DOCSLIB.ORG

Ideal Employer Report 2016

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Ideal Employer Report 2016 Ideal Employer Report 2016 The guide to global and regional financial services employer rankings Ideal Employer Report 2016 Introduction Welcome to the 2016 eFinancialCareers Ideal Employer rankings for finance professionals. This annual study goes beyond the surface and explores the professional, demographic and attitudinal nuances that determine which companies financial services professionals around the world most admire and ultimately consider their Ideal Employer. Conducted between October and December 2015, our research included responses from over 6,500 finance professionals globally, across more than 30 countries. It offers a wealth of insight from the top 30 global Ideal Employers to regional, company type and sector top performers, as well as gender comparisons. Fast Facts 6,500 answers were collated Distributed via email, pop-up across 30 countries ads, Facebook and Twitter Conducted between October Took 10-15 minutes and December 2015 to complete Respondents were asked to provide their top 3 ideal Respondents were asked to employers in an open text rate various attributes about box (not a drop-down) with those employers predictive entry 2 Ideal Employer Report 2016 Goldman Sachs 2016 Ideal Employer 2016 The allure of Goldman Sachs is well-known– Ideal the bank attracts 267,000 job applications annually and hires just 3%. This year, Goldman Employer Sachs outranked its US peers J.P. Morgan and Morgan Stanley, which ranked second and fourth respectively, as well as Google (third) and asset Winner management behemoth BlackRock (fifth), to become our 2016 Ideal Employer. Criteria for winning management and executive vice introduced “protected Saturdays” for president at Goldman Sachs says any juniors – meaning they have to be out One of Goldman’s perceived strengths potential employee can expect an of the office by 9 pm on Friday and is, predictably, compensation, with “extensive interview methodology.” do not return until 9 am Sunday. “We 85% of respondents suggesting In addition to obvious factors like recognize that we work in a dynamic that the company pays competitive assessing someone’s experience and demanding industry; however, salaries and bonuses. Goldman has and technical know-how, she says we also know that it is important for stated that its culture is still geared that an “ability to work through our people to have the time to focus towards paying for performance, adverse situations” and “how on their responsibilities and interests despite moves to cut compensation at effectively you work as part of an outside of work,” Cooper says. other banks. overall organization” are also very important. The company has also tried to add Making it up the ranks was also an more career stability and satisfaction, important factor for most people The old tactics of turning up on including hiring juniors on “regular” participating in our research. Of those campus at top universities have been contracts as opposed to two- who wanted to work for Goldman supplemented by increased use of year contracts, adding a policy of Sachs, 81% said that opportunities technology to both filter candidates accelerated promotion for the best for promotion were important to and find them from unusual sources. IBD associates after two years, and them, but only 62% perceived it as a Technology helps whittle down a offering onsite childcare and flexible strength of the firm. shortlist, but Goldman considers working arrangements. every application, says Cooper. “It’s Finance professionals appear to have important to find the best broad accepted that long hours are part and group of candidates beyond GPA and Staying on parcel of working in the industry. The top-level information, going deeper Cooper says that Goldman is making vast majority of investment banks to analyze a database of experiences efforts to ensure that junior bankers