Salary and bonuses a comprehensive review 2013 issue

Salaries and Bonuses: A Comprehensive Review

INTRODUCTION

Welcome to Selby Jennings’ Salary and Bonus Comprehensive Review for 2013. In this report we have produced global, regional and sector specific information on both salaries and bonuses of Finance Professionals.

The review shows how salaries have fluctuated across the Financial Sector and a comparison of bonuses received in 2012 and 2013.

Our consultants have researched and analysed the data in order to produce a comprehensive review of the current market. Direct quotations from candidates have also been included, presenting their opinions on how bonuses are currently calculated and awarded.

Selby Jennings regularly produces specialist market reports and Industry Insights to provide our clients and candidates with niche market intelligence whilst further re-enforcing our specialism within our chosen market verticals. If you have any feedback or comments on this report or require any information on recruitment and careers in the Financial Sector please do not hesitate to contact us.

Adam Buck

CEO Phaidon International

2

INSIDE THIS REPORT

As a specialist Financial Recruitment Firm, Selby Jennings recognises the importance of understanding the current Financial market.This survey was carried out to demonstrate a comparison of basic salaries and bonuses awarded across all sectors on a global scale. Additionally, the questions enabled us to obtain an insight into how professionals working within this industry view their overall remuneration packages.

The survey began on 22nd February 2013 and was closed on 4th March 2013. It was completed by 619 professionals working within the Financial Market.

The survey covered 5 sectors in total across 7 different levels of expertise; Analyst, Associate, Associate Vice President, Vice President, Director, Managing Director and CEO. This report aims to provide an overview of the survey findings.

In Section 1 of the global salary comparison, salaries were recorded in local currencies and then converted into GBP for the purpose of comparison.

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EXECUTIVE SUMMARY

The EU bonus cap announced on March 3rd 2013 caused much dispute over salaries and bonuses within the Financial Sector. Many people may argue that the extent of bonus rewards for bankers on top of their basic salary is excessive; our survey suggests that such excessive bonuses are in fact a very small proportion of the Financial Sector.

On a global scale, our survey showed that this year there are only 9.3% who are receiving a bonus of 100+% as a percentage of their base salary, in comparison to 24.1% who did not receive a bonus at all. The latter statistic is a 1% increase from 2012 (23.2%). Therefore, the people who are receiving such high bonuses are very much in the minority and many are not receiving bonuses at all.

Key Findings: Globally 9.3% of professionals in 2013 will receive a bonus that equates to 100+% of their base salary, compared with 8.7% in 2012.

Globally 67.2% were unhappy with their overall remuneration package. In London 63.9% were unhappy with their overall remuneration package compared to Hong Kong where 75.6% of professionals were unhappy with their overall remuneration package.There are various factors contributing to this discontent, however our findings show that in Hong Kong in 2012 only 12.2% of Financial Sector professionals did not receive a bonus compared with 24.4% in 2013.

In the sector comparison, Sales & Trading and Fund Management both had more than 19% of people receiving a bonus of 100+% as a percentage of their base salary. Risk Management was the closest behind these two sectors with 4.3% of people receiving 100+% of their base salary, whilst Finance and Operations received the lowest bonuses with 0% of people receiving 100+% of their base salary.

In the regional comparison, Singapore and Hong Kong had the highest percentage of people earning in the top salary bracket. However when comparing bonuses across the regions, London and New York were by far the highest with 12.9% in London and 13.9% in New York receiving a bonus of 100+% of their basic salary, compared with Singapore (2.6%) and Hong Kong (0%).

Globally, 34.2% of the people surveyed think bonus prospects will improve next year. Of those working in London, 38.7% think bonus prospects will improve next year, whilst only 30.3% of people working in Singapore foresee an improvement.

