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Morning Coffee: When a £230k income isn’t enough, again. Prepare to be rejected 50 times

Andrew Schiff

How it is when you're a high earner

Remember Andrew Schiff? In 2012, he was the head of communications and marketing at Connecticut brokerage firm Euro Pacific Capital. Back then, Schiff was earning $350k (£230k) a year, and he wasn’t exactly thriving. He complained to the Wall Street Journal that he was struggling to afford both the rent in Brooklyn and the $32k a year in tuition fees for his daughter’s school. He lacked space; he lacked gadgetry.  “I’m crammed into 1,200 square feet,” said Schiff. “I don’t have a dishwasher. We do all our dishes by hand.”

Now, Simon Kuper at the Financial Times has raised the spectre of Schiff again. The Schiffs of this world go to show why it’s not worth striving to become a financial services professional or senior lawyer, says Kuper. Firstly, you work harder than most people. Secondly, you have zero job security. Thirdly, your company will be digitally tracking your performance at all times. And fourthly, you end up, ‘living ‘in cramped accommodation surrounded by angst-ridden workaholics and undeserving heirs.’ Kuper himself is a writer and journalist who lives in Paris – maybe that’s a better option. The good news is that Schiff did eventually become the owner of his own apartment containing a dishwasher, although it took him ten years to save for a deposit. 

Separately, and in further proof that working in fintech is not a skip along an incandescent path to a pot of gold at the end of a rainbow, one fintech founder reportedly had his idea rejected 50 times before he received funding. “Our biggest marketing challenge is not defining a brand” Nick Hungerford, ex-Barclays Wealth banker and founder of ‘Nutmeg’, a DIY wealth management site, told BusinessBecause, “It’s literally defining a category.”

Meanwhile:

If you work in wealth management at Deutsche Bank, you are probably not going to lose your job soon. (Reuters) 

How it is when Deutsche Bank fires you: “Thank you for making yourself available for this call today…” (Bloomberg) 

Citi just hired these two retail-focused investment bankers from Credit Suisse. (Reuters) 

RBC just hired Andrew Congleton from Deutsche for UK M&A. (Financial News) 

European IBD revenues are actually down 44% so far this year….(Financial News) 

Barclays wants to sell its Brazilian investment banking business. (Sky) 

Goldman Sachs just made a senior hire for its distressed debt desk. (Business Insider) 

Iranian firms, Melli Bank and Persia International Bank, could launch in London next year. (The Sunday Times) 

50 year-old top hedge fund manager retiring to spend more time with his family following redemptions, not so great performance. (WSJ) 

Look at all the lovely colourful food on offer at Goldman Sachs, with matching tongs. (Bloomberg) 

Now’s the time to apply for membership of Soho House. (Reuters) 

In 1977, the total fee income of Schroders’ European investment banking business was just £876,000. (Financial Times) 

 

 

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