in our rankings scored poorly on rather than a database of facts and have opportunities to learn and are working hours, and just 13% of people figures,” she says. able to “connect with those around who wanted to work for Goldman them.” Juniors are taken on an Sachs perceived it as a strength of Goldman also uses social media to “apprenticeship model” where they the company. However, the company uncover potential candidates. “We learn on the job and are also given a has begun to implement policies to have a mobile recruiting app, host chance to build a network that could address this, demonstrating their webinars and Google+ hangouts, help with internal moves. responsiveness to the needs of their use LinkedIn, Twitter and YouTube, employees, a key Ideal Employer trait. and publish a tremendous amount “We know that many professionals, of content on our careers site.” junior and more seasoned employees Getting hired are interested in taking on new responsibilities and learning about Candidates hoping to get a job at Work-life balance and working in other business areas, Goldman Sachs can expect stiff Goldman has been making efforts to and so we provide opportunities for competition. Goldman Sachs’ Edith address the work-life balance of its our people to move around within the Cooper, global head of human capital staff, especially its juniors. Firstly, it firm,” she says. 3 Ideal Employer Report 2016 2016 Ideal Employers The following companies represent the best of the best — companies whose ideals, benefits, brand and working environment embody all that employees admire most in a company. These are our 2016 Ideal Employers: Top 30 Global Employers Rank Company Rank Company Rank Company 1 Goldman Sachs 11 Deutsche Bank 21 KPMG 2 J.P. Morgan 12 Barclays 22 BNP Paribas 3 Google 13 McKinsey & Company 23 Standard Chartered Bank 4 Morgan Stanley 14 Blackstone Group 24 Boston Consulting Group 5 BlackRock 15 PricewaterhouseCoopers 25 Bloomberg 6 UBS 16 Apple 26 Fidelity 7 Citibank 17 DBS Bank 27 Bain & Company 8 HSBC 18 Deloitte 28 KKR 9 Credit Suisse 19 Facebook 29 GIC 10 Bank of America / Merrill Lynch 20 EY 30 Wells Fargo Top 20 UK Employers Top 20 US Employers Top 20 Asia Employers Rank Company Rank Company Rank Company 1 Goldman Sachs 1 Goldman Sachs 1 Goldman Sachs 2 JP Morgan 2 J.P. Morgan 2 J.P. Morgan 3 Morgan Stanley 3 Google 3 Google 4 Google 4 Morgan Stanley 4 Morgan Stanley 5 Barclays 5 BlackRock 5 UBS 6 HSBC 6 Bank of America / Merrill Lynch 6 DBS Bank 7 BlackRock 7 Citibank 7 Credit Suisse 8 UBS 8 Blackstone Group 8 Citibank 9 Deutsche Bank 9 Fidelity 9 HSBC 10 McKinsey & Company 10 Deutsche Bank 10 BlackRock 11 Citibank 11 Wells Fargo 11 Facebook 12 Bank of America / Merrill Lynch 12 UBS 12 Standard Chartered Bank 13 Credit Suisse 13 Apple 13 Bank of America / Merrill Lynch 14 PricewaterhouseCoopers 14 Bridgewater Associates 14 GIC 15 Blackstone Group 15 Credit Suisse 15 McKinsey & Company 16 EY 16 Deloitte 16 Apple 17 Lloyds Banking Group 17 McKinsey & Company 17 OCBC Bank 18 Deloitte 18 Wellington Management Co. 18 Deutsche Bank 19 Apple 19 Bloomberg 19 PricewaterhouseCoopers 20 KPMG 20 HSBC 20 Barclays 4 Ideal Employer Report 2016 Ideal Employer Strengths From compensation to company culture, we ranked the top factors employees consider important when looking for a new employer. While competitive salary still ranks high at 70%, other factors, such as challenging/interesting work (71%) and financial performance/strength of firm (70%) rank equally important to employees. Top strengths of Top 30 global Ideal Employers vs. importance to employees Challenging/interesting work Competitive salary Financial performance/strength of firm Leader in the industry Work with key industry players Attractive benefits Opportunities for promotion Strong executive leadership Competitive bonus Solid training and development Office environment Positive culture Opportunity to travel Innovator in the industry Is a good corporate citizen Progressive