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CONTENTS

– SECTION 1 – GLOBAL COMPARISON - Global Basic Salaries 6 - Global Bonuses 7 - Bonus Satisfaction 8

– SECTION 2 – SALAR Y & BONUS COMPARISON BY SECTOR - Sales & Trading 9 - Risk Management 10 - Fund Management 11 - Technology 12 - Finance/Operations 13

– SECTION 3 – SALARY & BONUS COMPARISON BY REGION - London 16 - New York 18 - Singapore 20 - Hong Kong 22

– QUOTES FROM CANDIDATES

24

– CONCLUSION 25

– ABOUT SELBY JENNINGS - About Selby Jennings 25 - Structure and Coverage 26

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SECTION 1: GLOBAL COMPARISON Basic Salary

55

Lowest Salary Bracket As a global average 28.6% were in the lowest salary bracket (up to £50,000)

50

Mid Salary Bracket As a global average 6.3% were in the mid salary bracket (£150,001-200,000)

45 40 London

35

New York

% of Respondents

Singapore

30

Hong Kong

25

Highest Salary Bracket As a global average 1.5% were in the highest salary bracket (£300,001350,000) In the top salary bracket Singapore and Hong Kong are the highest earners and New York is the lowest.

20 15 10 5 0

Up to 50,000

£50,001£100,000

£100,001- £150,001- £200,001- £250,001- 300,001£150,000 £200,000 £250,000 £300,000 £350,000

Basic Salary in £

Key Findings 48.5% do not think bonus prospects will improve next year, compared to 34.2% who think they will improve 77.2% think that receiving a bonus improves performance 52.6% think the way bonuses have been calculated and awarded this year does not fairly reflect the value that employees add to the organisation 67.2% are unhappy with their overall remuneration package, however when asked to take the current market conditions into account only 48.3% thought their overall remuneration package was unfair

6

Bonuses

50 45 40 Bonus Received 2013

% of Respondents

35

Bonus Received 2012

30 25 20 15 10 5 0

No up to 10%- 21%- 31%- 41%- 51%- 61%- 71%- 81%- 91%- 100+% Bonus 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

% of Base Salary

No Bonus

Up To 10%

51-60%

100+%

2013

24.1

14.3

4.4

9.3

2012

23.2

16.8

4.8

8.7

% change

0.9

2.5

0.4

0.6

7

OVERALL HOW SATISFIED WERE RESPONDENTS WITH THEIR BONUS THIS YEAR

Global

Satisfied Did Not Receive a Bonus 19.5% 16.4% 29.6%

34.6%

Neither Satisfied nor Dissatisfied

Dissatisfied

London

Satisfied Did Not Receive a Bonus 15.6% 20.5% 30.3% 16.4

33.6%

Neither Satisfied nor Dissatisfied

Dissatisfied

New York

Did Not Receive a Bonus Satisfied 17.4% 13.0% 33.0% 16.4

36.5%

Neither Satisfied nor Dissatisfied

Dissatisfied

Singapore

Did Not Receive a Bonus Satisfied 20.8% 13.0% 35.1% 16.4

31.2%

Neither Satisfied nor Dissatisfied

Dissatisfied

Hong Kong

Did Not Receive a Bonus 22.0%

12.2%

Satisfied

24.4% 16.4

41.5%

Neither Satisfied nor Dissatisfied

Dissatisfied

8 16.4

SECTION 2: GLOBAL SECTOR COMPARISON SALES & TRADING Basic Salary Received 2013 Lowest Salary Bracket 8.9% were in the lowest salary bracket (up to £50,000)

50 45 40

Mid Salary Bracket 11.9% were in the mid salary bracket (£150,001-200,000)

% of Respondents

35 30

Highest Salary Bracket 0.0% were in the highest salary bracket (£300,001-350,000)

25 20 15 10 5 0

up to £50,000

£50,001- £100,001- £150,001- £200,001- £250,001- £300,001100,000 150,000 200,000 250,000 300,000 350,000

