Code User group - January 2023

Dear All

It was great to see so many attend the first UK Code user group of 2023.

We covered Investment banking roles, career progression and remuneration in detail along with venturing into some of the other specialist financial roles such as traders etc.

We also discussed some of the key bonus times and the recent job cuts being undertaken by investment banks. 

Don't forget an investment banker at a bulge bracket is different (in terms of remuneration) to an investment banker at a investment banking division of a commercial bank. As promised here are the list of the bulge bracket investment banks

• Bank of America Merrill Lynch

• Barclays - as discussed in the session this has extensive commercial and retail exposures (unlike some of the other bulge bracket banks) and is the commercial / retail bank in the UK that pays the highest bonuses for investment banking staff. GS and JPM are the biggest overall bonus papers though!

• Citi

• Credit Suisse

• Deutsche Bank

• Goldman Sachs

• J.P. Morgan

• Morgan Stanley

• UBS

Note other banks such as HSBC also have investment banking divisions, called global banking and markets, but are not a bulge bracket

Here is the Reuters article I referenced as well which is worth a quick read

https://www.reuters.com/business/finance/banker-bonuses-go-boom-bust-jarring-reversal-2022-12-22/

Please look out for the additional data requests that you made during the session going live. These are being worked on at the moment and will be available at the same time as the revised investment banking bonus data.

Thanks again for all the questions and I look forward to our next session in February!

Best wishes

Jon