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Morning Coffee: How to make $m from Goldman without working there. Beware the £35k banking jobs

What happens if you orientate your career rightly, and wrongly

What happens if you orientate your career rightly, and wrongly

This week begins with a salutatory reminder that if you’re wrongly positioned in today’s finance market, your career will not go well. But if you know how to make the most of the emergent reality, you can flourish without even scaling a banking hierarchy.

Daniel Nadler is an example of the latter. A journalist who’s written for the Wall Street Journal, New York Times, FT and Institutional Investor,a Harvard PhD candidate, and a director of research at Stanford University, Nadler has never ever worked for an investment bank. However, he knows how to spot a trend. And he knows to monetize it. The Financial Times reports that Nadler just raised $15m in investment for his big data platform, Kensho. The lead investor? Goldman Sachs.

Kensho’s appeal to Goldman appears to be twofold. Firstly, there’s its groundbreaking product, which could make a generation of strategists and researchers redundant. – The company describes itself as, ‘harnessing massively parallel statistical computing, user-friendly visual interfaces and breakthroughs in unstructured data engineering to create the next-generation analytics platform for investment professionals.” In plain language, the FT says Nadler’s creation will offer investors a Siri-style service, where they can find answers to queries like, ‘What happens to US homebuilder stocks if a category three hurricane makes landfall?”  Secondly, there’s Kensho’s inherent expertise. – Nadler told the FT that banks like Goldman have been struggling to hire enough data scientists to analyze financial information for them. But rather than applying to become a senior data analyst himself at the firm, he raised seed funding from Google Ventures, founded Kensho and got Goldman to buy into it. – This is the way to play your banking tech career today.

Separately, Citigroup has highlighted what can happen if you’re a lowly programmer trying to get by in the City of London. – Your job may be ‘near-shored’ to somewhere far more cost effective, like Belfast. Citi first set up a European technology operation in the Irish in 2004. Now it’s creating 600 new jobs there, paying an average of…£35k a year. That sounds like bad news for the developers earning £100k at banks in London.

Meanwhile:

Bankers’ salaries in the UK may rise dramatically in 2015 now that there’s no question of the EU bonus restrictions being lifted. (ThisisMoney)

Senior associates at US law firms are getting $100k bonuses. (Wall Street Journal) 

How to behave if you’re a junior whistleblower at Goldman Sachs – Say nothing? (Telegraph)

Deutsche Asset and Wealth Management has been slashing staff. It had 7,060 in September 2012 and now it has 5,940.  However, it thinks Wealth Management is a growth area and is now focusing on ultra high net worth individuals only. (Financial Times) 

What’s happening at Nomura in London?  “It’s withering on the vine,” says one ex-employee. “Management has no strategic vision.” (Financial Times) 

Why I quit JPMorgan to set up a jetpack business. (CNN)

10 signs you’ve worked in finance too long. (Reformed Broker) 

Tips for working with a type A boss. (HBR) 

Why you must go to the office Christmas party. (Telegraph)

Michael Hintze (of hedge fund CQS) has paid £100m in income tax in the past two years. (Evening Standard) 

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