Crypto bank paying $475,000 on average wants self-made juniors

You won’t make $475,000 (£348,000) when you start as an analyst at Galaxy Digital, the self-proclaimed crypto investment bank, but it is a possibility over time. As we reported last month, Galaxy Digital’s most recent results suggested it was on track to pay its 510-employee average $475,000 for the past year.

In fact, Galaxy Digital can pay a lot more than that. The 510 figure comes from a presentation the company made last November, but Jen Lee, Galaxy’s human resources director, recently hired by Blackrock, told Bloomberg that Galaxy Digital currently employs only 285 people. The remaining 225 sit in BitGo, a crypto custodian it acquired in July; Custodian jobs generally pay less than investment banking jobs.

Like most crypto companies, Galaxy Digital is growing rapidly. It needs people for the full range of jobs in a traditional investment bank, plus a few more. In the nine months to last November, it hired 31 people for asset management (+133%), 55 people for trading (+44%), 12 people for investment banking (+141%) , 11 people for the main investments (+267%). ) and five people for crypto mining (up 67%). Many of its recruits, like Gavin Phillips, former head of European sales at Jefferies, come from investment banks. Recruitment will continue at a sustained pace in 2022.

It’s not hard to see why. According to PWC, crypto trading volume grew by nearly 5,000% in the past year. With other sectors in turmoil, bankers negotiating crypto deals will likely be busy for years to come, and Galaxy Digital is positioning itself as the crypto specialist.

Having already hired 45 people in 2022, Lee says Galaxy Digital is in the process of setting up an analyst program for 30 entry-level hires and is on a “first-of-its-kind hiring sprint.” It’s unclear if the analyst program will be open to new graduates, but Lee says Galaxy Digital is open-minded about its new hires. “There is no traditional path when it comes to crypto,” she tells Bloomberg. “We would like to see people who are self-taught in crypto, but we would also like to see people who have a traditional background in a bank, or even a tech firm…”

Separately, Jonathan A Knee, former vice president of Goldman Sachs turned author and senior adviser at Evercore, has some thoughts for senior bankers and partners at Goldman Sachs.

Knee, who left Goldman a few decades ago, had plenty of time to reflect. He was prompted to write now by a book by Arthur C. Brooks, a Harvard social scientist. This indicates that finance professionals peak in their careers between the ages of 36 and 40, and that “striving” (like Goldman Sachs partners) who are addicted to success, may then face a rude awakening as accomplishments Futures come less easily and they underinvested in relationships early in life.

Achieving joy in the second half of life means managing this transition, developing an identity separate from the expectations of others, and engaging in activities that build on the “crystallized intelligence” of knowledge acquired in the past. The latter includes teaching, says Knee – the ideal second career for Goldman Sachs partners.

Meanwhile…

UBS traders will see their bonuses cut by 10%; UBS investment bankers will see their bonuses increased by 10-15%. (Bloomberg)

Bank of America CEO Brian Moynihan said the bank’s capital markets business “is down” so far in 2022, even as the investment bank continues to see a strong pipeline of customer activities. (Reuters)

Citadel is expanding in New York and is in talks to take up more space at 425 Park Avenue and to lease several floors to 550 Madison Avenue (Bloomberg)

A whistleblower has leaked data on 18,000 Credit Suisse bank accounts showing the bank used to open accounts for people with “problematic” backgrounds. (New York Times)

British wealth management firm Dolfin Financial has arranged them “golden visas” for British stays of around three and a half years in exchange for investments. Visa conditions state that investments must be worth at least £2m, but Dolfin discovered that investors only invest £400,000 by moving between its own affiliates. The trick seems to have been discovered. Chinese customers are not happy. (Bloomberg)

The pandemic and Brexit mean German business schools are becoming a thing. Think of the ESMT in Berlin, the Frankfurt School of Finance and Management, the from WHU – Otto Beisheim School of Management in Düsseldorf, or Mannheim Business School. (FinancialTimes)

Research on career regrets reveals that a small number of people say: “Oh, what a mistake to become a good artist. I should have become an accountant. (Bloomberg)

Tech recruiters are ignored. One said to have approached 75 candidates and received 5 responses. (NY Times)

“When it comes to bonuses, high earners tend to drift towards two very different extremes. Either they are very sensible and invest a lot, or they live beyond their means throughout the year and rely on the bonus money to pay off their debts. I have accumulated. (FinancialTimes)

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