on issues like diversity, CSR Manageable working hours Flexible working options 0% 20% 40% 60% 80% 100% Importance to Employees Top Strengths 5 Ideal Employer Report 2016 Company type Ideal Employers: Banks How do other financial services companies stack up? The following charts show how companies across the industry compare to their peers. Top 20 Global Bank Employers Top 10 UK Bank Employers Rank* Overall** Company Rank* Overall** Company 1 1 Goldman Sachs 1 1 Goldman Sachs 2 2 J.P. Morgan 2 2 J.P. Morgan 3 4 Morgan Stanley 3 4 Morgan Stanley 4 6 UBS 4 12 Barclays 5 7 Citibank 5 8 HSBC 6 8 HSBC 6 6 UBS 7 9 Credit Suisse 6 11 Deutsche Bank 8 10 Bank of America / Merrill Lynch 8 7 Citibank 9 11 Deutsche Bank 8 10 Bank of America / Merrill Lynch 10 12 Barclays 10 9 Credit Suisse 11 17 DBS Bank 12 22 BNP Paribas Top 10 US Bank Employers 13 23 Standard Chartered Bank Rank* Overall** Company 14 30 Wells Fargo 1 1 Goldman Sachs 15 32 OCBC Bank 2 2 J.P. Morgan 15 32 RBS 3 4 Morgan Stanley 17 34 Lloyds Banking Group 4 10 Bank of America / Merrill Lynch 18 37 RBC 5 7 Citibank 19 38 Macquarie Bank 6 11 Deutsche Bank 20 40 Nomura 7 30 Wells Fargo 20 40 Rothschild 8 6 UBS 20 40 Societe Generale 9 9 Credit Suisse 10 8 HSBC Banker bias Why do potential candidates tend to Top 10 Asia Bank Employers shy away from European banks in the Rank* Overall** Company US? Whatever the reason, financial 1 1 Goldman Sachs services professionals in the US tend to favour American investment banks. 2 2 J.P. Morgan In fact, Goldman Sachs, J.P. Morgan 3 4 Morgan Stanley and Morgan Stanley were highest 4 6 UBS ranks, while just one European bank – 5 17 DBS Bank Deutsche Bank in 10th – scraped into 6 9 Credit Suisse the top spots 7 7 Citibank 8 8 HSBC 9 10 Bank of America / Merrill Lynch 9 23 Standard Chartered Bank * Bank rank ** Ideal Employer rank 6 Ideal Employer Report 2016 Company type Ideal Employers: Hedge Funds How do other financial services companies stack up? The following charts show how companies across the industry compare to their peers.
Load more

Recommended publications
  • NOTICE: This Is an Unofficial Transcript of the Public Company Accounting
    NOTICE: This is an unofficial transcript of the Public Company Accounting Oversight Board’s June 28, 2012 Public Meeting on Auditor Independence and Audit Firm Rotation. The Public Company Accounting Oversight Board does not certify the accuracy of this unofficial transcript, which may contain typographical or other errors or omissions. An archive of the webcast of the meeting can be found on the Public Company Accounting Oversight Board’s website at: http://pcaobus.org/News/Webcasts/Pages/06282012_PublicMeeting.aspx 1 PUBLIC COMPANY ACCOUNTING OVERSIGHT BOARD + + + + + AUDITOR INDEPENDENCE AND AUDIT FIRM ROTATION PCAOB RULEMAKING DOCKET MATTER NO. 37 + + + + + PUBLIC MEETING + + + + + THURSDAY JUNE 28, 2012 + + + + + The Public Meeting convened at the Hilton San Francisco Financial District, 750 Kearny Street, San Francisco, California, at 8:00 a.m., Jim Doty, PCAOB Chairman, presiding. THE BOARD JAMES R. DOTY, Chairman LEWIS H. FERGUSON, Board Member JEANETTE M. FRANZEL, Board Member JAY D. HANSON, Board Member STEVEN B. HARRIS, Board Member PCAOB STAFF MARTIN F. BAUMANN, PCAOB, Chief Auditor and Director of Professional Standards MICHAEL GURBUTT, Associate Chief Auditor J. GORDON SEYMOUR, General Counsel JACOB LESSER, Associate General Counsel OBSERVERS BRIAN CROTEAU, Securities and Exchange Commission NEAL R. GROSS COURT REPORTERS AND TRANSCRIBERS 1323 RHODE ISLAND AVE., N.W. (202) 234-4433 WASHINGTON, D.C. 20005-3701 www.nealrgross.com 2 PANELISTS JULIE ALLECTA, Trustee and Chairman of the Audit Committee, Forward Funds JANICE HESTER AMEY, Portfolio Manager, Corporate Governance, California State Teachers' Retirement System (CalSTRS) ANDREW D. BAILEY, JR., Professor Emeritus, University of Illinois at Urbana-Champaign; former Deputy Chief Accountant, US Securities and Exchange Commission WILLIAM H.
