Tag: banking

The rebellion of the young promises of investment banking
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The rebellion of the young promises of investment banking

Leadership, frustration tolerance, stress management, high performance, work under pressure, and achievement are common concepts for new hires entering auditing firms, consulting firms, law firms, or investment banking. On the other side of the scale, permanent contracts and starting salaries of 30,000 euros per year plus the promise of a bonus that will fluctuate depending on the bonanza of the year. So it has always been. However, in March of this year a group of employees of the US bank Goldman Sachs asked not to exceed 80 hours a week and have at least Saturday off. A month later, and already in Spanish lands, the young workers of the EY consultancy sent their bosses a letter describing the long hours of work as unsustainable, which exceeded 80 hours a week and came to cover every ...
Those affected by Popular earn more from the rescue than the shareholders of the bank
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Those affected by Popular earn more from the rescue than the shareholders of the bank

The owners of the loyalty bonds that Banco Santander offered to those affected by the Popular resolution are in luck. The bonds received by some of Popular's shareholders no longer lose money, they have even won, since the entity's resolution on June 7, 2017. Quite a contrast to the behavior that the banking sector has registered on the stock market since then. The Spanish listed entities accumulate cuts that range between 58.7% in Sabadell and 10.9% in Bankinter. In just a few hours, the nearly 300,000 shareholders and bondholders of Popular saw all their money disappear, and the entity became the first European bank to be intervened by the Single Resolution Board (JUR) due to the pressing liquidity problems it suffered. The until then sixth largest entity in the country ended up bein...
What has happened to the 26,000 bank branches that have disappeared since 2008
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What has happened to the 26,000 bank branches that have disappeared since 2008

To be the director of a bank branch was to be the king of the mambo. The real estate bubble that developed between 2001 and 2008 caused savings banks, banks and foreign entities to open branches in every corner of Spain. The bursting of the bubble ended up taking with it a myriad of entities and initiating the decline of the branch. The director of the office ceased to be king. Now, With the pandemic and the acceleration of digitization in access to banking services, the trail of closures has been reactivated. From 2008 to the end of 2021, more than 26,000 branches will have disappeared, in many cases leaving a wound in the urban tissue that is difficult to heal. The maximum number of bank branches was reached in 2008, with 46,221 branches. At that time, the small savings bank of the ...