Who says banks are not hiring? Many desirable jobs are available with the largest banks, including Goldman Sachs and JP Morgan. Some of the jobs being sought offer enticing compensation, career growth opportunities, and experience in fields with a bright future. Despite the struggles of the world economy, the banking world seems to be doing quite well, judging by some of the high level positions they are recruiting for.
London based recruitment firm Morgan McKinley estimates that 8,955 new financial services jobs were created in London alone just last month. With April 2013’s figure at 5,355, the brightness of this picture depends upon who you ask. But the fact is banks are hiring. Here are some of the most enticing jobs offered on Goldman Sachs and JP Morgan‘s websites.
Goldman Sachs: Vice president, fixed income currencies and commodities (FICC), special situations group, growth markets
This position focuses on finding investment opportunities in special situations such as distressed assets and capital growth. It is also one of the most desirable parts of the company to work in. The special situations group functions like an internal hedge fund, investing Goldman Sachs own money. Requirements are high: two years experience in M&A or leveraged finance, and the ability to speak fluent Turkish. Pay is high. $500k to $700k (£296k-£415k.
Goldman Sachs: Strats analyst/asssociate, commodities sales and structuring
This is a junior level job. It involves finding good derivatives investments and pitching them. This will involve the power, gas, coal, crude and metals markets. The job will also entail developing investment and hedging ideas. You need trading and programming experience. Programming experience includes knowledge of such things as Slang, C++, and Java. The typical salary can be expected to come in at £60k to £70k, plus a bonus of 50% to 100%.
JPMorgan: Associate in the ‘repacking group’, global credit exotics and hybrids
Repacking means analyzing complex investments that have multiple units. These units then need to be repacked, or shifted around into different configurations, in order to make the investments more attractive. This requires someone with repacking experience, and legal qualification. Pay can be expected to come in at £120k to £150k.
J.P. Morgan Cazenove: financial institutions group (FIG) associate
This position is on the investment banking team working with UK clients. This requires a fluent English speaker with M&A experience. The successful candidate will probably need experience working with clients along with excellent analysis and financial modeling skills. London associates in this position earn an average of $200k.
JPMorgan: vice president benchmark submission control and reporting, chief investment officer group
This job was likely created as an initiative to increase internal controls at the bank. After scandals such as those that occurred involving the LIBOR and FX, JPMorgan is no doubt in need of talent that can head off such disasters. Such a position would most likely involve monitoring various front office submissions as well as submitting transactional data to regulators. This position would probably require someone who knows regulation, the treasury department, and has project management experience. Pay can be expected to come in at £80k to £100k, plus a 25% to 50% bonus.