edition Banco Santander, S.A.
THE SCOOP
An equilibrium of businesses
The Madrid-based Banco Santander is one of the largest banks in the world. It has nearly 171,000 employees, more than 14,000 branches and 90 million customers. In 2008, it made 8.9 billion in profits, making it one of the five most profitable banks in the world. In terms of geographic presence, Santanders global business is divided into three main areas: Continental Europe, which encompasses all of the groups retail banking, asset management, insurance, and wholesale banking businesses in Europe; the United Kingdom, where the bank is the third largest in the country after doubling retail outlet presence in 2008; and Latin America, where the bank is the largest financial institution, conducting business through subsidiaries and affiliated banks in Argentina, Brazil, Chile, Columbia, Mexico, Puerto Rico and Venezuela. In 2008, Banco Santander expanded its presence in North America, with the purchase of Sovereign Bank, a large retail bank in the northeast U.S. with about 750 branch offices. The banks operations are focused on retail banking, wholesale banking, asset management, insurance and private banking. In addition, the banking group has key business practices in investment banking, investment and pension funds, corporate banking, treasury and capital markets. The banking group boasts of a global customer base of 90 million customers.
More than 150 years of banking

Santanders history began on 15 May 1857, when then reigning Queen Isabel II signed a royal decree that authorised the incorporation of the founding of the bank. Spains presence (and colonisation) in Latin American was culminating at the time, and from its beginning, Santander was linked to trade between its namesake port (Santander in the north of Spain) and the fast-growing trade and industry of Latin America. Santander spent the first half of the 20th century buying up scores of Spanish banks, and not only did it survive the Spanish Civil War and the two World Wars, the bank actually grew at an accelerated pace throughout all of Europes instability. In the 10 years between 1900 and 1919, Santander doubled the scale of its balance sheet and made heads turn when its earning power topped that of the average among the countrys finance houses in 1917. Between 1919 and 1939 (the year the Spanish Civil War ended), Santander experienced what the group describes as a crucial point in its evolution, beginning with a move into the famous neoclassical building Paseo de Pereda in Santander, then developing a network of branches both within and beyond the province. In 1934, Emilio Botn Sanz de Sautuola y Lpez was appointed managing director of Santander bank, and in1950, he was appointed chairman. After that, he led an impressive expansion (including a further series of acquisitions) of the bank throughout the country, which continued for two decades. Santanders first regional office in the Americas was opened in Havana in 1947. Offices in Argentina, Mexico and Venezuela followed, and in 1956, Santander formally established a Latin American department. When Santander celebrated its 100th birthday in 1957, it was the seventh-largest finance house in Spain. During the late 1980s, it expanded in European, beginning with the acquisition of CC-Bank in Germany and the purchase of a stake in a Portuguese bank (through which it formed an alliance
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with the Royal Bank of Scotland). Santanders historical 1994 acquisition of rival firm Banesto is what, finally, after 137 years in business, made it the No. 1 bank in Spain. Major flurries of Latin American and Continental European expansion followed in the years since then. In 2004, Santander relocated its operating headquarters from central Madrid to a purpose-built complex in Boadilla del Monte, on the outskirts of the city.
The millennium chug

When Spanish banking giants Santander and Banco Central Hispano merged right before the turn of the millennium, the deal marked the first massive banking consolidation of the new centuryand perhaps foreshadowed the mergers and acquisitions that would unfold over the next decade. While Santanders business focus has traditionally been in Latin America, the banking group made headlines in 2004 when it paid 12.5 billion for Britains then-debt-ridden and financially suffering Abbey Bank. At the time, the deal was the biggest ever cross-border purchase of a European retail bank. After Santander implemented a cost-cutting plan and revenue initiatives, the group reported net profits for Abbey in 2007 of 1.2 billionnot a bad turnaround for a once-struggling high street retail bank. The Abbey acquisition in 2004 made the Spanish banking giant the No. 1 bank in the Eurozone by market capitalisationa position it still maintained in 2007.
Going Dutch
The most highly publicized of Santanders shopping sprees was its October 2007 purchase of iconic Dutch banking giant ABN Amro. Santander was part of a buying consortium made up of now-fallen Belgian banking giant Fortis and the Royal Bank of Scotland. As a result of the long-drawn out acquisitionwhich triggered a prime-time bidding war; Britains Barclays Group was a key contender for the Dutch banking group as wellSantander ended up landing the South American prize it had been eyeing up all along. Further strengthening its already tight grip on South Americans banking sector, Santander picked up ABN Amros Brazilian banking business, Banco Real, making the Spanish banking giant one of the top three banks in Brazil. A month after Santander signed on the Brazilian bank, while it was on a dealmaking roll, Santander also famously acquired Italian bank Antonveneta, and then turned around and sold it to the Italian bank Monte dei Paschi, earning a whopping 2.3 billion profit in the deal. At the end of 2007, while the worlds financial industry began feeling the pain of the US subprime crisis and looming global financial crisis kicking in, Santander posted net profits of 9.06 billion, making it the fifth-largest bank in the world by profit.
Santander swindled out of billions

Santander revealed in December 2008 that some its private banking customers had exposure to the fraud carried out by the former chief of Nasdaq, Bernard Madoff, through a Swiss-based alternative investment management company, Optimal. Customers of the bank had around 2.3 billion worth of exposure to Madoffs fund, a figure that includes their fictitious gains. In January 2008, Santander offered to compensate those customers for the full amount of their initial investment in Madoff 1.38 billion. At the time, Santander was the only major international bank to have made such an offer, which was accepted by 93 per cent of the affected customers.
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In May 2009, Optimal said it would return US$235 million to the Madoff estate, representing a portion of funds the unit had withdrawn from Madoff in the three months before he was declared bankrupt. As part of the agreement for the return of the funds, Irving Picard, the administrator of the Madoff estate, declared he had no further claims against Santander and admitted claims by the bank of $1.6 billion against the estate.
The fruits of their labour

In July 2008, Euromoney magazine named Santander the Best Bank in the World, marking the second time in four years the bank won this prize. In 2008, Euromoney also named Santander the Best Bank in the United Kingdom, Best Regional Bank in Latin America, Best Bank in Project Finance in Latin America, and Best Bank in several other countries (including Spain, Portugal, Chile and Argentina). In December 2008, The Banker named Santander named Bank of the Year in Latin America, Spain, Portugal, Argentina and Uruguay, crediting the Spanish banking giants management skills and prudent risk approach. The editor of The Banker praised the Spanish banks position in the ongoing financial turmoil, giving Santander kudos for having largely dodged the fallout from the subprime debacle in the U.S., adding that the bank had managed to maintain robust profitability despite making significant acquisitions, including ABN AMRO's Latin American business. The bank did pretty well when it came to advising on mergers and acquisitions, too. According the Thomson Reuters, Santander ranked No. 14 in Latin American announced M&A deal volume, advising on 19 deals worth a total of US$3.2 billion. The bank ranked No. 23 in European announced M&A deal volume, working on 25 deals worth a total of US$40.9 billion. And in Spain M&A deal volume, Santander ranked No. 4, with 17 deals worth a total of US$40.7 billion.
GETTING HIRED
Santander's hiring spree
Over the last few years, this banking giant has been focused on hiring a considerable number of new graduates and on giving opportunities to students who are nearing the end of their university studies, with the aim of creating junior players who want to develop their professional careers within the company. In 2006, the HR department hired a total of 18,000 new recruits, of which more than 1,600 were in Spain. However, with approximately 100 different nationalities represented among its staff, Santander has established itself as a diverse and international bank, not only as a business but also as an employer. After hiring 700 graduates in 2006, Santander became Spains biggest graduate employer in banking, followed by rival firm BBVA. Santander also offers students internships in locations outside of Spain, including the UK (through Abbey), Portugal, Brazil, Mexico and Chile, to be trained in retail banking, investment banking, financial markets, risk and auditing, among other areas. To find out more about career opportunities at Santander, log on to www.santander.com and click on the work with us link.
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Four paths to Abbey

In the UK, candidates can join the Santander fold through Abbey, which is fully owned by Santander. Since becoming part of the Santander group in 2004, Abbey has revived its graduate programmes, which are available in internal audit, finance, retail and risk, and last between one and three years. In the internal audit programme, youll be involved in the research and evaluation of Abbeys business, testing and evaluating a range of processes, and suggesting improvements. For the finance programme, youll undertake four six-month placements before specialising in your final year whilst progressing towards professional accountancy qualifications. Youll collect and analyse data for modelling, investigate technical problems and test assumptions. Your remit will also include collating and interpreting data to conduct investigations into variances and trends. The risk programme lasts two years, and consists of three six-month placements in three areas (you can choose from secured credit strategy, unsecured credit strategy, Santander analytics, risk measurement and customer risk). The locations you'll find yourself in for each programme differ. The risk programme takes place in Milton Keynes, while the finance programme placements can occur in either London or Milton Keynes. For finance, you'll need to be willing to live and work in both locations. While the audit team is based in London, audits take place all over the country. You can expect to find yourself spending time away on location if internal audit is your chosen programme. The retail programme takes place in the firm's nationwide branch network, so you'll need to be mobile for moving from branch to branch in the course of your training. This can be within a geographical region or nationwide. Experienced professionals can browse vacancies and find more information about career opportunities at Abbey on the company's careers site at: www.jobsatabbey.com.
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PRESTIGE RANKING
19
STANDARD CHARTERED PLC

EUROPEAN LOCATIONS
London, UK (HQ) Austria Falkland Islands France Germany Guernsey Ireland Italy Jersey Kazakhstan Luxembourg Monaco Poland Romania Russia Spain Sweden Switzerland Turkey Ukraine United Kingdom
1 Basinghall Avenue London, EC2V 5DD United Kingdom Phone: +44-20-7885-8888 Fax: +44-20-7280-7791 www.standardchartered.com
DEPARTMENTS
Islamic Banking Personal Banking Private Banking SME Banking Wholesale Banking
KEY COMPETITORS
Citigroup HSBC Holdings
THE STATS
Employer Type: Public Company Ticker Symbol: STAN (LSE) Chairman: John Peace CEO: Peter Sands 2008 Revenue: US$16.4 billion 2008 Profit: US$3.5 billion 2007 Revenue: US$16.2 billion 2007 Profit: US$3.0 billion No. of Employees: 70,000+ No. of Offices: 1,600+ in more than 70 countries
PLUSES
Emphasis on values Socially responsible
MINUSES
High pressure working environment Fairly unpredictable working hours
EMPLOYMENT CONTACT
See careers at www.standardchartered.com
THE BUZZ
Best emerging market bank Not appealing, very retail-focused Well- run bankhave pulled through economic downturn very impressively so far Another second-tier bank making a move
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Vault Guide to the Top 25 Banking Employers, European Edition Standard Chartered PLC
THE SCOOP
A truly international investment bank
Standard Chartered PLC (StanChart) was created in 1969 by the merger of the Standard Bank of British South Africa and the Chartered Bank of India, Australia and China. Both banks trace their roots to the 1800s, when British trade activities created a need for banking and financial institutions throughout the far reaches of the British Empire. A period of peaceful growth lasted into modern timesuntil 1986when Britain's Lloyds Bank attempted a hostile takeover. Standard Chartered is listed on the London and Hong Kong stock exchanges, and ranks among the top-25 companies in the FTSE-100 by market capitalisation. The London-headquartered group derives more than 90 per cent of its operating profits from Asia, Africa and the Middle East, and its income and profits have more than doubled over the last five yearsprimarily as a result of organic growth. The banks European operations serve as a bridge to emerging markets. StanChart has more than over 1,600 in 70 countries and employs over 70,000 people.
Performance rewarded
At the Euromoney Awards for Excellence in 2008, Standard Chartered picked up several awards, most notably Best Private Bank, Best Cash Management Bank in the Middle East, Best Foreign Exchange Bank in Africa, and Best Debt House in the United Arab Emirates. In the AsiaMoney Polls for 2008, the bank was named Best FX Derivatives Provider for Asia. It also won the Best FX Bank in Gambia Award from Global Finance for the second year in a row and Bank of the Year in Emerging Markets from The Banker.
Shifts at the top

In January 2009, UK Prime Minister Gordon Brown recruited Mervyn Davies to his cabinet as Minister for Trade and Investment. As a result, after 15 years with Standard Chartered, Mervyn Davies stepped down as chairman of the bank. John Peace, Davies deputy, was immediately named as interim chairman. Lord Adair Turner resigned from the board as nonexecutive director in September 2008 upon his appointment as chair of the Financial Services Authority. John Paynter was added to the board as a new nonexecutive director. Paynter previously served as vice chairman of J.P. Morgan Cazenove. Currently, he is a nonexecutive director of Jardine Lloyd Thompson Group and a senior adviser of investment bank Greenhill & Co. Steve Bertamini became group executive director for consumer banking in June 2008. He succeeded Mike DeNoma, who had served in the role since 2000 and stepped down to pursue other career opportunities. Bertamini is a 22-year veteran of GE, and was most recently chairman and CEO of GE North East Asia.
Expansion abroad
Throughout 2008, the bank made a number of strategic alliances and acquisitions, which have extended the customer and geographic reach and broadened the product range that it offers.
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In February 2008, Standard Chartered completed its acquisition of American Express Bank (AEB) from the American Express Company for US$823 million. The buy increased StanCharts financial institutions and private banking businesses, and added 19 more markets to the banks roster while providing access to several new growth markets. On top of this, the acquisition doubled StanCharts US dollar clearing business and made the bank the No. 6 US dollar clearing business in the world. StanChart also increased its stake in the Vietnam Asia Commercial Bank to 15 per cent of its ordinary shares and 15.86 percent of its convertible bonds. ACBs gross assets as of December 2007 were $5.4 billion. According to Standard Chartered (which has held a share in the bank since July 2005), the stake increase was a vote of confidence in ACB and its growth strategy. Standard Chartered followed that move with the announcement, in September 2008, that it had been granted a license to operate as a local bank in Vietnam, thanks to the State Bank of Vietnam. (Based in Hanoi, Standard Chartered Bank (Vietnam) Ltd began operating on 1 June 2009; it plans to open 30 branches in the country by 2012.) In November 2008, the bank purchased Cazenove Asia from JPMorgan Cazenove. Cazenove Asia services more than 700 institutional clients, and has offices in Hong Kong, New York, London, Singapore, Shanghai and Beijing. Cazenove Asia won the FinanceAsia award for Best Mid Cap IPO in 2007; it has been involved in $98 billion of transactions since 1997. Standard Chartered added branches in Taiwan, following its acquisition of Asia Trust and Investment Corporation in October 2008. And in November 2008, it acquired a Lehman Brothers team in Brazil, which brought 14 additional staff members to its operations in that country. Finally, December 2008 saw Standard Chartered complete the acquisition of an additional 25.9 per cent stake in Standard Chartered-STCI Capital Markets Limited (formerly UTI Securities Limited) to take its total holding in the company to 74.9 per cent. The move to increase its existing stake is in line with its original intent, to increase its stake in stages to 100 per cent by 2010. StanChart wrote that This strategic initiative is a reflection of our long term commitment to the Indian market, despite the current economic slowdown.
Record profits in turbulent times

Unlike many of its rivals, Standard Chartered did not suffer write-downs or other losses related to the global credit crisis. In fact, it was one of the few banks to announce that it had been hiring instead of firing employees. It was also one of the few financial firms to post a profit for 2008. Standard Chartered booked $3.5 billion in net income for the year, up from the $3 billion it booked for 2007. Nevertheless, in October 2008, it did cut its dividend 25 per centits first dividend cut in 18 years. At the same time, the bank announced a 1.8 billion rights issue, consisting of a 49 per cent discount on new shares to shareholders. According to the Times of London, group CEO Peter Sands said that the bank did not need the capital but was raising it anyway to strengthen the balance sheet in turbulent times and give the bank more flexibility to take advantage of opportunities while rivals flounder. In May 2009, Standard Chartered posted record quarterly earnings, booking a US$248 million pretax profit. The positive results were largely due to bonds the bank repurchased or traded at a discount. Additionally, StanChart said in a press release that although its consumer banking revenue
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was slightly below where it was at the second half of 2008, its corporate banking revenue was significantly ahead.
Principled on climate and sustainable development

In December 2008, Standard Chartered became one of five founding members of to launch the Climate Principles, an industry framework for a commitment to the environment that has also been adopted by Credit Agricole, HSBC, Munich Re and Swiss Re. Standard Chartereds commitment is linked to a Clinton Global Initiative pledge of $8 to $10 billion to renewable and clean energy projects by 2012. The principles address commitments to reduce greenhouse gas emissions and to provide environmentally conscious direction across its business segments. On a similar front, the bank singed a memorandum of understanding with the US Agency for International Development to foster sustainable economic growth in sub-Saharan Africa. The bank had already pledged $500 million toward microfinance in Africa and Asia by 2011.
GETTING HIRED
Tailor your focus
At www.standardchartered.com/careers, you can search globally for open positions or learn about the firm's intern recruitment as well as graduate and MBA recruitment programmes. The bank also offers FAQs regarding the application process along with a list of hints and tips. For graduates looking to launch their career with Standard Chartered, the firm offers a development programme to get you in the mood for banking. It consists of four primary elements to set up participants with the skills they need: the core skills programme, business development plans and the graduate support network. The core skills programmes are residential training programmes that focus on building personal and management skills. At the outset, you'll embark on the induction programme, focusing on personal effectiveness, relationship building and an introduction to the bank. Once you move into a permanent position, your focus will be on leadership skills and strategic management. Each of the bank's divisionsconsumer banking, wholesale banking, technology and operations, finance, human resources, corporate real estate services and corporate affairshas its own selfdesigned business development plan. The plans aim to develop the specific skills necessary to succeed in that particular area. For detailed breakdowns of what each plan involves, take a look at the business plan you're interested in on the firm's careers page. On top of these structures, you'll enjoy a large support network consisting of a graduate sponsor, a rotation manager, a buddy, the human resources relationship manager, the graduate programme manager and the group graduate team.
Round after round

To secure a graduate position, first you need to complete an online application and tests, focusing on logical and numerical ability as well as assessing your talent. The selection process differs by country; you may take part in an interview, group exercise, presentation, panel discuss or case study. For further details on the interview process visit the banks careers website.
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Snag an internship
It helps to get a Standard Chartered internship, which can be an advantage but not at a significant degree. Standard Chartered operates a number of internship programmes that last from eight to 12 weeks. Each programme aims to provide participants with an insight into the firms activities, a full induction and development programme, a strong support network and exposure to new business networks. It looks great on a CV and also provides good opportunities for career development, and automatically qualifies you to be considered for the banks international graduate opportunities in the following year.
OUR SURVEY SAYS

All about the people
The firm has strong integrity and a people-focused, great culture, insiders say. But theres always room for improvement. There needs to be a clearer performance culture, says one insider. Sometimes we consult too much and talk a lot but deliver less. Speaking of superiors, insiders note that senior executives should be expected to behave in the same respectful way everyone else does. But its not all bad. I have a good working relationship with tam members, says a contact. The people I've worked with at the bank are really decent, and the bank promotes an excellent working culture. The hours worked in the office can be fairly unpredictable. One insider reports working, on average, 10-hour days, while another admits to working most Sundays. One insider confides, I check my BlackBerry in the morning and post-workbut there's no obligation to do so.
Standard offerings
As far as benefits and time off goes, expect six weeks holiday, standard sickness, health insurance, noncontributory pension and an employee share plan. If volunteerings your thing, youre in luckthe company offers workers two days volunteer leave per year. And respondents seem to like that the company remains a solidly global one. It's an excellent bank for international opportunities, one insider says.
Push for equality

Generally, the firm receives high marks from insiders when it comes to efforts toward ethnic diversity. Theres good diversity for ethnicity, summarizes one worker. However, the firms treatment of women doesnt receive as high of praise. Its very poor for senior women within the company, stresses one contact. Another adds that the board is too male-dominated. Though, according to Standard Chartered, women make up 46 per cent of the banks total workforce, and in 2008, women made up 51 per cent of its international graduate intake.
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PRESTIGE RANKING
20
CALYON
EUROPEAN LOCATIONS
Paris, France (HQ) Offices throughout Europe
9, quai du Prsident Paul Doumer 92920 Paris La Dfense Cedex France Tel: + 33 1 41 89 00 00 Fax: +33 1 41 89 15 22 www.calyon.com
KEY COMPETITORS
Citigroup Lazard UBS Investment Bank
DEPARTMENTS
Commercial Banking Coverage & Investment Banking Equity Brokerage & Derivatives Fixed Income Markets International Private Banking Structured Finance
PLUSES
Non-UK firm during the UK crashless affected by the crisis Relaxed atmosphere
THE STATS
Employer Type: Corporate and investment banking arm of Crdit Agricole Group Chief Executive Officer: Patrick Valroff 2008 Revenue: 6.4 billion 2008 Profit: 1.5 billion 2007 Revenue: 6.0 billion 2007 Profit: -1.8 billion No. of Employees: 13,000 No. of Offices: Presence in more than 50 countries
MINUSES
The people Lack of communication and very impatient
EMPLOYMENT CONTACT
www.calyon.com (click on human resources link)
THE BUZZ
Innovative Respected in France, less prominent elsewhere Stable Struggling to make a mark
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Vault Guide to the Top 25 Banking Employers, European Edition Calyon
THE SCOOP
Some truly organic roots
Calyon is the corporate and investment banking arm of the Crdit Agricole Group, Frances largest financial institution whose roots can be traced to the 19th century when it was a big lender to the agricultural industry (thus its name). Crdit Agricole has one of the countrys largest retail banking networks, and through Calyon, it operates six key units: coverage and investment banking, equity brokerage and derivatives, fixed income markets, structured finance, commercial banking and international private banking. Calyon emerged from Crdit Agricole in 2004 as the new brand name for its investment banking and financing business. Leading up to Calyons creation, Crdit Agricole partially transferred assets from the then-newly acquired bank Crdit Lyonnais to Crdit Agricole Indosuez, Crdit Agricole Groups existing international banking arm. Prior to its acquisition, Crdit Lyonnais had already been in business for more than a century. It is from this well-established base that Calyon was born. Calyon was launched with impressive assets of approximately $380 billion dollarsas well as the added benefit of offices in approximately 60 countries around the world. Crdit Agricoles and the influence of farmers on Crdit Agricole is still more than a small one. In fact, the shareholding farmers that control much of Crdit Agricole were up in arms about the firms 6.5 billion in subprime write-downs in 2008, driving Crdit Agricoles chief executive to seek a vote of confidence from his own board as well as restructure Calyon. The overhaul of the investment banking arm included reducing some of its high-risk businesses.
Coping with the crunch

Crdit Agricole has been no stranger to the financial storm that kicked off in the global financial sector in 2007. By 2008, Crdit Agricole was reporting huge losses and write-downs at Calyon. As a result, in May 2008, the Group announced a 5.9 billion rights issue in order to shore up capital. It also said it would be selling assets that were valued at up to 5 billion, and would also be restructuring Calyon. In the first quarter of 2008, Calyon wrote down 1.2 billion of losses, and registered losses of 795 million. At the same time, Crdit Agricole replaced Calyons chief, Marc Litzler, under whom a 250 million loss linked to an unauthorized trading position occurred at the firms New York subsidiary. Litzler was replaced by Patrick Valroff, who was serving as the head of Crdit Agricoles consumer credit arm Sofinco. Valroffs appointment made heads turn, and not for his experience in this type of role, but for his lack of it. According to an article in the Financial Times, the first time that Valroff, aged 59, stepped on to a trading floor was in summer 2008 after he was made chief executive of Calyon. Valroff told FT that his lack of expertise in markets isnt an obstacle in his role. He called the real challenge of his role a managerial onethat of instilling more cooperation between the investment bank and the financial bank, and lowering its risk profile. He added, You dont have to be an interest rate derivatives specialist to tighten risk controls and to motivate people. (His predecessor, Litzler, was a derivatives specialist.) Crdit Agricoles rights issues didnt solve all of its financial woes, as the public learned when the bank reported a 94 per cent drop in net profits for its second quarter 2008. The results included
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1.1 billion in write-downs due to its exposure to American monoline insurers. That said, the writedowns were reportedly in line with expectations and didnt hurt the groups share price, which actually rose, as investors were apparently reassured about Credit Agricoles solvency given its rights issue.
No more capital needed

Despite having to dip into the government pockets in 2008 for some financial aid, Crdit Agricole kicked off 2009 on a happier note, politely turning down a slice of pie from the second round of capital injection available to French banks. In June 2008, CA tapped shareholders for cash, and in December 2008, it accepted 3 billion in state money. But in an interview with Forbes magazine, Chief Executive Georges Pauget said that the first rights issue allowed the firm to strengthen capital ratios, do some required restructuring and invest in the futurethus it wouldnt need more capital. Pauget further explained in the interview that a restructuring of Calyonannounced in September 2008, just ahead of the demise of Lehman Brothersresulted in the firm winding down some riskier businesses such as exotic derivatives, enabling the firm to make a profit in October and November 2008. That said, part of Crdit Agricoles restructuring included job cuts500 at Calyon to be precise. The cuts were announced in September 2008, and the firm said that half of them would take place in France and the other half in its international offices, including London.
Crme de la crme
During desperate for much of the global financial industry, Calyon still reaped honours and recognition for its much celebrated recent deals, particularly in the Middle East and Asia. In January 2009, Calyon was awarded Bahrain Deal of the Year 2008 by Islamic Finance News for a US$350 million deal with the Central Bank of Bahrain Sukuk. The bank was also awarded Best Deal in India honours by The Asset magazine for its US$1.1 billion dollar Tata Chemicals deal (Tata, the worlds third-largest soda ash manufacturer, bought the soda ash business of GCIP). As a true testament to Calyons strength in the Middle East, industry-leading financial data analysts and information sources Thomson Reuters awarded Calyon as the Middle East and North Africa Global Investment Bank of the Year for 2008. The firm has not fared too poorly in Europe either, and according to Thomson Reuters, Calyon ranked No. 8 in announced M&A volume in France in 2008, slipping from its ranking of No. 3 in 2007. Calyon fared better in completed French M&A volume, coming in at No. 2. The biggest deal Calyon advised on in France in 2008 was that the US$75.2 billion merger between GdF and Suez. According to Thomson Reuters, Calyon advised on eight of the 20 biggest transactions in France in 2008. In overall European announced M&A volume, the firm ranked No. 22. And it ranked No. 15 in completed European M&A.
It takes two to make a thing go right

Crdit Agricole and rival French banking giant Socit Gnrale kicked off 2009 by putting the wheels in motion for the creation of what will be an asset management powerhouse. In January, the banks signed a preliminary agreement to merge CAAM (Crdit Agricoles asset management division)
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with Socit Gnrales European and Asian asset management businesses as well as 20 per cent of its US asset management subsidiary TCW. Ownership of the new entity, which will have 638 billion of assets under management, will be divided in a 70/30 split between Crdit Agricole and Socit Gnrale, respectively. The entity will also have more than 1.8 billion in net banking income and 900 million of annual gross operating income. According to Crdit Agricoles announcement about the agreement, the new entity is positioned to re-enforce the importance of Paris as a major European financial centre, and will be the fourth-largest asset manager in Europe and ninth-largest in the world. And its not the first time that Crdit Agricole has merged a business with Socit Gnralein early 2007, the firm announced it would be merging its brokerage activities with Socit Gnrale to create a world leader in executing and clearing listed financial futures and options, called Newedge.
GETTING HIRED
Focus your goals
Calyon helpfully lists its available vacancies on the careers section of its website under "job opportunities," and interested applicants can apply online. To browse jobs in specific areas, under the "job type" menu, you can choose from accountancy and finance, audit, capital markets, compliance, credit risk management, coverage, distribution, investment banking, IT and project management, M&A and structured finance, to name but a few. You can also specify which continent, country and region you would like to work in, but be aware that job descriptions themselves are entirely in French, so your French skills need to be up to scratch if you want to be in the running. Youll be asked to register your name and email address, before being taken through an online application.
Prepare yourself
If youre called in for an interview, expect at least two rounds in the officewhich will likely include, at the very least, your manager-to-be and the head of your department, one insider says. Just be sure to be prepared for anythingthere are no particular questions that you will be asked, so get ready to talk about anything that may come up, including your past work experience and what you think you can bring to the table.
Be the enVIE of your friends

Calyon offers a selection of internships and student internships, as well as its Volontariat International en Entreprise, or VIE programme. The successor to the CSNE (Coopration du Service National l'Etranger), the civilian version of national service, it is aimed at Europeans between 18 and 28 years of age who are either entry level job seekers, recent graduates or students. VIE positions are offered in a range of countries and can last between 12 and 24 months. Calyon include a number of testimonials from scheme participants on its website, so you can read about the various pros and cons from first hand sources.
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To apply for an internship or a VIE placement, you need search on the "job opportunities" page, making sure you select "VIE" in the "contract type" box. Positions in different regions and at different levels have different durations, requirements and specifications, so have a look and see what suits you.
OUR SURVEY SAYS

Watch your back
The firms culture seems to receive middling feedback from insiders. Its a very backstabbing culture thats very impatient says one, who adds that there is a lot of misunderstanding and lack of communication. Another says the company culture is very much an us-and-them attitude with the Frenchconsider that the official language of the bank is English and yet the English are constantly asking for translations. Theres a lack of focus on whats important, and ridiculous attention is paid to irrelevant detail at the expense of important detail.
Stay for the perks

Perks do get praise from employees, however, who tell of a good health plan, 22 days of holiday and travel expenses for business. But theres no stock offeredand the firm has already begun monetary cutbacks in order to save money. Due to the current economic climate, Calyon has reduced business-related travel, eliminated or reduced the scale of winter holiday celebrations, reduced the number of onsite office perks such as free coffee and free mealsand unfortunately, has also ultimately had to downsize the workforce.
A varied group
Happily, respondents give high marks to diversity within the company, citing a good mix of cultures. This is an international organisation with people with various backgrounds, comments one insider. However, some complain of very few female managers, noting that all the senior managers are male. Treatment of gay and lesbian employees within the firm, however, scores very highly amongst employees, almost all of whom give the company high marks in the area.
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PRESTIGE RANKING
21
ING GROEP N.V.