Basic Salary in £

Bonus Received as a Percentage of Base Salary 2012 & 2013 50 45

% of Respondents

35

Bonus Received 2013 Bonus Received 2012

30 25 20

% change

2013

2012

No Bonus

15.5%

21.4%

5.9%

Up To 10%

7.8%

8.7%

0.9%

51-60%

6.8%

6.8%

0.0%

100+%

19.4%

17.5%

1.9%

40

15 10

-

5 0

No up to 10%- 21%Bonus 10% 20% 30%

31%- 41%- 51%- 61%- 71%- 81%- 91%- 100+% 40% 50% 60% 70% 80% 90% 100%

% of Base Salary

9

RISK MANAGEMENT Basic Salary Received 2013 Lowest Salary Bracket 31.6% were in the lowest salary bracket (up to £50,000)

50 45 40

Mid Salary Bracket 8.3% were in the mid salary bracket (£150,001-200,000)

% of Respondents

35 30

Highest Salary Bracket 0.0% were in the highest salary bracket (£300,001-350,000)

25 20 15 10 5 0

up to £50,000

£50,001- £100,001- £150,001- £200,001- £250,001100,000 150,000 200,000 250,000 300,000

£300,001350,000

Basic Salary in £

Bonus Received as a Percentage of Base Salary 2012 & 2013

“Risk Management individuals in regulatory and reporting focused roles will always receive lower bonuses than front office individuals in revenue generating business areas of the bank.This is because it is difficult to tangibly target and reward individuals who are not directly making the institution money which is what the financial world is built upon.” Matt Nicholson, Head of Risk Management & Compliance, Selby Jennings

50 45

% of Respondents

35 30

Bonus Received 2013 Bonus Received 2012

25 20

% change

2013

2012

No Bonus

15.9%

20.3%

4.4%

Up To 10%

20.3%

26.1%

5.8%

51-60%

2.9%

2.9%

0.0%

100+%

4.3%

5.8%

1.5%

40

15 10

-

5 0

No up to 10%- 21%- 31%- 41%- 51%- 61%- 71%- 81%- 91%- 100+% Bonus 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% % of Base Salary

10

FUND MANAGEMENT Basic Salary Received 2013 Lowest Salary Bracket 21.7% were in the lowest salary bracket (up to £50,000)

50 45 40

Mid Salary Bracket 10.0% were in the mid salary bracket (£150,001-200,000)

% of Respondents

35 30

Highest Salary Bracket 1.7% were in the highest salary bracket (£300,001-350,000)

25 20 15 10 5 0

up to £50,000

£50,001100,000

£100,001- £150,001- £200,001- £250,001150,000 200,000 250,000 300,000

£300,001350,000

Basic Salary in £

Bonus Received as a Percentage of Base Salary 2012 & 2013

50 45

35

Bonus Received 2013 Bonus Received 2012

% of Respondents

30 25 20

% change

2013

2012

No Bonus

24.6%

17.5%

7.1%

Up To 10%

8.8%

7.0%

1.8%

51-60%

1.8%

5.3%

3.5%

100+%

19.3%

12.3%

7.0%

40

15 10 5 0

No up to 10%- 21%- 31%- 41%- 51%- 61%- 71%- 81%- 91%- 100+% Bonus 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

% of Base Salary

11

TECHNOLOGY Basic Salary Received 2013 Lowest Salary Bracket 35.2% were in the lowest salary bracket (up to £50,000)

50 45 40

Mid Salary Bracket 0.0% were in the mid salary bracket (£150,001-200,000)

% of Respondents

35 30

Highest Salary Bracket 1.3% were in the highest salary bracket (£300,001-350,000)

25 20 15 10 5 0

up to £50,000

£50,001- £100,001- £150,001- £200,001- £250,001- £300,001100,000 150,000 200,000 250,000 300,000 350,000

