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Morning Coffee: The only situation in which BAML traders will not lose their jobs. Schools that will make J.P. Morgan love you

Moynihan 2013

If you work for Bank of America Merrill Lynch in the trading business it is time to feel afraid. Brian Moynihan, your CEO and leader, has been making ominous noises indicative of impending job cuts.

“If the environment stays sort of flattish, less volatility, we’ll have to keep working that expense base [in the markets division] down,” Moynihan said yesterday, before adding – “We’ve got to probably work it down again in the next couple of years if the business stays where it is.” In other words, BAML traders will only be 100% safe if trading revenues increase in the next few years. This may be a big ask: Morgan Stanley is predicting falling fixed income trading revenues both this year and next.

Separately, J.P. Morgan is on a role promoting senior women in the U.S. First of all, Anu Aiyengar was named co-head of North American M&A in March. Now Lauren Camp has been named as a new vice chairman of investment banking. Camp was a former managing director in leveraged finance at J.P.M. She has a bachelors degree in economics from Harvard and an MBA from Wharton, making her educational establishments about as perfect as you can get if you want a job for a big U.S. firm – whether on Wall Street or anywhere else.

Meanwhile:

Profits in Bank of America’s Global Markets business fell 28% in the first quarter. (Charlotte Observer) 

Jamie Dimon says J.P. Morgan is on pace to generate about the same amount of trading revenue in the second quarter as it did in the same period last year. (AFR)  

A reminder that George Osborne has hired Jim O’Neill, the former Goldman Sachs chief economist, and Harriett Baldwin, formerly of JP Morgan. (The Times)

Why you don’t want to be a commodities trader. (MarketWatch)

Why you want to work for these 10 hedge funds. (ValueWalk)

NAMA, Ireland’s National Asset Management Agency, will be reducing its staff by 66% next year. (Bloomberg) 

Tom Hayes was 26 when he first manipulated LIBOR. (Financial Times)  

SocGen has created a ‘structured trade finance hub’ in Dubai. (GTReview)

UBS has hired Mark Tinworth, the former head of UK real money rates sales at Citi. He will be head of rates sales for EMEA. (Financial News) 

Alisdair Gayne, head of corporate broking at Barclays Plc, is staying at the British bank after spurning an approach to join UBS. (Swiss Info) 

Classic wisdom for your early 20s.(McSweeney’s) 

How to work with people of minimal emotional intelligence. (HBR) 

How to create an impression of likability whilst networking. (The Muse) 

“Having a lot of children is the new conspicuous consumption, It’s how the Masters of the Universe show their wealth.” (MarketWatch) 

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