EUROPEAN LOCATIONS
The Netherlands (HQ) Austria Belgium Bulgaria Czech Republic France Germany Greece Hungary Ireland Italy Luxembourg The Netherlands Poland Romania Russia Slovakia Spain Sweden Switzerland Ukraine United Kingdom
ING House Amstelveenseweg 500 Amsterdam, 1081 KL The Netherlands Tel: +31 (0) 20 54 15 411 www.ing.com
DEPARTMENTS
Banking Commercial Banking ING Direct Retail Banking Global Investment Management Insurance Insurance Americas Insurance Asia/Pacific Insurance Europe
KEY COMPETITORS
ABN AMRO/Fortis AEGON AXA Barclays BNP Paribas HSBC Rabobank Royal Bank of Scotland Socit Gnrale
THE STATS
Employer Type: Public Company Ticker Symbol: ING (NYSE) Chairman: Jan Hommen Chief Executive: Jan Hommen 2008 Revenue: 66.2 billion 2008 Profit: -729 million 2007 Revenue: 76.6 billion 2007 Profit: 9.2 billion No. of Employees: 114,000 (approx.) No. of Offices: Locations in over 40 countries Customized for: Graham (efeldman@mail.wm.edu)
PLUSES
Huge in Benelux The work/life balance is good
MINUSES
Better known for insurance than banking Compensation could be better
EMPLOYMENT CONTACT
www.ing.jobs www.ingtalentprogramme.com
THE BUZZ
Innovative A long way behind competitor Secure, solid Struggling
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Vault Guide to the Top 25 Banking Employers, European Edition ING Groep N.V.
THE SCOOP
Part of the landscape
The Amsterdam-based banking and insurance powerhouse ING Groep offers its 85 million customers across five continents a wide range of banking, investments, life insurance and retirement services. The group manages its seven business lines as one banking division and one insurance division. Three business lines at ING fall under the banking umbrella. ING Retail Banking offers retail banking and private banking services in its home market of the Netherlands and Belgium, as well as in Poland, Romania, Turkey, India, Thailand and China. ING Commercial Banking provides banking services to large corporate clients, financial institutions and specialised product clients. ING Commercial Banking, which focuses on Benelux and Central and Eastern Europe, also manages INGs real estate business, aptly named ING Real Estate (one of the worlds largest real estate investment manager based on assets under management). Finally, ING Direct is the groups retail banking unit, offering direct banking in nine major economies. ING Directs product offerings primarily encompass savings accounts and mortgages; it also offers mutual funds and payment accounts. Through Insurance Europe, ING provides life and non-life insurance services in the Benelux region and Central Europe. Insurance Americas offers life insurance and retirement services in United States and Latin America. Insurance Asia/Pacific provides life insurance and wealth management services in Japan, South Korea, Australia, New Zealand, Hong Kong, Malaysia and Thailand. ING Global Investment Management is a new business line within ING Group. It combines investment management activities in Europe, Americas and Asia/Pacific. Real estate investment management also falls under the unit. INGs roots stretch back to the mid-19th century to five entities the group identifies as its founding fathersDutch insurers De Nationale Levensverzekering Bank and De Nederlanden van 1845, and Dutch public banks De Rijkspostspaarbank, De Postchequeand Girodienst, and Nederlandsche Middenstands Bank. De Nationale LevensverzekeringBank was founded in 1863, and 100 years later, it came together with De Nederlanden to form the Nationale-Nederlanden. In 1986, NMB bank and Postbank two existing Dutch banksmerged to form the NMB Postbank Group. The modern and multinational ING is the product of a 1991 merger between NationaleNederlanden and NMB Postbank Group. The process that led to the founding of ING as one company began in 1990 when existing legal restrictions on mergers between insurers and banks were lifted in the Netherlands. That prompted insurance company NationaleNederlanden and banking company NMB Postbank Groep to merge in 1991, creating Internationale Nederlanden Groep. Less than 20 years later, ING had grown into the largest financial services firm in the world by annual revenue: in June 2008, ING came in at No. 7 on Fortunes 2008 Global 500 list, which ranks firms by annual revenue. It is also quite an admired firm: in its 2009 Most Admired Companies ranking, Fortune named ING No. 6 among all financial institutions.
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Let the numbers do the talking

As of January 2009, ING was the 19th-biggest financial institution in Europe according to its market capitalisation of 15.8 billionquite a fall versus the groups market cap at the end of 2007 of 60 billion. Its assets under management also fell: at the end of 2007, the group had 643 billion under management, but by the end of 2008, it managed only 551 billion.
Coping with the crisis

In January 2009, ING announced that Michel Tilmant was stepping down as its chief executive. He was replaced by Jan Hommen. Tilmant, who also stepped down from the executive board, will remain with ING in an advisory role until he retires from the group in August 2009. The executive change came after a tough 2008 for ING Group; annual profit plunged from 9.5 billion in 2007 to a loss of 729 million in 2008. Two key deals were made with the Dutch state to cope with the effects of the financial crisis. In October 2008, ING issued 10 billion of core Tier-1 securities to the Dutch government in order to strengthen its capital position, and in January 2009, ING negotiated an illiquid assets backup facility with the Dutch government. Separately, ING announced in January 2009 that it would be undergoing a voluntary delisting from the Paris, Frankfurt and Swiss stock exchanges (in line with an initial announcement made in November 2008).
New CFO, the end to F1 backing

In February 2009, one month after it replaced its CEO, ING announced that it was appointing Irishman Patrick Flynn as the groups new CFO. The announcement came four days after the group divested its 70 per cent stake in ING Canada (pulling in C$2.2 billion). The cost-cutting and asset consolidating spree at ING included a February 2009 announcement to end its sponsorship of the Formula 1 season, ending a three-year sponsorship deal with Renault F1.
Tough year
INGs fourth quarter 2008 results included an underlying net loss of 3.1 billion on account of market volatility and declining asset prices. This encompassed an underlying net loss of 1.1 billion in its banking division (although the unit was profitable during the full-year 2008, posting a net gain of 722 million). The core insurance division reported a fourth quarter underlying net loss of 2 billion due to investment losses and deferred acquisition costs. In addition, various divestments and other identified special items totalled a loss of 611 million. Together, these figures constituted a fourth quarter net loss of 3.71 billion. The banking and insurance group reported that despite headwinds in the fourth quarter, the groups commercial performance was solid throughout the year overall. The groups sale of its life insurance business in Taiwan (ING Life Taiwan) released 5.7 billion of capital for the firm in 2008. The sale of its Canadian business (ING Canada) also released a significant amount of capital. In his official statement at the release of the fourth quarter 2008 year-end figures, INGs chairman said the group would continue to reduce asset exposure and rationalise the cost base, adding that the group was reallocating investments towards less risky assets. He assured shareholders that INGs aim is to shrink its balance sheet by 10 per cent compared with the end of September 2008, and said the firm would be cutting overall expenses by 1 billion in 2009.
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Putting businesses on the auction block

In April 2009, ING Groep said it would sell up to 15 of its businesses over time and as market conditions permit in order to raise approximately US$10.6 billion. Going forward, INGs banking business will focus on Poland, Romania, Turkey, Belgium, the Netherlands and Luxembourg. Its insurance division will concentrate on life and retirement areas in central Europe, the US, Asia, Latin America and the Benelux region. And AIG will integrate its asset management divisions in Europe, the Americas and Asia. The announcement of the sale and reorganisation was well received by analysts.
GETTING HIRED
If youre a master
For graduates with a masters degree and no more than two years of work experience, there is the possibility to start within ING as a trainee in one of the ING Talent Programmes, most of which last three years. To be eligible, you need to have a good command of English and show that you have engaged in extracurricular activities, in addition to having a solid academic standing. Applications are made online at www.ingtalentprogramme.com. Your application, consisting of a curriculum vitae and a motivation letter, will be assessed by the recruitment department. Once youre through the initial screening, youll be invited to complete an online ability test. If you complete the test successfully, a telephone or face-toface interview will ensue. The fourth step in the selection procedure is an assessment by an external assessment agent. The last step is a panel interview with senior management, which will take place in The Netherlands. Vacancies for experienced hires at ING are listed on the companys regional websites. Just click the world map on the main careers page and select the country you want to work in. There are multiple ways to join ING, from an internship and traineeships to lateral job entry. To learn more about jobs and internships, follow the links from the company careers page (www.ing.jobs) to the localised websites of its various regional operations.
OUR SURVEY SAYS

You can still live for the weekend
The majority of respondents describe an average 40- to 50-hour workweek. A project manager praises the fact that it is not the number of hours that counts but the work you do during those hours. An investment analyst tells us, Theyre really quite flexible, as long as you meet the objectives. I arrive before 9:30 a.m. and usually leave at 7 p.m., with a one- to two-hour break during the day. Weekend work is a rare occurrence, he says, although one contact in Belgium points out, My branch is open at the weekend, so I need to be there from time to time on Saturdays. He assures us that for doing that, he is compensated by the firm.
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My contract is for 36 hours a week, a trainee tells us, so I have a day off every other week. I work eight hours a day. He notes that he is allowed to work at home one day a week and with his own targets and responsibilities, hes quite satisfied. How I manage to achieve them is up to me, and that gives me some freedom, which I believe is very important for engaging employees.
Life in a performance culture

There is a never-ending effort to bring people to a higher level of knowledge and experience at ING, says a project manager, noting that ING's culture is focused on challenging people in their job and is still trying to find new and more frequent ways to identify those challenges. While the culture does depend on your department and location, its a very informal, friendly environment in which to develop your skills. An insider in Amsterdam says, Its a performance culturevery open and egalitarian. A bit bureaucratic sometimes, but very employee-friendly.
Slow on the intake

In Amsterdam, a worker notes that its a very international environment because the traineeships are open to foreign students. On male/female diversity, workers in Amsterdam say, We should do better in hiring and retaining women, while a Belgium based staffer says, Like most other firms, the higher in the management ranks you look, the fewer women there are.
Time out with your managers

Management takes time to listen and to give you opportunities in your job, a banker in Brussels tells us. But from time to time they spend too much time on day-to-day work and ongoing projects to make free time to coach in a satisfying way. In Amsterdam, though, an experienced hire says, Managers often take time to help and coach you.
Sweetening the deal

One of the main work perks sources cite is the employability budget. Every employee receives money on a three-year basis to spend on personal development unrelated to their work says an employee in Amsterdam. It includes things like taking classes to become a yoga teacher or photographer. Access to free tickets to the Royal Concertgebouw Orchestra (the most respected symphony orchestra in the Netherlands), the New Year Concert, the Christmas gift package and a discount on mortgage interest were also held in high esteem by workers.
Can it get any better?

ING staff commented on a few areas where the firm could improve, including more international moving and exposure, better talent management, more effort to challenge talents and to stretch people in their jobs, more responsibility, and better compensation and appreciation. The issue of easier international assignment, in particular, was raised several times. A banker in Amsterdam says, There should be better alignment of compensation to individuals skills and training, while in Brussels, one worker wants to see more transparent promotion policies. Overall, respondents are happy working for ING, citing a great work experience with challenging projects and a lot of exposure to senior management. While a project leader tells us the money is not so good, he concedes that the work is challenging, and the work/life balance is good.
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PRESTIGE RANKING
22
CRDIT AGRICOLE S.A.

EUROPEAN LOCATIONS
Paris, France (HQ) Albania Austria Belgium Bulgaria Cyprus Czech Republic Denmark Finland France Germany Greece Hungary Ireland Italy Luxembourg Monaco The Netherlands Norway Poland Portugal Romania Russia Serbia Slovakia Spain Sweden Switzerland Turkey Ukraine United Kingdom
91-93 Blvd. Pasteur Paris, 75015 France Tel: +33 1 43 23 52 02 Fax: +33 1 43 23 34 48 www.credit-agricole.fr
DEPARTMENTS
Asset Management Corporate & Investment Banking Insurance LCL Private Banking Retail Banking Specialised Financial Services
KEY COMPETITORS
BNP Paribas Caisse dEpargne Socit Gnrale
THE STATS
Employer Type: Public Company Ticker Symbol: ACA (Euronext Paris) Chief Executive: Georges Pauget 2008 Revenue: 15.96 billion 2008 Profit: 1.27 billion 2007 Revenue: 16.77 billion 2007 Profit: 4.56 billion No. of Employees: 82,750 No. of Offices: 9,100 (in 40 countries)
EMPLOYMENT CONTACT
www.credit-agricole.fr/recrutement
THE BUZZ
French domestic giant; strong regional name In trouble, and too French Solid retail bank Average
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THE SCOOP
French farmers
Frances Crdit Agricole Group (CAG) built its sound reputation and support base by lending to farmers, and today operates one of the largest retail network of banks in the countrywith 28 percent of Frances consumer market and a pan-European presence to boot. According to The Banker in July 2008, CAG is the second-largest retail banking group in Europe. The French cooperative bank also has a coveted place on the countrys benchmark CAC 40 stock market index, boasts a presence in 60 countries and serves more than 21 million customers around the world. Owned by a total of 41 Caisses Regionales de Crdit Agricole Mutuel, Crdit Agricole is a semi-cooperative bank that has five main subsidiary businesses. First and foremost is CAGs France-wide retail banking network LCL. This was acquired in 2003 and was previously known as Credit Lyonnais (which dates back to 1839). CAGs press savvy investment banking division is called Calyon (not to be confused with Calyon Financial, a separate global futures and options brokerage). The Asian securities brokerage division is CLSA, and CAGs insurance divisions are named Predia and Pacifica. Through these businesses, Crdit Agricoles areas of business are identified by the group as French retail banking, international retail banking, private banking, corporate and investment banking, asset management, insurance and specialised financial services. Crdit Agricole S.A. was formed in 2001 to represent the Crdit Agricole Group as a central body and central bank. When it became a listed company in December 2001, it was organised to represent all of the groups business lines and entities. The groups 2,500-plus local banks are what make up the organisations backbone. These local banks micromanage the capital of the regional banks, which themselves are cooperative organisations acting under the Crdit Agricole umbrella. As the overarching entity, Crdit Agricole S.A.s three key objectives are to ensure uniformity in the operation if its various and diverse entities, to ensure financial unity among these entities and to ensure consistent commercial development throughout these entities.
Who calls the shots?

Although in line with CAGs organic roots, farmers make up a significant portion of the groups shareholders and exercise wide influence on the banking group. Most recently, in September 2008, it was pressure from the farmers that caused CAG to restructure after much criticism for the billions of euros in subprime write-downs at CAGs investment banking arm, Calyon. In the days leading up to the demise of Lehman Brothers, 500 jobs were cut at Calyon and the restructuring rested its laurels on the new ethos of not getting involved in further highrisk business, as the farmers sought for Calyon to limit its focus on CAGs corporate and institutional clients. On a side note, on November 28, 2008, The Banker magazine named Crdit Agricole the Global Bank of the Year for its socially and environmentally responsible practices and sustainable development policy. An example of these best practices in the industry is at
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Calyon, where the banking group has incorporated social and environmental criteria into its project financing policy.
Unico we stand
Crdit Agricole joined with eight other European cooperative banks in 1977 to create an interbank lending club called Unico Banking Group (CAG is the only French bank in the group), which boasts a combined total of more than 80 million clients. Pauget said Unico was created because it showed that in the cooperative banking sector, there was a sort of commonality, that this alternate business model did have some advantages. The group was registered as a European Economic Interest Group (EEIG) in 1997. Each of the individual cooperative banks in the group pursue their own strategies, and their businesses encompass a range of banking and financial services, including retail, corporate, investment and merchant banking. Occasionally, the group agrees to extend the cooperation to outside parties in order to serve its clients. Unico also boasts an international cash management service aptly named UniCash, made up of 27 partners throughout Europe and the U.S.
The crunch is captain

In a January 2009 interview with American business magazine Forbes , CAG Chief Executive Georges Pauget explained that the restructuring the firm did in September 2008 is what allowed it to soften some losses, and that October 2008 and November 2008 were actually profitable. That said, CAG did accept $3 billion in capital from the French government in December 2008, and attributed the combination of its June 2008 $5.9 billion rights issue, September restructuring and December capital injection as the essentially three-tiered reason it didnt need to accept any further capital injection in January 2009 when France began to offer the nations banks second helpings. Previously, in May 2008, Crdit Agricole announced it would sell $5 billion worth of assets in order to try to cover losses it had experienced from the worldwide credit crisis. CAG also made headlines when it replaced derivatives-specialist Marc Litzler, the head of its investment banking arm Calyon, with Patrick Valroff. Valroffs appointment was seen as being safe, as the 59-year-old was adept at assessing risk and managing staff, rather than making risky investments. Calyon had to deal with huge write-downs due to the crisis. On 1 July 2008, CAG issued a statement announcing the success of the rights issue (launched on June 4, 2008), which was oversubscribed by 130 percent.
The captains not going anywhere

CAG chief Pauget told Forbes magazine in January 2009 that the firm is exiting from capital market activities that are incompatible with our targeted activities, which are mainly the derivatives activities. He added that CAG would sell remaining assets progressively, saying the products have a lifespan of three years, so although we will sell them down as fast as we can, there is no immediate hurry.
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He also told the magazine that the group would cut another 500 jobs as well as 10 per cent of costs from the division. Asked if he ever considered stepping down as chief executive, he charmingly replied, No. A captain does not leave his ship.
Just Soc it to me
When times get tough, even the worlds biggest banks are not too shy to catch up with some old friends to see how they can weather the storm together. Crdit Agricole did just that recently with its French pal Socit Gnrale. The two kicked off 2009 by announcing they had signed a preliminary agreement to merge their asset management businesses to create Europes fourth-largest investment manager, with 638 billion euros under management. The deal will combine Credit Agricoles 460 billion asset management business with SocGens European and Asian fund businesses. Crdit Agricole will own 70 per cent of the new entity. The global asset management business has been facing a difficult time amid the global financial crisis, and cost-cutting has become a priority at firms scrambling to feed investors lower-risk productswhich is not an easy feat for an industry traditionally involved in highrisk ventures. The banks chief executive Georges Pauget told FT that the merger was a way to reduce costs as well as to secure competitiveness and to enlarge a range of products. The deal is of great benefit to Crdit Agricole, which will be able to offer clients a more diverse range of investments through the new entity.
GETTING HIRED
Recruitment
If youre interested in pursuing career opportunities at Crdit Agricole, make sure you have a working knowledge of French because the careers information on the groups website is only available in French. That said, if you speak French, the amount of opportunity available to you is fantastic. Crdit Agricole offers a range of trainee programmes for graduates who have completed their Baccalaureate diploma and either four or five years of post-Bac higher education. The group attends career fairs at a range of universities and schools in France, a list of which can be found on the companys website. For more information about career opportunities throughout CAG, including opportunities for graduates and trainees, visit recrutement at www.credit-agricole.com.
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PRESTIGE RANKING
23
JEFFERIES & COMPANY, INC.

EUROPEAN LOCATION
London, UK (HQ) France Germany Switzerland United Kingdom
Vintners Place 68 Upper Thames Street London, EC4V 3BJ United Kingdom Tel: +44 (0) 207 029 8000 www.jefferies.com
DEPARTMENTS
Asset Management Global Equities Investment Banking Leveraged Finance Mergers & Acquisitions Private Client Services Restructuring and Recapitalisation Sales & Trading
KEY COMPETITORS
Houlihan Lokey Piper Jaffray UBS Investment Bank
PLUSES THE STATS

Employer Type: Public Company Ticker Symbol: JEF (NYSE) Chief Executive: Richard B. Handler 2008 Revenue: US$1.68 billion 2008 Profit: -US$536.1 million 2007 Revenue: US$2.71 billion 2007 Profit: US$144 million No. of Employees: 2,150 No. of Offices: 22 Culture is dynamic, entrepreneurial and highly challenging Hard work is encouraged and rewarded
MINUSES
Demanding hours Small firm may not suit all types
EMPLOYMENT CONTACT
See careers at www.jefferies.com
THE BUZZ
Good, growing boutique Small Pushing to gain traction; great people in Europe OK
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THE SCOOP
The many names of Jefferies
Jefferies International Limited (JIL) is the UK-incorporated and wholly-owned subsidiary of New Yorkbased Jefferies Group, Inc., or simply Jefferies, which is a global investment bank and institutional securities firm founded almost 50 years ago. In total, Jefferies has 25 offices around the world, including European offices in Paris, Frankfurt, Zurich and London where the European headquarters of JIL is based. Jefferies investment banking services include M&A advisory, leveraged finance, capital raising, equity and equity-linked financing, restructuring solutions, fairness options and corporate advisory services. Jefferies sales and trading business offers trade execution and liquidity, and traded equity, convertible, high-yield, investment grade fixed income and commodity-linked financial products; the unit also provides private client, correspondent services, prime brokerage, securities finance and floor brokerage services (at the NYSE). The firms research team focuses mainly on small, mid-cap and growth companies, offering investment ideas in equity, high-yield, convertible and investment-grade fixed income securities. The asset management division manages products that include equities, fixed income securities, convertible securities, and real estate assets. And its private client services division offers financial advisory to corporate clients, private equity firms, mid-market institutions and wealthy individuals. In Europe, Jefferies offers investment banking services, including merger and acquisition advisory, corporate restructuring advisory, private placements, high-yield and convertible debt underwriting, and equity placements. JIL, which is the main operating subsidiary for Jefferies in Europe, is a member of the London Stock Exchange and has Nomad status on the Alternative Investment Market of the London Stock Exchange. The firm also has a strong subsidiary private equity business in Europe called Helix Associates Limited, which is an independent placement agent for private equity funds. To divide things up even further, Jefferies has two additional investment banking groupsJefferies Broadview and Jefferies Quarterdeck. Broadview caters to the technology industry, while Quarterdeck focuses on aerospace and defense. In Switzerland, the Zurich-based JIL subsidiary Jefferies (Switzerland) Limited, is primarily focused on sales, trading and investment management. In Paris, Jefferies office offers both French and pan-European equity research to global clients. In Frankfurt, the firms investment banking team caters to both German and panEuropean clients. Together, Jefferies pan-European offices work with the firms hubs in London and New York. Jefferies Putnam Lovell, whose roots go back to 1987, is an investment banking subsidiary of Jefferies (Putnam Lovell was founded in 1987, but it has only been a division of Jefferies since July 2007). The unit has offices in New York, San Francisco and London. Jefferies itself can trace its roots to 1962 when Boyd Jefferies established his eponymous firm with a $30,000 business loan and one employeea floor runner. The two began conducting business on the United States Pacific Coast Stock Exchange floor. Along the way, Jefferies recognized that institutional investors often wanted to trade large blocks of stock without making an impact on the market (or tipping their hand to other traders) but had no mechanism for doing so. He began catering to these investors, discreetly matching large institutional buyers and sellers off the exchange. So-called third-market trading is standard practice today, but in the 1960s, it was a novel idea.
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Jefferies prospered, becoming a respected equity trading firm and launching an IPO in 1983. Expansion followed in the 1990s, as Jefferies began offering investment banking, asset management and research services, opening offices throughout North America, Europe and Asia.
Its all about being resourceful

In February 2009, as the world continued to cope with the ramifications of the global financial storm while reshaping the sector, Jefferies investment banking business Putnam Lovell outlined a number of trends that it predicted will unfold in 2009, including that transaction structure will take on a greater role in deal completion, and asset swaps, joint ventures and complex earnout provisions will become more commonplace. Other predictions include private equity firms will be active buyers of asset managers, and that the IPO window will remain closed throughout the year for asset managers.
Move over, here we come

Underlining Jefferies continued expansion in fixed income, particularly in the US, the firm announced in February 2009 that it would be acquiring New York-based municipal securities firm Depfa First Albany Securities, a member of the Hypo Real Estate Group that offers investment banking, advisory, and sales and trading services. Jefferies CEE Richard Handler said the acquisition would offer Jefferies the chance to enter the municipal market in a comprehensive and high quality way. He also said the Depfas 70 employees would be integrated into Jefferies fixed income department (which had 250 professionals at the time). After the deal closed, Jefferies municipal securities division began conducting its business under the name Jefferies First Albany Securities.
Movin on up: a string of executive changes

In January 2009, Jefferies hired two former Merrill Lynch bankers, Daniel B. Markaity and Christopher M. Bury, as managing directors and co-heads of the firms fixed income rates business. In the nine months leading up to the new hires, Jefferies had brought on more than 50 new senior professionals in fixed income, which the firm had repeatedly identified as an area of strategic growth. Other key hires in January 2009 included Stephen Volkmann from J.P. Morgan as a senior equity research analyst, and Hal Kennedy and Leon Szlezinger as managing directors in Jefferies New York-based investment banking division. Also, in February 2009, Jefferies investment banking division hired industry veteran Richard Burke as a managing director in its M&A group. With a strong background in private equity, investment banking and M&A, Burke was commended by Jefferies for his extensive transactional experience as both an investment banker and lawyer.
Mid-market master
Despite the slow merger and acquisition market in 2008, Jefferies fared well in Thomson Reuters annual M&A rankings. For worldwide M&A advisory fees on deals with values up to US$50 million, Jefferies ranked No. 9. The firm also ranked No. 7 in fees from deals with values up to US$100 million, and No. 9 in fees from deals valued up to $200 million. In fees from deals with values up to US$500 million, Jefferies ranked No. 11, working on 63 deals worth a total of US$119.9 million in imputed fees.
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On the European tables, Jefferies showed ranked No. 16 in European announced M&A deal volume, working on 29 deals worth a total of $1.56 billion. Overall in 2008, Jefferies completed 130 M&A transactions worth a total of more than $45 billion.
A rough year
In synch with almost all of its peers, Jefferies posted losses for the fourth quarter of 2008 as well as for the full-year 2008. The firms net loss for the fourth quarter of 2008 was $443 million, while the net loss for the year was $538.8 milliona huge change from the US$144 million it booked for 2007. Total revenue also fell over the year, dropping from US$2.71 billion in 2007 to US$1.68 billion in 2008. In terms of performance across the key Jefferies business divisions, revenue for the equities business dropped 17 pe rcent to US$495.4 million from US$597.2 million in 2007. However, Jefferies fixed income and commodities revenue (excluding high-yield activity) for 2008 was US$238.2 million, a healthy 71 percent rise versus the US$139.3 million it booked in 20078. The increase in revenue was largely due to increased customer flow in Jefferies corporate bond, emerging markets, treasury and agencies, and mortgage-backed securities trading businesses, in addition to declining competition. Meanwhile, the firms capital markets revenue took a huge hit, falling 70 per cent, and its advisory revenue fell 15 pe rcent. CEO Handler credited the unprecedented volatility for the losses, saying in a press release that 2008 was the worst year for the financial markets in our lifetime. He added, though, that the firm kicked off 2009 with its strongest opening balance sheet ever. In December 2008, prior to the year end, Jefferies issued a statement preparing the public for its results, saying that it had completed a strategic review and implemented changes to restore profitability in 2009 that included substantial staff cuts, changes to compensation plans, a reduction of operating expenses, risk reductions and other structural changes. In terms of staff cuts, Jefferies laid off 358 employees in 2008, representing 18 percent of its total headcount (which was reduced from 2,508 to 2,150). However, an additional 85 people were added as new hires in mortgages and international equities that were not included in these totals. In 2008, the firm shuttered offices in Dubai, Singapore and Tokyo, but all of its European locations remained open.
GETTING HIRED
The brighter the better
Jefferies seeks applicants with strong analytical skills and an academic record with a specific emphasis on finance or accounting. As a graduate entering the analyst programme, or an MBA holder entering the associate programme, you can choose a number of different paths. The generalist track allows you to work on a number of project areas, such as equity, leveraged finance and M&A, exploring different disciplines before you settle on your specialism. Industry areas youll work in include aerospace and defence, energy and health care, amongst others. The industry track starts you off in a specific area, then exposes you to a range of product within each group. Choosing this route will let you, as an analyst or associate, develop specialised skills in one industry of
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particular interest, while being exposed to other areas, which could include M&A, recapitalisation and restructuring.
The traditional way in

Jefferies hiring process is pretty standard, says a senior analyst in London. After the initial selection process there are numerical and group exercises, which are done in advance of one-toone interviews with members of the team. If youre successful at the first stage, he says, Thats when you have to bite the bullet and meet senior team and firm members. I had four interviews with an associate, vice president, director and managing director, another analyst says. The firm handpicks most of its staff from top universities in the UK Jefferies recruits mainly from Oxbridge, the London School of Economics and Imperial, but also top universities in mainland Europe such as Bocconi. Doing an internship with Jefferies is a step in the right direction if youre looking for full-time employment with the firm. Summer internships are key to the firms selection process, a third-year analyst tells us, as most of these candidates will be selected to move into the full-time analyst programme. Other respondents corroborate, Most interns will receive an offerits very important. One insider describes the firm as very aggressive albeit fast-growing. An experienced hire admits that hours can sometimes be long when the firm is busy, but says, Hours are still very normal for the industry. He reports that in some cases he worked an average of 80 to 90 hours per week, with weekend work a frequent occurrence. That said, most respondents listed 60 hours as the weekly average, and one noted, Working hours are largely dependent on the team youre in, rather than your seniority.
How to meet the right people

Jefferies has historically recruited through an exclusive recruiting agent: Cornell Partnership. After conducting a screening process and first-round interviews, it puts together a shortlist of potential candidates. If youre on the list, youll be invited to attend a Super Day meeting with associates and vice presidents from each of the investment banking divisions. The final stage involves meeting with senior vice presidents and managing directors. Please note that there are no analyst vacancies for 2009, and vacancies for 2010 will be reviewed in the second half of 2009.
If your school isnt on the list of those that Jefferies visits, just submit your CV online, and be happy that CVs are welcomed from both graduates and experienced professionals. The firm recruits from a long list of schools, but if you prefer the direct route, you can also submit a resume via jil_jobs@jefferies.com. If you are called in, expect two to three rounds of interviews. And be ready to prove yourself: Jefferies has a strong entrepreneurial culture, which is often the hardest criteria to meet and to demonstrate that you have these skills.
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OUR SURVEY SAYS

Proving your worth
Jefferies London-based employees talk of a strongly meritocratic firm, noting that this is [a] key reason they like working for the firm. At Jefferies, if you work hard and produce good work, you will get a fair treatment by superiors. An experienced hire says, This is a place where hard work is encouraged and rewarded. Our team is a very open one, an investment banker in London tells us. People work to their ability and are given a large amount of responsibility early on. Even more encouragingly, The culture is excellent and we all work as a team, a second-year analyst concludes. Several respondents tell us the firms promotion policies show room for improvement. They could fast track high-performers, an analyst says, while a second year notes, Fast-track promotion would be better than rigidly sticking to years of service when youre a junior. An analyst in London raises the issue that the firm could organise more events for interns, analysts and associates to get to know each other. According to one London-based worker, Jefferies has a very specific positioning, being a mid-size, fast-growing firm that focuses on the middle-market industry. The corporate culture is therefore very different to what you might find in a bulge bracket, says one insider, explaining that its more informal, much more dynamic, less hierarchical, very entrepreneurial and highly challenging. Analysts are expected to have much more direct exposure to senior people and clients than in a bulge bracket bank. A senior analyst reflects, Jefferies is a great place to start a career, adding that the firm is growing fast and offers a lot of opportunities in other groups. More junior respondents agree that the company operates a flat corporate structure allowing juniors to take on responsibility and to have contact with senior bankers, while an analyst in London describes the environment as open and full of entrepreneurial people. Expectations are high, but people are there to help you.
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PRESTIGE RANKING
24
LLOYDS BANKING GROUP PLC

EUROPEAN LOCATIONS
London, UK (HQ) Austria Belgium Cyprus Gibraltar Ireland Luxembourg Monaco The Netherlands Spain Switzerland United Kingdom
25 Gresham Street London, EC2V 7HN United Kingdom Tel: +44 (0) 20 7626 1500 www.lloydsbankinggroup.com
DEPARTMENTS
Insurance Retail Wealth & International Wholesale
KEY COMPETITORS
Barclays HSBC Royal Bank of Scotland
THE STATS
Employer Type: Public Company Ticker Symbol: LLOY (LSE); LYG (NYSE) Chief Executive: Eric Daniels 2008 Revenue: 9.872 billion 2008 Profit: 807 million* 2007 Revenue: 10.706 billion 2007 Profit: 4 billion* No. of Employees: 140,000 (approx.) No. of Offices: 2,000+ *Statutory profit before tax
PLUS
Progressive, intellectually challenging and entrepreneurial culture
MINUS
Can be siloed and political
EMPLOYMENT CONTACT
See our people at www.lloydsbankinggroup.com
THE BUZZ
Quite interesting Great bank until it bought HBOS British, flexible Recent bailout has ruined rep
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Vault Guide to the Top 25 Banking Employers, European Edition Lloyds Banking Group PLC
THE SCOOP
Dropping the TSB
London-based Lloyds Banking Group operates through four main business units: retail, wholesale, insurance, and wealth and international. Its retail division caters to an estimated 30 million personal customers, operating through brand names such as Lloyds TSB, Halifax and Bank of Scotland. The wholesale unit mainly operates through Bank of Scotland in Scotland, and Lloyds TSB in England and Wales, while insurance does business mainly under Scottish Widows. Wealth and international has three main subdivisions: private banking, asset management and international banking; the unit operates under several brand names in more than 36 countries worldwide. Formerly known as Lloyds TSB, Lloyds Banking Group rebranded in January 2009 after acquiring mortgage giant HBOS (Halifax Bank of Scotland). The previous incarnation of Lloyds was also created from a huge merger. In 1995, Lloyds Bank and TSB Group combined to form Lloyds TSB, then the second-biggest UK bank by market cap (after HSBC). Of course, Lloyds can trace its history much further backit was established as the private bank of Taylors & Lloyds in Birmingham in 1765. Over the next 200 years, the bank grew through mergers and organic expansion to become one of the biggest banks in the UK. The history of the savings bank movement (where the TSB came from) goes back to 1810 when the Revd Henry Duncan founded the worlds first self-supporting savings bank in Ruthwell, Dumfriesshire. The savings banks remained local organisations until the 1970s when the banks amalgamated into regional institutions. TSB Group plc was formed in 1986 following flotation on the Stock Exchange. In 1999, four years after Lloyds TSB was created, all TSB and Lloyds Bank branches in England and Wales were rebranded with the identity of the new entity (Lloyds TSB). A year later, the bank paid 7 billion pounds to acquire Scottish Widows, an Edinburgh-based mutual life-assurance company, further strengthening Lloyds TSBs grip in the UK market. Also in 2000, Lloyds TSB established its asset finance division after its 627 million pound purchase of Chartered Trust from Standard Chartered Bank. Lloyds TSB sold its credit card business Goldfish to Morgan Stanley in 2005 for 1 billion pounds and sold its Abbey Life insurance business to German banking giant Deutsche Bank for a cash consideration of 977 million in 2007. Lloyds also made headway in the UK banking market when it became the first among its peers to offer Sharia-compliant business accounts. In September 2008, only two days after the infamous fall of Lehman Brothers, it was revealed that Britains Lloyds TSB was in takeover talks with HBOS plc; investors became weary of HBOSs funding capability after the Lehman collapse, sending the UKs largest mortgage lenders shares plunging. Two months later, the acquisition and participation in the UK governments recapitalisation scheme were both agreed upon by Lloyds Banking Groups shareholders (HBOS shareholders approved of the takeover a few weeks later). The acquisition was officially completed on 16 January 2009, at which point Lloyds TSB changed its name to Lloyds Banking Group.
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The credit crunch