Basic Salary in £

Bonus Received as a Percentage of Base Salary 2012 & 2013

50 45

% of Respondents

35

Bonus Received 2013 Bonus Received 2012

30 25 20

% change

2012

2013

No Bonus

37.1%

45.2%

8.1%

Up To 10%

27.4%

21.0%

6.4%

51-60%

1.6%

4.8%

3.2%

100+%

3.2%

1.6%

1.6%

40

15 10 5 0

No up to 10%- 21%- 31%- 41%- 51%- 61%- 71%- 81%- 91%- 100+% Bonus 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

% of Base Salary

12

FINANCE/OPERATIONS Basic Salary Received 2013 Lowest Salary Bracket 23.6% were in the lowest salary bracket (up to £50,000)

50 45 40

Mid Salary Bracket 0.0% were in the mid salary bracket (£150,001-200,000)

35

% of Respondents

30

Highest Salary Bracket 0.0% were in the highest salary bracket (£300,001-350,000)

25 20 15 10 5 0

up to £50,000

£50,001- £100,001- £150,001- £200,001100,000 150,000 200,000 250,000

£250,001- £300,001300,000 350,000

Basic Salary in £

Bonus Received as a Percentage of Base Salary 2012 & 2013 50 45

35

% of Respondents

30

Bonus Received 2013 Bonus Received 2012

% change

2012

2013

No Bonus

34.1%

39.0%

4.9%

Up To 10%

17.1%

12.2%

4.9%

51-60%

2.4%

0.0%

2.4%

100+%

2.4%

0.0%

2.4%

40

25 20 15 10 5 0

No up to 10%- 21%- 31%- 41%- 51%- 61%- 71%- 81%- 91%- 100+% Bonus 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% % of Base Salary

13

14

15

SECTION 3: REGIONAL COMPARISON LONDON Basic Salary

Lowest Salary Bracket 22.2% were in the lowest salary bracket (up to £50,000)

50 45

Mid Salary Bracket 6.2% were in the mid salary bracket (£150,001-200,000)

40

% of Respondents

35

Highest Salary Bracket 1.9% were in the highest salary bracket (£300,001-350,000)

30 25 20 15 10 5 0

up to £50,000

£50,001- £100,001- £150,001- £200,001- £250,001100,000 150,000 200,000 250,000 300,000

£300,001350,000

Basic Salary in £

Key Findings 46% do not think bonus prospects will improve next year, compared to 38.7% who think they will improve 80.3% think that receiving a bonus improves performance 54% think the way bonuses have been calculated and awarded this year does not fairly reflect the value that employees add to the organisation 63.9% are unhappy with their overall remuneration package, however when asked to take the current market conditions into account only 48.4% thought their overall remuneration package was unfair

16

Bonuses

50 45 40

Bonus Received 2013 Bonus Received 2012

% of Respondents

35 30 25 20 15 10 5 0

No up to 10%Bonus 10% 20%

21%30%

31%- 41%- 51%40% 50% 60%

61%- 71%70% 80%

81%- 91%- 100+% 90% 100%

% of Base Salary

“Our survey highlights that a proposed political cap on banking bonuses is going to impact a relatively small sector of the labour market in the Financial Sector. In our view our clients are taking more significant internal measures to link compensation with long term performance than this centralised political measure.� Steve Yendell, MD Selby Jennings

No Bonus

Up To 10%

51-60%

100+%

2012

19.4%

12.1%

2.4%

11.3%

2013

19.4%

11.3%

2.4%

12.9%

-

0.8%

-

1.6%

% change

NEW YORK Basic Salary

Lowest Salary Bracket 5.8% were in the lowest salary bracket (up to $75,000)

50 45

Mid Salary Bracket 8.0% were in the mid salary bracket ($230,001-310,000)

40

% of Respondents

35

Highest Salary Bracket 0.0% were in the highest salary bracket ($460,001-540,000)

30 25 20 15 10 5 0

up to $75,000

$75,001- $155,001- $230,001- $310,001- $380,001155,000 230,000 310,000 380,000 460,000

