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Yahoo
9 hours ago
- Business
- Yahoo
Howard University Steps Up To Place Its Graduates In Lucrative Finance Careers
The HPS Center for Financial Excellence (HPS-CFE) at the Howard University School of Business has a lofty goal: Become a major player in positioning its graduates in the potentially lucrative financial services industry. The HBCU aims to be viewed in the same light as other powerhouse business schools by helping to secure above-average finance roles for its graduates within the next four to five years. That is a desire for Curtis Kidd Telemaque, Ph.D., and director of HPS-CFE. 'The HPS Center was created to intentionally correct the skew from back office only positions to client-facing roles that require a highly technical skillset. As such, the center's strategy has been to merge theoretical financial concepts taught in class with practitioner-led extra-curricular modules.' LOCATING STUDENTS IN ROLES THEY HAVE BEEN NEGLECTED FROM The Washington, D.C.-based school is boosting efforts to help HBCU students land future careers in investment banking, alternative finance, and asset management. Black students, especially those from HBCUs, have long not been equally represented in such high-paying roles. Research shows that graduate hiring at global banks, like those based in New York, has just 0.5% of senior investment bankers who are Black. Another report reveals that minority- and women-owned firms manage just 1.4% of the roughly $82 trillion in U.S. assets under management, despite performing on par with industry averages. Now, Howard's business school wants to help change these statistics. SCORING HIGH-PAYING JOBS NEAR TIMES SQUARE AFTER GRADUATION Helping change the narrative are Dylan Thomas and Jessica Barnes. They are now earning or about to earn 'six-figure' salaries working at mega companies near Times Square in New York City. After completing an internship at Barclays last summer, Thomas joined one of Wall Street's most influential investment banks. He was just hired as an investment banking analyst at Barclays, stating his pay is 'definitely more than I have ever made.' 'Essentially, if a tech media or telecommunications company finds itself in debt, they call my team, we lend them some money, and then we charge them for that money that they borrowed,' Thomas told BLACK ENTERPRISE. He says HPS-CFE supplied him with mentorship, exposure, and experience to help find his footing in the financial services industry. Thomas reflected on how current and future students can benefit from a $10 million gift announced in 2021 by HPS Investment Partners and The Kapnick Foundation to create the HPS-CFE. You can learn more about the center and investment here. The project remains in progress, as Dr. Curtis Kidd Telemaque, who became the HPS-CFE director in 2021, continues to work with students. The young analyst shared how the gift could help reduce the recognized disparity between blacks and whites, as well as others working in the industry. 'HPS Investment Partners wants to do their part to take some of that load off us and to invest in our learning and our growth, said Thomas.' He added, 'Any young black professional aspiring to a career in financial services should seriously consider the value in the HPS-CFE as it is.' Thomas and Barnes are among the first members of the graduating cohort of 13, receiving their degrees in May 2025 from Howard. Ten of those individuals have since secured high-finance employment roles in financial services and management consulting. o Barnes, 22, will begin working full-time this October as an enterprise strategy and value associate at Strategy&, the global consulting arm of accounting giant PricewaterhouseCoopers. Her job: Helping power utility and aerospace companies create strategies for sustaining growth, reshaping costs and business structures, along with integrating IT and digital operations. She will start her new role after completing three corporate internships. GAINING THE RESOURCES TO FLOURISH IN THE HIGH-FINANCE SPACE Barnes says CFE helped enhance her new career journey in many ways. For one, she developed some skills she will truly need professionally. And she says she founded the Howard University Women In Finance Initiative. The community largely connects Black women in the high finance sector. 'It gives women the power of representation and community to achieve their goals in a space that predominantly doesn't have Black women.' She added that the CFE gave her courage to take on the world. 'We really got the backing to just feel like we are equipped with the skills and resources that maybe even if you don't have the answer now, I know I can rely on the network that I was given to get it.' Students from CFE have secured jobs with several high-finance companies, including Partners Capital, Bank of New York Mellon, Barclays, Goldman Sachs, PwC, Vanguard, EY Parthenon, Carlyle, Union Bank of Switzerland, Truist, and MasterCard. Kidd Telemaque added that, generally, they have landed high-paying positions immediately after graduation, with an average starting salary for the most recent cohort at $89K and approximately $10K in bonuses. WORKING WITH BLUE-CHIP COMPANIES TO MAKE A DIFFERENCE Additionally, HPS-CFE is stepping up efforts to boost the low representation of HBCU graduates in high finance. The center partners with a broad range of firms that offer a wide range of services, including private credit management, investment banking, and asset management, to facilitate change. Kidd Telemaque says the firms include HPS Investment Partners, Vanguard, CFI, Goldman Sachs, and Warburg Pincus. 