In October 2008, at perhaps the height of the financial crisis in 2008, Lloyds TSB announced its intended participation in the governments recapitalisation scheme, raising a total of 17 billion (Lloyds TSB took 5.5billion, HBOS 11.5 billion). As a result of the recapitalisation and Lloyds subsequent placing and open offer to ordinary shareholders and the market, Her Majestys Treasury became the owner of 43.4 per cent of Lloyds ordinary share capital and 4 billion of its preference shares. Lloyds Banking Group redeemed the 4 billion of preference shares in June 2009 following a placing and compensatory open offer.
No. 1 gay-friendly firm

In January 2009, Lloyds TSB was ranked the No. 1 employer in the UK for lesbian, gay and bisexuals by the campaign group Stonewall, which annually ranks the 100 best firms for LGBT people. Lloyds TSB placed first out of a total of 317 businesses surveyed in the latest rankings.
How to make a lot of money really fast

In March 2009, according to press reports, the Lloyds Banking Group was considering putting some of its insurance businesses up for sale. Lloyds had already announced plans to cut costs by 1.5 billion pounds per annum by the end of 2011 (200 million of which reportedly would result from combining the life insurance and investment businesses of Lloyds TSB and HBOS). Some analysts said it wouldnt be surprising if Lloyds sold off at least one of its life insurance businesses to repay the government and decrease its shareholding.
Scheming
In March 2009, Lloyds Banking Group announced it would be participating in the UK governments Asset Protection Scheme (APS). The proposed scheme involves the government insuring approximately 260 billion of Lloyds (and HBOSs) higher-risk assets to strengthen Lloyds capital position. It also involves Lloyds issuing the government class B shares that will ultimately convert into ordinary shares, increasing the governments holding in Lloyds to over 60 per cent. The announcement followed the release of HBOS posting a 10.8 billion loss for 2008. Lloyds shareholders will be asked to vote on participation in APS, but the final detail of how the scheme will work was still under discussion as of June 2009.
More Tier 1
Also in March 2009, Lloyds TSB Bank announced that it had invited all holders of certain Tier-2 securities to exchange them for senior notes. The exchange of notes would enable Lloyds Banking Group to strengthen its capital base through the creation of additional Tier-1 capital. The move was not an out of the ordinary onethe Royal Bank of Scotland and UBS AG had recently offered their bondholders similar deals.
Payback time
In March 2009, Lloyds announced its intention to replace the 4 billion of HM Treasury preference shares through a placing and compensatory open offer. Lloyds Shareholders were offered the
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opportunity to participate in the Placing, pro rata to their shareholding, at an offer price of 38.43 pence per share, with HM Treasury underwriting the rump. Following the subscription period, 87 percent of the shares were taken up by ordinary shareholders, with the remaining 13 per cent placed on the open market, meaning that the governments stake in Lloyds remained unchanged at 43.4 per cent. The successful placing also meant that the dividend blocker of the HM Treasury preference shares was removed, allowing Lloyds board to recommence dividend payments when market conditions and Lloyds financial performance improves.
Permission to claw back

In May 2009, Lloyds Banking Group unveiled an executive package that lets the bank claw back a bonus if it decides that the executive did not meet the performance on which the bonus was established. The new remuneration package is made up of one-third salary, one third annual incentive and one third long-term incentive. According to Lloyds, the annual incentive award is deferred over three years and subject to claw back if the conditions under which the award is given are not found to be sustainable. And the LTIP (long-term incentive plan) is given in shares over the course of three years. Previously, executive directors had announced that they would not take a bonus for 2008 performance, and base salaries for 2009 were frozen at 2008 levels.
Cuts from Clerical

In April 2009, Lloyds Banking Group announced that it will combine its Scottish Widows and Clerical Medical divisions, resulting in impacting 305 redundancies in its sales and support teams. Ultimately, Lloyds Banking Group is planning to shutter its Clerical brand, a division the firm acquired when it took over owner HBOS. Lloyds Banking Group announced that under the merger, pension products would be supplied by Scottish Widows, and other onshore and offshore investment products would be offered by Clerical Medical.
Cuts across the board

In May 2009, Unite, the union, speculated that Lloyds Banking Group had plans in place to cut 985 jobs throughout the firm. Lloyds Banking Group did not confirm the cuts, but Unite said the layoffs were the result of a company-wide discussion regarding cost-cutting steps in the wake of Lloyds acquisition of HBOS. Unite said the layoffs would occur across the companys banking division, but the timing and location of cuts were not revealed. According to Lloyds, it remains committed to communicating any changes to impacted colleagues and their Union representatives first.
Stepping down
Also in May 2009, Lloyds Banking Group Chairman Victor Blank said he would resign by the firms annual meeting in 2010, a decision that came as the bank faced a tough financial situation after purchasing HBOS in late 2008. Senior Independent Director Lord Alexander Leitch was named as deputy chairman, and the firm began to search for a successor to Blank.
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GETTING HIRED
Taking the Lloyds Banking Group road
Insiders agree it is easier to land a job at Lloyds Banking Group after having a summer internship, but it is far from required, as many current graduates and employees did not complete one. However, those that did join as an intern spoke highly of the experience. One contact says his internship involved working on the management of private banking clients portfolios, commenting that the work was diverse. The experience, he adds, certainly helped me in getting back into the organisation, as I knew how the bank operated. Some insiders maintain that Lloyds is not an overly selective firm, adding that the interview and selection process is relatively standard. Potential hires are subject to psychometric testing and competency based interviewing. A contact describes his hiring experience as a very straightforward process. There will usually only be one interview for internal candidates, says one insider. The number of interviews for external candidates depends on the grade of the appointment. Applications are taken online from September for graduates, industrial placements and interns.
So many options
There are a number of different training programmes, including a graduate leadership programme for those with a 2:1 undergraduate degree or above, a summer vacation internship scheme, and a 12-month industrial placement programme. On the competitive (and fully revised in 2008) graduate leadership programme, you will spend two years developing your technical expertise, leadership and management skills in selected assignments. The revised programme has a greater emphasis on senior support, giving participants access to a senior manager and a dedicated graduate development specialist. Your career journey will include formal training, one-on-one reviews and placements where you can employ your management capabilities. Some of the placements also include study towards a professional qualification. The specific streams of the programme are general management, finance, corporate markets, human resources and IT. Youll need a minimum 2:1 degree, together with all the qualities that make for strong leaders: judgment, drive, the ability to influence, and successfully put plans and ideas into action.
The summer internship is for those expecting to receive a minimum 2:1 degree and consists of a paid 10-week placement. Doing well here could see you fast-tracked to the leadership programme when you graduate. These programmes tend to begin in June, but check Lloyds website for specific dates. The yearlong industrial placement programme is for those in the penultimate year of their degree with an expected 2:1. It will give you excellent exposure to real work and responsibility in all Lloyds Banking Groups major business functions. Applications should be made online, simply click any of the apply now links on the Lloyds Banking Group career page and complete the online application. Its worth noting that applications for 2010 are not expected to open until September although candidates will be able to register their interest from mid-June. Deadlines for programmes vary, so make sure you carefully research the application dates for the programme you are applying to.
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OUR SURVEY SAYS

Not big on change
Insiders call Lloyds Banking Group a very, very English bank, or so it would like to be perceived as such. It can be very slow to adapt to change. Some respondents also call it silo-ed and political. But some workers think the culture encompasses the opposite end of the spectrum. In what insiders described as a progressive, intellectually challenging and entrepreneurial culture that embraces change, hours are fairly flexible. One trader works the hours required to develop [himself] and [his] business, in a 60- to 70-hour week. Elsewhere in the bank, others work less than 40 hours a week and happily reveal, There is no pressure to work long hours. Another insider notes the organisation is very flexible, and offers compressed hours and flex-time. Benefits of working at the firm listed by staff include six weeks paid holiday, private health care and a gym membership discount. A London-based trainee calls the firm very conservative, yet innovative at the same time, with a constant quest for improvement. He goes on to praise the firms good work/life balance. Still, work/life balance could be better, insiders admit. I spend a lot of time travelling to offices in different locations, a worker says. This means that I spend up to six to 10 hours per week on a train in my own time. Another contact confides, I spend more time in the office than I would like.
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PRESTIGE RANKING
25
COMMERZBANK AG
EUROPEAN LOCATIONS
Frankfurt, Germany (HQ) Belarus Belgium Croatia Czech Republic France Germany Hungary Ireland Italy Luxembourg The Netherlands Poland Russia Slovakia Spain Switzerland Ukraine United Kingdom
Kaiserplatz 60261 Frankfurt Germany Tel: +49 69 136 20 www.commerzbank.com
DEPARTMENTS
Commercial Real Estate Corporate & Investment Banking Public Finance & Treasury Retail Banking & Asset Management
KEY COMPETITORS
Deutsche Bank Deutsche Postbank HVB Group
THE STATS
Employer Type: Public Company Ticker Symbol: CBK (Frankfurt) Chief Executive: Klaus-Peter Muller 2008 Revenue: 4.7 billion 2008 Profit: 3.0 million 2007 Revenue: 4.0 billion 2007 Profit: 1.9 billion No. of Employees: 39,947 No. of Offices: 820
PLUSES
Friendly people and insignificant ego Working with interesting clients
MINUSES
Very poor management at the top of wealth management Support services lacking
EMPLOYMENT CONTACT
Click on the a career section at www.commerzbank.com Customized for: Graham (efeldman@mail.wm.edu)
THE BUZZ
Strong domestic and regional name Not a major player Good peoplefriendly and professional Putting two fifth-tier banks together is not going to create a better bank
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Vault Guide to the Top 25 Banking Employers, European Edition Commerzbank AG
THE SCOOP
Bright lights, big cities
Throughout its 140-year history, Commerzbank has moved its headquarters three times. It relocated from its founding city of Hamburg to Berlin just after the beginning of the 20th century, moved from Berlin to Dusseldorf just after World War II and officially made its home in Frankfurt in 1970. Germanys second-biggest bank, Commerzbank has a presence in 50 countries around the world, employing approximately 40,000 people, of which more than a third work outside its native Germany. The banks total private and business customer base of 8.5 million includes more than half a million corporate customers, and the banks network encompasses more than 5,000 correspondent banks worldwide. Commerzbanks business structure is divided into four main units: corporate banking, retail banking, real estate banking and institutions. The services offered by the corporate banking division include financing, transaction management, investment, foreign business, risk management consulting. Commerzbanks history dates back to 1870 when Commerz- and Disconto-Bank was founded in Hamburg by a group of merchants and merchant and private bankers. By the time the 20th century arrived, the banks business was heavily focused on Berlin, and the bank relocated its headquarters there in 1905, having established itself as one of the countrys top banks. Over the next four decades, the bank grew through a series of mergers and acquisitions. After the post-WWII division of Europe, Commerzbank lost an estimated 45 per cent of its business premises. West Germanys biggest banks were decentralised, creating three separate regional banks, which were not united again until 1958 under the name of Commerzbank Aktiengesellshaft (headquartered in Dsseldorf). Commerzbanks growth and expansion continued rapidly thereafter, and in 1970, the banks headquarters relocated (again) to the nations financial capital of Frankfurt am Main. After the fall of the Berlin Wall, Commerzbank opened offices again in what was still being called East Berlin; by the first anniversary of the fall of the Berlin Wall, Commerzbank had 50 locations in the former East Germany (German Democratic Republic). Throughout the 1990s, European expansion continued, including stock listings in Madrid and Milan. Asian expansion also kicked off, with offices opening in Indonesia, Malaysia and China. In addition to Western Europe, the bank expanded in Eastern Europe, the United States and North Africa. By 2001, the bank had six million customers and, during the year, had opened a new trading centre in Frankfurt. In 2005, the bank famously took over rival German bank Eurohypo AG, Eschborn, becoming the second-largest lender in Germany, with more than eight million customers. Three years later, the firm went big again, agreeing to acquire German banking giant Dresdner Bank from Allianz for 9.8 billion. According to Commerzbank, about 9,000 positions would be cut as a result of the merger, which was announced in August 2008 and is expected to close in 2009.
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Taking over Eurohypo

A major Commerzbank subsidiary, Eurohypo was the product of a 2002 agreement between what were then Germanys three biggest banks: Deutsche Bank, Dresdner Bank and Commerzbank. The three agreed to merge their holdings in the real estate banking businesses in order to form Eurohypo AG. The timing was perfect, and Eurohypo was an instant success, quickly growing into one of the biggest banks in Germany (despite its real estate and public finance focus). In 2005, Commerzbank acquired Deutsche Bank and Dresdner Banks stakes in Eurohypo, making the firm a wholly owned subsidiary. In 2006 and 2007, Eurohypo was named the Best Global Commercial Bank in Real Estate at Euromoneys annual Awards of Excellence. Eurohypo is focused on real estate and public finance, and enjoys a coveted position as one of Germanys leading bond issuers. The real estate division of Eurohypo encompasses commercial real estate financing, including structured finance and international real estate financing. The public finance division of the bank encompasses conventional public sector lending, project and infrastructure financing, and PPP (private public partnership) models. Eurohypos treasury division offers services in local treasuries and capital markets funding. In August 2008, fellow German bank Hypothekenbank in Essen AG (Essen Hyp) merged and integrated with Eurohypo. In October 2008, Bernd Knobloch left his role as chief executive and chairman of the board at Eurohypo (he submitted his resignation in August 2008). Knobloch, who was replaced by Dr Frank Prschke, was named chief executive of Eurohypo in 2006 after the firm became a wholly owned business of Commerzbank. The new boss, Prschke, joined the firm in September 2007; he had been focussed on Eurohypos market activities in Europe and Latin America. Eurohypo will benefit from Prschkes specialist background in law, real estate law and consultinghis CV includes leading global consulting firm, McKinsey & Company. Also in October 2008, Eurohypo said that it would merge its European structured finance team into its UK debt division and that 10 jobs would be cut. The bank attributed the redundancies to meeting current market conditions. Better news came during the month in the form of some awards. In Euromoney s Liquid Real Estate Awards, Eurohypo was named Best Global Bank in commercial real estate for the third year in a row and Best Real Estate Bank in Germany for the fourth year in a row. Previously, in February 2008, Eurohypo was named Best International Bank in Russia by Europaproperty, a specialist publishing house. Contributing to the banks success in Russia is its dedicated Moscow that opened in 2005.
Banking on Dresdner
Dresdner Bank was founded in the German city of Dresden, on 12 November 1872. That entity itself was created out of the conversion of a then century-old institution called Michael Kaskel, which was established in 1771. On January 7, 1873, Dresdner Bank floated on the Berlin Stock Exchange. Over the next five years, Dresdner took over five smaller Saxony regional institutes, setting the precedent for the magnificent European and, later, international growth and expansion. Throughout the late 19th century and 20th century, Dresdner grew through mergers, acquisitions and organic expansion. By 1976, its shares
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were sold on all of the major European stock exchanges. In 1979, it opened an office in Hong Kong and, in 1981, opened an office in Beijing. In 1984, Dresdner became the first major private bank to have a comprehensive online terminal system. The following year, the banks shares were the first German ones to be listed on the Tokyo Stock Exchange, an IPO that happened after the bank was granted a branch license in Japan. In 1989, the year the Berlin Wall fell, Dresdner entered into a comprehensive co-operation with leading insurance companies, which included Allianz, the German insurance giant that owned the bank from 2002 until its sale to Commerzbank was completed in January 2009. Today, Dresdner has more than 900 branch offices Germany, and operates through five main units: personal banking, private banking, business banking, private wealth management, corporate banking and, through Dresdner Kleinwort, investment banking. Dresdner Kleinwort, as an investment banking division, has a relatively brief history, dating back to 1995 when Dresdner Bank took over British investment bank Kleinwort Benson. Six years later, the entity took over American investment bank Wasserstein Perellaa firm that was highly reputed for its debt capital markets expertise. In addition to a global headquarters in Frankfurt, Dresdner Kleinwort was given a second European headquarters in the financial capital of London where, through its capital markets, corporate finance and origination business lines, the firms long list of pan-European clients were provided with investment banking products and services. Dresdner Kleinwort quickly developed a strong position in its core home market of Germany and adopted home market of the UK. Within only a few years of its creation, Dresdner Kleinwort had offices in more than 35 countries and a staff of over 6,000 employees. Dresdner Kleinwort also boasted particular expertise in the realm of European renewables (such as wind, solar, bio-energy and fuel cells). Despite its name recognition around the world, the firm hasnt performed well as of late, largely due to the worldwide financial crisis, and Commerzbank plans to contract rather than expand the investment banking capabilities once provided by Dresdner Kleinwort. In addition, once Dresdner Bank is fully integrated, the Dresdner Kleinwort name will likely be retired. Already, Commerzbank has made some changes. In December 2008, it was revealed that Commerzbank would be shrinking Dresdner Kleinworts U.K. M&A business and cutting 1,200 of a total 3,300 London-based staff. Two months later, in February 2009, Dresdner Kleinworts London staff received some more bad news when it was announced that up to 150 staff members in its equity research and cash equities businesses would be cut. In addition, it was revealed the bank would no longer be covering non-German companies. By May 2009, most of the London-based corporate and investment banking businesses serving non-German clients had been phased out.
A few injections
The Commerzbank-Dresdner merger was almost the merger that didnt happen. The deal nearly ground to a halt if not for the Germans government participation. In January 2009, the government stepped in with about $13 billion to back Commerzbank in silent participation, or preference shares. It was the second time the government had to offer fundingthe German government gave Commerzbank funds in November 2008. With its
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latest participation, the government held a 25 per cent stake and a minority blocking stake in the merged company. Also in January 2009, Commerzbank issued a mega bond worth $1.5 billion, raising money in order to refinance its lending business. Previously, in September 2008, Commerzbank raised more than $1.1 billion, using 65.4 billion shares to partially finance the acquisition of Dresdner.
Dodging a bullet?
For the fourth quarter 2008, Commerzbank posted a $1.02 billion loss, less than the $1.07 billion loss analysts predicted. Though the figure was down from $253 million profit the bank posted for the fourth quarter 2007, the firm was still in a better position than many of its competitors, with its shares gaining 9.9 per cent on the news. Commerzbanks CFO Eric Strutz said that the bank had a good start in January 2009, but added that he anticipates a very difficult year to come.
More cutbacks
In April 2009, Commerzbank said it would lay off 2,200 workers employed in head office positions in Frankfurt. The cuts, which are part of the banks merger with Dresdner, will bring Dresdners total headcount down from 11,400 to 9,200. The newest wave of layoffs is part of the banks plan to cut 9,000 total jobs from a merged staff of 67,000. The merged group posted a pro-forma $8.7 billion loss in 2008.
Demanding severance
In April 2009, Dresdner Banks ex-capital markets chief Jens-Peter Neumann asked a German court for $1.9 million in severance pay after receiving about $4 billion in bonus money after leaving the investment banking division Dresdner Kleinwort. Dresdners lawyer Matthias Woldter said Neumann isnt eligible for severance, adding that deep losses took place especially at the unit Mr Neumann headed.
Losses and revamps

In May 2009, Commerzbank reported a $1.15 billion net loss for the first quarter 2009, quite a fall versus the $316 million profit it booked for the first quarter 2008. The bank, which said its hoping to turn a profit again by 2011, also announced a reorganisation of its board. It appointed Martin Blessing as chairman of the board, and added Ulrich Sieber and Jochen Kloesges as new members. Wolfgang Hartmann, the banks chief risk officer, left the board and was replaced by Dr Stefan Schmittmann, who previously worked in the commercial real estate and Central and Eastern Europe areas.
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GETTING HIRED
Different strokes for different folks
Commerzbank offers a range of opportunities for students, including training programmes in financial markets, its in-house operations from its headquarters to its branches and its IT division. If youve just graduated, or completed the Vordiplom exam in Germany, youll find paid eightweek internships available to you. To apply for any kind of employment with the bank, from training programmes to full time positions, simply click the a career link on the company homepage, followed by apply for a job online. You can direct your application to service departments, corporate banking, investment banking, group management, retail banking and asset management divisions, as well as to the trainee programmes. If you fancy a virtual tour of the bank and receiving guidelines on what criteria you need to fulfil to work at Commerzbank as an intern or trainee, click the hotstaff link in the menu on the left.
Round after round

During the interview process, expect several rounds of interviews, where you will meet a variety of people. Prospective employees can expect to meet your prospective team and management, human resources, perhaps even board members during the process. Snagging an internship with the bank is a great way to get your foot in the door to the interview process. Almost all grad intake is from internships, says one insider. University students have spots earmarked for them, confirms another employee.
OUR SURVEY SAYS

Depends on your view
Sources seem to view the company culture in several different lights. Some call it cooperative, citing common agreement as a thread within the company. Others call it fairly rude, tough, and controlling. However, workers seem to agree that working in a bank during the banking crisis makes contact with clients not very easy. Hours worked at the bank can also be fairly intense. Insiders report being always out of the office with clients and working more than 11 hours a day. One insider says he is often on phone at 12 midnight with clientsbut with the caveat of being able to speak with clients from home. Perks, meanwhile, are fairly standard for the industry, with 30 days vacation and car leasing offered as options to workerswhile stock options and bonuses are conspicuously not, insiders say.
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BEST OF
THE REST
ALLIED IRISH BANKS P.L.C.

Bankcentre Ballsbridge Dublin, 4 Ireland Tel: +353 (0) 1 660311 www.aibgroup.com
EUROPEAN LOCATIONS
Dublin, Ireland (HQ) France Germany Hungary Ireland Luxembourg Northern Ireland Poland Switzerland United Kingdom
DEPARTMENTS
AIB Bank Republic of Ireland AIB Bank UK Capital Markets (Asset Management, Corporate Banking, Investment Banking, Treasury) Central & Eastern Europe Group
KEY COMPETITORS
Anglo Irish Bank Bank of Ireland
EMPLOYMENT CONTACT
See careers www.aibgroup.com
THE STATS
Employer Type: Public Company Ticker Symbol: AIB (NYSE) CEO: Eugene Sheehy 2008 Revenue: 5.07 billion 2008 Profit: 729 million 2007 Revenue: 4.87 billion 2007 Profit: 1.91 billion No. of Employees: 25,815 No. of Offices: Locations in 14 countries
THE BUZZ
Retail Small potatoes Nationalised Danger of bankruptcy
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THE SCOOP
Irish feet, international footprint
As far as Irish banks go, few firms have as much clout outside the countrys borders as Allied Irish Banks (AIB) does. Headquartered in Dublin, AIB Groups operations are principally centred in Ireland, Britain, Poland and the United States. In 2008, the group acquired interests in Baltic mortgage provider AmCredit, which has operations in Estonia, Latvia and Lithuania. AIB Group also has representative offices in several other key locations, including Budapest, Paris, Luxembourg, Sydney, Frankfurt and Zurich. In the U.S., AIB operates as Allied Irish America, and has offices in New York, Chicago, Philadelphia, Atlanta and Los Angeles. The banking group also has a 24.3 percent stake in the U.S. regional bank M&T Bank Corporation, which developed after the merger of AIBs former US subsidiary Allfirst into M&T, in April 2003. AIB Group is comprised of four main businesses: AIB Bank Republic of Ireland, which covers all retail and commercial banking operations in Ireland, the Channel Islands and the Isle of Man; AIB Bank Great Britain and Northern Ireland, which covers retail and commercial banking services in England, Scotland, Wales and Northern Island; AIB Capital Markets, which oversees the global treasury, international, investment banking, and corporate banking activities; and the Allied Irish America Network.
A three-leafed clover
AIB was formed in 1966 through the merger of three Irish banks: the Provincial Bank, founded in 1825; The Royal Bank, founded in 1836; and The Munster and Leinster, formed in 1885 (and the largest of the three). At the time, the merger created a stronger platform with which to compete against North American banks, which were just starting to enter Ireland. The move was a clever one, and since then, AIB has grown to establish itself as the largest Irish-based banking group by market capitalisation, and the bank ranked 61st in the world by Tier 1 capital ratio, according to The Banker magazines July 2008 issue.
In the Republic of Ireland, AIB has approximately 270 retail banking outlets, and it has an additional 52 Northern Ireland outlets that it operated through its subsidiary First Trust Bank. First Trust was created by the 1991 merger between AIB Groups then-existing Northern Ireland interests with those of TSB (Trustee Savings Bank) Northern Ireland. Almost 20 years later, the AIB Group now has strong retail banking, commercial banking, and general insurance businesses in Ireland, as well as a strong corporate lending and capital markets business, much of which is based out of its head office in Dublin. That said, since the 1970s, AIB has more significant international operations than its Irish contemporaries, with both retail and corporate banking business in the U.K., Northern Ireland, Poland and the U.S.
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Under cover
Coping with the turmoil in the financial sector has not been easy for any bank, and as the post-Lehman Brothers-collapse environment of fall 2008 sent shockwaves around the world, firms started to make radical changes in attempt to stay afloat. In October 2008, Allied Irish Banks and its subsidiaries executed guarantee acceptance deeds in order to become covered institutions under the Irish governments financial support scheme. The announcement came amid many firms in the global banking sector waving their arms at governments for some bailout funds. Other Irish banks, in addition to AIB, also sought security from the Irish government's emergency 440 billion guarantee banking scheme (around the same time that the U.S. Senate approved the $700 billion-dollar Wall Street bailout plan following the collapse of Lehman Brothers). The Irish scheme (which provides two government-appointed directors to each bank in order to ensure implementation of the scheme) protects all deposits, covered bonds, senior debt and dated subordinated debt for Ireland's six major financial firms. A few weeks after the announcement of the emergency guarantee banking scheme, AIB management issued a statement giving kudos to the Irish government guarantee and reassuring customers that despite unprecedented market conditions, the banks funding position remains strong.
Going East
Since Poland joined the European Union in May 2004, the countrys growing economy has increasingly become a popular destination for European investment. A decade earlier, AIB Group predicted that the country would be a great investment, entering the Polish market in 1995 with the acquisition of a small stake in WBK Bank. Some important investments (Bank Zachodni in 1999) and mergers (Bank Zachodni with WBK in 2001) followed, transforming Bank Zachodni WBK into one of the biggest banks in Poland, with both retail and commercial businesses and approximately 10 billion in assets. In November 2008, AIB management said in an interim statement that income opportunities [had] been better in Poland this year than elsewhere in Eastern Europe, as the Polish economy continued to benefit from good levels of investment and demand. Other noteworthy recent Eastern European developments at AIB include its acquisition in early 2008 of AmCredit, the mortgage finance business of the Baltic-American Enterprise fund with operations in Estonia, Latvia and Lithuanian. AIB also strengthened its position in the Central and Eastern European region through its February 2008 purchase of a 49.99 percent stake in the Bulgarian-American Credit Bank from the Bulgarian-American Enterprise Fund for 216.2 million.
Hold on to your friends

As far as group leadership is concerned, loyalty and firm experience seem to be defining characteristics of AIB Group Chief Executive, Eugene Sheehy, who first joined AIB in 1971.
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Sheehy worked his way up the ranks, becoming general manager of retail operations in 1999 and managing director of AIB Bank for the Republic of Ireland in 2001. A series of executive appointments followed, and Sheehy was eventually named AIB Group chief executive designate in March 2005 before assuming the role of chief executive in July 2005.
Allieds assets
In April 2009, Allied Irish Banks said it may choose to sell off assets in order to raise $1.95 billion in capital. The plan will bring about funds for the bank in addition to the $4.5 billion the bank has accepted from the Irish government. In February 2009, the Irish government said it would invest $4.5 billion in Core Tier 1 capital each in Allied and Bank of Ireland. The plan means that the government will receive preference shares with a dividend of 8 percent.
GETTING HIRED
Bringing them in
AIB usually operates a graduate recruitment programme to bring university leavers into its banking fold. It consists of an induction programme, training on the job and a variety of training courses. AIB will take on graduates with business, accounting, technology and related disciplines. In the firms learning and development programme, candidates are taken through structured onthe-job experiences to help them bolster their practical knowledge, whilst receiving support and coaching on personal goals from their line manager. A series of evening classes, called master classes, are run in order to give candidates the knowledge they will need, whilst allowing them to rub shoulders with senior management and their fellow graduates. As well as building knowledge and experience, the graduate training programme works to develop your competencies, the firm says, through a series of workshops in career management, teamwork, customer relationship management, strategic thinking, and time and task management. Once you're through the programme, the company will assist you in selecting the most appropriate banking sector for you based on your strengths. If you're keen to get on board, make sure you check the bank's careers website at www.aibgroup.com (click on the careers link). Career information is sorted in four categories: Ireland, capital markets, Northern Ireland and Great Britain.
Pots of gold
Among the perks youll receive working for AIB are a performance-related promotion structure, market-related salary and 21 days leave per year. You'll also be able to participate in the bank's profit sharing scheme and be eligible for preferential rates on personal loans. Employees at the bank are encouraged and financially assisted to pursue further studies. They also benefit from an exciting range of sports and social activities, and special rates for car and house insurance. 180
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B. METZLER SEEL. SOHN & CO. KGAA (METZLER)

Grosse Gallusstrasse 18 60311 Frankfurt/Main Germany Tel: +49 (0) 69 21 04 0 www.metzler.com
EUROPEAN LOCATIONS
Frankfurt/Main, Germany (HQ) Germany Ireland
EMPLOYMENT CONTACT DEPARTMENTS