    [Show full text]
  • EMBARGOED UNTIL 00:01 FRIDAY 13Th SEPTEMBER the BIG FOUR
    EMBARGOED UNTIL 00:01 FRIDAY 13th SEPTEMBER THE BIG FOUR PROFESSIONAL SERVICES ORGANISATIONS LATEST TO JOIN FORCES ON BUSINESS DISABILITY INCLUSION • The Big Four professional service organisations, Deloitte UK, EY, KPMG UK and PwC UK have signed up to disability inclusion campaign The Valuable 500 • The campaign is seeking 500 global business leaders and brands to commit to putting disability on their board agendas in 2019 • This marks the first ever collaboration on disability inclusion in business between all four leading accountancy organisations LONDON, 13th SEPTEMBER: Deloitte UK, KPMG UK and PwC UK have today announced that they have signed up to The Valuable 500 – the global initiative striving to place disability inclusion on the business agenda. EY has already pledged to The Valuable 500 at a global level. This collaborative move from the leading professional services organisations places the sector at the forefront of creating better inclusivity in business. This move follows the large number of banks that recently committed to The Valuable 500 including Barclays, HSBC, Bank of England, RBS and Lloyds Banking Group, signifying a huge step forward for the financial sector as a whole. The Valuable 500, launched at the World Economic Forum’s Annual Summit in Davos earlier this year, is seeking 500 global business leaders to place disability on their board agendas, and will hold each accountable for disability inclusion in their businesses by ensuring it is discussed at leadership level and action is taken. To date businesses employing well over two million employees globally have signed up to put disability inclusion on their board agendas.
    [Show full text]
  • New Avenues of Research to Explain the Rarity of Females at the Top of the Accountancy Profession
    ARTICLE Received 29 Jul 2016 | Accepted 9 Feb 2017 | Published 7 Mar 2017 DOI: 10.1057/palcomms.2017.11 OPEN New avenues of research to explain the rarity of females at the top of the accountancy profession Anne Jeny1 and Estefania Santacreu-Vasut1 ABSTRACT The rarity of females in leadership positions has been an important subject of study in economics research. The existing research on gender inequality has established that important variations exist across time and place and that these differences are partly attri- butable to the cultural differences regarding gender roles. The accounting research has also established that women are rarely promoted to the top of the Big Four audit firms (KPMG, Deloitte, PricewaterhouseCoopers and Ernst & Young). However, the majority of research in accountancy has focused on Anglo-Saxon contexts (the United States, the United Kingdom and Australia) or country case studies without explicitly considering the role that cultural variations may play. Because the Big Four are present in more than 140 countries, we argue that the accountancy research that attempts to explain gender disparities at the top of these organizations would benefit from considering cultural factors. Such research, however, faces a key methodological challenge—specifically, the measurement of the cultural dimensions that relate to gender. To address this challenge, we propose an emerging approach that uses the gender distinctions in language to measure cultural attitudes toward gender roles. The idea that language may capture gender roles and even influence their formation and per- sistence has been the focus of emerging research in linguistics and economics. To support our proposition, we follow two steps.
    [Show full text]
  • The Economics of Retail Banking
    THE ECONOMICS OF RETAIL BANKING - An empirical analysis of the UK market for personal current accounts Céline Gondat-Larralde and Erlend Nier* 10 December 2003 (Preliminary. Please do not circulate or cite without permission) Abstract: This paper provides an analysis of the competitive process in the market for personal current accounts in the UK. Using NOP survey data, we first describe some stylised developments in this market over the past few years. We find a gradual change in the distribution of market shares over time. This contrasts with a marked dispersion in price, which appears to persist through time. Analysing the evolution of market shares, we address two key questions (i) Are bank market shares responding to price differentials? (ii) If not, which type of imperfect competition best fits the data? Our conclusions point to the existence of customer switching costs as a key determinant of the nature of competition in the market for personal current accounts. JEL Classification: D12, D43, D83, G21 and L13 Keywords: microeconomics; retail banking; competition; switching; price elasticity The views expressed in this paper are those of the authors and do not necessarily reflect those of the Bank of England. We would like to thank Charles Goodhart, Patricia Jackson, Kevin James, Glenn Hoggarth, Darren Pain, William Perraudin and Geoffrey Wood for useful discussions on an earlier draft of the paper and Jon Chu and Nyeong Lee for research assistance. _________________________________________ * Both authors are at the Bank of England. Céline Gondat-Larralde can be contacted at celine.gondat- [email protected], Tel:++44 20 7601 3328.
