I-bankers don't despair
For weeks now, gallows humour has been all that has kept the spirits up of our friends in the investment banking community. But, do not despair, there is a greener pasture to behold. Rather than fuss about what the bonus won’t be next month; or worse…what you’ll do if the downsizing finally comes..there is a place for you to ply your trade right now.
With the news that Barclays had secured billions of new capital from one of the key Gulf state soverign funds, it wasn’t unexpected when the sidebar story appeared about what the payday would look like for the Barclay’s staffer whose relationship pulled in the independence-saving capital. According to the Gulf News, 30 million British Pounds is the number. “Just” for swinging a deal for your own employer. Another 40 million euros was supposedly due as a finders fee to a former model who now runs a financial advisory firm in Qatar. “She knows everyone” said one unnamed media source.
In places like Abu Dhabi, experienced investment bankers are dearly sought; just four years of experience might well do it. M&A advisory services in particular, given the recent rout in Gulf stock markets; but everyone on Bay Street can do M&A, right? Firms even compete for your services when they get a whiff of your arrival in town – resume in hand. Most major firms from around the globe and there, and then there are all of the local “independent” firms. The phrase “buldge bracket” suggests a different meaning in the region. The good news is you can’t go wrong where ever you land.
Think of the lack of income tax as appropriate compensation for the 50C heat in July and August. Don’t spend the holiday season moping around about “what to do now”. Get on a plane.
And no one will know you went economy.