Asset Management Corporate Finance Equities Financial Markets Private Banking Email your inquiries or CV to: jobs@metzler.com Or write to: B. Metzler seel. Sohn & Co. KGaA Personalabteilung Herrn Michael Diedrich Grosse Gallusstrasse 18 60311 Frankfurt/Main Germany For internship information contact: Margit Weber Tel: +49 (0) 69 21 04 3 08
THE STATS
Employer Type: Private Company Chief Executive: Friedrich von Metzler No. of Employees: 770 No. of Offices: 11
THE BUZZ
German boutique Minor Local bank Small, not well known
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THE SCOOP
More than three centuries of experience
Few if any banks can say they have 335 years of experience behind them. And thats exactly what B. Metzler seel. Sohn & Co. has. Commonly referred to as Metzler, the bank was founded by Benjamin Metzler, the son of a pastor, in the city of Frankfurt am Main in 1674. While there are several old German banks, what makes Metzler so special is that its the oldest German bank still managed by the family that created it, with 11th-generation descendent Friedrich von Metzler at the helm as chief executive. In 1742, a member of the Metzler family was given a seat on the board of the Frankfurt Stock Exchange, which itself was a long-established and prestigious bourse set up in 1585. After close to a century in business, Metzler made the transition from a trading house to a merchant banking house in 1760 and began issuing its first loan stocks in 1779. The bank continued to grow in the 1800s, and by the end of the 19th century, it had successfully transformed into a private bank, shifting its focus from business to individual finances. What began as a trading company was then operating as a bank offering financial services, a partner in securities transactions, an asset manager for private clients and a corporate finance consultant. By the time the 20th century rolled around, Germany had close to 2,000 independent banks, not all of which survived the first half of the 1900s, given two World Wars. Metzler, though, persevered and survived (although not unharmed) World War I, the Great Depression, the Third Reich and World War II. In fact, its only one of about 55 German banks to have survived the turbulence of the 20th century. Today, Metzlers 770 employees provide financial services through five main units: asset management, private banking, equities, corporate finance and financial markets. The firm operates in more than 20 countries throughout the world, with European offices in Frankfurt, Munich, Stuttgart, Cologne/Dsseldorf, Hamburg and Dublin.
Unit by unit
Metzlers asset management business includes portfolio management services for both private and institutional customers. At the end of March 2009, Metzler managed a volume of approximately 33.9 billion in unit trusts and special funds, including funds on its own fund trading platform, the Metzler Fund Xchange. The banks equities division provides brokerage services such as equity research, advice and trading, while the corporate finance division encompasses M&A and IPO consulting, as well as advice on privatizations and structured financing. The financial markets business oversees all the money market and foreign exchange trading, currency management and financial advice, special transactions and bank relations. Private banking, meanwhile, provides financial advisory services to wealthy individuals.
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Corporate responsibility
Friedrich von Metzler and his wife Silvia have always led high-profile lives, not only as the head of a historical bank in Germany but also through their philanthropic efforts. They have long been actively involved in several charitable foundations as well as strong patrons of the arts. In addition, Friedrich von Metzler has funded an academic exchange programme between the University of Frankfurt and the University of Pennsylvanias Wharton School of Business in Philadelphia.
Thinking outside the financial storm

The day after the mighty fall of global investment bank Lehman Brothers on 15 September 2008, Metzler, seemingly unfazed, announced it was pressing ahead with its international expansion and appointed a renowned Eastern Europe expert, Ulf Wokurka, as the managing director of Metzler Asset Management GmbH. Wokurkas task is to acquire and service institutional clients in Eastern Europe and the Commonwealth of Independent States. Bringing on Wokurka, the former chief executive and chief financial officer of the Kazakh state holding in Kazakhstan as well as a former Deutsche Bank executive, was a significant step for Metzler in expanding its global efforts. The bank already had successful businesses in Ireland, the United States, Japan, China and the Middle East.
Turning heads in Japan

Despite turmoil in the financial markets, 2008 was been a fairly good year when it came to the banks Japanese fund businessMetzlers Japanese Equity Fund, launched in 2004 and exclusively invests in Japanese equities, was recognized with three prestigious honors in 2008. International rating agency Standard & Poor's gave the fund an AAA rating, an achievement only five other Japanese funds in Europe can claim. The fund also received the Lipper Fund Award and was ranked highest among firms for extraordinary risk-adjusted performance over a three-year period. Finally, the fund received the uro Fund Award 2008 in the category of Japanese Equity Funds over a three-year period.
Other honourable mentions

Metzler Equities placed third in German business newspaper Handelsblatts April 2009 ranking of best security firms for German stocks. In the equity analysts award of BrsenZeitung, another renowned German business newspaper, the research team gained three leading places for best recommendations for large caps in 2008.
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GETTING HIRED
Log on
For information on current job vacancies and graduate opportunities at B. Metzler seel. Sohn and & Co, visit the company's web site at www.metzler.com and click on the "career at Metzler" link. Note that vacancies are only available in German. Job seekers can also send a query via email to jobs@metzler.com. Metzler offers opportunities to graduates in its investment trainee programme, a 12-month paid scheme where youll receive on-the-job training in the banks core business areas: asset management, private banking, equities, corporate finance and financial markets. The first six months consists of orientation to these areas. At the end of this period, youll discuss with your line manager which of the business areas suits you best; youll spend the following six months developing your knowledge of this area and receiving further training. To be eligible, youll need an economics or computer science degree, as well as a good knowledge of finance, business analysis and portfolio theory. Youll also need excellent spoken and written English and German skills. Further information is available in the information brochure, which can be downloaded from the investment-trainee link (go to career at Metzler, then job vacancies, then vacancies) or by contacting Michael Diedrich on +49 (0) 69 21 04 3 07. To apply, use the online application form in the career section of the firms website, or post your application to B. Metzler seel. Sohn & Co. KGaA, Personalabteilung, Herrn Michael Diedrich, Grosse Gallusstrasse 18, 60311 Frankfurt/Main, Germany.
Getting the hang of it

Metzler provides a range of internships and welcomes students working toward financerelated degrees but will consider students involved in any discipline. The positions currently on offer can be found by clicking praktikanten und studenten on the company careers page. To apply, send a CV and references to praktikum@metzler.com, or for further information contact Margit Weber on +49 (0) 69 21 04 3 08.
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BANCO ESPAOL DE CRDITO S.A. (BANESTO)

Avenida Gran Via de Hortaleza, 3 28042 Madrid Spain Tel: +34 91 338 15 00 www.banesto.es English language corporate site: See the corporate website link under Group Banesto at www.banesto.es
EUROPEAN LOCATIONS
Madrid, Spain (HQ) Germany Spain Switzerland
KEY COMPETITORS
Banco Santander BBVA
DEPARTMENTS
Business & Trade Communication Corporate Banking Finance Human Resources Marketing Particulars Personal Banking Private Banking SMEs
EMPLOYMENT CONTACT
See empleo at www.banesto.es
THE STATS
Employer Type: Public Company Ticker Symbol: BTO (Madrid) Chairman: Ana Patricia Botn 2008 Revenue: 5.5 billion 2008 Profit: 779.8 million 2007 Revenue: 4.6 billion 2007 Profit: 764.5 million No. of Employees: 9,562 No. of Offices: 1,888
THE BUZZ
Strong domestic and regional name Very dull Great social benefits Never heard of them
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Vault Guide to the Top 25 Banking Employers, European Edition Banco Espaol de Crdito S.A. (Banesto)
THE SCOOP
La casa del Banesto
Banesto is an acronym of sorts, created from the Spanish banks actual name: Banco Espaol de Crdito, S.A., which means Spanish credit bank. With more than 1,888 retail banking branches, Banesto is the fourth-largest banking group in Spain (which is Europes fifth-largest economy). It has three million customers, and is Spains third-biggest bank by volume of managed resources. In 2008, Banesto was named the Best Bank in Spain by Euromoney in the magazines annual Awards for Excellence. Banestos largest shareholder is also the largest bank in Spain, Banco Santander, which owns 88.4 per cent of Banesto. Ana Patricia Botn, the daughter of Banco Santander President Emilio Botn, is the chairman of Banesto. Prior to taking up her post at the bank, Ana Patricia earned an MBA from Harvard Business School and spent seven years working for J.P. Morgan in the US. Although Banesto identifies its main business activities in Spain as being commercial and retail banking, it also has strong wholesale banking and capital markets businesses. The Madrid-based bank operates through three main divisions: retail banking, encompassing individuals, personal, private, SMEs, shops and businesses; banking for companies; and wholesale banking, which includes corporate banking, treasury activity, Banesto Bolsa S.V.B (the brokerage arm) and international banking.
Back in the day

Banestos origins date back to the mid-19th century when a Spanish bankfinanced by French capital and a French financier named Isaac Pereirebecame the Sociedad General de Crdito Mobiliario Espaol. The entitys investment portfolio was established to cover Spain's budget deficit through the acquisition of public debt and the financing of public sector companies. Considering it was Spains deficit that was being covered, one can assume the Frenchman thought it only appropriate to ensure his new project had a rightfully Spanish name. In 1900, on account of reforms carried out by Spains finance minister and new capital flowing in from Spains overseas provinces, the banks shareholders agreed to dissolve the entity established by the Frenchman to establish a new entity. Thus, in 1902, the Banco Espanol de Creditoor Banestowas born in Madrid. Throughout the 1920s, Banesto expanded all over Spain, absorbing acquiring banks and merging with others. The period of inflation that occurred in the wake of World War I, combined with a (previous) credit crisis across Europe, caused the founding French group to lose its shares in the entity to Banesto in 1927. By 1935, Banesto had 400 branches across Spain. In 1936, as the Spanish Civil War broke out, the bank coped well with the turmoil in the country and continued to grow through acquisitions. By the 1980s, Banestos presence and might was so great in Spain that most of the banks that it, at the very least,
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had a significant stake in those banks it had not yet merged with or acquired. Famously, in 1986, Banco de Bilbao (which later became BBVA) proposed a merger with Banesto. Banestos board rejected the combination. A few days later, BBVA launched a takeover bid for Banesto but that was also unsuccessful. At the end of 1993 however, Banesto was suffering financially, so the Bank of Spains executive committee intervenes. An equity hole had triggered a crisis, and the Bank of Spain replaced Banestos top management with representatives from each of the countrys leading banks. The following year, a public tender was held, and Spains Deposit Guaranteed Fund awarded 73.45 per cent of Banesto to the Spanish banking giant Banco Santander. Five years after that, Santander launched a takeover bid for the remaining Banesto shares, impressively managing to raise its ownership stake to 97 per cent. After some restructuring, Banesto returned to its former glory as one of the countrys leading banksbut this time it was owned by the largest bank in Spain. In February 2002, Santander boss Emilio Botins daughter Ana Patricia Botin was appointed director and chairman of Banesto, by the Banesto board of directors.
Bring out the sangria

Banesto made headlines in mid-January 2009 when it announced its 2008 results, reporting a 2 per cent year-on-year rise in annual net profit to 779.8 million, in line with analyst forecasts. The Financial Times called the figure an extraordinary provision against deteriorating economic conditions in Spain. The figure included a 60 million loan loss provision, which got in the way of net profits rising 7.5 per cent, rather than a measly 2 per cent, according to Banesto. Upon announcing 2008 results, Banesto chairwoman Botn warned that on account of difficult trading conditions in 2009, it was likely that profits would shrink during the year. One thing that has helped Banesto gain market share as of late, according to the Financial Times, is Banestos aggressive marketing campaign, in which some clients were offered free laptops and big-ticket prize alternatives to interest payments on time deposits. Perhaps as a direct result of this campaign Banesto was thus able to sign on almost half a million new clients over 2008.
A whole new level of bartering

In February 2009, Banesto again made headlines (along with several of its peer firms, including Santander, BBVA and Banco Popular) when media reports emerged that the banks that had financed huge loans to Spains biggest property firm, Metrovacesa, would be taking an ownership stake in the firm in exchange for cancelling its debt owed to them. A total of 54.75 per cent of Metrovacesa would be falling into the banks hands; Banesto and five of its peers would each gain about 9 per cent of Metrovacesa, which owed the banks about between 4 billion and 5 billion.
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How can you not love food?

Spain has a huge and vastly important agriculture industry, which produces huge amounts of fruit, vegetables, olives, olive oil and wine for domestic consumption and export. As such, Spains banks have a big responsibility to support and finance the countrys agriculture and farming industries, and this is something that Banesto, despite the strains of the credit crunch, has not turned a blind eye to. The Europa Press news agency reported in February 2009 that Banesto had created an impressive 100 million line of credit for the Extremadura Acorex (Irrigation Association of Cooperatives) in order to finance business projects for the food industry in the Andalusian region of Spain. Banestos move is poised to benefit 39 cooperatives that are part of the Extremadura co-operative association, as well as the coops affiliates and more than 7,000 partners. The cooperatives president praised Banesto for investing so confidently in the food industry, which had been a bit abandoned by the financial institutions in recent times.
Beating the outlook

In May 2009, Banesto reported a 3.1 per cent decrease in its first quarter 2009 net profit, but the bank did beat analysts estimates. The firm booked US$284.6 million for the quarter, handily beating the US$235.7 million analysts had predicted. Meanwhile, the banks nonperforming loans ratio increased to 1.97 per cent in March 2009. While the figure was higher than the 1.62 percent Banco reported in December, it was still lower than the sector average of 3.9 per cent.
GETTING HIRED
Show them your stuff
To check out Banestos job board you should log into the companys website, www.banesto.es, and follow the empleo link. It should be noted that this link is only available from the Spanish site, where several options to check the vacancies, upload your CV and find more information are shown. At Banesto, for every 200 applicants, only 30 are invited for an interview. During the interview, candidates attend the companys evaluation centre and get the chance to demonstrate their skills in a variety of banking scenarios. For those that pass the interview, Banesto operates a 12-month programme in which new employees receive training in technical areas, personal skills and the companys values. Each recruit is trained according to the department in which they will work.
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BANK OF IRELAND GROUP

Lower Baggot Street Dublin, 2 Ireland Tel: +353 1 661 5933 www.bankofireland.com
EUROPEAN LOCATIONS
Dublin, Ireland (HQ) France Germany Northern Ireland United Kingdom
DEPARTMENTS
Asset Management Corporate Banking Corporate Finance First Rate Enterprises Global Markets Securities Services
KEY COMPETITORS
Allied Irish Bank National Irish Bank Northern Bank
THE STATS
Employer Type: Public Company Ticker Symbol: BKIR (LSE), IRE (NYSE) Chief Executive: Richie Boucher 2008 Revenue: 10.4 billion 2008 Profit: 1.8 billion 2007 Revenue: 8.1 billion 2007 Profit: 1.7 billion No. of Employees: 15,962 No. of Offices: 250
PLUS
Rewards for effort
MINUS
Long hours
EMPLOYMENT CONTACT
See career opportunities tab under about us at www.bankofireland.com For graduate recruitment inquiries, email: gradrecruitment@boimail.com
THE BUZZ
Retail bank Broke Small deals Tough times, economic problems
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THE SCOOP
Holy beginnings
Bank of Ireland opened its doors by Royal Charter in Dublin in 1783 at St Marys Abbey, a former abbey built for Cistercian monks in 1139. (The abbey later served as a quarry and was rediscovered in the 19th century buried seven feet underground a bakery). Twenty years after its founding at St. Marys, Bank of Ireland paid what was then a whopping sum, 40,000 pounds, for the purchase of prime real-estate premises at College Greena threesided square in the centre of Dublin. Five years and considerable renovations and rebuilding later (things were slower back then), the College Green office of Bank of Ireland was opened. In 1864, Bank of Ireland started paying interest on customer deposits for the first time in its history. The concept proved popular and the bank grew steadily. By 1883, the bank had 58 branches; by 1920, it had 75 branches. In 1922, the Irish government appointed Bank of Ireland as its official bank. Over the next decades, the bank made a number of strategic acquisitions enabling it to grow. By the time the 1960s rolled around, Bank of Ireland had an established name, network and sophisticated banking interests. In 1966, it established investment banking and asset management businesses, and in 1969, it merged with two banksthe National Bank of Ireland and Hibernianto form Bank of Ireland Group. In the 1980s, the group continued to embrace technology, expanding through internal growth and acquisitions. It also diversified its businesses, moving into the realm of life assurance, home mortgages and private banking. In 1988, the bank purchased a stake in Davy Stockholders (which it sold off in 2006). Throughout the 1990s and the early part of the 21st century, the group continued to expand through acquisitions. As of late 2008, the Irish economy and the bank itself were struggling due to the worldwide economic downturn, but Bank of Ireland was still the largest bank in Ireland by total assets. Today, its headquarters are located in the charming old city of Dublin, and its approximately 16,000 employees are spread out over 250 offices in eight countries.
A plan for all reasons

Bank of Ireland is a fully diversified financial services group, offering corporate banking, global markets services, asset management, corporate finance, securities services and first rate/foreign currency services. The Irish charmer also has personal and business retail banking lines. For the year ending 31 March 2008 (the banks fiscal year ends in March), Bank of Ireland reported that its corporate banking business experienced 13 per cent growth from the same period a year earlier. The groups global markets business, which offers risk management products, experienced a rise in profits of 54 per cent for the same year end, despite notoriously volatile market conditions. Other businesses that did well for the period include asset management services and the banks fund administration business.
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When the going gets good?

In November 2008, Bank of Ireland made its interim results announcement in which it revealed that, despite volatile market conditions, it had impressively increased its core Tier1 ratio from 5.7 per cent in March 2008 to 6.3 per cent in September 2008. In the statement, the bank said it recognised that market expectations for capital rations had increased and committed to further strengthening its capital through a range of options, before continuing to say how delighted it was to welcome the governments initiative to support the strengthening in capital of the countrys banking system.
It takes two to make a thing go right

The Irish government gave the countrys three-biggest banks a much-needed Christmas gift when, on 21 December 2008, it was announced that the country would pour 5.5 billion into Bank of Ireland, Allied Irish Bank and Anglo Irish Bank. The biggest winners were Bank of Ireland and Allied Irish, which both received a 2 billion handout in exchange for 25 per cent voting rights. Anglo Irish wasnt so lucky as it exchanged 75 per cent control in exchange for a less attractive sum of 1.5 billion. Its important to note that while the Irish government bought shares (preference shares, specifically) in Bank of Ireland, it is not taking equity in the group. The bank will be able to redeem these shares after five years at a reported 125 per cent of the issue price. The state will also gain from its handout by receiving an annual dividend of 500 million from its investments in either cash or shares. On the same day the government handout was announced, the bank revealed the appointment of two new nonexecutive directors, Tom Considine the former secretary general of the department of finance of Ireland, and Joe Walsh, who served 12 years as Irelands minister for agriculture between 1992 and 2004. Their appointments took effect on 1 January 2009.
New chief
In February 2009, Bank of Ireland appointed Richie Boucher as its new group chief executive. Boucher, who succeeded a retiring Brian Goggin, joined Bank of Ireland in 2003 as chief executive of corporate banking. Later, he held positions as chief executive of the banks Irish retail division and chief executive of retail financial services (a position he still held as of April 2009; a replacement is expected to be announced sometime in 2009). Before working at Bank of Ireland, Boucher was a regional managing director at Royal Bank of Scotland and head of corporate and business banking at Ulster Bank Group. Goggin retired a year before he was expected to step down amid a salary and bonus controversy that had been plaguing the worldwide banking industry. Soon after Boucher took over as the group chief executive position, his salary was capped by the Irish government at 500,000
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Bring on the bad bank

In April 2009, Bank of Ireland endorsed the Irish governments plan to form a new National Asset Management Agency, which would purchase nonperforming loans from Irish banks in order to free up more capital at banks and thus spur lending. Irelands minister for finance, Brian Lenihan, estimated in April 2009 that bad loans in Irish banks total somewhere between 80 billion and 90 billion.
GETTING HIRED
Meet the challenge
True, joining the bank is challenging today, as theres little appetite to recruit given the present climate. But that doesnt mean getting a job with the bank is impossible. Bank of Ireland group offers a great selection of graduate programmes (outlined on its careers site) open to those in their penultimate year of a degree, or graduates with a 2:2 honours degree or better in any discipline. Be warned, though: some of the individual programmes demand a 2:1 or higher. The programmes available include the group graduate development programme, the finance professional development programme, the life actuarial programme, the business banking professional development programme and the capital markets graduate programme. Application deadlines are mid-November but make sure you check online for precise dates. Each of the programmes offers hands-on, intensive experience, although some, like the 18month group graduate development programme, also expose you to a broader range of banking activities. If youre looking for in-depth training in a specific field or skill, look for programmes like the two-year life actuarial programme. The job application process for all programmes begins with an online application system. Applicants who meet the minimum requirements are invited to complete an online ability testing and an online personality profile. The next stage is to attend an assessment centre and competency based interview. Offers are typically made to successful candidates between late December and early January. Internships, meanwhile, can be a helpful move for prospective employees and can lead to a permanent job if the person performs well. You can browse Bank of Irelands vacancies on its main careers page by clicking current opportunities. Positions are available across the following sectors: sales, finance, administration, mortgage, pensions and insurance, IT and customer service.
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OUR SURVEY SAYS

Big on integrity
At Bank of Ireland, integrity is key, and people are treated fairly. So it makes sense that the company fosters a caring empathetic environment and strong culture, where the scale of the organisation and the options available are good. The banks laid-back atmosphere is reflected in its casual Fridays policy (though, in some areas, wearing jeans is not permitted).
Rich rewards
Employees receive plenty of perks. Depending on their contract, staff perks include a staff mortgage scheme, preferential loans, club subscriptions, free banking, a staff study scheme, an employee stock scheme and VHI cover. You also get to enjoy lifestyle benefits like reduced gym membership, health insurance, a subsidised canteen and holiday pay. Insiders note that you can get 29 days leave and a car allowance. And the firm picks up the bill for significant travel and entertainment the job sometimes requires. Training, called key focus by employees, receives high marks from insiders as well. Bank of Ireland has elearning capabilities in addition to prearranged specific courses.
Everyones represented
The banks diversity efforts receive high marks from insiders, who say that when it comes to women in the workplace, discrimination is not tolerated. Meanwhile, minorities and gay and lesbian employees also receive excellent treatment from the bank, insiders say, who add that there are no issues when it comes to tolerance in the workplace.
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BBVA S.A.
Plaza de San Nicolas, 4 48005 Bilbao (Vizcaya) Spain Tel: +34 91 374 60 00 www.bbva.com
EUROPEAN LOCATIONS
Spain (HQ) Belgium France Germany Italy Portugal Russia Switzerland United Kingdom
DEPARTMENTS/DIVISIONS
Business Units (CFO Mexico Risk South America Spain & Portugal USA Wholesale Banking & Asset Management) Chairmans Areas (Accounting & Consolidation Corporate Strategy & Business Development General Secretary Image & Communication Institutional Affairs Legal, Tax, Audit & Compliance Services Special Advisor to the Chairman) Human Resources & IT & Operations Innovation & Development
PLUSES
Stability International presence
MINUSES
Occasional long hours Salaries could be better
EMPLOYMENT CONTACT
See employment at BBVA at www.bbva.com
THE STATS
Employer Type: Public Company Ticker Symbol: BBVA (Madrid); BBV (NYSE) Chairman & CEO: Francisco Gonzalez 2008 Revenue: 30.4 billion 2008 Profit: 5.4 billion 2007 Revenue: 26.2billion 2007 Profit: 6.4 billion No. of Employees: 108,972 No. of Offices: 7,787
THE BUZZ
Good place to work Conservative Interesting Spain-focused
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Vault Guide to the Top 25 Banking Employers, European Edition BBVA S.A.
THE SCOOP
Worlds Best
BBVA is the second-largest bank in Spain and has formerly been called the Worlds Best Bank by Forbes magazine. Although BBVAs origins stretch back to 1857, when the Spanish Board of Trade established a currency-issuing and discount bank in the Basque called Banco de Bilbao (Bank of Bilbao), its modern incarnation was formed by a group of banks that merged in 1999. That combination created a global financial services group known as Banco Bilbao Vizcaya Argentaria, or BBVA. The Vizcaya name comes from a commercial bank called of Banco de Vizcaya (Bank of Vizcaya), which was created near the end of the 19th century and merged with Banco de Bilbao in 1998 to create the entity known as BBV. The A in BBVA entered the picture the following year when BBV announced its merger with another consortium of private banks, known as Argentaria. The deal was completed in 2001. Today, most of the banking groups European operations are concentrated in Spain, Portugal, France and the UK, but BBVA also has offices in Belgium, Germany and Switzerland. BBVA also has a presence in Asia through its strategic alliance with Chinese conglomerate CITIC Group (the bulk of the alliance is in the area of auto loans and private banking). Additionally, the firms U.S. banking unit BBVA Compass has nearly 600 branches throughout the states of Alabama, Arizona, Colorado, Florida, New Mexico and Texas. In total, BBVA boasts more than 7,500 branch offices across more than 30 countries, and offers an impressive menu of services, including retail, corporate and institutional banking; investment banking; asset management; and insurance. Also, in recent years, BBVA has carved out a niche market in creating branches specialising in small and medium-sized enterprises (SMEs), which provide customised products and financial products for SME owners, including foreign trade, cash-flow management solutions, payment collection, tax and social security products, and transfer mechanisms.
How its all set up

The BBVA group is structured according to three key operating areas: business, support and the chairmans office. Each oversees its own strategy, operations and income statements. The bank says that structuring its business this way is part of the empowerment plan, boosting customer outreach and allowing every unit to maximise being part of a global group. The business area includes several subdivisions: Spain and Portugal (which offers retail banking, institutional banking and insurance, and served SMEs, businesses and private clients), wholesale banking and asset management (which includes global markets, asset management, global customers - investment banking, Asia, production management, and innovation and development), Mexico (which lately has been one of the banking groups main areas of growth), South America (which oversees the rest of its Latin American
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businessmostly subsidiary operations), USA (which has five core businesses, mostly providing consumer banking services), and finance, risk, and innovation and development. According to BBVA, the chairmans area is responsible for developing the corporate governance model, supervising internal control and managing the Groups intangible assets. The banks support area includes human resources, IT and operations.
When the news hit the fan

In December 2008, New Yorker Bernard Madoff infamously confessed to perpetrating an investment fraud scheme that could amount to US$50 billion in losses for its victims. The massive Ponzi scheme was run under the umbrella of Bernard L. Madoff Investment Securities, and BBVA was on the long list of its investors. Though it was first reported that BBVA might have lost up to 300 million, BBVA revealed in a regulatory filing that its international clients only had invested 30 million in Madoffs firm. BBVAs chief rival, Santander, didnt get off as easy; its hedge funds arm was exposed to 2.3 billion in Madoff-related losses.
Look whos popular

On 19 December 2008, BBVA made heads turn (particularly the heads of retail investors) when the firm sold 1 billion of preferred stock in a record time of only four days. Heavy demand for its stock is what enabled the bank to raise the issue amount from a minimum of 500 million to 1 billion. The securities were sold through the groups retail banking network in Spain.
Superseding the turmoil

Despite poor economic conditions that swept through the global financial industry during 2008, BBVA was able to book a net profit of 5 billion for the year. This was lower than the 6.1 billion it booked a year earlier, but was still impressive given the industry-wide slide. And the bank did increase its operating profit by 7 per cent to 11.3 billion from 10.5 billion. The banking group performed well in Europe, as revenue in its Spain and Portugal unit rose 6.6 per cent and net profit in the unit grew by 10.2 pe rcent.
One of the safest banks in the world

In February 2009, Global Finance unveiled its annual ranking of the Worlds 50 Safest Banks, revealing that BBVA came in at No. 13 on the list. The ranking compares 500 banks in longterm credit rating and total assets. BBVA jumped eight spots versus its ranking in 2008, when it came in at No. 22.
Top for leaders

In 2007, Fortune magazine ranked BBVA No. 9 in its global list of the Top Companies for Leaders. Fortune noted, When it's time for your biannual review, peer sentiment and selfevaluation are just as important. [BBVA] co-workers spend time analyzing your work habits by answering 35 to 64 open-ended and fill-in questions. 196
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GETTING HIRED
Check your aptitude
Under the employment at BBVA link at www.bbva.com, candidates can check out job opportunities for all skill levels, from university graduates to experienced professionals, and send in an electronic CV (the bank no longer accepts paper applications).
Across the gamut

The firm recruits everyone from young graduates from universities and business schools to professional associations and professionals from other banks. Once youre asked to come in, expect anywhere between two and four rounds of interviews. Prepare yourself to be asked about nearly anything: the activities you participate in during your free time, your strengths and weaknesses, why you want to leave your current job, how much you think you should be paid and if youre OK with moving to a different city. You may also be given many different kind of tests (English and spatial intelligence are a few) and may be placed in either one-on-one or group interviews at any time during the process. Interviewees can also expect a competency-based interview at some point during the process, where the company may ask you to provide very deep information related to your behaviours at work.
OUR SURVEY SAYS

Whistling while they work
Respondents seem to mostly be happy to work for BBVA. People are proud of working for this company, one insider notes. The company has a good reputation in the marketplace and avoids any kind of legal trouble in order to maintain itmoney is not first. The company is also known for respecting people outside and inside the organization, building long-term relationships inside and with clients. Other workers say the culture is confident, innovative, flexible and possesses excellence, integrity and honesty. I think that at BBVA we really live by our culture and that it is part of the reason why we are surviving the financial crisis, hypothesises one worker.
Putting in the time

Hours worked in the office generally dont receive many complaints from workers. The company is flexible in theory, but your presence [in the office] is valued, insiders say. A typical working day is about 9.5 hours. Still, employees stay pretty connected to the office. If I am on holiday, I just connect the BlackBerry to see if there is any urgent matter, one insider admits. Another says, I would like to combine my working life with private life better. By and large, working hours vary from the time of yearin the busiest months in the second and fourth quarter, working hours rise to 13 to 14 per day; the rest of the year, its about nine to 10 hours, says one worker, who adds, The job is satisfyingand it is worth itin spite of the long hours. One insider notes that the very best part is that at BBVA we are 100 per
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cent flexible when it comes to whatever personal situations you may encounter. Under any circumstance, an employee can request to attend any relevant personal, matter and he or she is going to be encouraged to do so.
Room for improvement

Perks offered by the firm include 28 days of vacation, a year-end bonus, restaurant discounts and the option to buy BBVA's shares. Still, salaries could be higher, insiders say. During 2006 and 2007, many people left, explains one source. Since then, salaries improved, but they are not on the highest level of the industry yet. Another insider remarks, Until we become executive director, we dont get many perks.
Paying respect
Positive relations with management seem to somewhat make up for it, according to insiders. Managers are nice and patient, and have always been very respectful and understanding. Relationships are very good, very close and managers value the work that employees do in the firm. Overall, managers are always open to listen to subordinates, and this is one of the things that really makes the difference the firm. Our culture really emphasizes that both get together to exchange ideas and to provide feedback both on performance and development matters.
Ongoing education
Training also receives high marks from insiders, who call it one of the most important development tools available for all employees. We have an excellent online training platform with over 500 training courses available to all employees, says one insider. Apart from that, you may have face-to-face training and executive training and/or managerial training, depending on your level. Some respondents do think that the company could do a better job of offering continuous training, however. I received a lot of training in the beginning, but in the last few years, I haven't attended too many courses, admits one insider.
Levelling the playing field

On the gender equality front, the company is very good for hiring, but not so good for promoting. Still, the company seems to try to offer assistance where it can. One female employee notes, I have been on maternity leave for 16 weeks last year and still got an increase on bonus. Women have the same opportunities as men, says another insider. It seems as though the company could try harder when it comes to promotions, though. I think my company has hired a lot of women. But there aren't a lot of them in high positions, remarks one worker. The firms diversity in terms of ethnic diversity scores highly amongst employees. I have no knowledge of any discrimination, says one insider. Though, treatment of gays and lesbians could use a bit of a push. I don't see this company very committed to this issue in relation to other companies, admits one contact. 198
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CANADIAN IMPERIAL BANK OF COMMERCE (WHOLESALE BANKING DIVISION)

