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Morning Coffee: 21 year-old FX trader claims to make $40k a month. Foresti to Brevan

Elijah Oyefeso

You can make a fortune day trading. Or not.

Can you really make £26k ($40k) a month trading FX when you’re 21 and have dropped out of university? Forgive us for sounding skeptical, but it sounds unlikely. On the other hand, Navinder Singh Sarao….

The latest 20-something self-confessed day trading prodigy is Elijah Oyefeso, a 21 year-old who is ‘senior portfolio manager’ at Gecth & Co, a company that seemingly teaches people how to trade. Oyefeso has come to the world’s attention after his, ‘gold Lamborghini and Bentley Continental’ were written off in a ‘£450k crash’ at the weekend. “Afterwards, I just started laughing,” said Oyefeso, who reportedly dropped out of the University of Buckingham to trade full time.

Oyefeso’s Twitter feed reveals that he has a busy social calendar which includes visiting schools and going to church. Therein, he also lambasts people for studying economics at university and earning £45k. He also says trading isn’t as simple as it looks: “Everyone thinks it’s easy, they don’t know the amount of work you put in. The sleepless nights and long days.”

Separately, Bloomberg reports that Michele Foresti, the ex-head of FICC trading at Bank of America who tried to join Deutsche Bank but was thwarted by a lack of regulatory approval, has given upon the banking sector and will be joining a hedge fund instead. Foresti is reportedly off to Brevan Howard.  With luck, he will find himself earning as much as Oyefeso once he gets there.

Meanwhile:

Mark Mobius has retired. He spendt 250 days a year travelling and accumulated over 30 million miles of flight time. (Financial News)

Average revenues per deal at Goldman Sachs are 65% higher than at Morgan Stanley. (Euromoney)

Sovereign wealth funds are ‘building their internal capabilities’. (PIOnline) 

Neither Deutsche Bank nor Credit Suisse are expected to cut their US investment banking operations by as much as originally predicted. (Financial News)

Matt Malloy. who joined J.P. Morgan in 2010 from Goldman Sachs as head of institutional solutions and advisory, has resigned. (Bloomberg) 

J.P. Morgan has set up a $1m scholarship fund in memory of dealmaker Jimmy Lee. It will help children from deprived families in New York. (J.P. Morgan) 

Inside Deutsche Bank’s fancy French office. (Flickr) 

Derek’s summer at Goldman Sachs. (Goldman Sachs)

Everything you need to know about the coming CFA exam results. (300 Hours) 

(Photo credit: 401kcalculator.org) 

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