    [Show full text]
  • Banks in Sweden Facts About the Swedish Banking Market Published in Nov 2008 Banks in Sweden
    Banks in Sweden Facts about the Swedish banking market Published in Nov 2008 Banks in Sweden The Swedish financial market The economic role of the financial sector tween banking and insurance. It has led to that Efficient and reliable systems for saving, fi- all Sweden’s major banks are involved in the nancing, mediating payments, and risk man- life insurance business and some insurance agement are of fundamental importance for companies have their own banks. Sweden’s economic prosperity. These systems Another change is that branch offices have be- are operated by banks and other credit institu- come less important for bank customers’ daily tions, insurance companies, securities compa- services. Instead the customers tend to make nies and other companies in the financial sec- normal bank services through their internet tor. The financial sector channels in an effi- bank. Furthermore, opportunities to perform cient way society savings to investment and bank services in different ways have increased, consumption, such as household needs to e.g. cash- and debit card payments, cash with- smooth out consumption of various life stages drawals in supermarkets and credit applica- and the need for companies to finance invest- tions in chain stores. These new channels of ment. distribution have enabled the development of The financial industry account for almost four new services while existing services has per cent of the country’s total output, ex- changed. The new technology has also paved pressed as its Gross Domestic Product (GDP). the way for the establishment of new banks Around 100,000 people, representing about and increased competition in banking.
    [Show full text]
  • The Push for Independence: a Closer Look at the United States and United Kingdom Regulatory Environments
    John Carroll University Carroll Collected Senior Honors Projects Honor's Program 2021 The Push for Independence: A Closer Look at the United States and United Kingdom Regulatory Environments Nicholas Hardner John Carroll University, [email protected] Follow this and additional works at: https://collected.jcu.edu/honorspapers Part of the Accounting Commons Recommended Citation Hardner, Nicholas, "The Push for Independence: A Closer Look at the United States and United Kingdom Regulatory Environments" (2021). Senior Honors Projects. 123. https://collected.jcu.edu/honorspapers/123 This Honors Paper/Project is brought to you for free and open access by the Honor's Program at Carroll Collected. It has been accepted for inclusion in Senior Honors Projects by an authorized administrator of Carroll Collected. The Push for Independence: A Closer Look at the United States and United Kingdom Regulatory Environments Nicholas K. Hardner School of Accountancy and Information Sciences, John Carroll University AC 498/HP 450: Honors Senior Capstone Project Mr. Donald J. Dailey, CPA and Dr. Mark D. Sheldon, CPA, CISA May 2, 2021 Hardner 1 Abstract: The purpose of this research project is to examine the regulatory environments of both the United States (U.S.) and United Kingdom (U.K.) and to further compare and contrast the two. This comes in recent light of the prominent topic of the Big Four public accounting firms (i.e., Deloitte, Ernst & Young, KPMG, and PricewaterhouseCoopers) being called to separate their audit practices from their other lines of service over independence concerns within the U.K. At the time of the creation of this project’s focus, there had been public outcry for this action to take form after numerous audit failures, which came to fruition in July of 2020.