European Headquarters Cottons Centre Cottons Lane London SE1 2QL United Kingdom Tel: + 44 (0) 20 7234 6000 Fax: +44 (0) 20 7404 4127 www.cibcwm.com
EUROPEAN LOCATION
London, UK (European HQ)
EMPLOYMENT CONTACT
See careers at www.cibcwm.com Email: recruitment@cibc.co.uk
DEPARTMENTS
Capital Markets Cash Equities Fixed Income, Currencies & Distribution Global Derivatives & Strategic Risk Corporate & Investment Banking Corporate Credit Products Investment Banking Merchant Banking U.S. Real Estate Finance
THE STATS
Employer Type: Division of Canadian Imperial Bank of Commerce (CIBC) Chief Executive: Richard Nesbitt European Region Head: Scott Wilson 2008 Revenue: -C$6.039 billion* 2008 Profit (loss): -C$4.2 billion* 2007 Revenue: C$1.7 billion* 2007 Profit: C$438 million* No. of Employees: 1,100 No. of Offices: 20 *Canadian Imperial Bank of Commerce
THE BUZZ
Strong domestic and regional name No European presence Pretty solid Probably a good place to hide
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Vault Guide to the Top 25 Banking Employers, European Edition Canadian Imperial Bank of Commerce (Wholesale Banking Division)
THE SCOOP
The Great Canadian bank
Canadian Imperial Bank of Commerce is one of the largest banks in Canada and commonly referred to as simply, CIBC. CIBCs wholesale banking business provides a wide range of credit, capital markets, investment banking, merchant banking, and research products and services to government, institutional, corporate and retail clients in Canada and in key markets around the world. The firms global headquarters are in the Canadian financial capital of Toronto, with additional international offices located in various financial centres around the world. In Europe, the bank has offices in London. The firms investment banking and capital markets divisions offer a range of financial services, including equities, commodities, fixed income, foreign exchange, money market and securitisations. In Europe, CIBCs wholesale banking business is headquartered in London. The firms main European businesses are global equities, corporate and investment banking, and fixed income, currencies and distribution. The European business offers a wide range of financial services in both debt and equities, including advisory, origination and syndication, trading and sales to both European and international markets. While primarily Canadian cross border-focused, it provides global products and services in foreign exchange, commodities, and energy and mining investment banking. CIBCs wholesale banking division was born in 1988 when CIBC acquired a majority interest in Wood Gundy Inc., a leading Canadian securities dealer established in Toronto in 1905. Combining CIBCs capital with Wood Gundys underwriting reputation, CIBC Wood Gundy Inc. became a powerful investment banking arm, quickly establishing itself as a leading North American investing institution. Until recently, the marketing name of CIBCs wholesale banking division was CIBC World Markets. (Today, technically speaking, CIBC World Markets plc is a wholly-owned subsidiary of Canadian Imperial Bank of Commerce and part of the banks wholesale banking arm, which also includes other affiliates such as CIBC World Markets Corp., CIBC World Markets Inc., CIBC World Markets Securities Ireland Limited, CIBC Australia Ltd, and CIBC World Markets [Japan] Inc.)
Oppenheimer
In early 2008, CIBC sold its US-based investment banking, leveraged finance, equities and related debt capital markets businesses to Oppenheimer Holdings Inc., exited its leveraged finance activities in London, and placed its structured credit business in runoff. Certain other activities within continuing businesses, including derivatives trading and asset-backed commercial paper conduits, were also reduced, CIBC retained its other US wholesale businesses, which include real estate finance, equity and commodity structured products, merchant banking and oil and gas advisory, as well as the balance of its US debt capital markets, Asia and UK businesses.
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CIBC also maintained its corporate lending capability and its ability to distribute Canadian equities and fixed income products in the US and international markets on behalf of its Canadian clients.
Whos on top?
In February 2008, amid an executive reorganization, the former chief executive of the Toronto Stock Exchange, Richard Nesbitt was appointed chairman and chief executive officer of CIBCs wholesale banking division, succeeding Brian Shaw in the role. In addition to the management change, the firm divided its investment banking, corporate banking and merchant banking departments into three distinct units. Upon the announcement, Nesbitt told staff that the strategic changes would allow the firm to further enhance and broaden [its] client focus and take advantage of market opportunities resulting from changes in the global credit markets. The then-newly appointed chief executive also said the firms investment banking team was well positioned to profit from the increasing significance of Canada as a contributor to the world economy across various sectors and industries. Other noteworthy additions to the firm include Harry Culham as head of fixed income, currencies and distribution, Tim Carrington as head of global derivatives and strategic risk, Laura Dottori-Attanasio as head of corporate credit products, Rik Parkhill as head of cash equities; and Geoff Belsher as head of investment banking.
No. 1 in M&A (in Canada)

According to Thomson Reuters, CIBC was the No. 1 advisor of Canadian merger and acquisition deals in 2008. CIBC worked on 54 announced deals during the year worth a total of US$26.9 billion. The bank was also the fifth most active debt underwriter in Canada in 2008, underwriting 49 debt deals worth a total of C$14.1 billion. And it ranked No. 3 in Canadian government debt underwriting, having worked on 35 deals worth a collective C$10.5 billion. In the Canadian equity markets, the bank ranked No. 3 in total equity underwriting volume; it worked on 23 deals worth C$3.4 billion. And it came in fifth in Canadian IPO volume; the firm only worked on one deal, but that was worth C$60 million.
Ups and downs

Although CIBCs results for its 2008 fiscal year (ending October 31st) included C$4.2 billion in structured credit losses, the bank remained positive when it reported them, stating that its Tier-1 capital ratio of 10.5 percent exceeds regulatory requirements of 7 per cent as well as its own medium term target of 8.5 percent. In addition, in 2008 and the first half of 2009, CIBC said it repositioned its wholesale banking business to reduce risk and strengthen its alignment with CIBCs desired risk profile. According to a column in Canadas Globe and Mail, CIBC had greater US credit exposure than its Canadian peers, and its losses were likely the catalyst for its move to largely exit global markets. And between November 2008 and January 2009, CIBCs stock price
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fluctuated madly on the Toronto Stock Exchange, hitting record lows in mid-November, but climbing fairly steadily after that only to fall again in mid-January 2009.
Top honours
The bank and its bankers have received several awards recently, and one of the most noteworthy was given by Bloomberg Markets magazine, which ranked a senior economist at CIBC World Markets, Avery Shenfeld, as a top forecaster (fifth place) of the US economy between 2006 and 2008. (Shenfeld received more good news in March 2009, when CIBCs chief economist Jeff Rubin left the organization and Shenfeld took over his post; Rubin had been with CIBC for 20 years and, during his stay, was named Canadas top economist 10 times). CIBC also picked up honours from Financial Times and Mergermarket in its inaugural M&A Awards Americas. The bank was named Financial Advisor of the Year in Canada and MidMarket Financial Advisor of the Year in Canada. The firm was also recently named Investment Bank of the Year for its strong M&A performance by ACQ Finance Magazine.
GETTING HIRED
Beyond the Great White North
Recognized as a top employer in Canada and enjoying respect and recognition internationally, CIBC is a solid place to start or advance your career. Scores of career development tools and resources are offered by the firm, which stresses its commitment to invest in its employees. The firm offers career opportunities for graduates and experienced professionals across all of its international offices. In Europe, the firms London headquarters accepts speculative applications by email, which can be sent to recruitment@cibc.co.uk. To find out more about career opportunities at CIBC, visit the company website at www.cibcwm.com/careers.
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CRDIT INDUSTRIEL ET COMMERCIAL SA (CIC)

6, avenue de Provence 75452 Paris Cedex 9 France Tel: +33 (0) 1 45 96 96 96 www.cic.fr/en
EUROPEAN LOCATIONS
Paris, France (HQ) Belgium Czech Republic France Greece Germany Italy Portugal Poland Romania Russia Spain Sweden Switzerland Turkey United Kingdom
EUROPEAN LOCATIONS
France England
KEY COMPETITORS
BNP Paribas Crdit Agricole Socit Gnrale
DEPARTMENTS
Capital Development Consumer Credit Insurance Market Financing Mortgages Private Banking Retail Banking
EMPLOYMENT CONTACT
See recrutement at www.cic.fr.
THE STATS
Employer Type: Public Company Ticker Symbol: CC (Paris) Chief Executive: Michel Lucas 2008 Revenue: 12.09 billion 2008 Profit: 170 million 2007 Revenue: 9.92 billion 2007 Profit: 1.14 billion No. of Employees: 24,000 No. of Offices: 1,844 branches in France (offices in 35 countries worldwide) Customized for: Graham (efeldman@mail.wm.edu)
THE BUZZ
Interesting Not well known Growing, but not a prominent name yet Average
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Vault Guide to the Top 25 Banking Employers, European Edition Crdit Industriel et Commercial SA (CIC)
THE SCOOP
Born from the hands of Napoleon?
Paris-based banking and financial services institution Crdit Industriel et Commercial (CIC) was the result of a royal decree signed by Napoleon III in the late 19th century. In 1859, the ruler gave his seal of approval for the creation of the Socit Gnrale de Crdit Industriel et Commercial, in order to ease the burden on businesses developing railroads during the industrial boom. CICs opened its first foreign office in 1895, in London. Since then, CIC increased its product offerings, and today, it offers a full range of insurance and financial services, including mortgages, asset management and securities underwriting. A recent major acquisition occurred in 1998, when CIC merged with Crdit Mutuel to create Frances fourth-largest banking group, comprised of seven regional banks. In 2007, CIC was very acquisitive, buying a stake in the Bank of Tunisia, partnering with Banco Popolare di Milano and teaming up with the Bank of East Asia. Today, CICs network encompasses 1,840 branches and 24,000 employees in France alone. The firm has an impressive customer base of 2.7 million retail clients, and boasts that one in 11 self-employed professionals in France is a CIC Group client, adding that nearly a third of companies in France also bank with the group. The modern CICs banking network in France has been based around regional hubs since 2004. These hubs oversee their own branches (and franchises), and each represents a specific region of France, such as eastern and centre, northwest, southeast and western.
Strategic shopping
Beyond France, CIC made some serious headway in 2008 in terms of European expansion when it picked up a piece of the worlds biggest bank, New York-based Citi, from one of the worlds biggest economies: Germany. In December 2008, Credit Mutuel and CIC announced that their Banque Fdrative du Crdit Mutuel had completed the acquisition of Citis German consumer business, Citibank Deutschland, via a wholly owned subsidiary. The announcement had first been made in July 2008. Headquartered in Dusseldorf, Germany, Citibank Deutschland brings with it an impressive customer base of 3.25 million customers and a network that encompasses 340 locations. At the time of the acquisition, Citibank Deutschland had a market share of 7 per cent of Germanys consumer credit market.
Bernies scheme
As the world sat up infuriated upon New Yorker Bernard Madoffs December 2008 admission that his investment house was nothing more than a giant Ponzi scheme, banks, institutions and high-net-worth individuals scrambled to assess their exposure to Madoffs scam.
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Vault Guide to the Top 25 Banking Employers, European Edition Crdit Industriel et Commercial SA (CIC)
Frances CIC Group was no exception to this, and in December 2008, it grimly announced that while the group had no direct exposure in Madoffs infamous scam, it did have indirect exposure up to a maximum value of 90 million through an investment in a structure that used Madoffs investment house as a broker.
The latest merger

Two of CIC Groups regional banks in the southeast of France began 2009 with merger. The two banks, CIC Lyonnaise de Banque and CIC Lyonnaise de Banque Bonnasse, have shared the territory with its population of 15 million people for several decades, so the January 2009 merger was a logical step. According to a CIC statement, the merger will enable the newly merged entity to improve its services and accessibility to its customer base. The entity encompasses a network of more than 450 agencies catering to individuals and businesses in the southeast France region.
GETTING HIRED
The hors douevres to your career
CIC group has long offered graduate employment schemes to students seeking to start a career in Frances financial sector. Each year, the group welcomes about 200 young people into its sandwich course programmes and more than 1,500 recruits into their trainee programmes. CIC specifically targets recruitment toward students who have a Bac+2 to Bac+5 (Baccalaureate plus two to five years of higher education) qualification, preparing for diplomas in the fields of commerce, economics, finance or banking. You can apply through the groups career website, by requesting a particular traineeship and mentioning your availability dates and the region in which you would like to train. Your trainee period will alternate between teaching periods and on-site training within CICs commercial network. Applicants must have a high level of French in order to apply for any of these positions, as the online application procedure is entirely in French. Those looking to submit their CV speculatively for internship applications and entry-level positions should click on the dposer une candidature spontane link on the recrutement page of CICs French site (www.cic.fr/fr/banques/le-cic/recrutement/index.html). Here you will be prompted to pick one of eight regional banks to work for, as well as to upload your CV and letter of motivation. To view current vacancies for entry-level positions, internships and trainee programmes, click the nos offres demploi, de stages et dalternance link on the recrutement page.
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DEXIA SA
Place Rogier, 11 B 1210 Brussels Belgium Tel: + 32 2 213 57 00 www.dexia.com
EUROPEAN LOCATIONS
Brussels, Belgium (HQ) Austria Belgium Bulgaria Czech Republic Denmark France Germany Hungary Ireland Italy Jersey Luxembourg Monaco Netherlands Poland Portugal Romania Russia Slovakia Spain Sweden Switzerland Turkey United Kingdom
DEPARTMENTS
Credit Enhancement Financial Markets Investment Management Insurance Services Personal Financial Services Public/Project Finance Treasury
KEY COMPETITORS
AXA Group ING Groep
THE STATS
Employer Type: Public Company Ticker Symbol: DEXB (EBR) Chief Executive: Pierre Mariani Chairman: Jean-Luc Dehaene 2008 Revenue: 107.9 billion 2008 Profit: -3.25 billion 2007 Revenue: 100.1 billion 2007 Profit: 2.63 billion No. of Employees: 36,760 No. of Offices: Locations throughout Europe, Asia and North America
PLUS
International environment
MINUS
Lack of HR and people management
EMPLOYMENT CONTACT
www.dexia.com/e/you-are/candidate/php Dexia Credit Local www.workatdexia-cl.com
Dexia Bank Email: recrut@dexia.be Dexia Banque Internationale a Luxembourg Email: recruitment@dexia-bil.com
THE BUZZ
Small Badly mauled Not well known
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Vault Guide to the Top 25 Banking Employers, European Edition Dexia SA
THE SCOOP
A Belgium for everyone
Based in Brussels, the Franco-Belgian Dexia Bank boasts more than US$1.9 trillion in assets (in 2007) and 36,000 employees. The bank specialises in public finance, and has established itself as a Belgian force to be reckoned with. Dexia Group was created in 1996 by the merger of Credit Communal de Belgique/Gemeentekrediet van Belgie (initially founded in 1860) and the French Credit Local de France (established in 1987). Originally, the group was dually listed in France and Belgium but became one company in 1999 (the Belgian entity took over the French one). Dexia doesnt have a complex web of businesses and divisions. It has built its reputation through its long-time specialisation in the area of public finance, in addition to its retail banking business that is concentrated in Belgium, Luxembourg and Turkey (through Denizbank). In the realm of public finance, the firm finances the investments of public sector institutions. On a smaller scale, other businesses that Dexia engages include asset management, insurance and investor services.
A lifeline from three friends indeed

The financial turmoil infamously coined the credit crunch triggered a global parade of banking sector financial bailouts and government showmanship. In the US, the countries treasury department gave the countrys biggest (and most struggling) banks large helpings of cash injections to save them from the collapse, and in Europe, the climate of government generosity was no different. In September 2008, the governments of Belgium, France and Luxembourg agreed to give Dexiaone of the worst-hit European banks in the financial crisis6.4 billion in order to keep the bank alive. The situation was indeed grim at Dexia, as it immediately suffered a downgrade in ratings (by Moodys), and both its chief executive and chairman were forced to resign. A significant factor contributing to Dexias financial problems, according to the bank, was due a multibillion-dollar loan it gave to a struggling German bank Depfa.
Madoff made off with some Dexias money

In December 2008, as the news of Bernard Madoffs infamous Ponzi scheme spread throughout the world, numerous institutions and individuals scrambled to calculate their exposure to Madoffs investment fraud. After Dexia did its scrambling, it found it had an indirect exposure (through loans to funds that invested in Madoff-managed funds) of 164 million, which is expected to result in an after-tax loss of about 85 million.
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When its time to go

In January 2009, Dexia announced it would be cutting 900 jobs, representing 3 per cent of its total workforce, after posting poor end-of-year results. The firm posted a 2.3 billion loss for the fourth quarter of 2008. Much of the job cuts affected the firms proprietary trading division, which Dexia plans to shutter in order to focus on public finance in its home markets of Belgium, France and Luxembourg. According to Dexia, the job cuts will produce an estimated savings of 200 million in 2009. As a further cost-saving effort, the firm announced it would not be paying dividends for 2008, its top managers would not receive a bonus for 2008 and director compensation would be reduced for 2009. Though the firm will be focusing on public finance in its home markets, Dexia announced that it would be stopping its public finance operations in Eastern Europe and Scandinavia (as well as Mexico and Australia). It would also reduce its lending to local governments in the UK and US The firms public finance operations in Slovakia, Italia and the Iberian Peninsula would maintain business as usual.
Decent results in a challenging environment

In April 2009, the bank had some good news when it reported its first quarter 2009 results. It revealed better-than-expected results, thanks to dramatically increased margins in the public finance sector, and strong commercial banking activity in Belgium and Turkey.
GETTING HIRED
Continental opportunities
Dexia makes frequent appearances at careers fairs, the majority of which take place on university campuses in the banks domestic regions: France, Belgium and Luxembourg. In addition, youll come across Dexia JobDays, a Dexia specific recruitment event that will give you an insight into the full range of Dexia activities and where a career could take you. Candidates should be aware that many of the information pages on these events on the company website are in French or Dutch. You can apply for a job directly on the main Dexia website by following the employment opportunities link and submitting your CV. To apply to a specific company subsidiary, your best bet is to follow the application instructions on the subsidiary website. You can apply for an internship online, too. Putting in your time for an internship can give a lot of leverage to be hired, says one insider. Once youre called in for an interview, expect at least two rounds, employees say. If the company decides to hire you, youll likely hear the news straight from the sourcein hiring, one insider reports being directly contacted by my manager.
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OUR SURVEY SAYS

Middle of the road
The company culture gets fairly high marks from insiders, even though some workers admit theres not really a strong culture present. Hours that most employees end up spending in the office are fairly typicaleight hours a day with rare weekend work. Meanwhile, the firm offers 37 vacation days per year and flexible working hours. Managers could improveemployees give them middling marks and say they are mainly career focused. Diversity efforts within the company, however, receive rather high praise from insiders. There is no difference in the way men and women are treated, says one satisfied respondent.
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GROUPE CAISSE DEPARGNE

50 Avenue Pierre-Mends-France Cedex 13 Paris, 75201 France Tel: + 33 (0) 58 40 41 42 www.groupe.caisse-epargne.com
EUROPEAN LOCATIONS
Paris, France (HQ) Locations throughout Europe
KEY COMPETITORS
BNP Paribas Crdit Agricole Socit Gnrale
DEPARTMENTS
Commercial Banking Insurance Real Estate Services Wholesale Banking & Financial Services (through Natixis)
EMPLOYMENT CONTACT
www.groupe.caisse-epargne.com
THE STATS
Employer Type: Private Company Chief Executive: Franois Prol 2008 Revenue: 8.4 billion 2008 Profit: -2.02 billion 2007 Revenue: 9.76 billion 2007 Profit: 1.36 billion No. of Offices: 4,780 branches No. of Employees: 51,700
THE BUZZ
French focus Not sexy, very dull Very retail-focused Never heard of them
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Vault Guide to the Top 25 Banking Employers, European Edition Groupe Caisse dEpargne
THE SCOOP
In the right place at a tough time
On February 26, 2009, two of the Frances biggest banksCaisse dEpargne and Banque Populaireagreed to merge after suffering billions in credit crunch-related losses in 2008. The combination, expected to close in the second half of 2009, will create the countrys second biggest retail bank (after Credit Agricole SA), with seven million cooperative shareholders, 34 million customers, 8,000 branches and almost 110,000 employees. The combined firm will have Tier-1 capital of 38 million and more than 20 per cent of the aggregate deposits held by French banks. In an era of governments coming to the rescue of banks, it came as no surprise that the deal was backed by the French government, which agreed to throw in 5 billion in preferred shares and subordinated debt in exchange for a 20 per cent stake. The announcement of the merger wasnt a complete shock to shareholders (both banks are mutual banks and thus owned entirely by their depositors), as plans for the combination first became public a few months earlier in October 2008 when both banks said that a possible combined group would be mighty. In addition, Caisse dEpargne and Banque Populaire have long been bedfellowsthe duo jointly owns 70 per cent of leading French investment bank Natixis, which has been identified by the banks as the root of their financial problems. Natixis suffered a net loss of 2.8 billion in 2008, thanks in large part to its investment banking and asset management units. Caisse dEpargne posted a loss of 2.02 billion, and Banque Populaire posted a loss of 468 million. Since Natixis was created in 2006 through a widely publicized IPO, its shares have fallen 95 per cent. With the state buying a 20 per cent stake in the countrys second-largest retail bank, the choice of Francois Perol as chief executive for the combined group came as no surprise. Perol was French President Nicolas Sarkozys chief economic advisor. Caisse dEpargne and Banque Populaire reportedly agreed to Perols appointment in return for more government aid.
There were critics of Perols appointment; they said the transfer of his role from the civil service to the private sector breaches conflict-of-interest rules. But French President Sarkozy dismissed the accusations, and Caisse dEpargne Chief Executive Bernard Comolet stated, at the time of the mergers announcement, that given the states backing of the deal along with the 2 billion it gave Caisse dEpargne and Banque Populaire in 2008 in a separate bailout package, he understands why the government would want to head the new entity.
Where did it come from?

Groupe Caisse dEpargnes history dates back to the early 19th century when it was established as a commercial and investment bank. Over two centuries, the bank grew organically, and through acquisitions across France. In 1999, the Caisses dEpargne
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established itself cooperative savings banks. Since then, the Group has developed rapidly. The investment banking and asset management business Natixis was created on 17 November 2006, as a jointly-owned entity between Groupe Caisse dEpargne (GCE) and the Groupe Banque Populaire. Natixis successfully debuted on the Paris bourse on 5 December 2006, and within a few months, it had attracted more than 2.86 million shareholders. At the time of its float, the French investment bank was hailed as the banking industrys most attractive investment in years. In 2007, the firm partnered with Nexity Group to create a listed real estate division with a commanding market position.
Understanding Caisses dEpargnes structure

A Caisse dEpargne, for those unfamiliar with the French term, is a regional mutual savings bank, 17 of which form the foundation on which the group was built. All of the individual Caisses dEpargne cater to a full range of customers, including individuals, corporates, local authorities, associations and institutional investors. The individual Caisses dEpargne own 100 per cent of the Caisse Nationale des Caisses dEpargne (referred to as CNCE, its the central institution of the group, its holding company and banker). The individual Caisses dEpargne guarantee financial security for their customers, operating as completely autonomous entities (and tailoring their product offering to the local economies in which they operate). Services include retail banking, savings, financing real estate, asset management, mortgages, and insurance. Each of the Caisse dEpargne is administered by a management board of between two and five members that has been approved by the supervisory board of the CNCE. Its unclear if the structure will change after the merger with Banque Populaire closes, but since Banque Populaire has also existed as a mutual bank owned by its depositors, the structure may not change too much. Under Caisse dEpargnes commercial banking division, there are several banking businesses and subsidiaries, including Credit Foncier, Banque Palatine and Financire Oceor. At Natixis, the groups investment banking arm, key areas of business are corporate and investment banking, asset management, private equity and private banking. At of the end of 2008, Caisse dEpargne had 27 million customers around the world and 51,700 employees.
Socially committed and supported the young

Proving that Caisse dEpargne has more on its mind than money, the group supports general public-interest initiatives, combats dependency and illiteracy, and backs sustainable development (via its Bnfices Futur program). In addition, since 1984, it has supported the popular Angoulme International Comic Book Festival, which most recently ran from 29 January 2009 to 1 February 2009. At the latest festival, the banking group awarded a Young Talent Prize to an as-of-yet unpublished author, and sponsored an exhibition space named the Espace Caisse dEpargne, which was dedicated to discovering new talent. Extending a great opportunity for young people to have their work seen across France, the banking group also organised a competition called the Carte Blanche Caisse dEpargne
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Edition 2 for the second year in a row. The competition was geared toward young artists between the ages of 16 and 25 who could submit their designs for a new bank card. The winner was selected by visitors to the site by online vote and offered to young savings bank account holders (the top-30 shortlisted entries were exhibited at the comic book festival in the Young Talents Pavilion).
GETTING HIRED
A fountain of French opportunities
All of Groupe Caisse d'Epargne's graduate internships and traineeships are offered in French and are searchable individually, along with jobs, on the banks recruitment website; they all come with a position description and application procedures. The company also offers sandwich year opportunities to French students. You can sign up to the company's alerts mailing list to ensure you don't miss out on any new career postings by visiting Groupe Caisse d'Epargne's recruitment website at www.groupe.caisse-epargne.com/recrute.
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HYPOVEREINSBANK (HVB)
Arabellastr.12 81925 Munich Germany Tel: + 49 89 378 0 www.hvbgroup.com
EUROPEAN LOCATIONS
Munich, Germany (HQ) Luxembourg Russia United Kingdom
DEPARTMENTS
Corporates & Investment Banking Retail Wealth Management
KEY COMPETITORS
Commerzbank Deutsche Bank
THE STATS
Employer Type: Subsidiary of UniCredit S.p.A. Chief Executive: Theodor Weimer 2008 Revenue: 3.9 billion 2008 Profit: -671 million 2007 Revenue: 6.6 billion 2007 Profit: 2.05 billion No. of Employees: 23,057 No. of Offices: 855
PLUSES
Good environment Ability to work on landmark transactions
MINUSES
Lack of strategy from the bank Training is nonexistent
EMPLOYMENT CONTACT
See jobs and karriere link at www.hvbgroup.com
THE BUZZ
Good name Third-rate Secure German focus, too small
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Vault Guide to the Top 25 Banking Employers, European Edition HypoVereinsbank (HVB)
THE SCOOP
One of the big guys
HypoVereinsbank is a force to be reckoned in German banking. Owned by the Italian banking giant UniCredit, HypoVereinsbank (HVB) is the second-largest private financial institution in Germany and the countrys second-largest retail bank. Underlining the might of HVB, the bank boasts more than four million customers and employs more than 25,000 people. HVB was created in 1998 through the merger of two German banksBayerische Vereinsbank and Bayerische Hypotheken-und Wechsel-Bankthat hailed from the countrys southern Bavarian region. The new entity formed a mighty bank that gained further strength in 2000 after merging with Bank Austria Creditanstalt, then Austrias biggest banking group. By the time UniCredit entered the picture in 2005, HVB was an attractive Germanic catch that the Italians couldnt resist. In November 2005, Italys UniCredit completed its takeover of HypoVereinsbank. HVB claims to be the largest financier for SMEs (small and medium-sized enterprises) in Germany. It attributes this honour to its valuable financing and risk-management solutions, and promoted its specialist services in structured capital market solutions. HVB also says it aspires to use its relationship with UniCredit to develop an identity as the first truly European bank.
Whos the boss?

As a wholly owned subsidiary of UniCredit, HypoVereinsbanks business is structured around four main divisions: retail, wealth management, corporates and investment banking. While these divisions oversee their own businesses and subdepartments, they individually report to UniCredit.
When the going gets tough

Just like every other bank in the world, HypoVereinsbank has suffered amid the global financial crisis. For 2008, HBV reported a net loss of -649 million, down from the 2.05 billion it booked in 2007. And its revenue fell by more than 40 per cent to 3.9 billion. The firm did make an operating profit of 453 million for 2008, though. HVBs retail, wealth management, and corporates and commercial real estate financing divisions all had respectable years by the numbers. Retail booked a 213 million gain before taxes, wealth management made 132 million, and corporates and commercial real estate brought in 660 million. HVBs markets and investment banking unit, though, had a rough 2008, reporting a 2 billion loss before taxes. The first three months of 2009 were much more positive, as HVB had good news to reveal while posting its first quarter 2009 results. The bank squeezed out a net profit of 62 million
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for the period (versus losing 282 million for the same period a year earlier) and reported a net operating profit of 452 million (compared to a 144 million loss a year earlier). The good results were largely due to the investment banking unit coming back; it booked only a loss of 76 million for the quarter. The big gaining unit was corporates and commercial real estate, which reported a 150 million pre-tax gain.
Everythings gone green

Sustainability is a popular concerneven a cause du jouramong the major European banks, and its something that HVB is very proactive about promoting. The firm has recently pledged to harmonise its business interests with ecological and social standards, and undergoes environment risk checks for loans and investment products it offers, ensuring that it ticks off all the boxes in terms of social and eco-friendliness. Internally, HBV says its committed to saving energy and raw materials in its day to day operations, and has implemented behavioural policies for its staff under an official code of conduct.
GETTING HIRED
Higher education
If you want to get your foot in at the door at HVB (or its parent UniCredit), it helps if your education level is high in general and your theoretical background is very good, insiders note. The bank runs a series of one-year graduate programmes to provide you with the theoretical knowledge and hands-on experience to prepare you for the banking world. The programmes are available in all of its business segments, from private to corporate banking. Your career will most likely kick off in one of HVBs German offices, so youll need a strong command of German from the outset. If youre a non-German speaker, you should look into the corporates and investment banking international graduate programme, which is conducted in English in several locations, such as Munich, London, Milan, Vienna. The programmes are explained in detail on careers.unicreditgroup.de.
Been there, done that

If youre an experienced hire, you can find HVBs vacancy listings by clicking jobbrse. Once again, youll need to be fluent in German. If you have your heart set on a job in Italy, Austria or Central and Eastern Europe, take a look at www.unicreditgroup.eu or www.ba-ca.com.
Get inside
Typically, the firm likes to promote internally. Still, if staff with necessary experience is not available in house, it is possiblewith certain restrictionsfor the company to hire externally, admits one insider. Senior bankers almost totally depend on networks, confides another employee. The bank also recruits at the universities in U.K., Germany and Italy. But insiders say landing a position is neither very easy nor nearly impossible, although current candidates have the best shot at filling open slots--one insider says that for the hiring of many jobs, we promote juniors to the intermediate level. To apply for a position, click on the jobs link on the main
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site at www.hypovereinsbank.de. Past the initial interviews, you can expect a full round of six to eight interviews in one day, says one source.
Work hard
Getting an internship is a significant step for those who want to eventually want to land a fulltime gig with the company. Interning is a very important and relevant activity for juniors, sources say. It also helps get your foot in the door, and chances are that youll receive an employment offer if you leave a positive impression in your wake, respondents say.
OUR SURVEY SAYS

Wildly varying opinions
What the company culture is like within the bank depends largely on whom you ask. The bank mostly fosters a good environment, one insider says, while another cites extremely poor management communication, cultural behaviour, transparency and development of people. Overall, however, it does seem that employees agree on one thingtheyre hardly enamoured with management. The firm has the lousiest management I have ever seen, says one insider, who wryly adds that most managers are akin to a chicken without a head running around instead of supporting people and correcting operative problems, management provides additional unrest and turmoil within the organisation. Another chimes in with his own story. A client once told me what he thinks of HVB, he explained that the firm has excellent front line originators but lousy management.
Could be bumped up
Compensation leaves something to be desired, most sources say. The bank is notorious for underpaying employees, notes one insider. We did not get paid a bonus for 2009, adds another, citing the credit crisis (most bankers at other firms were in the same no bonus boat). Still, HVB does offer 30 days vacation and good retirement pension plans. One worker admits that in general, the working hours would be fine if compensation were higher. Hours tend to average anywhere from eight to 12 hours a day, insiders report. Before the crisis, we spent approximately 12 to 13 hours in the office on a normal day, says one worker. We now spend about eight or nine hours in the office.
More coaching needed

Training offered by the bank could also be improved upon. At present, training is nonexistent, one insider reports. In general, you have to fight for any training. Another says the firm does offer training at the beginning of a new hires stint with the bank. Training consists of five-day modules in equities, debt, derivatives and corporate finance.
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INTESA SANPAOLO SPA

Via Monte di Pieta, 8 Milan, 20121 Italy Tel: +39 (0) 2 879 11 UK Head office 90 Queen Street London, EC4N 1SA United Kingdom Tel: +44 207 651 3000 www.intesasanpaolo.com
EUROPEAN LOCATIONS
Milan, Italy (HQ) Albania Austria Belgium Bosnia and Herzegovina Croatia Czech Republic France Germany Greece Hungary Ireland Italy Luxembourg Poland Romania Russian Federation Serbia Slovakia Slovenia Spain Sweden Switzerland The Netherlands Turkey Ukraine United Kingdom
DEPARTMENTS
Asset Management Commercial Banking Investment Banking Private Banking
KEY COMPETITORS
Banco Popolare di Milano Mediobanca UniCredit
EMPLOYMENT CONTACT THE STATS

Employer Type: Public Company Ticker Symbol: ISP (Milan) Chief Executive: Corrado Passera 2008 Net Revenue: 11.6 billion 2008 Profit: 2.55 billion 2007 Net Revenue: 10.4 billion 2007 Profit: 7.25 billion No. of Employees: 108,310 No. of Offices: 6,463 branches See lavora con noi at www.intesasanpaolo.com
THE BUZZ
Solid and very serious Never heard of them Likeable Strong domestic and regional name
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Vault Guide to the Top 25 Banking Employers, European Edition Intesa Sanpaolo SPA
THE SCOOP
The big Italian
Italys largest banking group Intesa Sanpaolo is the fruit of the 2007 merger between thenmajor Italian banks Banca Intesa and Sanpaolo IMI. With strong names and impressive market share, the newly created entity immediately established itself as a force to be reckoned with, gaining a market-leading position in Italy, as well as a mighty presence outside its home market in Eastern Europe and the countries of the Mediterranean basin. Leading up to the 2007 merger, Sanpaolo IMI groups Central and Eastern European business encompassed significant subsidiaries in Albania, Croatia, Russia, Serbia, Slovakia, Slovenia and the Ukraine. The group also had a foot in the Middle East, with its subsidiary in Egypt, the Bank of Alexandria. Intesa Sanpaolo has six key areas of business: public finance; corporate and investment banking, which has 53 offices and is responsible for corporate customers and financial institutions; Banca dei Territorial, its domestic commercial banking business that serves a customer base of more than 11.2 million customers, and is responsible for retail customers, private customers and SMEs; international subsidiary banks division, which boasts 8.4 million customers across 13 countries with 1,900 branches; Eurizon Capital, a leading company in Italy with approximately 145 billion in assets under management; and Banca Fideuram, a leading Italian financial advisory firm with 4,255 private bankers and 97 domestic branches. The Banca Intesa and Sanpaolo merger in January 2007 created the third-largest banking group by assets in Europe, and the largest in Italy. At the time of the merger (it closed in January 2007), Intesa Sanpaolo S.p.A, had 541 billion in assets. Turin-based Sanpaolo was a major banking and insurance giant in Italy prior to the merger (it was Italys No. 3 bank), with a staff of 44,000 and an estimated seven million customers. Milan-based Banca Intesa S.p.A., the second-biggest bank in Italy at the time of the combination, was formed in 1998 from the merger of CARIPLO (Cassa di Risparmio delle Provincie Lombarde) and Banco Ambroveneto (formerly known as Banco Ambrosiano). The following year, the Banca Commerciale Italiana (which had already renamed itself IntesaBCi) joined the Banca Intesa group. After Intesa and Sanpaolo joined forces, Banca Intesa Chief Executive Corrado Passera was named chief executive of Italys newly formed number one banking group.
How do you say credit crunch in Italian?

