Investment Bankers in India: Rock ‘n Roll

Here’s an idea: Go work for Enam Securities.

The US investment bank turmoil is creating opportunities in India. The Economic Times (via WSJ) reports that top Indian grads are now looking more favorably at offers from the hometown team.

Grads at IIMB (Indian Institute of Management Bangalore) received fewer offers from banks like Merrill Lynch and Lehman Brothers. The ET reports that Merrill Lynch made 6 offers this year (vs 13 last) while Lehman made 11 versus 13.

Meanwhile, hiring from Indian investment banks was strong. Out of 21 investment banks that recruited at IIMB, 8 were Indian and included: Enam Securities, Mape Advisory Group and Edelweiss Capital. Mid-market investment bank Mape hired 4 from IIMB.

So how much does an Indian investment banker get paid? According to the ET, to the tune of Rs 20 lakh- Rs 30 lakh, which if my math is right is about a starting salary of $50,000 (USD), or $75,000 (USD) with bonus.

Can any Indian readers corroborate these salary figures? I assume it’s for a 1st year?

Also on the Indian investment banking front, Deustche Bank investment banker Chetan Bhaga (a Mumbai-based director in Deutsche Bank’s distressed-assets group) has reached “cult status” for penning, all while also being a banker, novels targeting the young, competitive and mobile set in India. One of his books, brilliantly titled “One Night @ the Call Center” is also being made into a Bollywood film called “Hello”:

His “One Night @ a Call Center,” … is, beyond its story line about frustrated office romance, a critique of a nation climbing to prosperity by answering phone calls from American consumers.

Millions of Indians might have lifted their incomes by doing call center work. But the jobs are dead ends, said Bhagat, and no well-to-do parents want their daughter to marry a call center worker.

“Is this the best we can offer to India’s young generation?” he asked. “If call centers are so great and brought riches to the country, like the government says, why aren’t they marrying their daughters off to a call center guy?”
- Closet Digital Media Investment Banker