    [Show full text]
  • The Eurozone Banking Crisis
    THE EUROZONE BANKING CRISIS DID THE ECB AND THE BANKS COLLUDE TO HIDE LOSSES, THUS DISTORTING THEIR OWN BALANCE SHEETS? By CORMAC BUTLER and ED HEAPHY Commissioned by Luke Ming Flanagan MEP 1 Table of Contents 2 FOREWORD by Luke Ming Flanagan MEP ................................................................... 1 2.1 New currency launched – already holed below the water-line..............................................1 2.2 The ECB ...................................................................................................................................1 2.3 Heaphy and Butler – posing pertinent questions ...................................................................1 2.4 EXTRACT FROM PAUL DE GRAUWE FINANCIAL TIMES ARTICLE – 20/02/1998:.....................2 3 BIOGRAPHIES ............................................................................................................ 3 3.1 Cormac Butler .........................................................................................................................3 3.2 Ed Heaphy ...............................................................................................................................4 4 EXECUTIVE SUMMARY............................................................................................... 5 4.1 IAS 39 makes its appearance ..................................................................................................6 4.2 Cause and Consequence .........................................................................................................7
    [Show full text]
  • Case Study: Bank of Ireland Training
    Case Study: Bank of Ireland Training The Bank of Ireland Customer Analytics Team can now dig deep into their customer satisfaction data, equipped with improved analytical techniques and know-how following tailored training Bank of Ireland is one of the largest banks operating in the Republic of Ireland. To maintain their competitive edge in the market they require a deep understanding of their customers’ needs and pain points. Presidion partnered with the Voice of the Customer Department to enhance their statistical knowledge and develop an effective, data driven approach to address key business problems that arise month-on-month. JULY 2015 At a Glance SITUATION Country: Ireland Bank of Ireland is one of the ‘Big Four’ financial institutions Industry: Banking/Finance in the Republic of Ireland. Operating branches nationwide Employees: 11,000 and via online banking services, they provide mortgages, Website: www.bankofireland.com insurance, loans, credit cards, pensions, financial planning, savings and investment services to Irish customers. Solution Components BUSINESS CHALLENGE IBM SPSS Statistics To maintain their competitive edge in the market the Voice Presidion Tailored Training of the Customer department in Bank of Ireland gather satisfaction data from their customers on a very frequent basis. Such large volumes of data had put intense pressure on the department to identify the most pertinent drivers of customer dissatisfaction each month. A turn-around with recommended actions to address these crucial areas would be required as soon as possible. Their key analyst required training to point her to the best data analysis approach given the different business goals she was presented with month-on-month.
    [Show full text]
  • Rate of Asset Growth Exponentially Smaller Big Four Share of Bank Assets Lower Now Than in 2008 Despite Crisis Mergers and Acquisitions
    Biggest U.S. Banks Asset Share Today Smaller than Pre-Crisis; Rate of Asset Growth Exponentially Smaller Big Four share of bank assets lower now than in 2008 despite crisis mergers and acquisitions Although it is generally believed that the shotgun weddings of firms orchestrated by policymakers during the onset of the financial crisis in 2008 would make big banks even bigger, the biggest U.S. banks have a smaller share of all assets today than they did during financial crisis, according to a new paper from the Brookings Initiative on Business and Public Policy. There has also been a strong decline in lending activity, which could hamper future economic growth and suggests that banks may not be lending due to excessive risk-aversion or in response to the post-crisis regulatory regime -- which should concern policymakers. In “The Big Four Banks: The Evolution of the Financial Sector Part I” Bernard L. Schwartz Chair in Economic Policy Development and Director of the Business and Public Policy Initiative at Brookings Martin Baily and Research Assistants William Bekker and Sarah Holmes analyze how the financial sector has evolved over the periods both before and after the financial crisis of 2007-2008. They find that the crisis acquisitions by the Big Four banks (JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo) did push up their share of total banks assets and liabilities as a share of total banking at the height of the crisis, but not by very much -- the share of banking sector assets held by the Big Four declined after 2010 and is currently 51.2 percent – a 1.3 percentage point drop from their 52.5 percent share in 2008 after the crisis caused firm consolidation.