In late February 2009, it was announced that Italys top banks, including Intesa Sanpaolo S.p.A., would be getting up to3 billion in government financial aid as a result of the ongoing financial crisis. Under the reported terms of the Italian governments financial aid deal announced in February 2008, the recipient banks would have to issue bonds to sell to the government and then use the proceeds from the sale to cushion their own Tier-1 capital ratios. The only
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major requirement reported that the banks would have to adhere to, is to keep lending to SMEs. Other rival banks poised to benefit from the scheme are UniCredit SpA and Banca Monte dei Paschi di Siena SpA, who according to some reports are planning to publicly form a unified front in order to combat any public stigma about receiving a government handout. Berlusconi issued a statement prior to announcing the basic details of the financial aid scheme expressing that nationalising the countrys banks, similar to what has been happening around the world, was not an option he was considering. Intesa Sanpaolo publicly expressed interest in the plan.
Third quarter woes

In November 2008, Intesa Sanpaolo revealed that its net profit for the third quarter 2008 plunged 54 per cent versus the same period a year earlier, falling from 1.46 billion to 673 million. The poor results forced the bank to cancel its cash dividend payments, attempting to improve its capital base. About 300 million in losses were linked directly to the collapse of Lehman Brothers in September 2008. Decreased trading profits and decreased commissions in asset management also affected the bottom line.
Not really a two-for-one

In February 2009, it was revealed that Intesa Sanpaolo might sell its stake in two insurance units to Italian insurer Generali in exchange for Generalis 50 pe rcent stake in Intesa Vita, a joint venture insurance business with Intesa Sanpaolo. Industry analysts said a potential sale of Intesa Sanpaolos stakes in CentroVita and Sud Polo Vita would be good for the Italian bank, because it would allow the bank to avoid having to paying 700 million in cash to Generali under an existing agreement.
Been caught sending?

In March 2009, Intesa Sanpaolo was alleged to be one of at least 10 Western banks to have illegally handled money for Iran and concealed Iranian transactions routed through the US. This was big news because the US has blacklisted the Islamic Republic of Iran from accessing its financial system, deeming it illegal for even private individuals to transfer money to Iran. American investigators alleged that Intesa Sanpaolos New York City branch handled international credit transfers to buy illegal arms via banks headquartered in Iran, Syria and Libya (two other countries the US has identified as being hotbeds of terrorism). According to Milan police, embargoed banks in Iran, Syria and Libya asked Intesa Sanpaolo to conceal their names on international credit transfers. Intesa Sanpaolo said it was cooperating with the investigation.
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GETTING HIRED
Parli Italiano?
If you dont speak any Italian, youll need to learn, since the banks careers site is only offered in Italian (the firms homepage at www.intesasanpaolo.com allows visitors to read the site in English, but the jobs and careers link is available in Italian only). If youre already fortunate enough to be an Italian speaker, then on the homepage click on lavore con noi, where you can browse current vacancies or submit your CV online at the Invia il curriculum link. Current vacancies can be viewed by clicking on the Posizioni Aperte.
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KBC GROUP NV
Havenlaan 2 B-1080 Brussels Belgium Tel: +32 (0) 78 152 153 www.kbc.com
EUROPEAN LOCATIONS
Belgium (HQ) Bulgaria Czech Republic France Germany Hungary Luxemburg Monaco The Netherlands Poland Romania Russia Serbia Slovakia Slovenia Switzerland United Kingdom
DEPARTMENTS
Private Bancasssurance Services Retail & SME/Midcap Bancassurance Services
KEY COMPETITORS
BNP Paribas Fortis Dexia ING Erste Unicredit Socit Gnrale Raiffeisen International
THE STATS
Employer Type: Public Company Ticker Symbol: KBC (Euronext Brussels; Bourse de Luxembourg) Chief Executive: Andre Bergen 2008 Total Revenue: 4.8 billion 2008 Profit: -2.48 billion 2007 Total Revenue: 9.80 billion 2007 Profit: 3.28 billion No. of Employees: 59,279 No. of Offices: 2,290 bank branches; 14,644 insurance agencies
EMPLOYMENT CONTACT
www.kbcworld.be
THE BUZZ
Strong domestic and regional name; stable Small and local Strong bancassurance integration Dull
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Vault Guide to the Top 25 Banking Employers, European Edition KBC Group NV
THE SCOOP
Beyond Belgium
Boasting 12 million customers and a staff of more than 58,000 globally, the Brussels-based KBC Group is a large financial group in Europe . Dually listed in both Brussels and Luxembourg, KBC focuses on two core markets: Belgium, and Central and Eastern Europe and Russia. The Central and Eastern European and Russian market represents 8.5 million customers; in Belgium, the firm has about 3.9 million customers. The bank also has a noteworthy presence in Ireland through its KBC Bank Ireland. Overall, the banking group has selective presence in a number of other countries and regions around the world. KBC is an integrated bancassurance group, catering mainly for retail customers, small and mediumsized enterprises and private banking clientele. It occupies leading positions on its home markets of Belgium and Central and Eastern Europe, where it specialises in retail bancassurance and asset management activities, as well as in the provision of services to businesses. The group is also active in a selection of other countries in Europe in private banking and services to businesses. Elsewhere around the globe, the group has established a presence in selected countries and regions In the Czech Republic, Hungary and Slovenia, KBC is ranked a top-three bank by market share. The group is also a top-three bank in its core home market of Belgium, boasting an impressive market share of up to 25 per cent. In Belgium, KBC is described as a universal multi-channel bankassurer.
KBCs roots
Although KBC Groups roots can be traced back to the formation of Volksbank van Leuven (Peoples Bank of Leuven) in 1889, the firms modern history dates to 1998 when three firmsKredietbank, CERA Bank and ABB-insurancemerged to create the KBC Bank and Insurance Holding Company. A year later, in 1999, the company expanded into Central and Eastern Europe, acquiring Czech insurance firm SOB. Over the next five years, KBC bought banks and insurance firms in Poland, Hungary, the Czech Republic and Slovakia. The group officially became the KBC Group NV in 2005 when it merged with Almanij, then its parent company. In 2007, KBC further cemented its strength in the Central and Eastern European region with acquisitions in Bulgaria, Romania, Russia, Serbia and Slovakia. And in 2008, it continued to grow, making further acquisitions.
Bailed out
Since 2008, when times began getting very tough for many financial firms, KBC has taken its fair share of hitsand government financial aid. Due to heavy losses and billions in write-downs on the structured credit portfolio, the firm was forced to take 3.5 billion of state money in October 2008. And when the groups shares collapsed amid plummeting investor confidence on the back of a series of rumours in January 2009, the Flemish government rushed to KBCs aid with a 2 billion bailout package. In May 2009, the firm bought a state guarantee on 20 billion of toxic assets and received an extra 1.5 billion capital injection by the Flemish Region. A few weeks later, just before the group announced its dismal annual results for 2008 in midFebruary 20092.5 billion in losses and 4 billion in total write-downs for the yearKBC revealed it would slash 500 jobs from its Poland operations (and according to some reports, more cuts were on the horizon).
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Time for a change

After 37 years with the firm, KBC Chief Financial and Risk Officer Herman Agneessens retired at the firms annual general meeting in April 2009. He was replaced by Luc Philips, who has spent his entire career at the banking group. Philips first joined the company when it was still the Kredietbank, in 1971, working his way up from the credit department to the international credit division. He was the head of KBCs New York branch from 1988 to 1991 until he returned to Brussels to take charge of the firms central management.
GETTING HIRED
A cornucopia of opportunity and support
Impressively, KBC has received a Lifelong Learning award for the training programmes it offers, and you'll find the bank is happy to enthuse endlessly about the coaching opportunities and career-long learning initiatives it offers on the job. Just a selection of the training programmes it operates are the KBC Academy for "young potentials," the KBC Master Plus for senior managers and an international management development programme for employees who show great potential. It should be noted that the "young graduates" section is only available in Dutch so a fluent command of this language is needed to apply for jobs in this section. KBC's careers page colourfully depicts its business divisions as five continents that go together to comprise the "KBC World." These are retail, business and management support, ICT, products and merchant banking. At the bottom of the page you'll find links to current vacancies and a link to submit your CV online. You can also send your CV directly to vacature@kbc.be, referencing the vacancy you're interested in. The firm describes its ideal candidates as possessing masters degrees, advanced business degrees or PhDs in subjects such as economics, informatics, engineering, law, actuarial and other quantitative sciences. However, a quick look at some of KBCs vacancies will reveal that some positions require qualification at masters level or above. Other vacancies are open to those with an undergraduate degree, or the equivalent level of work experience. Similarly, some positions will require you to have a thorough knowledge of English.
Have two bananas

KBC provides numerous employee benefits and an active social life. Salaries are reviewed yearly, and, in addition to raises, good performance could see you step into a higher pay bracket entirely. Moreover, hospital and personal assistance insurance, a pension plan and an extra allowance for home-to-work travel are provided for all employees.
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MEDIOBANCA S.P.A.
Piazzetta E. Cuccia, I Milan Italy Tel: +39 (0) 2 882 91 www.mediobanca.it
EUROPEAN LOCATIONS
Milan, Italy (HQ) France Germany Italy Spain United Kingdom
DEPARTMENTS
Corporate & Investment Banking Advisory Capital Markets Lending Principal Investing Equity Investment Portfolio Merchant Banking Private Equity Special Opportunities Retail & Private Banking Consumer Credit Private Banking Retail Banking
KEY COMPETITORS
Intesa Sanpaolo UniCredit
EMPLOYMENT CONTACT
See job opportunities (lavora con noi) at www.mediobanca.it
THE STATS
Employer Type: Public Company Ticker Symbol: MB (BIT) Chairman: Cesare Geronzi Chief Executive: Alberto Nagel 2008 Revenue: 2.1 billion 2008 Profit: 1 billion 2007 Revenue: 1.6 billionn 2007 Profit: 953 million No. of Employees: 3,099 No. of Offices: 10
THE BUZZ
The best in Italy Old fashioned Very appealing boutique Too Italian
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THE SCOOP
Italian star
Headquartered in Milan, Mediobanca offers banking, investing and research services to institutions and individuals. It operates through three main business divisions: corporate and investment banking, principal investing, and retail and private banking. Each of these divisions encompasses numerous key departments. Corporate and investment banking encompasses lending and structured finance, advisory and capital market (which is active in both the primary and secondary markets for equities, fixed income securities, foreign exchange and derivatives). The principal investing division encompasses four key departments: equity investment portfolio, merchant banking, private equity and special opportunities. And retail and private banking includes consumer credit, retail banking and private banking operations. Mediobanca has 3,099 employees (including 540 in its corporate investment banking and principal investing divisions), and in addition to Milan, it has offices in Rome, Bologna, Padua, Florence, Frankfurt, London, Luxembourg, Madrid, New York and Paris. Mediobanca was founded after the end of World War II by three banks: Banca Commerciale Italiana (now known as Intesa San Paolo S.p.A.); Credito Italiano, now known as UniCredit; and Banco di Roma, which later became Capitalia (and merged into UniCredit in 2007). Mediobanca was created mainly to provide medium-term financing required by various Italian manufacturers in the post-war boom, as well as to link the countrys growing investment community with the need of finance by Italys industries. In 1956, Mediobanca went public on the Italian bourse, becoming the first banking stock to be listed after WWII in Italy. In its early years, the banks product and service offering was limited to mediumterm credit, as was the norm at the time. However, in 1973, the bank formally decided to expand its offering and began providing finance for up to 20 years. Through the 1970s and 1980s, Mediobanca had a key role in the restructuring of Italian industry, and took shareholdings in some of the countrys biggest companies, including Fiat, Olivetti and Pirelli. It wasnt until 1988 that Mediobancas ownership was restructured, as the three founding banks lowered their (aggregate) holding from 57 per cent of the share capital to 25 per cent, allowing a greater balance among the owners of the company. At the same time, a 25 per cent stake was purchased by a private sector group, which entered into a shareholder agreement with the founding three banks. The remaining shares, which amounted to roughly 7 per cent of the original holding, were placed on the stock market later that year. Through the 1990s, Italy went through huge changes with the growth of the technology, media and telecommunications industries, and Mediobanca was at the forefront of some of the biggest privatisations at the time (including Telecom Italia in 1999). In the early years of the new millennium, Mediobanca started its private banking operations, the development of which, perhaps, culminated with its May 2002 acquisition of a 34 per cent stake in Commerzbanks Compagnie Mongasque de Banque (CMB), then the leading private banking firm in Monaco. Mediobanca further raised its stake in CMB to 61.64 per cent in 2003, and acquired full control if the firm in December 2004. International expansion followed, and Mediobanca opened its Paris office in 2004, a securities brokerage in New York in 2006, and two more branch offices in Madrid and Frankfurt in 2007. In 2008, Mediobanca opened a branch in London focused on the capital markets business.
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Vault Guide to the Top 25 Banking Employers, European Edition Mediobanca S.P.A.
Also in 2008, Mediobanca entered the retail banking market with CheBanca!, a new bank set up to provide efficient, simple and inexpensive products. The bank seeks to save money for customers by only offering them what they really need. According to Mediobanca, thanks to an innovative yet simple approach to banking, high interest rates and massive advertising, CheBanca! registered 5.3 billion of inflows from new deposits (double its target) in its first year of operations.
In denial
In January 2009, Italys two biggest banks, UniCredit (Italys second-biggest bank by market value) and Mediobanca (the countrys fifth largest), denied newspaper report they were considering a merger. The Italian business daily newspaper Il Sole 24 Ore reported for several days in a row that shareholders in both banks were weighing a merger as the plans remained at the centre of informal discussions. UniCredit was also the biggest shareholder in Mediobanca, holding an 8.66 per cent stake, and Mediobanca was Italys biggest investment bank and the underwriter of UniCredits huge January 2009 rights issue. So, while the two denied a merger was in the works, it was more than realistic for speculation to exist that two banks might mate. In the end, UniCredit didnt have the money to make the deal happen, and the chairmen of the banksAlessandro Profumo at UniCredit and Cesare Geronzi at Mediobancahad what Reuters describes as a fraught history: Geronzi took the top job at Mediobanca in 2007 after selling Capitalia (where he was chairman) to UniCredit. Geronzi also reportedly clashed with Profumo in relation to management issues at Mediobanca.
Showing up on the tables

Mediobanca showed up on several Thomson Reuters investment banking league tables in 2008. The firm ranked No. 19 in European announced M&A transactions valued up to US$50 million and up to US$100 million, advising on 40 and 45 deals, respectively, during the year. Mediobanca also ranked No. 17 in European announced M&A volume on transactions valued up to $100 million, working on $465.3 million worth of deals. Regarding M&A deals valued up $200 million, the firm ranked No. 20 based in volume (working on $1.35 billion worth of deals) and No.19 based on number of deals (51 in total). And for deals valued up to $500 million, Mediobanca ranked No. 13 based on volume ($5.08 billion) and tied with BNP Paribas for No. 20 in number of deals (63 for the year).
GETTING HIRED
The Italian job(s)
Mediobanca notes that the bulk of its new employees are taken from Italian universities, so you might want to bear this in mind if you're an overseas graduate. It also notes that it prefers people who have graduated in economics-related disciplines. For the junior analyst role, which is the graduate-entry position, the firm wants economics graduates with fluent spoken and written English and Italian. You can submit your CV speculatively on the company careers page, and Mediobanca requests you also
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MIZUHO CORPORATE BANK, LTD.

One Friday Street London EC4M 9JA United Kingdom Tel: +44 (0) 20 7012 4000 www.mizuhocbk.co.jp/english
EUROPEAN LOCATIONS
London, United Kingdom (HQ) Germany Italy Russia France United Kingdom
DEPARTMENTS
Deposit & Lending Financial Products Financial Services Market Products
KEY COMPETITORS
Mitsubishi UFJ Financial Sumitomo Mitsui
THE STATS
Employer Type: Subsidiary of Mizuho Financial Group Chief Executive: Yasuhiro Sato No. of Offices: 770 No. of Employees: 49,114* *Mizuho Financial Group
EMPLOYMENT CONTACT
See careers at www.mizuhocbk.co.jp/english
THE BUZZ
On the up Unknown entity in Europe Strong domestic and regional name Depends on the team
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Vault Guide to the Top 25 Banking Employers, European Edition Mizuho Corporate Bank, Ltd.
THE SCOOP
Part of Japans second largest
Mizuho Corporate Bank is the corporate and investment banking unit of Mizuho Financial Group, Japans second-largest financial services group. Other banking subsidiaries of Mizuho Financial include Mizuho Trust and Banking, Mizuho Corporate Bank and Mizuho Securities. In Europe, Mizuho Corporate Bank is headquartered in London, with additional continental European offices in Paris, Dsseldorf, Milan and Moscow. The banking group that came to be known as a fresh rice harvest (thats what mizuho means in Japanese) was first created as a holding company when three large Japanese banksDai-Ichi Kangyo, Fuji and Industrial Bank of Japanmerged in September 2000. The combined group grew quickly, first with the October 2000 merger of the threes respective subsidiaries (the securities subsidiaries created Mizuho Securities, and the trust bank subsidiaries formed Mizuho Trust and Banking). In April 2002, the three formed a new wholesale banking subsidiary. The retail banking branches formerly under Fuji Bank were transferred to Dai-Ichi Kangyo Bank, which was then renamed Mizuho Bank. Fuji Banks corporate division was consolidated with the Industrial Bank of Japan and named Mizuho Corporate Bank. These changes led to the establishment of the Mizuho Financial Group at the beginning of 2003.
Who it serves
Catering to a wide ranging clientele, Mizuho Corporate Bank focuses its efforts on major corporations listed on domestic (Japanese) stock exchanges, financial institution and their group companies, public sector entities and overseas corporations including subsidiaries of Japanese corporations. To these clients, Mizuho offers a range of business strategies and financial services, including deposits and lending, financial products, investment banking and custodial services, securitisation of client assets, real estate finance, acquisition and corporate revitalisation finance, syndication, bond administrative service, project finance, market products, sales and trading, trading based on advanced risk management systems, financial services, settlement and foreign exchange, Yen clearing services, Yen custody services, next-generation supply chain management, CMS, various EB services, asset management, and investment trust-related business.
Thats a lot of money

In February 2009, following deep losses in 2008 thanks to the global financial crisis, Mizuho Financial Group announced it would be issuing US$850 million in preferred securities to overseas institutional investors. It was an attempt by the bank to boost its ability to lend while beefing up its capital base, weakened by big losses. Two months earlier, in December 2008, the bank announced a similar issuance that raised US$3.8 billion dollars. Mizuho held its word about raising capital in order to continue lending, as only a week after the February 2009 announcement, Mizuho agreed to give a US$20 million line of credit to Petro Vietnam Fertiliser and Chemicals Corp in order to enable it to import fertiliser and raw materials for one if its plants.
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Vault Guide to the Top 25 Banking Employers, European Edition Mizuho Corporate Bank, Ltd.
Thank you government, for the shares you buy

In March 2009, Mizuho Corporate Bank sold close to a whopping 1 billion worth of its shareholdings and interests in other banks to the Bank of Japan, representing the first sale to the Japanese central bank after it kicked off a programme to buy shareholdings of Japans financial institutions in order to |ease losses relating to securities valuation, which had been restricting the ability of banks to offer loans.
Losing it in 2008
In April 2009, Mizuho Financial Group estimated its losses for 2008 to be about 580 billion, quite a drop versus the 311.2 billion profit the firm booked for 2007. The poor results were due to bad loans and the declining worth of the shares the bank owns, given the financial crisis. Included in the results was an approximately 80 billion loss in a 130 billion investment in New York-based investment bank Merrill Lynch, which was infamously acquired by Bank of America in 2008.
GETTING HIRED
European footprint
Among some of the characteristics Mizuho Corporate Bank considers sought-after are selfmotivation, and the ability to manage complex relationships and to work autonomously whilst being part of a team. At the same time, you should have a creative approach, relevant experience and enjoy being challenged. The firm's English website provides links to its European branch network, though this essentially comes down to a phone number for each office. The English branch recruits through the mainstream financial press and welcomes speculative applications by post or fax.
People in different places

Mizuho Corporate Bank says it is determined to be the "first-call global financial institution for all its customers." The firm offers "hands-on training" with experienced professionals "to further develop your existing expertise, and establish new skill sets to act in today's demanding and fast-paced business environment. The firm also offers a global mobility programme, providing employees with opportunities to work across various branches and subsidiaries around the world, including the firms global headquarters in Tokyo. Interested applicants should fax or write to the firm's HR dept.
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NATIXIS S.A.
45, Rue Saint-Dominique Paris, 75007 France Tel: +33 (1) 58 32 30 00 www.natixis.com
EUROPEAN LOCATIONS
Paris, France (HQ) Austria Belgium Bulgaria Croatia Czech Republic Denmark Estonia France Germany Hungary Ireland Italy Latvia Lithuania Luxembourg The Netherlands Poland Portugal Romania Russia Slovakia Slovenia Spain Sweden Switzerland Turkey Ukraine
DEPARTMENTS
Asset Management Corporate & Investment Banking Private Equity & Private Banking Receivables Management Retail Banking
KEY COMPETITORS
Crdit Agricole HBSC Socit Gnrale
THE STATS
Employer Type: Public Company Ticker Symbol: KN (Paris Euronext) Chief Executive: Dominique Ferrero 2008 Revenue: 2.93 billion 2008 Profit: (loss) -2.79 billion 2007 Revenue: 6.0 billion 2007 Profit: 1.1 billion No. of Employees: 22,096 No. of Offices: 157 in 68 countries
PLUS
Transparency throughout company
MINUS
Unpredictability with upper-level management
EMPLOYMENT CONTACT
See human resources at www.natixis.com
THE BUZZ
Good place In retreat Innovative Needs money
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Vault Guide to the Top 25 Banking Employers, European Edition Natixis S.A.
THE SCOOP
New kid on the block
The Paris-based investment banking and asset management firm Natixis was created in November 2006 by Groupe Caisse dEpargne and the Groupe Banque, which both own a stake in Natixis. Within a few months of debuting on the Paris bourse in December 2006, Natixis had attracted more than 2.86 million shareholders. At the time of its float, the French investment bank was being celebrated as the banking industrys most attractive investment in years. Natixis is a relatively new kid on the banking block compared to its parent company, the longestablished and leading French bank Groupe Caisse dEpargne, which dates back to the early 19th century (it was the first savings banks of the group was founded in Paris in 1818). Caisse dEpargne and Banque Populaire jointly own 70 per cent of Natixis, which has been identified by the parent banks as the root of their 2008 fiscal years financial problems, having suffered heavy losses. In line with most investment banks, Natixis posted a net loss of 2.8 billion in 2008 (more than US$450 million of which was related to Bernard Madoffs infamous Ponzi scheme). Individually, Caisse dEpargne posted a loss of 2.02 billion, while Banque Populaire posted a loss of 468 million. As a result of heavy losses, Natixis announced in December 2008 that it would be cutting 840 jobs.
La organisation
Natixiss key business divisions are corporate and investment banking (CIB), asset management, private equity and private banking, private banking (including Banque Prive Saint Dominique), COFACE (a risk analysis subsidiary), and other services that include insurance, securities, financial guarantees and consumer finance. The CIB division covers capital markets, debt and finance, and corporate and institutional banking; it encompasses loans, structured finance, capital markets, cash management products, securitization, advisory services and financial engineering. This division has more than 50 offices around the world, and an estimated 52 percent of CIBs revenue is generated outside of France, with much of that coming from Asia, Southern Europe and the Middle East. Natixiss capital markets unit encompasses equities, commodities, fixed-income, foreign exchange, derivatives and structured products. The Natixis Asset Management business is one of Europes biggest asset management firms, offering investment solutions through funds, dedicated products and mandates on all asset classes, such as money market, bonds, equities, real estate, alternative and diversified. Natixiss private equity and private banking business, encompasses a range of business activities. The private equity arm is called Natixis Private Equity, and assists companies that post sales of between 50 million and 500 million grow their businesses and enhancing asset value.
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Just married
Natixiss parent firms made headlines in February 2009 when, as two of the Frances biggest banks, Caisse dEpargne and Banque Populaire agreed to merge, after suffering billions in credit crunch-related losses in 2008. When the deal is finalised, the newly created entity will be the countrys second-biggest retail bank (after Crdit Agricole) and boast a combined total of 34 million customers and a network of 8,200 branches. The deal was pushed by the French government, which agreed to offer 5 billion to buy preferred shares and subordinated debt in exchange for a 20 pe rcent stake. The announcement wasnt a complete shock to shareholders (both banks are mutual banks and thus owned entirely by their depositors) as plans for the merger first became public in October 2008, when both banks said that a combined group would be mighty one, with annual sales of 17.5 billion and 480 billion in savings and deposits.
France to the rescue

When the French government announced in late February 2009 that it would give more state aidbetween 2.5 billion and 5 billionto Natixiss newly merged parent banks, shares in Natixis climbed 12 percent. This was welcome news, considering that Natixiss share price slumped 86 per cent in 2008 and 18 per cent in 2009 leading up to mid-February 2009. At the time of the announcement, some analysts speculated the newly merged bank might be the guarantee Natixis needed to help the ailing investment bank rid itself of toxic loss-making assets. And less than two weeks after announcing the capital injection, the French Economy Minister Christine Lagarde said that while the state injected capital to save Natixis, it needed to take part in a review to re-examine and redefine the firms strategy.
A little help could go a long way

In March 2009, shares in Natixis rocketed 20 per cent (back to above 1), bouncing back from a slump in share value that stretched back to 2007. The rise occurred amid reported speculation that the firms shares might be delisted from the Paris Euronext bourse. The news came as a shock for many, since the French investment bank had so glamorously floated just over two years earlier. As a result, a group of retail shareholders in the firm filed a lawsuit against Natixis, accusing the bank of publishing misleading information. The head of the shareholder group said the lawsuit charged Natixis with putting out false information and having inaccurate accounts, and seeks transparency over everything that has happened at the firm since its initial public offering. Reportedly, Natixis (Frances worst-performing bank stock for the last two years as described by Reuters) had only learned about the lawsuit through coverage in the French press. Fund managers and analysts in favour of delisting Natixis stock said the lawsuit by the retail shareholders could give weight to the delisting and, if done, minority shareholders could be compensated. However, on 11 March 2009, while Natixis stock hit a dismal 92 cents in early afternoon trading, Caisse dEpargne chief Alain Lemaire quelled fears of a delisting, stating
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that Natixis had no plans to do so in the near the future. But he did state that, All options are possible. Nothing has been decided nor seriously explored at this stage.
GETTING HIRED
Specific backgrounds are welcome
Natixis offers internships, lasting an average of six months, to business or engineering school students, in areas such as corporate business management, structured finance, trading, sales, structuring or engineering in quantitative research, portfolio management, research project management and IT analysis, among others. Insiders call snagging an internship with the firm rather important when it comes to getting hired full time. To learn about careers at Natixis, go to www.natixis.com and click on the human resources link. There, you can find information on career development and training opportunities, current vacancies, internships and work placements, entry-level positions for students and recent graduates, applications, information about events where prospective applicants can meet employees and recruiters of the firm, and valuable information on Natixis business area and its diversified lines of work.
Volunteer your way in the door

Natixis offers international voluntary placements for applicants under 29 who are interested in being assigned to work abroad for six- to 24-month periods. Natixis offers international voluntary placements in areas such as structured or corporate financing, commodities financing, capital market activities and asset management. Typically, about three quarters of participants are directly recruited into the company upon completion. You can apply for the various programmes and job offers online, and can contact the HR department by submitting an unsolicited job application through the website or by sending your CV accompanied by a cover letter to Natixis postal address, available on its website.
Saddle up
During the interview process, expect at least three rounds of questioning. The questions youll field during the interviews will likely focus mainly on experience, so be sure you can talk at length about how your skill set can be parlayed into the position for which youre applying.
OUR SURVEY SAYS

Few complaints
The firm gets high marks from insiders when it comes to company culture. Even though hours can be longone insider says he works from home on weekends more than once a monththe overall morale within the company seems to make up for it. Managers give verbal recognition to employees, and employees report that pay is within the market going rate. The companys treatment of women, minorities, gays and lesbians also receives high marks from insiders.
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PETERCAM S.A.
Place Sainte-Gudule 19 Brussels, 1000 Belgium Tel: +32 2229 6311 www.petercam.be
EUROPEAN LOCATIONS
England France

