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Morning Coffee: JPMorgan said to be investigating workload of man who fell yesterday. Retirement age at Goldman Sachs

JPMorgan strategy

What's coming next at J.P. Morgan

JPMorgan staff were informed yesterday that the tragic colleague who fell from the roof of the bank’s building in Canary Wharf in the morning was 39 year-old Gabriel Magee, a US-born vice president in rates technology who had worked at the bank for ten years after graduating from the University of New Mexico. He worked at Intel before moving to Wall Street.

The Daily Mail reported that that Magee’s girlfriend reported him missing to the police on Monday night, making it possible that he spent that night at work. The paper claimed that senior colleagues of Magee’s have been investigating his recent workload to establish whether something had gone wrong. This was not confirmed by JPMorgan. The bank said yesterday that it was deeply saddened and that its thoughts were with Magee’s family and friends. Joshua Konstadt, a VP in technology at JPMorgan in New York told the Independent that Magee’s death was a mystery and that he was a,” a very good friend. A very smart guy, with a great sense of humour.”

Separately, Kevin Shea, a rates salesman at Goldman Sachs is getting out of the industry while the going is good. Shea, aged 48, is retiring. Bloomberg reports that he spent 27 years working for Goldman in both New York and London and was named a managing director in 2010. The reason for Shea’s exit is unclear, but rates businesses have been having a difficult time over the past year, and recovery is not expected in 2014. Shea may have decided he was unlikely to progress much further at Goldman, which is due to make its next round of partners in 2015 and seems unlikely to promote from the struggling rates business. Alternatively, Shea may simply have decided that 27 years at his desk was long enough.

Meanwhile:

Bankers at US firms think they will receive higher bonuses than before. (Bloomberg) 

Ex-JC Flowers & Co Partner joins Bob Diamond’s new firm, saying the chance to work with Diamond was, “too compelling to pass up.” (NYTimes) 

Paul Flowers did very well on the psychometric test part of his Coop Bank interview. He also had a very good understanding of the bank’s complicated politics. (Telegraph) 

Rick Bartlett, Citi’s former head of America’s IPOs has died of lung disease aged 46. (Bloomberg) 

Ex-Deutsche Bank risk manager, 58 year old Bill Broeksmit, found hanged at his house in Kensington nearly one year after he retired. (Evening Standard) 

If you didn’t go to a target school getting into Wall Street is like breaking into a house. The front door is locked so you have to try every window and door until you can break in. (Turney Duff)

Ms. Newland’s book rebukes elite schools for allowing Wall Street recruiters to prey on naive students. (DealBook)

Deutsche Bank has got a new preferred definition of profits:  preferred definition of profits: income before income taxes adjusted for credit valuation adjustment, debt valuation adjustment, funding valuation adjustment, costs to achieve, litigation and other items (or IBITAFCVADVAFVACtALOI for short). (Financial News)

Private equity professional’s extravagant new basement extension. (Evening Standard) 

 

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