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Late Lunchtime Links: Retail bankers take over Barclays. How to go from Morgan Stanley to Goldman Sachs

The retail bankers are coming

The retail bankers are coming

First came Antony Jenkins. Now Barclays’ investment bankers have another senior retail banking type to contest with: Bloomberg reports that Jenkins has promoted one of hits retail banking friends into a key role with implications for operations across the investment bank. Henceforth, Shaygan Kheradpir will be Barclays’ chief operations and technology officer.

In a previous incarnation, Kheradpir was chief information and technology officer at Verizon, the US phone company. He joined Barclays in 2011 as chief operating officer for consumer banking at Barclays. In other words,  Kheradpir is Antony Jenkins’ man and he knows nothing about investment banking. To compound the pain, Bloomberg says Kheradpir will be assuming some of the responsibilities previously held by Jerry Del Missier, Barclays’ former COO.  Del Missier was a senior derivatives banker, with the investment banks’ best interests (theoretically) at heart.

Even before Kheradpir’s ascension, Barclays’ investment bankers were said to be peeved at the retail banker takeover of their firm. Today’s move merely confirms the new reality: retail bankers are in charge at Barclays. The situation is likely to get worse. Jenkins is renewing the executive team and will be hiring in a new CFO and general counsel before the year is out.

Separately, investment banker Kate Richdale has achieved what many senior bankers dream of: she has gone from a senior role at Morgan Stanley to an even more senior role at Goldman Sachs. Having worked at Morgan Stanley for 13 years and latterly been head of investment banking for Asia Pac, Richdale is moving to Goldman as a partner and head of investment banking services for Asia ex-Japan. Her departure follows allegedly poor bonuses at Morgan Stanley. It also follows the exit last year of Morgan Stanley’s M&A champion Paul Taubman, who was apparently a Richdale ally. BreakingViews points out that it’s unusual for Goldman to make external hires at partner level, but Richdale is a big catch. In a region where revenues are driven by personal relationships that take years to build, she has an invaluable list of contacts.

Meanwhile:

Asia accounts for 30% of world trade and about a quarter of global GDP, yet it accounts for about only 12% of global capital market issuance. Asia markets have big growth potential. (IFR Asia)

JPMorgan is doing a little selective hiring in China. (Bloomberg) 

HSBC is hiring utilities bankers and has just appointed Herman Deetman from Deutsche. (Financial News) 

Schroders hired 89 people last year. (Evening Standard)

Executive bonuses are being withheld at Aviva. (Guardian) 

Since 2008, Stephen Hester might reasonably have expected to be paid £12m had he stayed at BritishLand. He’s been paid £7.6m at RBS. (Financial News) 

After paying dreadful bonuses, UBS is in danger of losing people from UBS O’Connor LLC, the $6 billion hedge-fund unit within its US business. (Bloomberg) 

Citadel is cutting 25-30 people. They are mostly in technology and support roles. (Reuters) 

Goldman Sachs has been expanding aggressively in Brazil since 2009. (Reuters) 

An analyst straight out of university will receive just under £65,000 a year as a basic salary from RBS, some £20,000 more than Goldman Sachs pays. (Telegraph)

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