Corporate Finance Institutional Asset Management Institutional Sales Private Banking Bank Degroof Calyon ING
PLUS THE STATS

Employer Type: Private Company Chairman: Baron Jean Peterbroeck No. of Employees: 400 No. of Offices: 10 Potential to share ownership in the firm
MINUS
Some office locations arent very cosmopolitan
EMPLOYMENT CONTACT
Follow the jobs link at www.petercam.be
THE BUZZ
Strong regional name Small and local Dutch broker Who?
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THE SCOOP
Benelux star
One of the top banks in the Benelux countries, Brussels-based Petercam serves private and institutional investors at home and abroad. It also maintains two busy research departments, one providing supply-side research and the other specializing in macroeconomic research. For private investors, Petercam provides investment fund management, estate planning and private banking services; for institutional investors it offers asset management, institutional sales and private projects, which investigates and arranges alternative asset investments. Corporate clientsincluding large corporations, government agencies, small- and midsized enterprises, financial institutions and financial sponsorsturn to Petercam for M&A advisory, equity placements, fairness opinions and valuations.
Picking up the pace

Petercams M&A advisory teams represent buy-side and sell-side clients, and also offer public bid execution, structuring assistance and advice on establishing shareholders structure. The firm is no slouch in the equity department, either: Petercam has played a role in almost one-third of all IPOs launched in Belgium over the past 15 years. Petercams recent noteworthy corporate finance assignments include the IPO of Belgian renewable energy firm 4Energy Invest; advising ICOS Vision Systems Corporation, a Belgian supplier of inspection products for the semiconductor industry, on a takeover bid from Belize Holdings; and advising frozen foods company Pinguin on a major capital increase.
Theyve got it covered

Sell-side research teams at Petercam cover more than 140 companies, and according to the firm, it offers the broadest coverage of any broker in the Benelux region. Not to be outdone, the firms macroeconomic researchers, led by chief macroeconomist Geert Noels, issues a steady stream of white papers, reports and economic analysis.
The independence of its research is a cornerstone of Petercams business, and the firms investment advisers and asset managers rely heavily on impartial reports generated by the in-house research teams.
Wins for PAM

Petercam Institutional Asset Management (PAM) offers its services through pooled funds, investment funds and mutual funds; segregated mandates; and investment fund management services. It serves a wide range of clients, including banks, pension funds, charitable organizations, insurance companies, public authorities, universities and corporations. The asset management team is headed by partner Guy Lerminiaux, whos also CIO of equities, and Johnny Debuysscher, partner and CIO of fixed income. In 2008, Petercam picked up several awards for its funds management prowess. French magazine Investir named Petercam Best Manager-Equity Funds and Best Manager-Bonds Funds, based on
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five-year performance. Lipper France and Netherlands cited the firm as Best Manager-Equity Funds over three-year intervals, and Petercam also won Morningstars Super Award for Best Manager-Large Range in Belgium.
Brussels brokering
Since its inception, Petercam has been a busy broker on the Brussels Stock Exchange; its been doing brokerage business in the Netherlands since 2000, making it one of the top independent brokers in the Benelux region. In addition to equities trading Petercam is an active dealer in all Euronext-traded derivatives products. The firm also offers a range of other derivative products like structured products, equity-linked notes and options on European indices and equities. Petercam Institutional Bonds (PIB) carries out the firms fixed income trading operations, advising clients and offering services in all Eurozone fixed income instruments, including government bonds and Eurobonds. Petercams sales teams are based in Amsterdam and Brussels.
Peter plus Cam

Peterbroeck and Van Campenhout, two Brussels-based foreign exchange brokers, both opened for business in the early 1900s. After several decades of growth, the two firms merged in 1968 to form S.C.S. Peterbroeck, van Campenhout et Cie, a fund management and brokerage business with a sub-specialty of foreign currency exchange, offering services to travelers in Belgian rail stations. At the same time, the newly combined firm began a corporate finance business via a separate arm called Petercam Securities. Asset manager Petercam Luxembourg was formed next, in 1985. By 1989, the firm had extended its reach overseas with an office in New York, and shortly thereafter, the business was reorganised: S.C.S. Peterbroeck, van Campenhout & Cie became a holding company, while business operations were carried out under the name Petercam SA. Petercam continued to flourish through the 1990s, opening a handful of new offices and launching a Dutch subsidiary (Petercam Netherlands). The firm also teamed with traders from Remy Frres & Fils to create the Petercam Institutional Bonds division, and acquired stockbroker Beeckmans Van Gaver of Antwerp. Petercam Banque Privee Suisse was born in 2000 with the acquisition of Genevabased CEPA, and in 2002, Petercam acquired a majority stake in hedge fund manager Concerto Capital. In 2003, Petercam SA gobbled up its sibling Petercam Securities and simultaneously acquired bank status in the Netherlands; its pace has not slowed in recent years, as 2007 saw the opening of two new offices in Knokke and Roeselaere, Belgium. In addition to its half-dozen locations in Belgium, Petercam has operations in Paris, Geneva, Luxembourg and Amsterdam.
A legacy of private ownership

Petercam is owned and led by its team of 17 partners, which to this day includes members of the Peterbroeck and van Campenhout families. The firms board of directors is helmed by septuagenarian Baron Jean Peterbroeck, who has also served as director of the NYSE Euronext and its predecessor exchanges since the Euronext was created in 2000. Peterbroeck is also a former member and past chairman of the Brussels Stock Exchange Committee and vice chair of the board of directors of the Brussels Exchanges.
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Cracking the tables

Making a dramatic leap from its 2007 spot at No. 59, Petercam landed at No. 24 on Thomson Reuters investment banking league table for 2008 announced M&A deals in the Benelux region. The firm announced five transactions with a total value of US$2.3 billiona whopping 148 per cent improvement over its previous year ranking.
The Solvay connection

Belgian chemicals and pharmaceuticals company Solvay is a longtime Petercam client; in 2008, the firm advised Solvay on its US$278 million takeover bid for rival pharma company Innogenetics. In April 2009, the ties between the client and the adviser deepened, as Petercam director Herve Coppens d'Eeckenbrugge was nominated for a seat on Solvays board of directors.
GETTING HIRED
Languages are key
Petercam posts its current vacancies on its website where you can browse and apply online. It should be noted that far more jobs are advertised on the company's French and Dutch language pages, for staffing offices in The Netherlands and Belgium. Those jobs advertised in English require fluency in French or Dutch in addition to English and, in some cases, require you to be fluent in all three languages. If you just want to make yourself known with a speculative application, this is welcomed by Petercam. Just click the spontaneous application link, then submit your CV and letter. Internships are advertised along with jobs for experienced professionals, so keep your eyes open for opportunities among the company's vacancies.
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RABOBANK
Croeselaan 18 Utrecht, 3521 CB Netherlands Tel: + 31 30 216 0000 Fax: 31 30 216 1976 www.rabobank.com
EUROPEAN LOCATIONS
Utrecht, Netherlands (HQ) Austria Belgium France Germany Ireland Italy Poland Spain United Kingdom

Asset Management & Investment Domestic Retail Banking Leasing Real Estate Wholesale Banking & International Retail Banking Credit Agricole ING
PLUSES
Very diverse Great third-world banking opportunities
THE STATS
Employer Type: Private Company Chairman, Executive Board: Bert Heemskerk* 2008 Revenue: 11.65 billion (FYE 12/08) 2008 Net Income: 2.75 billion 2007 Revenue: 11.02 billion 2007 Net Income: 2.69 billion No. of Employees: 60,568 No. of Offices: 1,112 *Piet Moerland will take over as chairman in June 2009
MINUSES
Hours can be long Not too well known outside Benelux
EMPLOYMENT CONTACT
Follow the careers link at www.rabobank.com
THE BUZZ
Very solid Third rate Strong regional name Not very exciting
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THE SCOOP
Lets cooperate
Utrecht, Netherlands-based Rabobank has a reputation for working with the agricultural and food industry sectorsand its no wonder. The bank began as a pair of rural cooperative bank conglomerates founded in the Netherlands in 1898: the Coperatieve Centrale Raiffeisen-Bank and the Coperatieve Centrale Boerenleenbank. Although very similar in their operationseach cooperative consisted of several small local banks, which were owned and run by their members Raiffeisen-Bank had Protestant connections, while the Boerenleenbank was Catholic. This kept the two entities separate until 1972 when they merged after several decades of increasing cooperation. In 1980, the new business took the name Rabobank Nederland, taking two letters from Raiffeisen and two letters from Boerenleenbank. At the same time, several local Dutch banks revamped their organisations to form Rabobanks, making them eligible for support from the central Rabobank Nederland. That doesnt mean, however, that Rabobank Nederland has power over smaller member banks; its actually the opposite. Top-level organisational control remains in the hands of member banks, while Rabobank Nederland operates as their subsidiary. Although Rabobank built its business by providing retail banking and loans to farmers and rural communities, it later became an Allfinanz group, allowing it to provide diversified financial services, including corporate and investment banking and insurance products.
More than local

Rabobank today serves 9.5 million clients worldwide, operating through its 153 local Dutch Rabobanks, the central Rabobank Nederland and Rabobank International, its wholesale banking and international retail banking business. Through a number of subsidiaries the firm also offers investment research services, internet merchant banking, specialised advisory services, Swiss private banking and more. Clients include individuals, small and midsized businesses and larger corporations, though Rabobank still derives a majority of its business from the agribusiness and food industry sectors. In recent years, it has made significant strides in the American agricultural industry, through investments and acquisitions (most notably, the 2007 purchase of Californias Mid-State Bank & Trust).
Approximately 29,000 Rabobank employees work for local Rabobanks, which boast 1,100 branches in the Netherlands and remain tightly tied to their communities. Rabobank Nederland serves as a central bank for the smaller Rabobanks, supervising their management, balancing liquidity, assisting with marketing and IT, and providing capital market services. It includes another 6,100 staffers. Rabobank International is active in 27 countries and employs more than 15,000 people in a halfdozen global divisions: structured finance, global financial markets, leveraged finance, direct banking, trade and commodity finance and the telecom, media and internet group. It includes a wholly owned Irish subsidiary, ACCBank, and a 59 per cent stake in Polands Bank BGZ.
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Reaching the world

Rabo Development is a Rabobank subsidiary attempting to spread the firms model of rural, locally owned financial services providers far beyond the Netherlands. Through Rabo Development, Rabobank has purchased interests in several emerging banks, including Tanzanias National Microfinance Bank; Chinas United Rural Cooperative Bank of Hangzhou; Mozambiques Banco Terra; and Zambia National Commercial Bank. Combined, these banks serve over two million customers. The latest addition to the Rabo Development portfolio came in 2008 with the purchase of a 40 per cent stake in Paraguays Banco Regional, a 22-branch bank that operates in the southeastern part of the country. (Interestingly enough, Banco Regional has its roots in a Mennonite dairy cooperative with connections to Frieslandand natives of the area still speak a dialect called Plautdietsch.)
Small team, big deals

Most of Rabobanks corporate advisory clients are Dutch and multinational agriculture companies. The firms M&A team is smalljust about 30 professionalsbut it had plenty of work in 2008. In the agribusiness sector, it advised Dutch VION Food Group on its acquisition of the UK-based Grampian Country Food Group and assisted Milk Partnership Ltd. on its joint acquisition, with Arla Foods, of a minority stake in Arla Foods plc. The telecom and services industries are keeping pace for the firm, too. Rabobank advisors helped arrange the 185 million sale of Scarlet Telecom (Netherlands) to Belgiums Belgacom, advised Polands Netia SA on its 98 million acquisition of Tele2 Polska and advised Capgemini France on its 255 million acquisition of Dutch Business Application Services BV. In equity capital markets in 2008, Rabobank led Royal Delfts 6.5 million rights offering and handled Scarlet Telecoms 75 million tender offer on pre-IPO bonds. The deals continued into 2009, as Rabobank signed on as adviser to Kendrion NVs 94 million sale of Kendrion Distribution Services to Amari Plastics and Bosch GmbH.
Bye, Bert
Two independent boards govern Rabobanks operations worldwide. The supervisory board is the highest authority, governing general operations as well as the operations of the executive board. The executive board is responsible for the management of Rabobank and its related entities. As chairman of the executive board Bert Heemskerk serves as the banks chief executive, a role he has held since 2003. In 2008, he was also named head of Rabobank International. However, in early 2009, Heemskerk announced that he would retire in June 2009. His replacement is Piet Moerland, a 20-year Rabobank veteran who joined the executive board in 2003.
Sharing the wealth

In March 2009, a report by SponsorTribune magazine revealed that Rabobank is the biggest sponsor in the Netherlands, spending 50 million annually on sponsorship of sports teams and cultural events. (Rabobank spends 13 million a year to fund its popular professional cycling team.) To put this in perspective, runner-up Heineken spends just 25 million per year on sponsorships. There was a reason why Rabobank could afford to sponsor athletes and the arts when the world was in the throes of a recession: in January 2009, the firm reported fiscal year 2008 results, showing
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modest-yet-respectable growth in revenue and profit. In any other year, the results would have been unremarkable, but at a time when competitors were reporting huge losses, Rabobank emerged as a steady haven largely unshaken by the financial crisis. Although its international operations took hits from the credit crunch and investment exposure in America, Rabobanks savings deposits rose 20 per cent in 2008, and its loans to small and midsized businesses grew 16 per cent. Perhaps equally importantly, Rabobank has not takenor neededany financial assistance from the Dutch government.
A prickly payment
Rabobanks name got dragged into US debates about troubled insurer AIG in March 2009. Publiclyreleased documents revealed that Rabobank, an AIG counterparty, received $800 million in payments following the US governments bailout of the insurance company. (Fellow Dutch financial services company ING received even more, $1.5 billion.) The payments to Rabobank provoked angry responses from some media outlets, which wondered why American taxpayers should help fund a privately-owned bank with still-stellar credit ratings and little damage from the financial crisis.
Adding to the board

In April 2009, two Rabobank executives were appointed to the executive board, effective June 2009. Gerlinde Silvis, director of human resources for the entire Rabobank Group, will be responsible for overseeing small- and midsized enterprises, company management, human resources and cooperative and management affairs. Berry Marttin, previously the director of Rabobank Amsterdam, will supervise the firms international retail network, regional international operations, international risk management and the Rabo Development subsidiary. Both are longtime employees of the firm, having joined Rabobank in 1984 and 1990, respectively.
GETTING HIRED
Learning the business
Rabobank offers several opportunities to recent graduates, the shortest of these being the annual two-day Business Course, held in November. This is your chance to demonstrate your aptitude for the banking world by working on real-life cases, at commercial, organizational and analytical levels, as well as meeting the corporate management traineeship recruiters. This will be your next step if the business course whets your banking appetite. The business course first requires you to assist in bringing about a finance deal, "Rabo Real Deal," and, in doing so, it will test your ability in client handling, the acquisition of the deal itself, the development of the deal's financing structure and arranging the financing. You will get to grips with real life customer contact, and be expected to behave as a qualified banker in order to issue clients with informative and useful professional advice. Coaching by senior managers is available on both days of the course.
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To apply for the course, check the Rabobank website periodically for information on when the next registration period will open. A glance at the firm's recruitment calendar, which details the particular visits it makes to university campuses on recruitment drives, shows the majority of this activity takes place in March and April.
On the job
For students completing the final year of a bachelor's or master's university course, three types of internship are available to give you an extended glimpse of the banking world. The work experience internship lets you work as part of the Rabobank team for around six months. The three- to sixmonth research internship gives you the chance to develop a particular research issue and produce a report on your findings. The graduation internship calls upon participants to produce a thesis of value to Rabobank that must be defended at your university once complete. Applications for internships should be made through the internship bank link, found by clicking careers on the company homepage, selecting vacancies Rabobank International on the left of the page, students and starters under that, then clicking the graduation internship drop down link. The application form is in Dutch, however, so you might want to inquire about internships in different languages via the bank's "internship agency" by following the link on the right. The selection process for internships consists of an initial screening based upon letters of application, CVs and listed grades, followed by an interview for successful applicants. If your interview results are good, you'll be invited to a selection session, where you'll be given various tests to complete. You should be notified as to your success or failure within a week and given an internship contract to sign if you're through.
Already know the ropes?

To apply for jobs in The Netherlands, click on Vacancies Rabobank International and Vacancy Bank RI, from where you can fill in a job search form and apply online directly. For applications to any of the bank's other locations, you can contact your location of choice directly by following the Vacancies Worldwide link, and clicking the Service and Location Finder to find the contact details you need.
Fairly clear
The interview and hiring procedures the company conducts is a clear process, according to insiders. It's quite a straightforward interview process, agrees a banker in The Netherlands. I had two rounds of interviews, two with my current boss, and one with my current boss to discuss all the benefits. After that they made me an offer. Prospective candidates can expect at least two rounds of interviews, one of what might be on the executive level and one with department management. Its also likely that youll speak to your future manager and colleagues and go through an assessment that encompasses and entire day of testing.
Banking in the third world

Rabobank offers a system by which financial services are offered to some of the world's poorest people, through alliances made with regional banks in developing countries. By investing capital in
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these banks, Rabobank is aiming to modernise and improve them. Deployments vary from long-term missions of between one and three years, to short-term involvements of a few weeks to several months at the most. Under vacancies worldwide click "Rabo development program" followed by apply here.
OUR SURVEY SAYS

Casual culture
The company culture at Rabobank is informal and human interest is present, insiders say. Others call the atmosphere "open", "entrepreneurial" and "aimed at collaboration." A manager tells us that there is "little bureaucracy and plenty of room for initiative," adding that employee morale is "very high. An experienced insider tells us, "People are loyal and committed and employees with many years of service are numerous. Other workers are happy the firm is very diverse. One content respondent in Amsterdam tells us, There are all kinds of nationalities and we even have our own gay club. The hours are not bad says an experienced insider in Amsterdam, explaining that hours range from 46 to 65 hours per weekdepending on workload. Another insider says, If youre performing well, there are opportunities for advancement. The group is big enough to give you an interesting career in banking.
Returns and rewards

The firm also offers workers a fixed salary and a bonus structure between 5 per cent and 15 per cent. In addition, the company offers employees a reduction on mortgage interest rates, vacation money and 13th-month paya bonus payment given to employees at the end of each year.
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RBC CAPITAL MARKETS

One Queenhithe, Thames Court London, EC4V 4DE United Kingdom Tel: 44 (0) 207 653 4000 www.rbccm.com
EUROPEAN LOCATIONS
London, UK (HQ) Amsterdam Lausanne Lugano Madrid Paris
DEPARTMENTS
Global Investment Banking & Equity Markets Global Markets
KEY COMPETITORS
BMO Capital Markets CIBC Scotiabank TD Securities
THE STATS
Employer Type: Public Company Ticker Symbol: TY (TSX, NYSE) Co-CEOs: Doug McGregor & Mark Standish 2008 Revenue: C$3.93 billion 2008 Net Income: C$1.17 billion 2007 Revenue: C$4.38 billion 2007 Net Income: C$1.29 billion No. of Employees: 3,200 No. of Offices: 75 (Worldwide)
EMPLOYMENT CONTACT
Follow the careers link in the about us section of www.rbccm.com
THE BUZZ
Canadian winner Unknown entity in Europe Specialist Average
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THE SCOOP
Royal roots
RBC Capital Markets is the corporate and investment banking arm of the Royal Bank of Canada, which traces its roots back to 1869. These days, the Royal Bank of Canada has over US$632 billion in assets and serves more than 17 million clients in 50 countries. For its part, RBC Capital Markets consists of over 3,200 employees working out of 75 offices in 15 countries worldwide, covering the UK, Europe, Asia, Australia and North America. For reporting purposes, RBC Capital Markets is divided into two business units: the global markets group, and the global investment banking and equity markets group. Through these units, the firm offers a full range of investment and advisory services, including corporate finance, syndicated and leveraged finance, M&A advisory, futures services, alternative assets, prime brokerage, research and asset-based lending. The firms industry expertise spans a dozen sectors, from media to energy to technology.
Financing options
In early 2008, RBC launched a new leveraged finance business in London. To lead the new venture, RBC hired four senior executives from rival CIBC World Markets: Nick Atkinson, Paul Brady, Warrick Booth and John Williams. RBC said it planned to appoint at least 15 more people to the team over the course of the year. The timing was auspicious: as other financial institutions headed into the teeth of write-downs and bailouts, RBCs total assets increased to 633 billion in the first quarter of 2008, compared to 572 billion in the first quarter 2007. Prior to the launch of the London-based leveraged finance business, RBC had established leveraged finance teams in North America. It had also built an infrastructure finance business in Europe, which it plans to, well, leverage as it develops its European leveraged loan business.
Finding opportunities in the fallout

In September 2008, news surfaced that RBC had seriously considered buying troubled American investment bank Lehman Brothers in July 2008 but changed its mind after having doubts about the long-term stability of Lehmans balance sheet. An RBC spokesman added that his firm was also concerned about what we would have to promise the Lehman people who stuck around postpotential-merger. Other buyers around the world agreed, and Lehman wound up dissolving in bankruptcy. But RBC did manage to pick up some pieces of another fallen giant: in September 2008, the firm nabbed a team of 11 seasoned equity sales traders from Bear Stearns London office. The team is led by Robert Bottani, head of Swiss equity sales, and Tim Allen, head of US institutional equity sales. Both men report to Steve Foss, RBC Capital Markets head of equities. The additions brought RBC Capital Markets headcount outside Canada to over 200.
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Sharing the job

RBC Capital Markets CEO Charles Chuck Winograd retired in January 2009, handing the reins over to Doug McGregor (chairman and co-CEO) and Mark Standish (president and co-CEO). Based in Toronto, McGregor is charged with managing the firms equity agency trading, investment banking and credit businesses. Standish will oversee sales and trading, financing and management of the firms balance sheet. He is based in New York. The two men became co-presidents of RBC Capital Markets in early 2007. McGregor previously led the North American real estate brokerage, financing, capital markets and advisory businesses; he joined RBC in 1990. Before becoming co-CEO, Standish led the firms global markets unit, which includes financial products, debt finance, global debt markets, municipal finance, fixed income and foreign exchange. A 30-year veteran of the financial services industry, he joined RBC in 1995.
Down, but not out

In September 2008, RBC Capital Markets announced that it would make a 258 million write-down on subprime loans. Given the deep losses incurred at other banks, however, the financial media dubbed RBCs write-down a scratch, rather than flesh wound. However, revenue and net income for fiscal year 2008 was down from 2007, though the firm did at least report a net gain for the year. Looking ahead, RBC Capital Markets said its plans for 2009 and beyond include extending infrastructure finance and project advisory businesses in the UK, Europe, US and Canadian markets. Its also on track to expand municipal banking and leveraged finance in Europe. Industry-wise, the firm has its sights set on the energy and mining sectors, but it also plans to build out its commodities franchise and enhance its electronic trading offerings.
Cold hard cash equities

Tim Harvey, formerly a managing director at Credit Suisse, joined RBC Capital Markets in London in January 2009. His new title is director and head of cash equities trading. Stephen Foss, head of European equities, said the hire was evidence of RBCs commitment to building out its European cash equities business and to growing its capital markets business. At RBC, Harvey works in tandem with the firms global equities and global prime services professionals, who provide coverage, advice and equity products to institutional and hedge fund clients in the UK, France, Italy, Switzerland and Germany.
Its a gas
RBC Capital Markets is making aggressive moves for market share in international oil and gas investment banking. In October 2008, the firm wooed David Gair away from BP, asking him to serve as senior adviser to the London-based oil and gas team. Gair had previously been BPs head of M&A for global exploration and production. Then in January 2009, Jeremy Low, a former Deutsche Bank director with 15 years of experience in oil and gas, also joined the London team as a director. Both Gair and Low work closely with Tim Chapman, managing director and head of international oil and gas investment banking, and Patrick Meier, managing director and head of investment banking. In a statement, Chapman described Lows hire as further evidence of RBC's commitment to provide excellent service to the international oil and gas sector and to be regarded as a leading global oil and gas investment bank.
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Making the tables

The global mergers and acquisitions environment was a tough one in 2008, but RBC Capital Markets managed to make its way onto the Thomson Reuters banking league tables. For worldwide completed M&A deal volume, the firm ranked No. 24, advising on 100 transactions worth $70.38 billion. In UK deal volume, RBC was No. 21 for announced M&A with 13 deals worth $7.6 billion; in completed transactions, it placed even higher, coming in at No. 14 with 14 deals valued at $27.28 billion. Although RBC does not exclusively serve middle-market clients, it does advise on smaller-cap companies deals, as evidenced by its rankings on the global mid-market tables. Based on imputed fees, the firm placed No. 19 for worldwide announced M&A deals with values up to $100 million, earning $22.1 million on 33 transactions. For deals valued up to $200 million, RBC ranked No. 14, taking in $41.1 million in fees from 42 transactions. Finally, for larger deals valued up to $500 million, RBC Capital Markets earned $51.2 million on 45 assignments, enough to land a No. 14 rank. Among the firms advisory roles in late 2008: advising European Nickel plc on its $48 million acquisition of a 19.3 per cent interest in Toledo Mining Corporation plc and an 18.7 per cent interest in Berong Nickel Corporation; and advising Arcapita Bank on its 188 million purchase of Freightliner Group. On the equity side, RBC served as joint bookrunner on Gulf Keystone Petroleums 25 million common-share offering.
A little recognition
RBC Capital Markets picked up a handful of awards for its work in Europe at the close of 2008. Project Finance Magazine cited three big transactions for recognition: RBC won European Airports Deal of the Year for its work on Heathrow Airport operator BAAs 230 million funding package; European Private Placement Program Deal of the Year for its work with AirTanker/FSTA; and European Acquisition Deal of the Year for its role in the 3.6 billion sale of railway company Angel Trains to a consortium led by Babcock & Brown, AMP Capital Investors, Deutsche Bank and Access Capital Advisers.
GETTING HIRED
Develop all the right skills

RBC Capital Markets operate a 17-week graduate training programme to give you good look at what it means to work in capital markets. You'll pick up experience through hands-on work in the following departments: treasury management, derivatives and commodities, fixed income and currencies, financial products, debt capital markets and infrastructure finance. Using a mix of on-the-job and classroom training, RBC emphasises the programme's usefulness in developing participants technical knowledge and soft skills. The bank will also support you towards passing the FSA regulatory exams in your first months. On completion, you'll be given a permanent position suited to both your strengths and preferences. While the firm doesn't fuss about your degree discipline, it does require at least a 2:1, along with strong numerical and analytical skills, and an awareness of global economic issues. It should also
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be noted that the majority of the bank's graduates hold degrees in business, economics, maths, science or engineeringso while not prescribed, these subjects are certainly looked upon kindly. The online application process opens in September and deadlines are in Novemberbe sure to check the company website for specific dates. Your application will consist of a numerical reasoning test, an interview with someone from human resources, and if your performance is up to scratch, an assessment centre visit. The assessment centre will see you interviewed by senior management, undertaking role plays and presentations, along with a chance to meet and chat to senior bankers more informally. Around a week after this, the bank will let you know if you've been successful.
Summer loving
If you're working towards a 2:1 degree (or equivalent) and possess good numerical, analytical and technological skills, RBC Capital Markets would be interested in your application for their summer internship. The bank offers hands-on experience in any of the following: foreign exchange, treasury management, derivatives and commodities, fixed income sales and trading, financial products, debt capital markets, infrastructure finance, private banking, middle office, back office, global financial institutions and investment banking. Depending on the department you're placed in, you may also receive some classroom training. Online applications open in December, and the deadline is in Februarybut be sure to check the company website for specific dates. If you're selected for interview, you'll undertake a numerical reasoning test, followed by an interview with a human resources department member. You'll then be interviewed by someone from the department you applied to, and if this goes well, you'll be offered a place on the internship.
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THE ROYAL BANK OF SCOTLAND GROUP PLC

36 St. Andrews Square Edinburgh, EH2 2YB United Kingdom Tel: 44 (0) 131 556 8555 Fax: 44 (0)131 557 6140 www.rbs.com
KEY COMPETITORS
Barclays Citigroup HSBC
PLUS DEPARTMENTS
EMEA Retail & Commercial Finance Global Banking & Markets Global Transaction Services RBS Insurance Risk & Restructuring Support Division UK Corporate UK Personal US Retail & Commercial People I work with
MINUS
The severely hierarchical structure
EMPLOYMENT CONTACT
Follow the careers link at www.rbs.com
THE STATS
Employer Type: Public Company Ticker Symbol: RBS (LSE, NYSE) Chairman: Sir Philip Hampton CEO: Stephen Hester 2008 Revenue: 25.86 billion 2008 Net Income: -24.10 billion 2007 Revenue: 30.36 billion 2007 Net Income: 7.30 billion 2009 Employees: 165,000 (Worldwide) 2008 Employees: 170,000 No. of Offices: 2,720 (Worldwide) Customized for: Graham (efeldman@mail.wm.edu)
THE BUZZ
Important firm Deeply troubled More stable now that theres government backing In decline, no longer growing
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Vault Guide to the Top 25 Banking Employers, European Edition The Royal Bank of Scotland Group PLC
THE SCOOP
Royal in name and lineage
The Royal Bank of Scotland Group (RBS) was chartered by King George in 1727; at the time, its only rival was the non-royal Bank of Scotland. For the first 50 years of its existence, the Royal Bank operated from a single location in Edinburgh, but in 1783, it opened a branch in Glasgow. By the 1870s, RBS had set up shop in London, and from there it grew rapidly, acquiring a number of English banks and opening a New York office in 1960. More mergers followed in modern times, as RBS swallowed the National Commercial Bank of Scotland in 1969 and celebrated Britains biggest bank takeover with the 2000 acquisition of National Westminster Bank (NatWest). Then in 2007, RBS led a consortium to acquire ABN AMRO, marking the biggest bank takeover in the world. The Royal Bank of Scotland has 10 main divisions: UK corporate banking, US retail and commercial banking (which offers services through the Citizens and Charter One brands), global banking and markets, risk and restructuring, support (HR, strategy and communications), UK personal banking (which operates through the RBS and NatWest brands), RBS Insurance, EMEA retail and commercial banking (through the Ulster Bank brand, global transaction services, and finance.
The worst is over?

