What do banks do?

Put simply, banks provide services for people or organisations who want to borrow, lend and invest money. They are huge, complex organisations that play a part in the lives of people in every corner of the world, with clients ranging from individuals to businesses, and even the governments and central banks of entire countries.

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Where could you fit in?

Banks work with vast amounts of money, every single day. But it’s a common misconception that you need to be a financial prodigy to work at one: just as important are regulatory experts, who make sure that institutions comply with the law in every country where they do business. And there’s a broad range of other specialists, from HR and finance to technology.

What is
Sales & Trading?

When people think of investment banking, they tend to imagine the trading floor. Although sales & trading is just one part of a bank’s work, it is where a lot of its commercial activity takes place.

In simple terms, traders buy and sell products like equity (stocks) and debt (bonds) and commodities (like oil and natural gas) and execute foreign exchange deals that make an incremental profit. Sales and trading can be broken down into the following roles:

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Sales

Sales people are in touch with institutions and private individuals, suggesting appropriate trading activity. If, for example, a stock suddenly increases in value, or a publicly traded company makes a higher than expected earnings announcement, the sales force will inform investors and suggest the best course of action.

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Research

Research analysts study specific companies and sectors to provide information that will help the sales team give the best possible advice to their clients. This information is communicated through reports that attach ‘buy’, ‘sell’, or ‘hold’ recommendations on their area of interest.

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Trading

The actual buying and selling is done by traders acting on clients’ requests. A trader will tend to be an expert in a particular area (e.g. currency or bonds) and work to improve clients’ positions.

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Structuring

Structuring teams provide products that are tailored to clients’ specialist needs. They might help an institutional investor offset the risk of a high-value trade, or a public company buy back some of its shares through financing.

"You have important decisions to make each day and you have to take such responsibility very seriously."

How will I get my head around all that jargon?

There’s certainly a lot to learn, but it’s there to make quick communication easy at critical times.

Is Sales & Trading right for you?

It’s the kind of job that many people imagine they’d enjoy, but the reality doesn’t suit everyone. Have you got what it takes?

Good under pressure

You’ll be making quick decisions about products worth millions of dollars, so you’ll need to be calm and collected when things get tough.

Interest in financial markets

The rewards are impressive, but to succeed you need to have an insatiable demand for knowledge about how the markets operate.

Natural networker

This kind of work is built on positive interpersonal relationships, and you’ll often spend time entertaining clients outside normal working hours.

Fast learner

There’s only so much that theoretical learning can prepare you for – the rest, you’ll be expected to pick up as you go along.

Head for figures

Even though computers can carry out any calculation in the blink of an eye, being able to calculate the likely impact of a trade yourself is a real advantage.

What is
Corporate Finance?

Corporate Finance provides strategic advice and financial products that help clients build their businesses. Or to put it another way, they link institutions that need money to institutions that can provide it.

On behalf of its client, the bank will issue debt or shares, and sell it on the global market to pension funds, mutual funds, hedge funds and private individuals. The money this raises can then be used to fund the client’s growth.

Roles in corporate finance can broadly be divided into two categories: client teams, who work with businesses directly to understand their needs, and product teams, who develop the solutions that meet them.

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Mergers and acquisitions

In a merger, two companies of roughly similar size join together to create a larger entity, usually under a new name. In an acquisition, a larger company buys and absorbs a smaller one or runs it as a subsidiary. Depending on who they’re acting for, bankers will introduce buyers and sellers of companies to try and make a deal happen.

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Equity capital markets

To raise extra money, a business can offer stock – a ‘share’ of itself – for sale to investors on the equity capital market. Capital markets are an essential part of the modern economy, bringing together buyers and sellers of equity assets.

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Structured financing

Structured financing helps businesses to raise capital through the creation of loans designed to minimise risk. Instead of a debt issued based on an organisation’s balance sheet and credit rating, structured finance creates a security based on assets and sells it to investors.

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Debt capital markets

Another means of raising money is through debt – usually in the form of bonds. Bankers working on debt capital markets provide businesses with advice on raising, refinancing, and restructuring this debt.

"I like the learning curve in Corporate Finance. You learn an awful lot from day one."

Do bankers tend to be aggressive or arrogant?

Don’t believe the stereotype – financial institutions do not tolerate toxic behaviour. You’re paid for what you contribute, not for having a big ego.

