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Welcome back to another issue of ‘Career Guides Weekly’ by Career Guides. Let’s dive in!

TODAY’S MENU

• Investment Banking: 2023 bonus expectations: bank by bank, European bankers are weirdly optimistic about bonuses this year, IBM to buy Software AG's enterprise integration platforms for $2.3 bln, and more

• Global Markets: Euro zone likely in recession, China to run budget gap of 3% of GDP in 2024, Equities outlook 2024: Key themes and macroeconomic trends, and more

• Asset Management: Top 50 asset managers revealed, BlackRock raises €774m for new European property fund, Almost entire $8tn ETF market hinges on a few key firms, and more

• Private Equity: Unilever sells its £700 million a year Elida Beauty division to US private equity buyer, The deals that show how lucrative private equity can be, and more

• Hedge Funds: Hedge fund groups sue SEC in effort to block short-selling rules, Citadel says others are piling into the same trades and regulators are noticing, and more

• Venture Capital & Crypto: What is happening with all these new venture funds?, This week’s 10 biggest funding rounds, Fintech’s wild ride in 2023, and more

INVESTMENT BANKING (GET THE 100-PAGE GUIDE HERE)

What will your bonus be like for 2023? Based on over 2,000 responses to the efinancialcareers bonus expectations survey, the answer is: it depends. As we head into the end of the year, the bankers expecting the biggest increase in their bonuses are working for HSBC, followed closely by those at Goldman Sachs. Conversely, the only bankers expecting their bonuses to fall at all on average are working for Bank of America.

IBM said on Monday that it would buy Software AG's enterprise integration platforms for 2.13 billion euros ($2.33 billion) to bolster its artificial intelligence and hybrid cloud offerings.

• 2023 bonus expectations, bank by bank (EFC)

• European bankers are weirdly optimistic about bonuses this year (EFC)

• IBM to buy Software AG's enterprise integration platforms for $2.3 bln (RT)

• "Why I left my finance job in London for a new life in Dubai" (EFC)

• Japan's Nippon Steel to buy U.S. Steel in $14.9 billion deal (RT)

• Citi set to split Mexico retail bank from corporate, investment unit by late 2024 (RT)

GLOBAL MARKETS (GET THE 107-PAGE GUIDE HERE)

Despite a tentative pushback from central banks against what some see as excessive interest rate cut bets for next year, U.S. markets retained the warm holiday glow of credit easing ahead - with one wary eye on the Bank of Japan.

The BOJ is the last of the G4 central banks to make its final 2023 policy decision this Tuesday - and also the most out of step. Far from the rate cut nods and winks from the Federal Reserve and others last week, there's still an outside chance the BOJ could tighten monetary policy this week.

• Morning Bid: Markets brazen Fed pushback, BOJ up next (RT)

• Euro zone likely in recession, PMI surveys show (RT)

• ECB rate cut bets premature, markets have eased too much: Vasle (RT)

• Exclusive: China to run budget gap of 3% of GDP in 2024, issue special debt (RT)

• Equities outlook 2024: Key themes and macroeconomic trends (FE)

ASSET MANAGEMENT (GET THE 71-PAGE GUIDE HERE)

In a recent collaboration between Funds Europe and Monterey Insight, the 'Top 50 Asset Managers' list has been unveiled, spotlighting the top performing of the asset management industry based on their 2022 AUM growth.

One of the largest UK pension and insurance firms has opened the door to backing US-style mega-bonuses for London listed companies despite fears that executive pay is fuelling inequality and encouraging “short-term risk taking”. Legal & General Investment Management has updated its pay policy to say there is room for the “necessary flexibility” needed to attract the best talent. It acknowledges “an increased push” by UK companies towards “remunerations structures that are more closely aligned to US-style pay”.

• Top 50 asset managers revealed (FE)

• L&G opens door for huge US-style bonuses for UK asset managers (TG)

• Asset Management: The year that was (FT)

• BlackRock raises €774m for new European property fund (FE)

• ‘Bonds are back’ as markets enter a ‘new paradigm,’ says HSBC Asset Management (CNBC)

• The best places to work in money management 2023 (P&I)

• Almost entire $8tn ETF market hinges on a few key firms (P&I)

• Goldman Sachs Asset Management looks to build on huge Outsourced CIO win earlier in the year (P&I)

PRIVATE EQUITY (GET THE 127-PAGE GUIDE HERE)

• Unilever sells its £700 million a year Elida Beauty division to US private equity buyer (TST)

• The deals that show how lucrative private equity can be (FT)

• Bundesliga deal: What does private equity want in football? (DW)

HEDGE FUNDS (GET THE 116-PAGE GUIDE HERE)

• Hedge funds fall victim to success in dash for cash (RT)

• Citadel says others are piling into the same trades and regulators are noticing (P&I)

• Hedge funds have invaded the housing market. A new bill would ban them (VCE)

• Hedge fund groups sue SEC in effort to block short-selling rules (FT)

• Renaissance Technologies names new Co-CEO (P&I)

VENTURE CAPITAL & CRYPTO (GET THE 122-PAGE VC GUIDE HERE)

• What is happening with all these new venture funds? (TC)

• Tech funds adopt private equity strategies in race to return cash to investors (FT)

• Fintech’s wild ride in 2023 (TC)

• Robinhood is on a quest to dive deeper into crypto (TC)

• This week’s 10 biggest funding rounds (CB)

BEFORE YOU LEAVE

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