The Royal Bank of Scotland set a record in fiscal year 2008but it wasnt the kind of record any bank wants to set. The banks annual loss of over 24 billion represented the biggest annual loss of any corporation in British history. In February 2009, one week after dropping that bombshell, RBS became the first bank to join the British governments asset protection program for troubled institutions. The asset protection plan allowed RBS to move 325 billion of toxic assets from its global markets division into a taxpayer-backed pool. In exchange, RBS promised the government it would divest itself of any remaining illiquid assets within five years, and vowed to increase lending. It also gave the British Treasury preferred shares worth 19.5 billion. The asset-relief plan was not the first time RBS had turned to the Treasury for help. In October 2008, RBS accepted funds from a 50 billion bailout plan, a move that left the British government with a 70 per cent stake in the bank. The events of early 2009 meant that the governments stake in RBS would rise to nearly 95 per cent.
Changes at the top

The financial crisis led to a massive shakeup at RBS, as former chief executive Sir Fred Goodwin and former chairman Sir Tom McKillop were deposed in October 2008. Calls for their resignation mounted in as RBS accepted bailout funds from the Treasury; the bank initially brushed off rumors that the two men might leave. It was Goodwin who had built RBSs reputation as a ruthless, acquisition-hungry predator that wasnt afraid to eliminate thousands of jobs at a time (his nickname: Fred the Shred). He supervised a mega-merger with rival NatWest in 2000 and led the RBS-backed consortium that bid 54 billion for Dutch giant ABN AMRO in 2007, despite early signs of the coming credit crisis. Goodwin also raked in more than 4 million in annual compensation, making him an easy target for shareholders ire.
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In mid-October 2008, RBS announced that Goodwin would resign and be replaced by newcomer Stephen Hester, chief executive of British Land. Chairman McKillop agreed to step down at the RBS annual meeting in April 2009, at which point he was replaced by Sir Philip Hampton. The RBS leaders woes didnt end there: in March 2009, the Times reported that two British council pension funds had retained Cherie Blair to bring a class action suit against Goodwin, McKillop and RBS for the losses they have incurred. The pending suit, which is being brought in class action-friendly American courts, is open to all RBS investors in Europe and the United States.
Goodbye, China
As newly installed CEO, one of Stephen Hesters first moves was the sale of a 4.3 percent stake in the Bank of China, for 1.6 billion. RBS said only, The decision to sell the stake forms part of the ongoing strategic review of the group's businesses announced in October. But more divestitures may be coming as Hester continues his strategic review.
Circling the wagons

With new management secured and the Treasurys toxic asset plan in place, in early 2009, RBS hunkered down to plan its way back to profitability. According to announcements made in February, the bank plans to cease operations in 36 of the 54 countries in which it currently works. It also intends to realise a one-sixth reduction in costs. Putting a number on that would mean about 2.5 billion in costs cut from RBSs worldwide operations over the next three to five years. As a preliminary step, in April 2009, the bank announced deep rounds of cuts that would impact 9,000 jobs, 4,500 of them in the U.K. These layoffs came on top of the approximately 6,000 job cuts that took place in smaller rounds earlier in the year and in 2008. Although specific details were not provided, RBS said the layoffs would have the most impact in its group manufacturing division.
One thing after another

RBSs financial problems in 2007 and 2008 were centered in its global banking and markets (GBM) division, which carries out the firms investment banking operations. One of the biggest blows was a goodwill impairment charge of over 15 billion, fallout from the 2007 purchase of ABN AMRO. (Critics of the ambitious acquisition got their I told you so moment, as did critics of former CEO Sir Fred Goodwin, who spurred the purchase to fruition.) The ABN AMRO impairments were accompanied by yet another 6.5 billion credit impairment loss in fiscal year 2008, 3 billion of which stemmed from GBM. The firm was also forced to write down approximately 8 billion on its exposure to structured credit vehicles, including collateralised debt obligations. As if that werent enough, RBS was also heavily exposed to the $50 billion frauds perpetrated by US trader Bernie Madoff. This exposure stands to cost RBS at least 400 million.
Still hanging on
Troubles notwithstanding, RBS managed to hold its own on the Thomson Reuters banking league tables for 2008 and the first quarter of 2009. In 2008 worldwide announced M&A by volume, the firm ranked No. 16, slipping three spots from its rank for 2007. In the US, the firm ranked No. 20 in announced M&A volume, a one spot fall versus 2007. In European announced M&A, RBS also
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ranked No. 20 for announced deals, quite a dive compared to its finish at No. 11 in 2007. And in announced U.K. M&A, RBS ranked No. 17, down three spots versus 2007. For the first quarter 2009, in worldwide announced M&A by volume, the firm ranked No. 22, just down two spots from its rank at No. 20 in the first quarter of 2008. In European deal making, RBS ranked No. 17 for announced deals. And in the UK, it held its position as the No. M&A 15 adviser.
Pension-related attacks
In March 2009, ex-RBS CEO Sir Fred Goodwin's property was vandalised following news that he would be keeping his $24.89 million pension package. The attackers broke several windows of Goodwin's Edinburgh home and of a Mercedes Benz parked in his driveway. An email, purportedly sent from his attackers, read, "We are angry that rich people, like him, are paying themselves a huge amount of money, and living in luxury, while ordinary people are made unemployed, destitute and homeless. This is a crime. Bank bosses should be jailed." Goodwin was ousted from his position in October 2008 as the bank posted its largest loss in its history. Fortunately for Goodwin, he was not living in Edinburgh during the attacks.
Destruction in London
On 1 April 2009, protesters demonstrating against the Group of 20 summit meeting targeted the Royal Bank of Scotland in London and other banks. About 4,000 people in total demonstrated at what they termed "Financial Fool's Day" in the city, vandalizing property and outnumbering police forces. A closed RBS building became the object of distinct rage, as protesters broke windows, tossed office equipment out the windows and sprayed graffiti on the branch walls. RBS, in particular, riled fury in many after receiving a bailout from the UK government while ex-RBS CEO Fred Goodwin walked away from his post with a US$1.2 million annual pension.
Finance chief resigns

In May 2009, RBS said its chief financial officer, Guy Whittaker, would be resigning from its board immediately and officially departing from the firm in October 2009. Whittaker became the 13th member of the board to leave after the bank accepted a capital injection from the government in late 2008. Whittaker will be staying on while he helps find his successor, RBS said.
A steep loss with a glimmer of hope

In May 2009, RBS posted a US$1.29 billion net loss for the first quarter 2009, compared with a profit of about US368 million for the previous years first quarter. As a cause for the losses, the bank cited US$4.3 billion in write-downs on the value of assets (steeper than the US$986 million in write-downs it made during the first quarter 2008). Meanwhile, revenue increased 26 percent to US$14.5 billion, partially attributed to the 97 per cent boost in profits at the firms investment bank. However, CEO Stephen Hester warned against over enthusiasm, saying, We expect credit conditions to continue to deteriorate over the next few quarters, adding that there will be a slowdown in financial market activity compared with the very buoyant conditions seen in Q1.
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GETTING HIRED
Get it together
To apply for a position at Royal Bank of Scotland, upload your resume and a cover letter to www.rbs.com/careers. Just make sure that youre succinct when you explain why you want to secure a position with the bankthe site recommends applicants to keep it brief when it comes to cover letters. RBS also cautions applicants to make sure they do not miss the deadlineRBS doesnt consider late applications. Under the careers section, interested candidates can apply to positions listed under executive vacancies or to internship positions (though participation in internships isnt important for those seeking employment, notes one insider).
OUR SURVEY SAYS

Surface impressions
On the office culture front, everyone is pretty friendly on the surface, one insider says. But when it comes to the attitude of your immediate supervisor, it may be the luck of the draw. My current manager is fantastic, says one insider, but my immediate previous manager was awful. As far as time spent in the office goes, it is officially 35 hours per week, confirms one insider. However, only working the required amount is frowned upon. Employees also say the perks offered could be better (The companys stock is now relatively worthless, notes one source; another says workers were conned into purchasing more company stock by being fed misleading information.) If a relaxed dress code counts as a perk, most employees are happy with the casual Fridays offered by RBS. Either way, insiders agree the firm could do with less penny-pinching, paying people according to merit and better training.
On the right track

Generally, diversity efforts with respect to minorities and GLBT employees receive high marks from employees. But theres always room for improvement. There are very few women in any position of responsibility, confesses one insider.
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SAL. OPPENHEIM JR. & CIE. S.C.A.

4, rue Jean Monnet 2180 Luxembourg Luxembourg, D-50667 Luxembourg Tel: +352 221522-1 Fax: +352 221522-690 www.oppenheim.lu
EUROPEAN LOCATIONS
Luxembourg (HQ) Austria Czech Republic France Germany Hungary Italy Poland Switzerland
KEY COMPETITORS
Berenberg Bank Deutsche Bank Julius Br Pictet UBS
DEPARTMENTS
Asset Management Investment Banking
THE STATS
Employer Type: Private Company Chairman of the Supervisory Board: Georg Baron von Ullmann 2008 Revenue: 1.381 billion 2008 Net Income: -117 million 2007 Revenue: 1.287 billion 2007 Net Income: 255 million No. of Employees: 4,244 No. of Offices: 30
PLUS
Growing fast
MINUS
Compensation could be improved
EMPLOYMENT CONTACT
Follow the career link under the about us section of www.oppenheim.lu
THE BUZZ
Fantastic research Too provincial Decent German boutique Not well known
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THE SCOOP
Over two centuries of Oppenheims
One of Europes largest independent banking groups, Luxembourg-based Sal. Oppenheim has 4,330 employees in 30 offices worldwide and 41.4 billion in assets. Founded by Salomon Oppenheim Jr., the firm got its start in Bonn, Germany, in 1789, offering credit, commodities and foreign exchange services. Within a decade, it had moved its headquarters to Cologne; when Salomon Oppenheim died in 1828, his wife Therese and sons Simon and Abraham took over daily operations. The firm has remained in the familys hands ever since. The Jewish Oppenheims had converted to Christianity in the 1850s, but the rise of Nazi rule in the 20th century forced them to hide their originsand by extension, their banks. The firm was briefly named after a partner, Robert Pfedmenges, but returned to its rightful moniker in 1947. Over the years, Sal. Oppenheim has played a big role in financing German infrastructure projects, including the national rail system and steamship routes along the Rhine. After World War II, the firm helped finance the German insurance industry, the Ruhr regions mining and steel industries, and the auto union that later became Audi AG. Today, Friedrich Carl Freiherr von Oppenheim is chairman of the shareholders committee and serves as deputy chairman of the banks supervisory board; his nephew Christopher Freiherr von Oppenheim is a personally liable partner, the seventh generation of Oppenheim leadership; and several other members of the family are also involved with the firm.
Smart growth
In modern times, Sal. Oppenheim has expanded to include offices and subsidiaries in Luxembourg, Germany, Switzerland, Austria, France, the UK, Italy, the Czech Republic, Poland and Hungary. A toplevel reorganisation was completed in July 2007 when operating division Bank Sal. Oppenheim jr. & Cie. Luxembourg merged with holding company Sal. Oppenheim International SA to form Sal. Oppenheim jr. & Cie. S.C.A., now the groups official parent company, with headquarters in Luxembourg. Although it is still busy in its homeland of Germany, Sal. Oppenheim now generates one-third of its income from other countries, and the firm says it expects that figure will increase to 50 per cent in the near future. The firm has not, however, embarked on a reckless course of expansion. Its last major acquisition was the 2005 purchase of German private bank BHF-Bank, a move that doubled assets and employees.
From asset management to M&A

The firms business is divided between asset management, which includes private and institutional asset management services; and investment banking, which includes a complete range of corporate finance and advisory services. Sal. Oppenheim also combines the expertise of industry and product teams to provide research and family office services. When the firms asset management and private banking divisions were combined in 2007, the investment competencies in all asset classes were bundled under its investment policy committee (IPC). The IPC prepares short-term market forecasts for the most important asset classes and uses them to make investment decisions. The firms investment banking unit, which combines industry and product knowledge with transaction expertise, faced unique challenges due to the worldwide financial crisis in 2008, particularly in the second half of the year. The firm was satisfied with its corporate finance divisions
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results. Its financial markets, in contrast, was adversely affected due to the drastic rise in volatility resulting from the financial crisis; the units trading, investment and hedging activities (as far as equities are concerned) were all negatively affected. In late 2008 and early 2009, Sal. Oppenheims investment banking teams found plenty of work with clients across Europe. They advised Aurelius AG on its purchase of a 75.1 per cent stake in Berentzen Group, and assisted NFI Empik Media & Fashion Group on its acquisition of Spiele Max AG. On the sell side, the firm advised Beirsdorf AG on the sale of BODE Chemie GmbH to Paul Hartmann AG, and advised RWE Energy AG on the sale of its stake in electricity supplier Cegedel to assist the reorganization of Luxembourgs energy supply. In equity deals, the firm served as sole lead manager on EdiSun Powers CHF 18 million IPO.
Not a record
For 2008, Sal. Oppenheim reported a net loss of 117 million, down from its net income for 2007 of 255 million. Assets under management were 132, down from the 152 billion it held at the beginning of the year. However, thanks to the support of the banks owners, Sal. Oppenheim is in a position to digest a loss of these proportions. In addition, investment inflows have been encouraging, the firms equity position remains high (at 12 per cent) and its advisory business has been busy, successfully concluding many mandates in 2008. According to Sal. Oppenheim, its 27 transactions worth a total of US$6 billion put it among the top five M&A advisors in German-speaking countries for the year.
Reaching East (and South)

Several new offices sprouted in 2008, deepening Sal. Oppenheims links to markets outside Germany. A representative office in Warsaw and a branch in Budapest were unveiled early in the year, joining a representative office in Prague to make up Sal. Oppenheims presence in Eastern Europe, and bringing a full range of asset management and investment banking services to clients in Poland and Hungary. Then in September 2008, the firm opened a branch in Lugano, Switzerland, as part of its efforts to expand in the Italian-speaking market. The Lugano team has a focus on private banking and asset management, and works in tandem with competence centres in Switzerland, Luxembourg and Germany. Sal. Oppenheims Swiss subsidiary has seen consistent growth in recent years, both in terms of clients and average net new assets. Given Luganos perch near the Italian border, all senior personnel based there speak a minimum of two languages, German and Italian. In July 2008, the firms real estate division consolidated its real estate investment management activities, creating a new company called 4IP (For Indirect Properties) Management AG, based in Zurich. Operating as a subsidiary of Sal. Oppenheims Swiss real estate investment banking division, 4IP focuses on both unlisted real estate funds and listed real estate companies in Europe, Asia and America. Yet another new office debuted in December 2008and once again, the focus was on Italy. Sal. Oppenheim opened its latest location, in Milan. This office focuses on corporate finance services, including financial strategy, structuring advisory, mergers and acquisitions, IPOs and other equity capital market transactions. The team of eight local bankers relies on the firms other investment banking units in Frankfurt and Zurich for execution support and expertise. Sal. Oppenheims interest in Italy is not a new thingthe firm nabbed a 10 per cent stake in Italian private bank Prader Bank AG in 2006, and in 2007 it acquired a 1.7 per cent share of Milan-based investment and industrial bank Mediobanca.
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Consolidating private equity

More business shuffling took place in November 2008 as Sal. Oppenheim created Sal. Oppenheim Private Equity Partners GmbH (SOPEP), which began operations in January 2009. The new entity represents the combination of Sal. Oppenheims majority holdings in Colognes CAM Private Equity Consulting & Verwaltungs-GmbH and VCM Capital Management (based in Munich). With 5 billion in assets under management SOPEPs goal is to create a top-ranked German fund of funds manager that can compete for private equity and private debt fund business throughout Europe.
More focus on banking

Sal. Oppenheims owners welcomed 2009 with news of yet another internal reorganisation. In early February, they announced plans to shift the firms industry holdings to a new, independent holding company that is not linked to banking activities. Oppenheim family shareholders agreed to shoulder the financing costs, which will not cut into a 200 million capital increase that was greenlighted in late 2008. The spokesman for the banks personally liable partners, Matthias Graf von Krockow, said, By taking this step, the owners will enable the Sal. Oppenheim Group to return to its banking roots and focus its attention on the integrated asset management and investment banking business model.
GETTING HIRED
A guidance placement
Opportunities are available for undergraduates, graduates and experienced professionals at Sal. Oppenheim. The bank offers an internship programme for students still in the process of completing their degree. The programme provides the uninitiated with experience of project work and daily business working alongside qualified teams. As an intern you are given the chance to work on tasks in a specific project within a real banking environment. To apply, youll need to click on job openings, select students/interns and choose a vacancy from the list. The bank accepts a limited number of graduates each year in its training programme. You'll need a degree in business, business engineering or a similar discipline, and an international-oriented programme of study is preferred by the bank. If you've undertaken an international internship, this will also set you in good stead. Fluency in German is a must, as is knowledge of English and, with any luck, some other languages and extracurricular interests, too.
Clerks in training
Sal. Oppenheim offers a banking clerk traineeship to give participants greater insight into the banking world. It consists of three parts: on-the-job training, with exposure to the firm's asset management, investment banking and bank services divisions; a range of seminars and project work; and a vocational college to hone your theoretical knowledge. The programme begins on 1 August of each year and lasts for two years; you'll need to get your application in by April of the previous year. The practical training takes place in Cologne, but includes fixed practical assignments in Frankfurt. To apply, send your CV by email to personal@oppenheim.de, or by post to the address found at the top of this profile. The bank recruits potential candidates everywhere from universities to "executive search" agencies, insiders report, but the company website emphasises that its vacancies target the German market.
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UNICREDIT S.P.A
Piazza Cordusio Milan, 20123 Italy Phone: +39 02 88 621 www.unicreditgroup.eu
KEY COMPETITORS
Antonveneta Deutsche Bank Intesa Sanpaolo
DEPARTMENTS
Asset Management Central & Eastern European Division Corporate Division Global Banking Services Household Financing Markets & Investment Banking Division Polands Markets Division Private Banking Division Retail Division
EMPLOYMENT CONTACT
See careers at www.unicreditgroup.eu
THE STATS
Employer Type: Public Company Ticker Symbol: UCG (Milan) Chief Executive: Alessadro Produmo 2008 Revenue: 26.9 billion 2008 Profit: 4.0 billion 2007 Revenue: 29.5 billion 2007 Profit: 6.5 billion No. of Employees: 174,519 No. of Offices: 10,000
THE BUZZ
Visionary European-focused, not really international Not very affected by the crisis Too ambitious
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THE SCOOP
More than five centuries old
Formed from the gradual coalescence of more than 100 banks throughout more than 500 years of Italian history, UniCredit has become one of Europe's largest players in banking and financial services. Operating a mammoth network of branches, representative offices and small banking subsidiaries in 50 countries worldwide, UniCredit is a market leader in diverse geographical areas, including Bavaria, Austria and Italy. It has 174,000 employees, more than 10,200 branch offices in 22 countries Several of the banks that came together to form the entity that is today UniCredit can trace their origins all the way back to the 15th century. The modern history of the bank started with the Amato Law of 1990, which brought about a drastic conversion of Italys banking model, shifting it to match the corporate model of publicly listed entities. This enabled the coming together of the nine banks into a group arrangement in 1998. The 2005 merger of UniCredit with the German HVB group was soon followed by the 2007 acquisition of Capitalia, the third-largest banking group in Italy, allowing UniCredit to cement its position in Western Europe. Thanks in part to HVB's prior merger with Bank Austria (which was well represented throughout new post-communist European markets), UniCredit began to market itself as the new truly European bank. UniCredits rise to market dominance in Central and Eastern Europe began in 1999 with the acquisition of Polands Bank Pekao, soon followed in 2000 with the acquisition of Bulbank (Bulgaria) and Unibanka (Slovenia). In 2002, it picked up Zagrebacka Banka (Croatia), Demirbank Romania (Romania), and ivnostenska Banka (Czech Republic). Turkeys Yapi Kredi bank came into the UniCredit fold in 2005, and in 2007, the bank established a presence in Ukraine, Kazakhstan, Tajikistan and Kyrgyzstan.
Tough year, lots of changes

UniCredit endured a challenging 2008 better than some of its competitors, but it did not emerge unscathed. Its greatest sting, perhaps, came from its largest stakeholder, Fondazione Cassa di Risparmio di Verona, which refused to participate in the companys rights issue. The bank did book a profit in 2008, however, of 4 billion, down from the 6.5 billion in booked for 2007 but still respectable given the poor economic climate. To cut costs, the company, like many other large financial institutions around the world, recently announced major layoffs. The company said it would cut about 9,000 jobs (5 per cent of its workforce) between 2008 and 2010. Most of the cuts will come from outposts in Italy, Germany and Austria. UniCredit also amended bonuses awarded to its chief executive and deputy chiefs. To raise additional funds, in February 2008, UniCredit sold Socit Gnrale its clearing, custody and depositary bank services overseen by its Capitalia Group. Capitalia Group had 102 billion assets under custody at the time; 22 billion in assets under administration in Italy and 5 billion in Luxembourg. In 2008, UniCredit also created a real estate investment fund managed by Fondi Immobiliari Italiani, worth about 800 million (Fondi Immobiliari controls 62 percent of the fund, UniCredit 33 per cent). Selling the funds units raised 280 million for UniCredit.
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The year also saw a number of structural changes at UniCredit. The bank officially changed its name from Unicredito Italiano to UniCredit S.p.A., and its banking group also got a new title: Banking Group UniCredit. In addition to these superficial changes, the company introduced a new member to its executive management committee: Helmut Bernkopf, who began his career with Bank Austria in 1994. Along with his new post on the executive committee, Bernkopf is now Bank Austrias management board member responsible for corporate banking. UniCredit also appointed a new risk officer, Karl Guha, who joined from ABN AMRO. Guha, who was named to the groups management committee, succeeded Henning Giesecke. Finally, the firm named three new co-heads of its investment banking unit: Andreas Bohn, Bernhard Brinker and Piergiorgio Peluso.
Halted trading
Underscoring how strange and rough 2008 was in the world of banking, Borsa Italiana suspended trading of UniCredit shares in October 2008, after the companys shares fell 22 per cent in a week. The bank stressed that the suspension came as a result of rules regarding volatilityand that it was not a reflection of the companys viability. Nobody can understand why the share price has fallen, Marcello Berni, the banks head of media relations, told The New York Times at the time. He attributed the decline to lots of rumours in the market.
M&A in Europe
Though not a global power in merger and acquisition advisory services, UniCredit is a formidable M&A player in Europe. According to Thomson Reuters, the firm ranked No. 20 in announced Italian M&A volume in 2008, working on 20 deals worth US$3.7 billion. And it ranked No. 21 for German announced M&A, with 10 deals totaling US$1.63 billion.
How to lose friends and alienate people

In February 2009, The New York Times reported that UniCredit affiliate Bank Austria was named a defendant in a lawsuit alleging that the bank had invested its clients money in Madoff Securities but had neglected to disclose this fact to investors. UniCredit also holds a 25 per cent stake in Bank Medici, one of the other institutions named in the lawsuit, which had some $3 billion of investor money invested with Madoff. These revelations came on top of UniCredits own exposure to Madoffs alleged 75 million Ponzi scheme, made public in December 2008. The firms subsidiary, Pioneer Investments, based in Dublin, also invested some 805 million in Madoff Securities, according to Reuters.
Down and up
In May 2009, UniCredit reported 447 million in net profit for first quarter 2009, down from 1.06 billion that the firm posted in the first quarter 2008. UniCredit, which cited a decrease in commission as a reason for the drop, also noted an increase in net interest income. The company posted a 4 per cent increase in net interest income up to 4.7 billion for the quarter. Meanwhile, the firms net commissions took a hit, falling 25 per cent to 1.85 billion for the quarter.
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GETTING HIRED
Start browsing
Under the careers link at www.unicreditgroup.eu, interested potential employees can browse open positions or look up specific jobs using the job codes. Candidates can also create a profile detailing their work experience, background and the type of position theyre looking for. Profiles can then be saved and candidates can resubmit their information as new positions are posted.
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WESTLB AG
Herzogstrae 15 Dsseldorf, 40217 Germany Phone: +49 211 826-01 Fax: +49 211 826-6119 www.westlb.com
EUROPEAN LOCATIONS
Dsseldorf (HQ) Mnster (HQ) Berlin Bielefeld Budapest Cologne Dortmund Dublin Frankfurt Hamburg Istanbul Kiev London Luxembourg Madrid Mainz Milan Moscow Munich Paris Stuttgart Warsaw
DEPARTMENTS
Capital Markets, Corporates & Structured Finance Transaction Banking Verbund & Mid-Caps
KEY COMPETITORS
Commerzbank Deutsche Bank HVB Group
THE STATS
Employer Type: Private Company Chairman & Chief Executive: Heinz Hilgert 2008 Revenue: 2.0 billion (FYE 12/08) 2008 Profit: 18 million 2007 Revenue: 1.9 billion 2007 Profit: -1.6 billion No. of Employees: 5,957 No. of Offices: 39
EMPLOYMENT CONTACT
Follow the jobforum link at www.westlb.com
THE BUZZ
Good bank Too many problems Niche player Third rate
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Vault Guide to the Top 25 Banking Employers, European Edition WestLB AG
THE SCOOP
Shifting structures
The LB in WestLBs name stands for Landesbank, a term used to describe a particular class of regional wholesale banks owned by the German government. WestLB was established in 1969 by the merger of Mnster-based Landesbank fr Westfalen Girozentrale and Dsseldorfs Rheinische Girozentrale und Provinzialbank, both of which had been operating since the mid-1800s; in 2002, the firm was converted into a joint stock company, though it is still partially owned by the government of North Rhine-Westphalia. After 2005, the bank began operating without state liability guarantees. WestLB also serves as a central bank for the Sparkassen, or regional savings banks, of North RhineWestphalia and Brandenburg. Further afield, the bank serves multinational corporate clients, midcap companies, government agencies and individuals in Europe, Asia and the Americas, providing a full range of corporate finance, asset management, project finance, lending, transaction processing and private banking services. The firms footprint is largely concentrated in and around Germany, but a handful of offices operate elsewhere around the world, including hubs in London and New York. Meanwhile, the 100-plus Sparkassen operate over 3,000 branches. For WestLB, the global financial meltdown struck early. Hammered by the 2007 subprime crisis, the bank declared a loss of 1.6 billion heading in to 2008, with write-downs totaling 2 billion. The government of North Rhine-Westphalia asserted its authority and shifted 23 billion of bad loans toxic assets from WestLBs balance sheet to a special purpose vehicle (SPV) called Phoenix, a move dubbed ring-fencing. At the same time, the state offered to underwrite 5 billion in losses. These efforts gave WestLB some stability, but also opened new lines of commitment to the stateand calls for restructuring. In early 2008, as talks among the bank, the government and EU regulators got underway, WestLB began cutting several hundred jobs in Germany and abroad.
Mid-cap pros
In 2008, WestLB refocused, ramping up its services for mid-cap clients and expanding its range to companies with annual sales of 50 million and up. According to the firm, it gained some 280 new midcap clients by the end of fiscal year 2008. This made sense: mid-cap companies employ 70 per cent of the workforce in North Rhine-Westphalia and are a significant chunk of Germanys overall economy. German mid-caps are also becoming increasingly important in neighbouring markets, and WestLB has been able to leverage its relationships with the regional Sparkassen to promote and execute services. The bank even created proM, a specific range of products for its mid-cap clients. This lineup includes products that cover asset securitization, equity and debt finance, long-term finance and security for unsettled claims.
The price of a rescue

In April 2008, after considering North Rhine-Westphalias 5 billion guarantee for WestLB, the European Commission determined that the assist qualified as rescue aid. As a condition, the bank was asked to submit a comprehensive restructuring plan by August 2008. Review of the plan started in October 2008, and changes were supposed to be put in place by the end of December 2008 but WestLB needed more time, so the deadline was extended into March 2009.
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At the heart of the restructuring plan was a new business model aimed at reducing risk and earnings volatility while expanding a sustainable customer base. Initially, WestLB said it would cut administrative costs by 300 million and eliminate 1,350 employees by the end of 2010. It also made plans to reorganize business around four main units: corporate and structured finance includes corporate finance products, corporate clients, international business and asset management. All risk-weighted assets that are not directly relevant to clients will be systematically eliminated from these areas, via an internal portfolio exit group. Meanwhile, the Verbund and real estate unit was constructed to oversee relationships with the Sparkassen and North Rhine-Westphalia mid-cap services, as well as real estate operations carried out by subsidiary Westdeutsche ImmobilienBank and the private client business of subsidiary Weberbank Actiengesellschaft. A capital markets unit was set up to handle institutional sales, funding and liquidity management, and research. Finally, a transaction banking unit was established to organise all business related to payments, money and capital market settlement services, as well as consumer credit activities.
A placement takes off

In March 2009, despite the ongoing recession, WestLB teamed with Helaba and Landesbank BadenWrttemberg (LBBW) to successfully arrange a 600 million syndicated loan placement for aircraft giant Lufthansa. The original transaction volume of 250 million had to be increased to meet heavy demand; in the end, the issue was placed with approximately 100 investors, one-half of whom were savings banks, and one-third of whom were foreign investors.
So long, Tokyo
As part of its plan to streamline and restructure, in May 2009 WestLB announced that it had divested its holdings in the Tokyo Stock Exchange Group. The stakes, sold in two separate transactions, went to Japanese securities firm Ark Securities Company and stock financing house Tokyo Syoken Shinyoukumiai. WestLB hired Business Development Asia to advise on the deal. The TSE divestiture wasnt the first sign of WestLBs cutbacks in Asia. In July 2008, the bank shuttered its offices in Tokyo, Seoul and Beijing, and closed down its Tokyo-based brokerage, WestLB Securities Pacific.
Rate cut
Conversations about WestLBs future continued in the spring of 2009, as it became clear that a new ownership structure would be required. The state of North Rhine-Westphalia pledged to keep the bank running until a buyer could be found, and WestLB continued to cooperate with talks between the German government, the state government, other institutions in the Landesbank system and the European Commission. Bad news came in early May 2009, however, when rating agency S&P downgraded WestLB from A- to BBB+ with a negative outlook. (In fact, several other Landesbanks were dinged with downgrades; S&P cited business model and credit concerns.) WestLB issued a tart response: The decision of S&P is, in our opinion, difficult to understand, and in particular its timingimmediately before important strategic decisions concerning the future of the German Landesbank sector are takenappears inappropriate. We would have expected the rating agency to await the outcome of the decision-making process between the federal government, federal states and the owners of the Landesbanks. The bank also reaffirmed its commitment to moving forward with restructuring plans despite the sharp decline in its rating.
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The future of WestLB

In a mid-May 2009 interview with Der Spiegel, WestLB Chief Executive Heinz Hilgert said the bank was poised to report its best-ever first-quarter results. Hilgert also said that administrative costs had been trimmed by nearly 25 per cent. But, recognizing the writing on the wall, Hilgert admitted that WestLB was ready for a potential sale or merger, and was prepared to forfeit its independent identity. Days later, the European Commission announced its formal decision on the WestLB restructuring in light of its 5 billion rescue package. The final restructuring plans emerged slightly changed from the initial proposals: WestLB must phase out non-core businesses and reduce total assets, as well as risky assets, by 50 per cent. The deadline for those moves is 31 March 2011. At the same time, the bank must implement a complete change of ownershipin other words, pull off a saleby the end of 2011, and both parties agreed that a potential sale as part of the pending Landesbank consolidation must be kept on the table. A minor realignment of the firms businesses was also announced. Now, instead of four units, the bank must operate in three segments: capital markets, corporates and structured finance; Verbund and mid-cap business; and transaction banking. Meanwhile, WestLB continues to shut down overseas offices, and it has also said it will streamline operations in Germany. Offices in Dsseldorf, Berlin, Frankfurt, Hamburg, Munich and Stuttgart will remain active, but branches and offices in Mnster, Bielefeld, Cologne and Dortmund will close. WestLB will also sell off subsidiary operations, including Westdeutsche ImmobilienBank AG, readybank AG, Weberbank and WestLB International S.A. in Luxembourg, by the end of 2011.
GETTING HIRED
Make a real contribution
WestLB take on between 20 and 40 paid interns each year for its 10-week internship, the majority of whom will have registered their intention to join the firms graduate programme in the following year. As WestLB is a relatively small company, internship opportunities vary with its requirements at any given time. This also means that when it takes you on as an intern, its because there is some real business that they need you to help them with. Youll be at the heart of a team from the outset and quickly responsible for the completion of real work.
Where do I sign?
To be eligible for the firms UK programme, youll need to be in the penultimate year of your degree, on a gap year between undergraduate and postgraduate studies or at the industrial placement stage of a sandwich course. Youll also need to hold the right to live and work in the UK, or study in the UK, and hold 300 UCAS points. To apply, simply complete the application form which youll find on the companys careers page, www.westlbcareers.com. The closing date is around the end of February but check the site for specific dates around the time of your application. If youre selected, youll be called in for a competence-based interview with a human resources manager and a business manager, as well as a financial aptitude appraisal test. This interview process is doubly usefulif you perform well in your internship, the firm will fast track you to the second round of the graduate recruitment application process.
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About the Editor

Derek Loosvelt has a BS in economics from the Wharton School at the University of Pennsylvania and an MFA in creative writing from The New School. He is a writer and editor, and has worked for Brills Content and Inside.com. Previously, he worked in investment banking at CIBC and Duff & Phelps.
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