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Morning Coffee: Earnest young bankers snatch last opportunities for inebriation. Compliance hiring overdrive

Young bankers seize the moment.

Young bankers seize the moment.

Who’s getting all the headhunter calls now? Ok, asset managers of the world might not be doing too badly, but the most sought-after names in black books (or online databases) are compliance professionals. Especially so-called ‘advisory compliance professionals’ who can work in the front office and help structure products and trades so that they conform to the new regulatory reality.

JPMorgan, Citi and Barclays have already expressed their intentions of investing in compliance talent this year. Deutsche Bank has also made no secret of its intention of recruiting 500 compliance professionals in 2014, including 150 ‘compliance supervisors’ in the front office – a policy it first announced back in April. Yesterday, Deutsche reiterated this compliance push. Bloomberg reported that the German bank now wants to hire 500 compliance, technology and risk professionals in the U.S. specifically by the end of December. This is part of a general strengthening of the bank’s, “control functions” according to the head of the Deutsche’s U.S. business. Deutsche only has five more months to make its hundreds of hires globally. It seems to have a way to go. Last month, it recruited Sylvie Matherat from Banque de France as global head of regulatory affairs.

Separately, experienced bankers are complaining about the earnestness of the latest crop of new analysts who are just turning up for the start of their training. One 40-something banker complained to the Financial Times that they’re all a bit intense. “The university system is geared towards money,” he observed, “Students are more serious and boring. They have to get as much out of university as possible to maximise their chances of getting a well-paid job. They are more driven.” Elsewhere, the New York Times cautions the latest batch of analysts against working too hard during the preliminary weeks of classroom-based training. “Training is like a vacation,”  one former JPMorgan investment banking analyst, told the NYT. “You’re only working about eight or nine hours a day, so it really is your last chance to drink and party and meet people.” The analyst in question said he overslept during his training programme and missed an important test on M&A. It didn’t matter. Analyst training is an opportunity to take it easy.“There was no surprise that after training, things got rough,” he added.

Meanwhile:

Ex-Credit Suisse commodities trader now investing in Bitcoin. (Financial Times)

JPMorgan hired Dorothee Blessing, an ex-Goldman veteran M&A banker, for its German business.  She will have an office in Frankfurt and an office in London. (WSJ) 

Goldman Sachs just hired London-based oil marketer Roy Golender as vice president of energy sales from Barclays. (Reuters)

Managers who framed flattery as a request for advice, such as, “How were you able to pull off that strategy so successfully?” improved their chances of winning a director’s seat. (WSJ)

Jean-Baptiste de Franssu, former head of Invesco’s European business, has been appointed head of the Vatican bank. (Financial Times)

Banks are simplifying their swaps holdings though a process known as ‘compression’. Offsetting transactions are eliminated so that a bank can reduce, for example, 100 trades into 10 that give the identical position. (Bloomberg) 

What Goldman’s head of M&A says about the M&A market now. (Goldman Sachs)

French bankers don’t get fired. (eFC.fr) 

Related articles:

Careers in finance that will still be hot in 2030. Citigroup investment bankers take control at Barclays

JPM-backed hedge fund hiring in London. Goldman Sachs chief died after client meeting

Deutsche Bank hiring 300 people in London. Unbearable stress of interviewing for private equity jobs

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