$460,001540,000

Basic Salary in US $

Key Findings 51.3% do not think bonus prospects will improve next year, compared to 33.0% who think they will improve 83.5% think that receiving a bonus improves performance 51.3% think the way bonuses have been calculated and awarded this year does not fairly reflect the value that employees add to the organisation 71.3% are unhappy with their overall remuneration package, however when asked to take the current market conditions into account 50.4% still thought their overall remuneration package was unfair

18

Bonuses

50 45 40

% of Respondents

35

Bonus Received 2013 Bonus Received 2012

30 25 20 15 10 5 0

No up to 10%- 21%Bonus 10% 20% 30%

31%- 41%40% 50%

51%- 61%- 71%- 81%- 91%- 100+% 60% 70% 80% 90% 100%

% of Base Salary

“Our New York office is seeing significant sustained improvements in employment across the Manhattan Banking sector. If Europe is to compete effectively in Financial Services on a global basis these Basel 3 recommendations can only further undermine an industry sector core to the UK’s economic wellbeing.” Andrew McNeilis, COO, Selby Jennings

No Bonus

Up To 10%

51-60%

100+%

2012

21.7

13.9

8.7

9.6

2013

20.9

8.7

6.1

13.9

% change

0.8

5.2

2.6

4.3

SINGAPORE Basic Salary

Lowest Salary Bracket 52.5% were in the lowest salary bracket (up to $95,000)

55 50

Mid Salary Bracket 2.0% were in the mid salary bracket ($285,001-380,000)

45

% of Respondents

40

Highest Salary Bracket 2.0% were in the highest salary bracket ($570,001-665,000)

35 30 25 20 15 10 5 0

up to $95,000

$95,001- $190,001- $285,001- $380,001- $475,001190,000 285,000 380,000 475,000 570,000 Basic Salary in SGD $

$570,001665,000

Key Findings 47.4% do not think bonus prospects will improve next year, compared to 30.3% who think they will improve 71.1% think that receiving a bonus improves performance 50.0% think the way bonuses have been calculated and awarded this year does not fairly reflect the value that employees add to the organisation 68.4% are unhappy with their overall remuneration package, however when asked to take the current market conditions into account 53.9% still thought their overall remuneration package was unfair

20

Bonuses

50 45 40

Bonus Received 2013 Bonus Received 2012

% of Respondents

35 30 25 20 15 10 5 0

No up to 10%Bonus 10% 20%

21%- 31%- 41%- 51%30% 40% 50% 60%

61%- 71%- 81%- 91%- 100+% 70% 80% 90% 100%

% of Base Salary

“In Singapore and Hong Kong there is a lower portion of people receiving high bonus rewards in comparison to London and New York. These findings are not a representation of performance or lack of investment opportunities available in the Far East as in fact the opportunities and growth in Asia generally outweigh those in Europe and North America.

Rather they highlight the fact that, Asia remains an emerging continent in terms of financial sophistication. An inevitable effect of this is that there remains a large proportion of less sophisticated talent and thus greater numbers of lower bonuses bringing the average figures down compared to London and New York.� Adriana Swift, Head of recruitment FIC Sales and Trading, Selby Jennings.

No Bonus

Up To 10%

51-60%

100+%

2012

24.7%

16.9%

1.3%

1.3%

2013

29.9%

19.5%

2.6%

2.6%

% change

5.2%

2.6%

1.3%

1.3%

HONG KONG Basic Salary

Lowest Salary Bracket 30.0% were in the lowest salary bracket (up to $590,000)

50 45

Mid Salary Bracket 8.8% were in the mid salary bracket ($1,790,001-2,390,000)

40

% of Respondents

35

Highest Salary Bracket 2.0% were in the highest salary bracket ($3,560,001-4,160,000)

30 25 20 15 10 5 0

up to $590,000

$590,001- $1,190,001- $1,790,001- $2,390,001-$2,990,001- $3,560,0011,190,000 1,790,000 2,390,000 2,990,000 3,560,000 4,160,000 Basic Salary in HKD $

