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Morning Coffee: What happens to your appearance when you quit the City; 30,000 banking redundancies

Vice Magazine has caught up with Geraint Anderson, the ex-Dresdner equity researcher better known as City Boy and the author of numerous books centered around finance. Anderson left the City in 2008 aged 36. He has since moved to Wales, started a family and begun work on a film script. He looks considerably more relaxed as a result, as the photos below from Vice show.

Another example of Anderson when he left the City

Anderson when he left the City

Anderson today

Anderson today

Separately, Credit Suisse is making a few rates salespeople and traders redundant. This, however, is nothing (nothing!) compared to the enormous redundancies announced yesterday by Russia’s Sberbank.

The weak Russian economy, slower loan growth, increased competition and tighter regulation were all among the factors cited by Sberbank when it unveiled plans to make 30,000 people redundant and close 3,600 branches over the next three years. The reductions amount to 12% of Sberbank’s total staff and will focus on the retail bank. It’s not clear whether Sberbank’s corporate and investment bank, which has been having some problems in London will also be affected.

Meanwhile:

Lloyd Blankfein says Goldman can cut pay in bad times because it pays so well in good times. (Reuters)

Equities salespeople and traders will get bigger bonuses this year. Fixed income salespeople and traders won’t. (Bloomberg) 

People are leaving the UK regulator for higher-paying banks in higher numbers than before. (Telegraph) 

George Osborne wanted to slash bonuses even further at RBS, but was stopped by advisers who feared the bank would no longer be able to hire the best staff, Robin Budenberg (UKFI chairman) revealed yesterday. (CityAm)  

Smaller brokers are combining or closing as bigger banks tighten their grip on trading. (Bloomberg) 

SAC’s London fund managers are keen to move with their teams. (Financial News) 

Is Bank of America deliberately making it difficult to make comparisons between its different business quarter by quarter? (WSJ) 

ARC, a new credit ratings agency, is setting up in London this week. (CityAm) 

Nomura has hired six people for its US M&A team. (Reuters) 

‘I am old enough, O Dearly Beloved, to remember the last time big investment banks tried to pander to junior professionals, during the first dot com boom of the late 1990s. Then we tried fruit baskets, casual Fridays every day, and in-house concierges to pick up and deliver dry cleaning, Broadway tickets…in a desperate and ultimately fruitless attempt to prevent our most ambitious young Turks from joining such guaranteed future world beaters as Webvan or Pets.com.’ (Epicurean Dealmaker)

 

 

 

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