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Morning Coffee: 28 year-old desk assistant finds better way of earning £100k. The best thing about Goldman’s hiring policy

Is it worthwhile working as a desk assistant in an investment bank? One man, who did it for nine years, has seemingly decided against it.

30 year-old Paul Quincey, who spent seven years working as a desk assistant at UBS wealth management in London and Sydney, reportedly quit to set up a cleaning business fifteen months ago. The Australian Morning Herald reports that Quincey is now running ‘Quintessentially Clean,’ a Sydney-based cleaning company.

In his new role, Quincey already earns around AU$215k (£100k), which exceeds what he was making in banking. Initially, Quincy himself was doing the cleaning and working from 5am to 9pm. Now he employs seven people and only involves himself in cleaning carpets.

Separately, Goldman Sachs likes to say it’s a meritocracy which hires graduates without a sense of entitlement.  To its credit, the firm recruited Louise Cooper, the writer and broadcaster back in 1992 when no British bank would have her. “After graduating from City University (now CASS) with a First Class degree in Business Studies and Finance, not one British investment bank offered me a job,” writes Cooper in the Telegraph. “The only job offers I got were from American banks, which are far more meritocratic.” Cooper, who also had four As at A Level, went on to spend seven years at Goldman Sachs before becoming a broadcaster and journalist.

Meanwhile:

Nick Lawson, head of macro trading at Deutsche Bank, is off to a hedge fund. (WSJ)

Twice as many products are cross-sold at J.P. Morgan as at Deutsche Bank. (Reuters) 

Deutsche Bank is moving 800 staff to Victoria but 4,000 staff to Canary Wharf. (FT) 

Tidjane Thiam, CEO of Credit Suisse, thinks Britain should stay in the EU. (Reuters)

The chairman of UBS thinks it doesn’t really matter if Britain leaves the EU. (Reuters)

“Time is more elastic than we think.” Helena Morrissey, mother of nine. (JudgeBusinessSchool) 

When bankers work long hours: do you know what success looks like? (AWA) 

Man quits hot fintech startup after spending his life commuting between Florida and New York City. (BusinessInsider) 

Ex-J.P. Morgan intern, model, entrepreneur, is here to talk to you about dreams. (Youtube) 

If you work for the Bank of England you get a Bank of England bank account with the sort code 10 00 00. (Guardian) 

Americans are quite happy, actually. (Mother Jones)  

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