Key Findings 46.3% do not think bonus prospects will improve next year, compared to 30.3% who think they will improve 80.5% think that receiving a bonus improves performance 58.5% think the way bonuses have been calculated and awarded this year does not fairly reflect the value that employees add to the organisation 75.6% are unhappy with their overall remuneration package, however when asked to take the current market conditions into account only 29.3% thought their overall remuneration package was unfair

22

Bonuses

50 45 40

Bonus Received 2013 Bonus Received 2012

% of Respondents

35 30 25 20 15 10 5 0

No up to 10%Bonus 10% 20%

21%- 31%- 41%- 51%30% 40% 50% 60%

61%- 71%- 81%- 91%- 100+% 70% 80% 90% 100%

% of Base Salary

"It is apparent that the industry is already and has already limited the bonus structure in line with the EU directive despite the political play between the major parties and European governments to win votes through the continuous controls they are attempting to apply to the banking industry," Adam Buck, CEO, Phaidon International

No Bonus

Up To 10%

51-60%

100+%

2012

12.2

26.8

7.3

4.9

2013

24.4

24.4

2.4

0.0

% change

12.2

2.4

4.9

4.9

QUOTES FROM CANDIDATES: HOW BONUSES ARE CALCULATED AND AWARDED “Focus was on cost reduction and not on employee motivation/reward. Senior executives of support functions have not received a bonus whereas front line executives continue to be highly remunerated on base salary as well as bonus and discretionary incentives. There is a stark imbalance.” MD, 11+ years’ experience - Risk Management “Some of the managers I know of award bonuses based on how close/friendly the person is to them rather than on performance. Others also wish to give higher bonuses to senior team members otherwise they will be "unhappy" and leave the team!” Associate Vice President, 1-5 years’ experience - Technology “I am in favour of changing the bonus system to bonuses that depend to a large extent on long term performance or improvement of results (10 - 20 yrs). Now bonuses are too much related to short term targets.” Director, 11+ years’ experience - Risk Management “Would be happier if there was more of a performance culture and earnings were related to effort and achievement.” Vice President, 11+ years’ experience - Private Wealth Management “The firm ran on all cylinders and the entire group was paid flat to up 5%. Star performers were not paid. This does not bode well for future years. This year, the shareholders were the beneficiaries of a large dividend increase and huge share buyback. Employees received very little in contrast to the countless hours given to the firm.” Vice President, 11+ years’ experience, Sales and Trading “Bonuses and salary hikes keep going to the chosen few. It’s not that they don’t have money. It is unevenly distributed.” Vice President, 1-5 Years’ experience - Regulatory Compliance “Upper management shared cream of the bonus.” Associate Vice President, 6-10 years’ experience - Technology “Our company gives flat bonuses to all. It does not incentivise exceptionalism at all.” Associate, 1-5 Years’ experience - Procurement

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CONCLUSION

Globally, given the market conditions, it is not surprising that almost 1% more professionals did not receive a bonus in 2013 in comparison to 2012. However, it is surprising that in 2013 there has been a 0.6% increase in people receiving a bonus of 100+% of their base salary. 67.2% of professionals said they were unhappy with their overall remuneration package, and the majority do not see bonus rewards improving next year.

In the regional comparison, the survey results show that Singapore and Hong Kong have the highest number of people earning within the top base salary brackets - London followed closely behind. However, on average London and New York receive higher levels of bonuses in comparison to Singapore and Hong Kong, which compensates for their lower base salary levels.

In the sector comparison, although Sales & Trading professionals may not be receiving the top bracket salaries, they are compensated with the highest bonus packages across all sectors. Risk Management in comparison receives a similar base salary, yet are not being compensated with such high bonus rewards. Fund Managers have a majority in the lower basic salary bracket, as well as a 7% increase in the number of people who were not receiving a bonus of 100+% of their base salary in 2013. Technology and Finance & Operations have the lowest base salary and the lowest bonus rewards across all sectors. In 2013, no respondents within Finance and Operations reported receiving a bonus of 100+% of their base salary, in comparison to 2.4% who did in 2012.

