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Morning Coffee: 45 and 50 year-old men leaving Goldman for hedge funds and PE. Extra holiday at Barclays

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It’s never to late to escape your banking job for the buy-side.

Usually, leaving the turgid bureaucracy of an investment bank for the less-fettered excitement of the buy-side is something that happens to experienced analysts. Or maybe associates. It’s less often that you see super-senior bankers nipping across. Yesterday it happened twice.

Firstly, we learned that 50 year-old Alexander Dibelus, the veteran Goldman Sachs dealmaker who only last week was supposed to be retiring, is actually off to private equity fund CVC, where he will be managing partner with responsibility for German-speaking Europe. Secondly, we learned that various ex-Goldman Sachs traders are setting up their own hedge fund, something which used to happen a lot but has become less common following some high profile failures. 

The hedge fund in question is to be known as ‘Firebreak Capital’. Its purpose will be to lend to companies that can’t get loans from banks. Its most storied founder is 45 year-old Jonathan Egol who left Goldman Sachs in 2014 and was previously a senior CDO trader associated with the notorious ‘Abacus’ affair. Egol left Goldman 16 months ago, so has at least had time to unwind in his large condominium in New York. The same cannot be said for Dibelus who will leave Goldman at the end of July and will start at CVC Partners ‘later this year,’ possibly only after attending Oktoberfest with his actress girlfriend. 

Separately, Barclays will be offering all its staff an extra day’s holiday to mark the bank’s 325th birthday. Staff should use this extra day off to pursue their, “own ambitions,” says CEO Anthony Jenkins.

Meanwhile:

Barclays Wealth and Investment Management his hired Citibank veteran Dena Brumpton as head of UK Private Bank. (Citywire) 

Glenn Leighton, a managing director at Barclays within balance sheet solutions for financial institutions, has left the bank. (Reuters) 

If Britain leaves Europe, Barclays and J.P. Morgan might move parts of their business to Luxembourg. (Business Insider) 

CEO of the FCA says it wouldn’t be a disaster if Britain leaves the EU. And the 200% bonus rule could be scrapped. (WSJ) 

Why you don’t want to work for a ‘global’ European bank: “”Being global is brainwashing… The environment has changed, those who resisted most are having to do it now in pain. You have to trade growth for higher profitability.” (Reuters) 

A former banker who claimed that he was penniless after being declared bankrupt was spotted on television discussing his £20 million Turner painting. (The Times) 

Renaissance Technologies has got an amazing retirement programme. (Bloomberg) 

Chichester aspires to become a centre for hedge funds and high frequency traders. (Chichester) 

Stanford researchers found that walking boosts creative inspiration. They examined creativity levels of people while they walked versus while they sat. A person’s creative output increased by an average of 60 percent when walking. (Stanford) 

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