Morning Coffee: How to earn £235k in finance when you have no experience. UBS expanding investment bank

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Where in the financial services industry can you achieve a job paying £235k ($360k) when you haven't worked in a relevant role previously? If the latest pay survey from U.S. recruitment firm Glocap is to be believed, you can earn that sort of money in the hedge fund industry.

Glocap's data suggests that junior analysts at large hedge funds (those managing more than $4bn) can expect to earn $360k in 2015, following a 9% increase in base salaries and a 5% increase in bonuses. Sounds impressive? Portfolio managers at mid-size funds (managing between $500m and $4bn) are reportedly averaging $950k in compensation.

Before anyone gets too excited though, it's worth bearing in mind that there aren't many hedge funds out there that hire the utterly inexperienced. Yes, a few of the very, very biggest hire graduates, but most still prefer to take the pick of the crop from banks' training programmes. - A junior hedge fund analyst may therefore not be quite so unsophisticated after all.

Separately, the Telegraph notes that UBS is actually expanding its investment bank. While rivals are shrinking the size of their investment banking balance sheets, the Telegraph points that UBS is doing polar opposite: Sergio Ermotti said this week that he's lifting the cap on UBS investment bank's risk weighted assets from CHF70bn to CHF85bn.


A corporate finance MD just left Goldman Sachs and joined SocGen in Paris. (Reuters) 

Jefferies just hired this senior US treasuries trader from Citi. (Bloomberg) 

Nomura just hired Citi's head of equities trading for the Americas. (Bloomberg)

Citi just hired a senior FIG banker from Deutsche.  (Reuters)  

This could be the end of RBS's US investment bank. (Bloomberg) 

European employees at Deutsche Bank hid information from US employees at Deutsche Bank to avoid getting into trouble. (Bloomberg)

Despite having cancer, Lloyd Blankfein is in the office every day. And when he's not in the office, he's on the phone. (CNBC) 

Citi and Morgan Stanley both warn that the City of London will suffer if Britain leaves the European Union. (CityAm)

Should bonuses for bank executives be linked to how vigorously they hire and promote women? (Reuters)  

Credit Suisse is paying a quite enormous amount of money to its new head of PR. (FinNews) 

Chronic sleep deprivation still totally normal in investment banks. (Financial News)

How to get a good job when you have no experience. (Fast Company) 

How to assemble your financial services CV. (CityCV)

What to do with your hands during a job interview. (BusinessInsider)

Ex-RBS banker accused of threatening to shoot bouncer.(Evening Standard) 

Now hiring: astronauts. (NASA)

Maybe Goldman Sachs didn't help 99% of kindergarten students after all? (NYTimes)  

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