Hey! 👋 

Here’s what I’ve got in store for you today:

1. Commercial Awareness Update

   • Everything you need to know across the world of finance.

2. Ask Afzal

   • This week’s dilemma: This 24 year old reader from London is struggling to work to the high expectations of an extremely difficult boss.

3. Together with Financial Edge

   • Imagine you had access to the best online courses on topics across the world of finance. Now stop imagining. Financial Edge have you covered.

In case you missed it, don’t forget to read last week’s 🧠 Career Advice newsletter which covered 7 ways to make the most of your 1-to-1 manager meetings.

COMMERCIAL AWARENESS UPDATE

NEWS INCLUDED IN TODAY’S ISSUE

• Investment Banking: Deutsche Bank to cut 3,500 jobs over next two years, French bank SocGen to cut about 900 jobs at Paris head office, and more

• Global Markets: Powell's prudence spurs a sell-off, OECD raises global growth outlook on US strength, and more

• Asset Management: Just 8 asset managers achieve Morningstar’s top ESG rating, Global passive equity funds' assets eclipsed active in 2023 for first time, and more

• Private Equity: KKR raises $6.4 bln for biggest Asia Pacific infrastructure fund, Labour considers watering down plans for private equity tax raid, and more

• Hedge Funds: Global hedge funds remain short, ready for further US banking turmoil, Hedge funds’ mega returns set off demand spiral for catastrophe bonds, and more

• Venture Capital: The VC funding party is over, Saudi Aramco beefs up venture capital arm to diversify from oil, and more

ASK AFZAL 🤔

Career Questions… Answered ✅

Reader: Female | 24 | London | Fund Management | 3 Years Experience

Question: “My boss is extremely difficult to please. I spend a lot of time on the work I do for him. I complete tasks ahead of deadlines but the work never seems to be up to his expectations. He’s always extremely brutal with his feedback. What’s the best approach to fix this?“

Have an opinion, thoughts or advice worth sharing for her? Reply to this email (all responses are anonymous) with the following:

1. Gender, age, location, industry and years of experience

2. Your response (max. 100 words)

The most helpful responses will be featured alongside my own advice later in the week.

INVESTMENT BANKING GET THE 100-PAGE GUIDE HERE

Germany's largest bank, Deutsche Bank, has said it is planning to slash 3,500 jobs worldwide by the end of next year. It becomes the latest lender to cut back its workforce, with many financial institutions seeing a fall in deal-making activity after interest rates rose. The company employs around 7,000 people in the UK, largely in London and Birmingham.

Societe Generale, plans to cut about 900 jobs at its Paris headquarters through voluntary departures, France's third-biggest listed bank said on Monday, adding to a wave of job losses in the global financial industry. The planned cuts, which will be submitted to SocGen's trade unions, represent less than 2% of the bank's total workforce and about 5% of staff at its headquarters.

• Deutsche Bank to cut 3,500 jobs over next two years (BBC)

• Barclays shifts focus to buyout firms for UK payments business sale (RT)

• Reliance, Bodhi Tree set for 60% stake in Disney India merger (RT)

• How do investment banks influence an economy? (INV)

• Tank gearbox maker Renk re-attempts Frankfurt IPO (RT)

• French bank SocGen to cut about 900 jobs at Paris head office (RT)

TOGETHER WITH FINANCIAL EDGE

Financial Edge Train Top 4 Global Investment Bank Analysts & Associates

Once upon a time, Financial Edge offered investment banking, portfolio management, private equity, and more online courses priced individually for £££’s.

Now you can access all of their online courses for one price. You can also get an additional 25% OFF by using the discount code ‘AFZAL25’ at checkout.

Click here to get started.

GLOBAL MARKETS GET THE 107-PAGE GUIDE HERE 

A sizzling U.S. jobs report and an interview with Federal Reserve Chair Jerome Powell have quashed any lingering expectations of early rate cuts by the Fed, triggering a broad-based stock sell-off in Asia and leading bond yields higher.

The global economy is on course to hold up better this year than expected only a few months ago as an improved outlook in the United States offsets euro zone weakness, the OECD said on Monday.

• Powell's prudence spurs a sell-off (RT)

• OECD raises global growth outlook on US strength (RT)

• Battling between US optimism, China pessimism (RT)

• UK unemployment rate much lower than thought in late 2023 (RT)

• Euro zone economy showing some signs of recovery (RT)

🤩 FREE GUIDES 🚀 PREMIUM GUIDES

ASSET MANAGEMENT GET THE 71-PAGE GUIDE HERE

Only 8 global asset managers out of 97 have met Morningstar’s highest ESG commitment level rating in its latest analysis. The Morningstar ESG Commitment Level helps investors assess an asset manager’s alignment to their own sustainability preferences by providing insights into the firm’s sustainable-investing philosophies, ESG integration processes, resources and active ownership activities.

Goldman CEO David Solomon has endured a tough year, thanks to dormant capital markets and strategic missteps. But hope has been building that Goldman can turn a corner after pivoting away from Solomon’s failed consumer banking efforts. The growth engine for the bank, according to Solomon, is now its asset and wealth management division, which is benefiting from the rise in private credit and other alternative assets.

• Just eight asset managers achieve Morningstar’s top ESG rating (ESG)

• Goldman Sachs tops revenue estimates on better-than-expected asset management results (CNBC)

• China to merge three major asset managers into China Investment Corp (RT)

• US equity funds draw inflows amid positive economic and inflation data (RT)

• Global passive equity funds' assets eclipsed active in 2023 for first time (RT)

PRIVATE EQUITY GET THE 127-PAGE GUIDE HERE

• KKR raises $6.4 bln for biggest Asia Pacific infrastructure fund (RT)

• Labour considers watering down plans for private equity tax raid (BM)

• The private equity fund that only invests in barrels of whiskey (AXI)

HEDGE FUNDS GET THE 116-PAGE GUIDE HERE

• Global hedge funds remain short, ready for further US banking turmoil (RT)

• Investors yank over $100 billion from hedge funds in 2023 (RT)

• Hedge funds cash in on Grayscale bitcoin ETF conversion (RT)

• Hedge funds’ mega returns set off demand spiral for catastrophe bonds (BBG)

VENTURE CAPITAL GET THE 122-PAGE VC GUIDE HERE

• The VC funding party is over (WRD)

• How can venture capital survive a three-year liquidity drop? (TC)

• Saudi Aramco beefs up venture capital arm to diversify from oil (FT)

• Acadian Ventures raises $30M for VC fund focused on the future of work (VB)

BEFORE YOU LEAVE

IN CASE YOU MISSED IT

🧠 From Analyst to Managing Director - Roles & Responsibilities Explained

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Afzal

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