    [Show full text]
  • 'Big Four' Irish Bank Stays on Top of Industry with Devops
    Case Study ‘Big Four’ Irish Bank Stays on Top of Industry With DevOps One of Ireland’s “big four” commercial banks offers a full range of personal and corporate banking services as well as insurance products and pensions through Irish Life Assurance plc. The bank is almost wholly owned by the Industry: Irish government. Financial Services The banking industry isn’t what it used to be. Mobile and internet banking Geography: has taken off as more customers go online for services instead of walking into Ireland brick-and-mortar branches. Banks are now competing on the basis of new digital features and capabilities that provide a better experience to a new Summary: generation of tech-native customers. One of Ireland’s “big four” commercial banks improved the efficiency and cost- The trend is placing a new effectiveness of software development burden on financial institutions. “CloudBees CI enabled us to operations with DevOps powered by To stay ahead, banks like this have shared masters, but more one are stepping up investments CloudBees. importantly, to standardize on in modern digital platforms development patterns and shared Challenge: and devoting more resources pipelines. Now we could go to the Modernize software development to to software development and reduce costs and outcompete challenger infrastructure. As the head of whole bank and say, ‘This is the banks DevOps CI-CD & Enterprise official pattern you must follow Dev Tooling wryly observed, for every new project.” Solution: “We’re not a bank that writes software anymore. We’re a Head of DevOps CI-CD and Adopted CloudBees CI to support Enterprise Dev Tooling implementation of CI/CD process software company that just automation and manage pipelines more happens to be a bank.” efficiently.
    [Show full text]
  • British Banks' Role in U.K. Capital Markets Since the Big Bang
    Chicago-Kent Law Review Volume 68 Issue 1 Chicago-Kent Dedication Symposium Article 27 December 1992 British Banks' Role in U.K. Capital Markets since the Big Bang Philip N. Hablutzel IIT Chicago-Kent College of Law Follow this and additional works at: https://scholarship.kentlaw.iit.edu/cklawreview Part of the Law Commons Recommended Citation Philip N. Hablutzel, British Banks' Role in U.K. Capital Markets since the Big Bang, 68 Chi.-Kent L. Rev. 365 (1992). Available at: https://scholarship.kentlaw.iit.edu/cklawreview/vol68/iss1/27 This Article is brought to you for free and open access by Scholarly Commons @ IIT Chicago-Kent College of Law. It has been accepted for inclusion in Chicago-Kent Law Review by an authorized editor of Scholarly Commons @ IIT Chicago-Kent College of Law. For more information, please contact [email protected], [email protected]. BRITISH BANKS' ROLE IN U.K. CAPITAL MARKETS SINCE THE BIG BANG PHILIP N. HABLUTZEL* In the Fall of 1986, two legal events occurred in the United King- dom which became known as the "Big Bang." First, on October 27, the actual "Big Bang" was a reform in the operation of the Stock Exchange in the form of a settlement between the Exchange and the Government regarding claims that the Exchange had been anticompetitive. Particular practices complained of were the fixed brokerage commissions and the separation of brokers (who could not act on their own account) and job- bers (market-makers could not act for customers). The Big Bang abol- ished fixed commissions and the distinction between brokers and jobbers.1 Then, on November 7, 1986, the Financial Services Act began com- ing into force, a process completed by April 29, 1988.
    [Show full text]
  • Financial Secrecy, Banks and the Big 4 Firms of Accountants
    Key Data Report Mapping Financial Secrecy Financial Secrecy, Banks and the Big 4 Firms of Accountants Key Data Report Financial Secrecy, Banks and the Big 4 Firms of Accountants Prepared by Moran Harari, Markus Meinzer and Richard Murphy 1 Executive Summary The evidence in this paper suggests that banks and the Big 4 firms of accountants appear to move activity to locations with a high level of financial secrecy offered by law and regulations because their opportunities to make profit appear to increase in conditions of secrecy. Such patterns of behaviour inevitably mean that they must on occasion, wittingly or otherwise, facilitate the handling of illicit financial flows, as evidence noted suggests to be the case. The reported conduct of these banks and accountants also suggests that on occasion they fail to meet the required standards of behaviour expected by law or codes of ethics. In addition, the evidence noted suggests that a high number of banks and Big 4 firms per capita in a jurisdiction results in them having a disproportionate political influence, tending to lead to an increase in the financial secrecy offered by such places through law and regulations. The first part of this paper collects and presents qualitative evidence that supports these two hypotheses. Part two of this paper presents quantitative evidence that there is a systematic and positive correlation between the number of banks and the Big 4 firms in a jurisdiction on the one hand and the secrecy score of a jurisdiction as measured by the Financial Secrecy Index (FSI) on the other. 1 Moran Harari ( [email protected] ) is a lawyer working with Tax Justice Network International Secretariat (TJN-IS) on the financial secrecy index (FSI).
    [Show full text]