C*A
发帖数: 63 | 1 Overview of hiring in the Quants and Risk Market.
In our previous newsletter, August 2011, we observed that there had been
persistent hiring across Quantitative Analytics and Risk Management through
the first two quarters of the year. The perception was that this hiring was
largely due to sustained requirements from regulators that leading
financial institutions continue to bolster their risk teams, prompting a
quest for talent.
Since the summer we have seen a significant reduction in open headcount with
hiring freezes coming into effect close after the summer lull, which itself
was more protracted than normal. This hiring freeze came into effect
earlier than normal.
The early hiring restrictions have been due to a number of driving forces:
•Revenues at many of the banks have been restricted by a number of
factors including: losses in the normally lucrative FICC divisions,
reduction of volumes from Hedge Funds and unprecedented levels of volatility.
•Regulatory pressure, largely around capital requirements, is limiting
the perceived future earning potential for traditional Banking revenues.
Especially the smaller banks will find that the regulation charges largely
remove their profit margins in many business lines.
•Companies in the EMEA region are experiencing a shift in business and
demand towards the APAC region, with replacement headcount being allocated
to Asian region offices.
Although there has been hiring restrictions risk, as a division, has been
shielded from a majority of cost cutting or redundancies that have gone
across the market in the last quarter. Largely the same can be said for
Quant teams who are required to maintain the provisions for pricing and
exotic product analysis.
Overall sentiment on bonuses.
Due to the aforementioned pressures on the market; i.e. government debt
crisis, regulation, and low returns from traditional sources, the sentiment
across the market is that bonuses will be flat or lower than last year.
Further, this will be a third year of regulation focused on bonus payments.
There has been early talk of restrictions coming from the French government
affecting the French banks and subsidiaries and although not confirmed,
they add to the uncertainty and the negativity around this year’s bonuses.
Belief is that the larger institutions will be those who will be able to
maintain bonus levels, but even there, profitable desks will need to
subsidise those who have not performed this year and are out of pocket.
Smaller banks will be under significant pressure from the cost of regulatory
and capital impositions. It is thought that the lack of clarity around
where revenues will be coming from above the regulatory charges will limit
the banks appetite to pay out on bonuses this year.
Hiring in Quants & Risk next year
Hiring levels and intentions are likely to remain suppressed at the
beginning of next year. A number of banks are likely to maintain hiring
freezes into the spring, costs being closely watched. Much of the hiring
will be dictated by the trading performance of first quarter of next year
and the ongoing macro situation in Europe.
Strategic hiring should still be possible, with any of the hiring from the
banks coming from ‘infrastructure’ especially functions focussing on
regulatory requirements, risk limits, change management and Basel III.
Quantitative analytics will remain in demand, but the size of the market is
not expected to expand dramatically. Those areas linked to changes in
regulatory requirements will be able to expand, specifically those around
CVA modelling, linked to Basel III.
Although there will be a high percentage of candidates who are disappointed
with their bonuses, movement might be limited. Higher basic salaries and a
concern about the unknown nature of the competition might limit those who