Is Corporate Finance right for you?

With a diverse range of work and clients all over the world, a career in Corporate Finance offers plenty of opportunity. Find out the kind of attributes you’ll need to be a success.

Drive

In a profession that attracts high achievers, you’ll need plenty of ambition and determination just to reach the first rung on the ladder.

Numeracy

Being able to do quick calculations in your head under pressure will give you the edge when you’re deciding on a course of action.

Hungry to learn

Although you’ll come to specialise in a particular field, you’ll need to keep learning all the way through your career. It’s quite the learning curve.

Good with people

Some of your time will be spent entertaining clients – hosting them at events, and going out with them in the evening. And you’ll need to be able to bring together diverse groups of people and get them to deliver work.

Attention to detail

You’ll need to be the first person to spot areas of concern for your clients, and understand how global events can affect your work.

What is
Transaction Banking?

Sending money from one place to another is such a fundamental part of modern life that most people take it for granted – but it doesn’t happen by itself. The billions of transfers that happen all over the world every day are managed by the Transaction Banking Division.

But Transaction Banking isn’t just about shifting cash; it’s about using the bank’s liquidity to provide strategic solutions for clients, and making sure that the processes involved are streamlined and protected from financial crime. It's about helping small companies grow to become big companies and aiding international business to occur. It’s because this is so essential to keeping businesses running that banks have large teams of people dedicated to it.

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What do we mean by ‘liquidity’?

Cash to hand – money in the bank. Being profitable isn’t the same as being liquid, and banks often provide businesses with support to maintain their liquidity and meet their obligations.

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Trade Finance

When an importer has to pay for goods up front they can find themselves in an exposed position if something goes wrong or gets held up. Trade finance supports the flow of world trade by advancing loans to purchasers and protecting them against the risks that come with prepayment for large transactions.

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What are Assets?

Used to describe anything with monetary value that is owned by an individual or business – such as shares, property or bonds.

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Cash Management

This is about making the most effective use of the bank’s liquidity to help clients with cash flow. The bank can identify client money that’s not doing anything and suggest a place to put it, monitor exposure and reduce an organisation’s risk when cash is tight, and make sure that collections are made from debtors in good time.

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Securities Services

Securities – bonds and shares – can be managed by a bank on a client’s behalf. This involves things like keeping a record of the investment and collecting dividends that are due. The bank can also take responsibility for sale process, making or collecting payments and transferring ownership of a security.

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Capital Markets

When a business wants to raise money by issuing bonds or shares, it comes to a bank for help. The bank puts together information that helps investors decide whether or not they’re interested, prepares the securities to be issued, and deals with the regulator.

"Getting to see different countries and experience other cultures is a definite bonus."

Aren’t all bankers ruthless and money-oriented?

They work in a pressurized environment and they’re certainly focused and motivated, but bankers’ behaviour is highly regulated, and integrity is vitally important.

Is Transaction Banking right for you?

With a diverse range of work and clients all over the world, a career in Transaction Banking offers plenty of opportunity. Find out the kind of attributes you’ll need to be a success.

Curiosity

You’ll need to know about a lot of different industries, products and services, and to keep your knowledge up to date.

Thick skin

TV and film tends to exaggerate what life in banking is like, but you will need to keep a cool head under pressure.

Good with people

Some of your time will be spent entertaining clients – hosting them at events, and going out with them in the evening. And you’ll need to be able to bring together diverse groups of people and get them to deliver work.

International outlook

You’ll work with people from lots of different countries, and be involved with multi-national clients right from the start.

Attention to detail

You’ll need to be the first person to spot areas of concern for your clients, and understand how global events can affect your work.

What is Asset Management?

In Asset Management, there’s one key objective: generating income for clients. This is done by directing a client’s capital into a range of investments, chosen carefully by balancing risk, opportunity, and other variables – from timeframes, to the other investments in a client’s portfolio.

On behalf of their clients, an Asset Management team might invest in stocks, bonds, property or the foreign exchange to help a client meet their investment goals. These are just some examples of common investments.

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Within Asset Management, there are two sides to business:
Investments, and sales and distribution.

Investments

This is the ‘doing’ arm of Asset Management. Researchers, portfolio managers and traders work here, managing and making investments for clients.