Technology has also lost 1.6% of those receiving top bracket bonuses in 2013.

ABOUT SELBY JENNINGS

Selby Jennings is the foremost provider of recruitment solutions to financial institutions across Europe, the US, Asia and the Middle East. We offer an award-winning, market driven operation, unrivalled by our competitors.

From our Head Office in London and international offices we recruit beyond international boundaries, proactively sourcing the best talent in the industry.

Our holistic approach adds real value to organisations across the finance space, from top tier Investment Banks to smaller Hedge Funds, Private Equity consultancies to Trading Houses.

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S T R U C T U R E A N D C OV E R AG E

Accounting and Finance -- Fund management (Private Equity/Property Asset Management/Hedge Funds) -- Retail/Investment Banking -- Commerce and Industry -- Insurance Buy Side Sales & Marketing ------

S­ ales/ Fundraising (Traditional & Alternative) ­Prime Brokerage ­Relationship Management ­Marketing & Communications ­Corporate Strategy

Capital Markets Structuring & Origination -- Debt -- Equity -- Loans Commodities Sales & Trading -----

­Oil ­Gas, Power & Carbon ­Iron Ore, Coal & Steel ­Base & Precious Metals

-- F­ reight, Shipping & Logistics -- Softs & Agriculture Compliance ------

Product Compliance: Advisory & Surveillance AML, KYC, On-boarding & Quality Assurance Regulatory/Policy Analysis & Implementation Risk Governance Legal

Corporate Banking, Trade Finance & Structured Finance ---------

Trade Finance Commodity Finance Project Finance Export Finance Aviation & Shipping Finance Relationship Management Corporate & Transaction Banking Structured Finance & Securitisation

Economics & Strategy ------

Economics Macro Strategy Quantitative Strategy Investment Strategy & Asset Allocation Trading Strategy

Equity Sales & Trading -- C ­ ash -- D ­ erivatives Financial Services Sales & Marketing -----

­Sales ­Business Development ­Client Services/ Relationship Management ­Marketing Communications

Financial Technology ------

Development Languages Applications Infrastructure, Networking and Security Software Testing & Quality Assurance Senior Appointments

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Fund Management -- Fund Management -- Passive & Direct Investing -- Investment Management -- Directional Global Macro -- Distressed Event Driven & Special Situations -- Relative Value -- Fund of Funds, Manager Selection, Due Diligence -- Performance Analysis Fundamental Research (Equity/Credit) -- Buy Side Investment Analysis/ Stock Picking -- Sell Side Research (Publishing and Desk Analysis) -- Supervisory/ Editorial Analysis FX Sales and Trading, and E Commerce Sales -- Foreign Exchange -- E Commerce Insurance --------

Financial & Business Analysis Broking / Underwriting Management Reporting Syndicate Accounting FP&A Actuary Compliance, Risk & Solvency

Investment Banking and Private Equity ------

L­ everaged Buy Out ­Growth Capital ­Distressed & Mezzanine ­Secondary Markets M&A/ Advisory

Private Banking and Wealth Management --------

Private Banking & Relationship Management Investment Advisory Wealth & Tax Planners Private Banker Support Private Client Investment Management Private Client Business Development Marketing & Communications for PWM

Quantitative Analytics & Price Testing -- Front Office Quantitative Analytics -- Model Validation / Model Calibration -- Price Testing and Valuation Control Quantitative Research and Trading ------

Quantitative Portfolio Management Global Macro Portfolio Management Quantitative Research Quantitative Systematic Trading High Frequency Trading

Risk Management -----

Market Risk ­Credit Risk ­Operational Risk ­Regulatory Change Management

Structuring --------

Equity Derivatives Fixed Income FX Derivatives Commodities Structuring & Origination Fund Structuring Pension and ALM Credit

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LONDON

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SINGAPORE

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245 Park Avenue

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8th Floor

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#09-02

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