All Entries Tagged With: "Investment Banking"
U.S. and U.K. Investment Banks Losing Competitive Advantage against Asian Firms
Due to the troubles of the credit crunch we have seen a string of top investment bankers leaving the U.S. and U.K. for Asia. Yes these bankers are following the
money and corporate activity has remained buoyant in Asia where credit is scarce in the U.S. and Europe. This year deals in Asia have rose 15% where as they have fallen every elsewhere in the world. I see this as a early signal to the government on how we cannot cap salaries on Wall Street. If we do, we will just see all the talent move away which is a long-term loss for the industry and corporate America. Its true, investment bankers follow the money and right now Asia is where it’s at. I think it will be a snowball effect with many bankers across the globe leaving there jobs on route to Hong Kong and Shanghai. Currently the U.S. banks are profits are squeezed whereas the Chinese firms are flushed with cash. This should launch Hong Kong into the Financial Services Headquarter for the Globe as they are usually competing against New York and London. Recently one of my mentors and an Managing Director at HSBC left to go work for a Chinese Private Equity firm. He was telling me the opportunities there were to good to turn down. For the American firms they need to find a quick way to address these problems so they can continue to be competitive on a global front. If not times could get tough and we could lose our spot as the financial capital of the world.
My Trip to New York City: Off to the Big Apple
Updating you all on my personal life. This week, I will be flying out to New York City in order to
network with an array of professionals within the industry. The goal is to meet as many individuals as possible to learn more about the business, required skill sets, and diverse career paths in the industry. I hope to learn as much about Sales and Trading as possible and learn the ins and outs of how to succeed within this cut-throat industry. Since I go to Arizona State, top Investment Banking firms don’t come and recruit on campus so I have to take the initiative myself and go out there to show them what I can offer. Excited to finally make my mark on Wall Street and see the place in which I hope to embark my career in only a few years. Also, excited to travel around New York and see the sites in my down time. Will update you throughout the week to tell you how the trip goes and will post pictures. Excited for the experience except its going to be a change of scenery leaving sunny Tempe, Arizona to go to the snow. Stay tuned!!!
