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Late Lunchtime Links: Goldman partner says his colleagues all amazingly bright, but out of touch

What Goldman Sachs bankers are missing  (Photo credit: jonanamary)

What Goldman Sachs bankers are missing (Photo credit: jonanamary)

People at Goldman Sachs are very intelligent. According to Jim O’Neill, the head of Goldman Sachs Asset Management, they are also somewhat out of touch with reality.

O’Neill has worked at Goldman for eons and is retiring later this year. He joined the bank in 1995 as chief currency economist with responsibility for deciding Goldman’s view on the US dollar. “Within a week, about 200 other people at Goldman offered me their view,” O’Neill told the Financial Times. “I’m like, ‘Oh my God. They are all so bright.’ But that’s how the place is. It’s amazing in that sense. Amazing.”

Goldman’s incredibly intelligent employees could, however, do with greater appreciation of the realities of life for lesser mortals. As with other bankers, who demonstrated their disassociation from reality with their recent money-saving tips, Goldman bankers are privileged and have limited experience of – for example – public transport. “Not enough people at Goldman go on the tube,” said O’Neill. “You could say that about most of our industry. Understanding our presence in society is something we need to do better,” he reflected.

Meanwhile:

Following the EU bonus cap, US banks say they’re thinking of basing businesses in Africa or Dubai. (Financial Times) 

President Hollande’s new new plan: make French employers pay the 75% tax. (Financial Times) 

What happens if the UK leaves the EU? 164 financial services firms from the rest of the EU are based in the UK. (Financial Times) 

Unexpectedly, the UK financial services industry added 2,000 jobs in the three months to March. (Financial Times)  

GLG has hired interest rate strategist Mohit Kumar from Deutsche. (Bloomberg) 

A Wall Street firm rescinded an offer they had given me because they found out I had a baby at home. (Dealbook)

Women in finance are coping with “the kinds of problems that women in most industries experienced in the early 1970s. (Dealbook) 

Research finds that banking is an extremely stressful job and that banks are full of  “an increasingly unnerved, pressurised and, in many cases, disenchanted workforce – a large proportion of which sees no way out of the stressful situation.” (Financial Times)

How to get a quant job on Wall Street. (Quartz)

The joys and dangers of Modafinil – Wall Street’s new drug for boosting concentration. (NY Mag) 

Cat versions of Wall Street traders. (Twitter) 

Church attendance in the City of London has risen 24% since 2007. (Financial Times)  

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