Sales and Distribution

This arm of Asset Management positions and sells the investment services offered by the bank, and manages relationships with clients.

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What are Assets?

Used to describe anything with monetary value that is owned by an individual or business – such as shares, property or bonds.

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What is a Portfolio?

A collection of investments, including anything from shares and bonds, to property and art. To reduce risk, investors often try to diversify the investments in their portfolios.

What are
Equities?

Also known as stock; a stock is typically a ‘share’ of ownership in a company.

What are
Bonds?

Bonds are like loan agreements: an organisation issues bonds and receives money for them. In return, the bondholder receives interest on the money they have lent.

What is the
Foreign exchange?

Also known as forex or FX, the foreign exchange is the world’s largest financial market. Investors can buy, sell and exchange on international currencies.

What is
Property?

Compared to stocks and commodities, investing in residential or commercial properties can offer a steadier, more secure investment for investors.

"To be successful, you need to be genuinely passionate about your work. That’s something that’s hard to fake."

Will a job in
banking make
me millions?

You may earn more than in other industries, but a private jet might still be a stretch.

Is Asset Management right for me?

From working with the world’s largest investors, to being at the heart of global events, a career in Asset Management can be as exhilarating as it is rewarding – but it isn’t for everyone. Find out what qualities make for a great career in Asset Management, and what you should be aware of.

Strategy & insight

Strategic skills and sharp insight are key to developing products at the forefront of our industry.

Focus on the future

Forward thinking is essential in Asset Management: to make a sound investment, you need to think ahead and evaluate potential risks, returns and complications.

Strong work ethic

The market never sleeps. Working in Asset Management, you’ll need to be ready to work hard and put in the hours to help your clients, and develop your specialism.

Drive to perform

In Asset Management, your success is measured by the portfolios you manage. To progress, you’ll also need to take professional exams

Genuine passion

While not as fast-paced as Sales & Trading, Asset Management is still a fairly high-pressure career path. To go far, you need to be genuinely passionate about the work you are doing.

What is Private Banking
and Wealth Management?

Individuals with substantial wealth often have complex financial arrangements, and want to make sure that their asset portfolios are generating the best possible returns. They’ll work with a specialist advisor at a bank with in-depth knowledge of financial markets and investment opportunities who will understand their perspective and help them reach their goals.

Wealth managers work in a consultative way, getting advice from appropriate experts and offering appropriate products and solutions. Their services can be either discretionary or non-discretionary.

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Wealth managers

Wealth management teams are divided into specialists who will typically include:

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Relationship managers

Relationship managers are the main point of client contact. They will usually be an experienced investment advisor. They create and maintain strong relationships with clients, solving problems and listening to feedback.

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Product specialists

These are typically experts in a particular asset class who will develop investment products and make them available to clients.

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Investment managers

Investment managers make decisions about where investments are placed, and are ultimately responsible for how clients’ portfolios perform.

Discretionary

Clients hand over responsibility for executive portfolio management to the bank.

Non-discretionary

Clients receive advice from the bank, but make final decisions for themselves.

"My job gives me the opportunity to specialise and become an expert."

Will I be recognised as an individual within a large bank?

Despite their size, many banks offer support and guidance to employees and to help individuals reach their full potential.

Is Private Banking and Wealth Management right for me?

Managing the assets of some of the world’s wealthiest people is a fulfilling and challenging job – but their expectations can be high. This could be a great role for you if you are:

Good at communicating

You’ll need to give expert advice on complex matters to people with varying degrees of knowledge.

Resilient

If something goes wrong, it’ll be up to you to explain why, and decide on a course of action to get things back on track.

Curious

There’s a lot to learn, and you’ll be expected to have far-ranging and in-depth knowledge.

Socially adept

Building positive relationships with clients is a big part of the job, so you’ll need to enjoy being around people.

What is
Retail Banking?

Retail provides products and services like loans, mortgages and current accounts to individuals and small companies. It’s the kind of banking we think we all know, but there’s much more to it than high-street branches and call centres. It’s a huge, complex and competitive business where customers want the latest digital technology without losing access to personal advice.

Opportunities in retail range from front-line customer service and branch management to relationship management and product development. People with aptitude can progress quickly and will get the chance to study for professional qualifications.

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Customer service

Working on the counter at a branch or in a contact centre, customer service teams are the first point of contact for the bank’s retail customers. They help with queries and problems, and refer them to the appropriate specialists.