are looking to make the jump, hence potentially reducing the churn element
of movements around the city next spring.
One area of growth is amongst the trading houses, where there continues to
be less regulation. Commodity focused risk professionals from banks are
interested in moving to strong houses largely due to the proximity to the
front-office, higher bonuses, and ability to deal with much less regulatory
material. | d*j
发帖数: 13780 | | a***x
发帖数: 26368 | 3 雇用的金融工程师和风险市场的概述。
在我们以前的通讯，2011年8月，我们观察到曾有过
定量分析和风险管理，持续雇用跨越
今年前两个季度。的看法是，雇用
主要是由于持续的要求，从监管机构领导
金融机构继续支持他们的风险团队，促使
追求人才。
今年夏季以来，我们已经看到了一个开放的人数显着减少
冻结招聘夏天平静后生效接近，这本身
长期超过正常。这冻结招聘生效
比正常情况下更早。
早期的雇用限制已经由于一些推动力：
?在许多银行的收入都被限制了一些
因素包括：在通常利润丰厚的FICC部门损失，
从对冲基金和前所未有的水平的波动减少卷。
?主要围绕资本要求的监管压力，限制了
认为未来对传统银行业务收入的收入潜力。
特别是规模较小的银行会发现，监管收费主要是
删除其利润率在许多业务领域。
?在欧洲，中东和非洲地区的公司在业务上的转变，
对亚太地区的需求，与被分配的更换人数
亚洲地区办事处。
虽然有雇用限制的风险，作为一个单独的部门，已
屏蔽削减成本或裁员了大多数
整个市场中的最后一个季度。大致相同，可以说为
需要保持定价的规定和定量团队
异国情调的产品分析。
奖金的整体感悟。
由于上述市场上的压力;，即政府债务
危机，调控，从传统渠道低回报，感悟
跨市场，奖金将持平或低于去年。
此外，这将是一个集中支付奖金的规例的第三个年头。
有来自法国政府的限制已经初谈
影响法国的银行和子公司，虽然没有得到证实，
他们增加的不确定性和消极围绕今年的奖金。
信仰是较大的机构将是那些将能够
维持奖金水平，但即使有，盈利办公桌需要
补贴那些尚未执行今年的口袋里。
规模较小的银行将根据监管成本压力显著
和资本强加。据认为，缺乏明确的周围
收入将上述监管收费将限制
银行支付奖金，今年的胃口。
明年雇用的金融工程师和风险
雇用水平和意图很可能保持在打压
从明年开始。多家银行有可能维持雇用
进入春季冻结，成本正在密切关注。而雇用
将取决于明年第一季度的交易表现
在欧洲正在进行的宏观形势。
战略雇用与雇用的任何可能，从
从“基础设施”的银行，特别是职能集中于
监管要求，风险限额，变更管理和巴塞尔协议III。
定量分析，将继续留在的需求，但市场规模
预计不会急剧扩大。这些领域与变化
监管要求，将能扩大，特别是周围的人
CVA的造型，与巴塞尔协议III。
虽然会有高比例的候选人感到失望
与他们的奖金，可能是有限的运动。更高的基本工资和
关注性质不明的竞争可能会限制那些
正在寻找使跳，从而潜在地减少客户流失元素
明年春天城市周围的变动。
增长的一个领域是贸易公司之一，那里继续
是少调控。商品集中风险从银行专业人士
移动到强的房子，主要是由于邻近的兴趣
前端办公，更高的奖金，并有能力处理少得多监管
材料。
【在 d*j 的大作中提到】
: 有中文的吗。。。。
| f*******y
发帖数: 988 | 4 一句话，quant market is dying
讲的好听点就是都变成risk quant了
through
was
with
itself
【在 C*A 的大作中提到】
: Overview of hiring in the Quants and Risk Market.
: In our previous newsletter, August 2011, we observed that there had been
: persistent hiring across Quantitative Analytics and Risk Management through
: the first two quarters of the year. The perception was that this hiring was
: largely due to sustained requirements from regulators that leading
: financial institutions continue to bolster their risk teams, prompting a
: quest for talent.
: Since the summer we have seen a significant reduction in open headcount with
: hiring freezes coming into effect close after the summer lull, which itself
: was more protracted than normal. This hiring freeze came into effect
| d*j
发帖数: 13780 | 5 thanks google!
【在 a***x 的大作中提到】
: 雇用的金融工程师和风险市场的概述。
: 在我们以前的通讯，2011年8月，我们观察到曾有过
: 定量分析和风险管理，持续雇用跨越
: 今年前两个季度。的看法是，雇用
: 主要是由于持续的要求，从监管机构领导
: 金融机构继续支持他们的风险团队，促使
: 追求人才。
: 今年夏季以来，我们已经看到了一个开放的人数显着减少
: 冻结招聘夏天平静后生效接近，这本身
: 长期超过正常。这冻结招聘生效
| h*y
发帖数: 1289 | | e***z
发帖数: 7126 | 7 我老不是矿工，可是一看标题大概就知道意思袅。吸吸
【在 h*y 的大作中提到】
: 最好在短点
| e*****a
发帖数: 79 | | b***u
发帖数: 12010 | 9 risk quant待遇怎样？比码工还是强不少吧？
【在 f*******y 的大作中提到】
: 一句话，quant market is dying
: 讲的好听点就是都变成risk quant了
:
: through
: was
: with
: itself
| Y******u
发帖数: 1912 | 10 not bad in bad time, not good in good time.
【在 b***u 的大作中提到】
: risk quant待遇怎样？比码工还是强不少吧？
| b***u
发帖数: 12010 | 11 这不跟码工一样么?和goog怎么比?
【在 Y******u 的大作中提到】
: not bad in bad time, not good in good time.
| Y******u
发帖数: 1912 | 12 怎么会跟码工一样，码工工资是固定的吧，risk quant不同年份还是有很大区别的，只
是波动范围没有普通quant那么大，junior级别，比如FO quant好年份可以拿100%，
risk可能就50%，不好的年份FO quant可能没有或一点（比如desk很差），risk还是有
30%（不按desk算的）
【在 b***u 的大作中提到】
: 这不跟码工一样么?和goog怎么比?
| b***u
发帖数: 12010 | 13 google貌似好年40%, 没有坏年.
【在 Y******u 的大作中提到】
: 怎么会跟码工一样，码工工资是固定的吧，risk quant不同年份还是有很大区别的，只
: 是波动范围没有普通quant那么大，junior级别，比如FO quant好年份可以拿100%，
: risk可能就50%，不好的年份FO quant可能没有或一点（比如desk很差），risk还是有
: 30%（不按desk算的）
| Y******u
发帖数: 1912 | 14 还真没听说有那么高的，fb发这么多我还觉得靠谱一点
【在 b***u 的大作中提到】
: google貌似好年40%, 没有坏年.
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