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Morning Coffee: RBS blogger shows how to get into banking with an atypical background. Citi’s bonus news

There's more than one route to a job in banking

There's more than one route to a job in banking

You want to work in banking, but you don’t have extravagant qualifications or a place on an investment bank’s trainee programme. All is not lost. Look at Joseph Kynaston Reeves.

For anyone unfamiliar with the name, Reeves is the man who penned the blog lambasting Russell Brand for picketing RBS, thereby preventing him from getting back into the building with his lunch last week. The blog has become a sensation and Reeves has acquired a new status as some sort of sharp-tonged banker who can take on the sharp-tongued comedian. Except Reeves isn’t exactly a banker – he’s a business analyst and he differs from members of the ‘banking elite’ in every way you can imagine.

Firstly, Reeves’ LinkedIn profile doesn’t contain evidence of a big name university, or indeed any university.  Secondly, there’s no sign of the interminable internships that characterize most junior banking CVs these days. Thirdly, Reeves doesn’t live in London or the Home Counties – he says he’s from South London and that his wife and children live in Bangor Northern Ireland (although he spends his weeks in the City for work). Fourthly, Reeves seemingly wanted to be a pop star rather than a bank employee. And lastly, he arrived at RBS via a circuitous route of ‘telephony support’, ‘programming’, ‘software development’ and ‘application support,’ until he graduated to becoming a financial engineer at software company First Derivatives and from there moved to RBS. Let this be a lesson for anyone who thinks they can’t get into banking if they don’t tick all the boxes from outset. RBS will take you, at least.

Separately, someone at Citi has let it be known that the bank will be taking from its investment bankers and giving to its traders this year Share on twitter. An unnamed source at the bank told Bloomberg that Citi’s investment bankers won’t be receiving the sorts of giant bonuses they might be expecting after a strong year and that Citi’s traders won’t be receiving an embarrassment of nothingness. Instead, investment banking bonuses at Citi will be up 2%-3% and trading bonuses at Citi will be flat (and sometimes down). Who said bankers don’t know how to share the love?

Meanwhile: 

Is this Reeves in action? (Vimeo)

Bonuses for Barclays’ investment bankers will almost certainly be lower this year. (Financial Times) 

Barclays’ investment bankers face an increase in their bonus deferrals from three to five years. (IFRE)

That £500m Barclays set aside for its FX fine? It’s not enough. (Telegraph)

Only three people in London have been made MDs at RBC Capital Markets. (Financial News) 

If you want to work in FICC, you might want to go to Asia. McKinsey & Co think Asia will be the biggest FICC market by 2018. (Financial News) 

Jes Staley is desirable because he has experience of the buy-side and the sell-side at a senior level. (Financial News) 

High yield chaos seemingly coming soon. (DealBook) 

Where to hang out in Paris if your aim is to fraternize with bankers. (eFinancialCareers.fr) 

Introverts judge extroverts more harshly than other introverts, even when there is no actual difference in performance. (NY Mag) 

Goldman’s investment bankers and markets professionals held this fitness competition. Some people got bloody hands. (BusinessInsider) 

Man quits banking to play fantasy sports for a living, makes a living comparable to banking. (WSJ) 


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