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Branch management

Branch managers are responsible for the commercial performance of their business unit, managing in-branch recruitment, setting targets for junior staff, and reporting on activity to the wider bank.

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Product development

Product development teams make sure that the bank’s range of services – like credit cards, savings accounts and insurance – meets the changing demands of its customer base and are marketed appropriately.

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Strategy

Strategy specialists analyse market conditions and competitor activity to see where the bank could gain an advantage. They also review the bank’s performance against its targets and produce reports and insight.

"If you enjoy interacting with people from all around the business, then you’d definitely find this area interesting."

Do you have to be a maths genius?

Numerical skills are useful, but there are roles in banking that call for people from all kinds of disciplines and many different skillsets.

Is Retail Banking right for me?

Retail Banking is fast-paced and you are often seen as the face of the Bank if you work in branch. Find out the kind of attributes you’ll need to be a success.

Client focus

Retail banking is all about making customers’ lives better, easier and happier. You’ll need a passion for delivering best in class customer service at all times.

Communication skills

You’ll be dealing with people who have some financial knowledge – like small business owners – and people who have very little. You’ll need to tailor your style for each audience.

Relationship builder

Learning how to build relationships is the key to winning and retaining business in retail banking; you need to do the kind of work that can make a lasting impact on your clients.

Numeracy

Not all roles in retail banking require you to be a mathematical genius but a head for figures can be advantageous – you’ll often need to think on your feet.

Team player

You’ll work closely with teams providing services, advice and guidance to clients on a daily basis; effective team work can make all the difference.

What is
Technology?

The right technology can give one bank the edge over the competition, and plays a big part in compliance with regulations that get tougher every year. It’s not about IT support – which most banks outsource – but about emerging trends set to transform the industry like Blockchain and AI, and the increasing significance of the Cloud. That’s why institutions invest vast sums in tech and employ tens of thousands of people to develop and maintain it.

It’s most evident on the trading floor, where it makes trades faster, more competitive, and more profitable. But technology, and making technology better, is crucial to every part of a bank.

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Bitcoin & Blockchain

Bitcoin is a worldwide, open-source digital currency. Because payments take place peer-to-peer, without regulation by a central authority, a common record of transactions is kept on a decentralised network known as Blockchain.

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Cloud

Cloud computing allows users of global banks to access new and upgraded software wherever they’re based, eliminating the need for large, costly IT infrastructure. The speed at which banks can evaluate and adopt new tools and applications can also be hugely increased.

Isn’t technology at a big bank just a support role?

The world of finance is changing fast, and technology is a major catalyst for this change. This means there’s masses of innovation taking place at banks to keep them competitive, with the best banks are investing heavily in technologists. This makes them great places to develop your career.

"We have a diverse mix of people working in technology."

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AI

Artificial intelligence (AI) could transform banks’ front- and back-office operations, reducing response times to customer queries, improving fraud detection, and automating investment decisions by aggregating thousands of variables and potential outcomes in seconds.
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Algorithmic trading

Algorithmic trading is the use of self-contained mathematical formulas to make complex decisions about trading (based on conditions in price and timing) much faster than a human brain is capable of.

Developers

Developers create new applications and software to be used by the bank, or adapt software that’s been acquired from a third party to the needs of their institution. They work on everything from retail customer-facing mobile banking aps to applications that use financial modelling to help traders make better decisions.

Service Management

Service Management teams are hands-on technicians, supporting the Banks functional teams and leveraging their expertise to ensure best-in-class Service Management. From monitoring and tracking production data to supporting the resolution of issues, their insights and input help advance the banking industry.

Analysts

Business analysts assess existing systems and develop proposals for new requirements. They’ll often manage a project through development, running a team of developers and dealing with third-party suppliers. It’s up to them to troubleshoot problems that come up in testing, and hand over a robust new product to the rest of the business.

QA Testing

Analyzing requirements, writing test cases and creating test data are just a few things QA Testing teams do to ensure products uphold the highest standards. From planning and strategy to analysis and reporting, this team watches their work come to life in a way that drives banking forward.

Is Technology right for you?

Banking technology isn’t about IT support – it’s a challenging, competitive function that’s set to grow in size and importance. If you’re thinking about a career in tech, these are the kinds of qualities you’ll need.