'Our position is that companies are able to directly assess talent when they provide instruction or are otherwise involved in enhancing students' practical finance skills.' While disparities are not new to HBCUs, they have led to an outpouring of support for certain HBCUs to attract high-performing talent. 'Due to this support, we can not only expose our students to all areas of finance but also provide practical, hands-on expertise before graduation.' Still, actions to help uplift graduates are not obstacle-free. Kidd Telemaque says one of the center's challenges is overcoming industry perception of HBCU graduates as being less qualified. The HPS-CFE's future ambition to place more HBCU graduates in elevated finance roles stems from the recent success of five Howard students, who won a $1 million grant for the school after winning the fifth annual Goldman Sachs Market Madness competition. It was disclosed that the money will be invested in infrastructure and academic programming for the university. An HPS-CFE participant, Barnes offered some advice to existing students or those considering attending the center. 'Knowledge is power. 'Learn what you don't know and then strive to be excellent. I think that sometimes it's so rare.' RELATED CONTENT: Howard University Appoints New VP Of Enrollment As HBCU Deals With Student Woes Sign in to access your portfolio
Bloomberg
a day ago
- Business
- Bloomberg
Top Arranger Says India IPOs to Raise $30 Billion Over 12 Months
The boom in Indian initial public offerings is expected to continue, with companies poised to raise over $30 billion in the next 12 months, according to Kotak Mahindra Capital Co. Around 150 firms are planning to tap the equity market, V Jayasankar, head of investment banking at Kotak, the country's top arranger for equity deals this year, said in an interview. 'The pace of IPO filings is robust, and it reflects the deepening confidence of issuers in India's capital markets,' he said.
Reuters
a day ago
- Business
- Reuters
Morgan Stanley hires Shahsingh from UBS to head North American industrial services IB
NEW YORK, July 21 (Reuters) - Morgan Stanley (MS.N), opens new tab has hired Aftab Shahsingh from UBS (UBSG.S), opens new tab to lead industrial services coverage in its investment bank in North America, according to a source familiar with the situation. Shahsingh has worked in industrial services for over 15 years and led more than 50 advisory and capital-raising transactions since 2020, said the source, who declined to be identified discussing personnel matters. Shahsingh will join Morgan Stanley later this year. The bank has been adding to its industrials practice with recent hires, including David Hammond in metals and mining and Sean Murray for chemicals, both from Goldman Sachs, and Andy Lipsky and Chris Khouri for industrial technology coverage from JPMorgan Chase. Last week, Morgan Stanley reported a profit that beat Wall Street estimates in the second quarter, but its investment banking revenue shrank. The bank saw a pick-up in activity in the latest part of the second quarter, CEO Ted Pick told investors during the earnings call. "The second half ended with increasing engagement and a steady rebound in capital markets," Pick told analysts. Chief Financial Officer Sharon Yeshaya told Reuters in an interview the bank is optimistic about M&A discussions. "Companies are looking past tariffs for strategic movements and growth," she said.
Yahoo
a day ago
- Business
- Yahoo
Citi hires Vargas from JPMorgan to lead equity capital markets in North America
NEW YORK (Reuters) -Citigroup hired Bernal Vargas from JPMorgan Chase to lead its equity capital markets division in North America, according to a memo seen by Reuters on Monday. Vargas will be based in New York. He was most recently the head of Americas cash equity sales at JPMorgan, according to the memo signed by Doug Adams, Citi's global co-head of equity capital markets. Vargas previously worked at Merrill Lynch and Goldman Sachs. He will join later this year, the memo added, without specifying a date. Citigroup's head of banking, Viswas Raghavan, has been announcing high-profile hires as the bank expands its investment banking business and revenue. Citi hired David Friedland from Goldman Sachs as co-head of North America investment banking coverage. It also recruited two executives from JPMorgan for its financing business. The lender plans to raise its investment banking headcount in Japan by 10% to 15% over the next year and make new hires in Australia.
Reuters
a day ago
- Business
- Reuters
Citi hires Vargas from JPMorgan to lead equity capital markets in North America
NEW YORK, July 21 (Reuters) - Citigroup (C.N), opens new tab hired Bernal Vargas from JPMorgan Chase (JPM.N), opens new tab to lead its equity capital markets division in North America, according to a memo seen by Reuters on Monday. Vargas will be based in New York. He was most recently the head of Americas cash equity sales at JPMorgan, according to the memo signed by Doug Adams, Citi's global co-head of equity capital markets. Vargas previously worked at Merrill Lynch and Goldman Sachs. He will join later this year, the memo added, without specifying a date. Citigroup's head of banking, Viswas Raghavan, has been announcing high-profile hires as the bank expands its investment banking business and revenue. Citi hired David Friedland from Goldman Sachs as co-head of North America investment banking coverage. It also recruited two executives from JPMorgan for its financing business. The lender plans to raise its investment banking headcount in Japan by 10% to 15% over the next year and make new hires in Australia.
