Morning Coffee: Words that will get you a junior job at Barclays, Morgan Stanley. Layoffs at BNP Paribas

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What must you say if you want to become an analyst or associate at Barclays? How about at Morgan Stanley?

At Barclays, it seems you must say that you're passionate about working for Barclays because it's a bank with, "U.S. and U.K dual home markets, which is unique." If you want to work in Barclays' investment banking division (IBD), it will help too if you say something about the investment banking side of the business being "relatively young", "entrepreneurial" and having "great deal flow." So suggests Laura Keys, Barclays' co-head of campus recruiting in the US in a long interview with the MBA job website Poets and Quants.  

If you want to get a junior job at Morgan Stanley, you'll need to be more impassioned. In an interview with the Financial Times, Morgan Stanley CEO James Gorman said, "Banking’s a sexy industry! Creative, it’s dynamic, it’s global, it’s fast-moving, you bring a lot of talented people together!” More to the point, Gorman added that Morgan Stanley received, "something like 92,000 résumés from kids this year." If you're one of those 'kids', simply saying you're into banking for the prestige won't cut it," he added. - "That’s not what’s going to sustain you. You have to be interested in what we do: managing and originating capital, helping issuers and investors come together is great, bringing these companies to life.”

Separately, BNP Paribas has seemingly decided that being 'simple and efficient' isn't enough after all. The French bank had been relying upon simple efficiencies to extract €1bn in costs. Now it appears that BNP will also be making redundancies: The Wall Street Journal reports that the French bank has begun a review of its UK global markets business and put 100 jobs at risk. Rates and fixed income are said to be a particular focus for cuts.


Barclays paid star trader Jonathan Hoffman £170m in the five years after the financial crisis. His package entitled him to 12% of the first $25m of profits he made from trading and 14% on anything above that. (Sunday Times)  

What Michael and Yoel Zaoui say about working in M&A: “The loneliness factor is very real. I can’t begin to tell you how many late night calls I get from some clients,” and, "You have to recognise that working for a big bank is a young person’s game. You don’t want to be viewed as this guy who’s just hanging around." (Financial Times)  

Tom Hayes, the ex-LIBOR trader due to appear in court today is socially awkward. He once took a client to a fast food restaurant instead of an upmarket steak house. (Financial Times) 

It's a great time to work in sterling-denominated syndicated loans. Sterling loans are already more than double what they were last year. (Financial News)

European bank shares have risen 28% this year and are likely to rise further still. (Bloomberg)

Banks' FX fines may not be over yet. To date, fines only covered the spot FX market, but the ongoing investigation could unearth manipulation of the electronic market too. (Financial Times) 

Resist the urge to use self-defeating language… If you don’t feel well, never say it aloud to anyone. Instead, say, ‘I could use more energy.’ (BBC) 

When banking analysts think banks might be their future employers, they issue different kinds of forecasts for them. (Harvard Business Review)

You will work abnormally long hours as a trader in Hong Kong.  (Mergers and Inquisitions) 

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