Creative

The demands made on the technology team are unique; solutions to outdated or unsuitable systems aren’t always obvious, and you’ll need creative thinking to find the answer.

Happy under pressure

Banks are intense places to work, and tech is no exception. You’ll need to be happy working in a demanding, exciting environment.

Adaptable

In technology everything can be turned on its head by a new innovation overnight. You’ll need to stay ahead of the curve if you want to thrive.

Good communicator

Of course you’ll need to know your trade – but because you’ll be working with people from right across the bank, it’s important that you can explain your thinking in simple terms.

Literate with code

In some roles you could be dealing with complex code. Knowing the fundamentals of computer science is advantageous.

What is
Infrastructure?

Front-line banking is made possible by a diverse mix of specialists in infrastructure and support roles. Like every large business, banks have people responsible for human resources and accounting, as well as functions specific to financial services like risk and regulation. Some will have begun their careers in banking, but many will have crossed over from a similar role in a different industry. And as banks become more heavily regulated, they depend more heavily on teams of specialists in compliance

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What is regulation, compliance and anti-financial crime?

While Anti-financial Crime the Legal division concentrates on keeping the bank to the letter of the law, compliance focuses on the operational side of the bank’s activities, ensuring that it’s working in line with the regulations that govern financial services businesses in the countries where it does businesses. Areas of responsibility include:

  • Regulator management:building a relationship with regulators to ensure banks are complying and accurately responding to regulatory requests
  • Anti-financial crime:adherence and policy management for anti-fraud, bribery & corruption, anti-money laundering and sanctions & embargoes
  • Training:Global delivery of mandatory bank-wide training for employees on key compliance topics
  • Legal responsibilities:keeping banks appraised and compliant with all new regulations and laws around the world
  • Monitoring:watching bank activity for questionable activity
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What is Operations?

Operations makes sure the bank’s business is carried out efficiently, on time, and without risk. It’s largely concerned with Sales & Trading, and the millions of transactions that take place there every day. Its main responsibilities include:

  • Trade processing and support:clearing, settling and documenting every trade
  • Market:promoting smooth internal data communication
  • Investment:supervising and servicing activities while reporting on transactions
  • Operational:advising and communicating with clients on transactions they’ve made with the bank
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What is Treasury?

In simple terms, a bank’s Treasury is responsible for looking after its money. This means making sure there’s cash available when it’s needed and that funds can be raised to help the bank meet its obligations and do business in the normal way. It focusses on:

  • Liquidity:converting assets into cash without incurring a loss, and stress testing to make sure the bank’s position weather a sudden shift in the economy
  • Capital:managing the bank’s cash and getting it to where it’s needed
  • Funding:raising extra funds for the bank – for example by issuing bonds
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What is Finance?

Separate from the financial services work they undertake for their clients, banks must monitor their profitability, produce financial statements and do their own accounting. The services they perform include:

  • Business control:running processes that promote efficiency and profitability
  • Reporting:providing data to regulators
  • Risk control:making sure the bank doesn’t expose itself to unnecessary risk
  • Valuation:setting prices for the bank’s products and services
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What is Human Resources?

Human Resources (HR) makes operational and strategic decisions about the bank’s current and future workforce, attracting, recruiting and retaining talented people, making sure they’re properly trained and ensuring that people are treated fairly. Their main areas of responsibility include:

  • Recruitment:hiring the best employees to meet the demands of the business
  • Training & Development:ensuring employees have access to training and development opportunities throughout their careers
  • Compensation and benefits:managing salaries, perks and bonuses
  • Employee relations:resolving disputes while observing correct processes
  • HR advice:acting as consultants on strategic HR issues to senior management
  • Regulations:setting and communicating company rules
  • Internal mobility & redeployment:creating opportunities to retain and redeploy talented employees
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What is Risk Management?

Market crashes, IT failures, even wars and natural disasters – risk management’s role is to predict the likelihood and potential impact on the business of something going wrong and put guidelines and procedures in place to help the bank recover. Roles in risk management include:

  • Credit:working on the bank’s internal credit approval and monitoring service
  • Market:studying shifts in the market and assessing their impact on the bank’s trading
  • Investment:assessing risks associated with entities the bank buys or invests in
  • Operational:assessing internal risks like system failures and fraud
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