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Knee Slappers

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What does Jonathan Knee, author of “The Accidental Investment Banker” and senior MD at Evercore (and ex-Morgan Stanley, Goldman grunt) have to say about banking jobs and bonuses this year, in a Reuters (via BankersBall) interview?
1. New analyst classes (the record number of people brought onto the Street in June) this year are playing one big game of musical chairs. There are way more people than spots, and its only a matter of time before chairs run out, or people are offered a lump sum to take a hike and come back next year (a deal often revoked if a downturn ensues) or switch cities.
2. BSDs may have been herding elephants most of the year, brining in tens of millions of dollars in revenue, but it only takes one TXU tank job to put their net fees generated deep in the red. What kind of bonus are you supposed to give these guys?
3. People are scared because they might have to demonstrate firm loyalty (lateral hiring is going to dry up), at firms that probably want to fire them anyway.
4. Advisory business is becoming less relevant, and is increasingly at odds with the intents and purposes of the other, much higher revenue generating banking businesses.
5. Tell your bankers that daddy hit you – “There’s a garbage in, garbage out problem with your advisers. It’s like going to a shrink and you don’t tell him your father beat you for the first five years of your life; it’s hard for him to help you.”
6. London, SarbOx – overblown, so out this season.
Banker Jonathan Knee–unplugged [Reuters via BankersBall]