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Morning Coffee: How your successful banking career will end. 58 year-old bond trader spies something strange

Investment bankers retire

How to ride off into the sunset with style

We write a lot about financial services careers that are prematurely curtailed, usually by redundancy. But what about the careers that go on, and on, and on?

Giles Keating, deputy global chief investment officer at Credit Suisse, has had the latter sort of career. After a “good innings”, Keating is now retiring. A graduate in politics, philosophy and economics from Oxford University, Keating joined Credit Suisse from the Confederation of British Industry in 1986. He’s not even retiring immediately, simply winding down between now and June 2016 after which he hopes to “remain involved” in finance. All fortunate bankers should aspire for the same.

Separately, an anonymous 58 year-old bond trader (yes, they do exist), has written to the Financial Times to protest the bad behaviour of a senior colleague with a second home. The colleague in question has been boasting about voting twice: once in London and once in the countryside. “His casual disregard for the law could end up being seriously damaging for our firm. Should I report him to the Electoral Commission, or to compliance, or let sleeping dogs lie?”, the trader asks. Behavioural change programs that encourage whistle-blowing in investment banks are clearly working – if not in the way management intended.

Meanwhile:

VTB just closed its equity trading business in Dubai. (Bloomberg) 

A 34 year-old ex-Deutsche Bank trader, Philippe Azoulay, just got had quant hedge fund bought by Marshall Wace. (Bloomberg)

Computer driven hedge funds are behind the Eurozone bond sell-off. They bet that bond prices would rise when the ECB announced QE and then sold their holdings as the market turned. (WSJ)

Brady Dougan spent eight years in Switzerland, but was too busy to learn German. (The Local)  

Morgan Stanley understated its short positions for six years. It wasn’t deliberate. “They were just getting a lot of things wrong.” (Financial Times) 

Mark Dearlove, a Barclays executive involved in the LIBOR scandal was just named head of markets for Asia. (Bloomberg)  

Navinder Singh Sarao is getting legal aid. (Guardian)

One former Deutsche Bank colleague expressed amazement at how Sajid Javid “is spinning his former career” as a sober investment banker as opposed to a structured credit trader at the heart of the business that precipitated the global financial crisis. (Euromoney) 

You can’t create a meaningful life without experiencing some stress.- But stress can be harmful when three things are true: you feel inadequate to it, it isolates you and it feels meaningless and against your will. (Financial Times) 

Boutique banks’ share of M&A fees has nearly tripled since 2000. (Quartz) 

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