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Morning Coffee: Man earns £1k per hour. Citi’s wild compliance hiring

Pay per hour in banking

That will be one thousand pounds

How do you earn £1k an hour in the City of London? No, it’s not by becoming a managing director at a U.S. bank and reaping a large salary, bonus, and role-related allowance. It’s by offering advisory services to the Bank of England.

The Times reports that Lord Grabiner, the barrister who investigated whether Bank of England officials were aware of attempts to rig the FX markets, received £1k an hour for his efforts. Moreover, this was reportedly a discount to Grabiner’s normal rate. The Bank is declining to comment on how many hours Grabiner billed and told MPs in January that he didn’t know how much he was paid and not the “faintest idea” how many hours he’d spent investigating the matter.

Separately, Citigroup has followed in the footsteps of J.P. Morgan, HSBC, Deutsche Bank and others and hired many thousands of new compliance staff. During an investor presentation yesterday, Citi CFO John Gerspach said the bank increased control headcount from 14,000 to 26,000 between 2008 and 2014. Control staff went from 4% to 11% of the total in the process.

Meanwhile:

Citi CFO John Gerspach also said markets revenues are likely to be down in the “high to mid-single digits” in the first quarter vs. the same period of 2013. (Bloomberg) 

Sberbank has actually made nearly half of its London front office team redundant. (GlobalCapital) 

Goldman Sachs is cutting 15 people from its team in Singapore. That amounts to 30% of the total. (Bloomberg) 

Lehman Brother’s husk just paid $44m in bonuses. (WSJ)  

Barclays’ investment bank is dragging it down. (Bloomberg) 

Nomura may be named systemically important to the financial system. If so, it will have higher capital requirements – which could be bad news for its fixed income business. (Bloomberg) 

And the top earning private equity professionals in 2014 were ….  (PE Hub) 

Deutsche Bank has managed to increase its share of IBD fees in the US without hiring many more staff. (Reuters) 

Now that Morgan Stanley’s paying more cash in its bonuses, its deferred compensation costs have nearly halved. (Bloomberg) 

In 2013, the median salary for a chartered engineer was £63k and there’s a big shortage of engineers. (Telegraph)

Hardest interview questions in the world: ‘How would you react if you were shot in the head with a nerf gun?’ (Glassdoor) 

What it’s like to need hardly any sleep. (NY Magazine) 

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