Friday, October 22, 2010

Wednesday, May 20, 2009

Merrill Lynch - Policy - Research - Conflicts - 2004

The above document contains the policy announced in 2004 in connection with FSA's (UK) requirements.

Merrill Lynch’s policies and actions resolving conflicts of interest include:

(a) the provision of internal guidance and training on the identification of
possible issues of conflicts of interest as and when they arise;

(b) escalation procedures for ensuring that issues identified are referred to
and considered at the appropriate level within the Firm;

(c) Merrill Lynch’s Control Room monitors potential conflicts of interest
arising in connection with the publication of research in the period
before, during and after Investment Banking transactions;

(d) editorial guidelines and procedures for supervisory and compliance
review of research prior to publication;

(e) the Research Department’s Research Recommendation Committee is
required to approve all investment ratings changes.

People Management in Investment Banks

Alexandre Winandy is maintaining the blog People Management in Emerging Markets.

He is working in Banking industry. Therefore his posts contain references to investment banking issues. A relevant blog for securities market professionals.

I shall give more specific details about the posts in the blog in due course of time.

Thursday, April 23, 2009

Good Time to Invest for Long Term Portfolios

IMF forecasts the worst year post world war II will be 2009. Persons with savings can acquire equity share portfolios at probably less than fair values in this year.

Why so?

Because securities market intermediaries have suffered enough losses and do not have the means to acquire the securities at fair values. These intermediaries who used to buy first in both primary and secondary capital markets and then later on distribute to genuine buyers have no capacity now. The systems are broken in the markets. There is a big doubt in everybody's mind about the future. People do not park their money in assets. It is better to be in bank cash rather than to be securities.

That gives the opportunity to people with genuine savings to acquire some assets at less than their fair values. But the volatility in markets will be there and strain you. Benjamin Graham, the most conservative value proponent said after you buy, the market may go down by 50%. Can you still believe your value calculations?

William K. Black's Article on Mortgage Fraud

William K. Black is Assoc. Professor, Univ. of Missouri, Kansas City;
He was a Senior regulator during S&L debacle

His article "The Two Documents Everyone Should Read to Better Understand the Crisis" dated 23.4.2009 is an interesting read.

He began his article with the statement "As a white-collar criminologist and former financial regulator much of my research studies what causes financial markets to become profoundly dysfunctional."

The two documents that he is referring to are


Both these documents talk of possible risks and problems in mortgage investing.

Monday, February 16, 2009

Goldman Sachs Hiring Process for India

Hiring Process
Goldman Sachs has been recruiting in India at an accelerated pace. Because positions in the Bangalore and Mumbai offices require a range of skills and experience, India can be a launch pad to working in other offices around the world. As with all of our employees, you will have access to career mobility within your division or in another division or location. And our India offices provide the opportunity to take on more responsibility early in your career so your success can grow alongside the firm’s.

While the interview process may seem lengthy, it has many advantages. It helps us to determine if you are a good fit with Goldman Sachs. It is also your opportunity to see if Goldman Sachs is right for you, and we encourage you to ask questions of us. The benefit is that once you start, you know you’re working in the right place.

For Interns, New Analysts and New Associates:
We offer student internships as well as full-time positions across a majority of our divisions in India. Goldman Sachs is committed to helping graduates prepare for a successful financial career. We encourage students to intern with us based on their area of interest, and summer interns are frequently offered full-time jobs. We also visit a large number of colleges across the country, looking to hire students for various divisions across the firm.

Goldman Sachs looks for candidates with well-rounded résumés that include a strong academic background, extracurricular activities and community work. During the interview process, we look for candidates who display excellent communication skills, maturity and a take-charge attitude – team players with a passion for excellence. Full-time positions are offered a year in advance; therefore, we assign a Goldman Sachs buddy to each graduate who accepts a position. This buddy stays in touch throughout the year and is available to answer questions. We also invite new hires and their families to visit our offices on Parents Day and to meet with alumni and senior management.

The process:
• Goldman Sachs occasionally gives campus presentations prior to the scheduled recruitment day. These are good opportunities to learn about the firm and see what areas interest you.
• On recruitment day, visit the Goldman Sachs presentation at your campus and bring your résumé.
• Interviews and any necessary tests are conducted on campus.
• Offers for internships and full-time positions are extended the same day.

For Experienced Professionals:
Goldman Sachs finds qualified candidates through recruitment agencies, employee referrals and internal and external online job databases.

The process involves multiple rounds of interviews with the hiring managers and their teams.

Some Information on UK Financial Jobs 2009 Queens University Belfast

34 page guide note,125582,en.pdf