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Morning Coffee: 45 year-old banker demonstrates right way to quit. 80% of Credit Suisse jobs to leave London?

Quit banking

This is the right way to leave banking

How must you end an illustrious career in investment banking? Try asking Daniel Mathisson, the head of US equities trading at Credit Suisse.

The Wall Street Journal reports that Mathisson is leaving his role. However, his does not appear to be an ignominious or forced departure (as far as we can make out).

Mathisson reportedly announced his intention of leaving the bank after 15 years to colleagues yesterday. Instead of leaving immediately with the contents of his desk drawer in a bin bag, he’s reportedly planning to quit in February. Almost certainly after bonuses are paid.

Nor is Matthisson going to hurl himself into something else straight away. Taking the advice of esteemed career coaches like Victoria Macpherson, he will instead be taking six months off to decompress. Thereafter, the WSJ says he’ll be starting, ‘a new business outside of banking.’ If you’re thinking of quitting finance too, you could do worse than follow his example.

Separately, the Financial Times is naming no names in its report on banking jobs moving out of London. Reading between the lines, however, we surmise that the FT might well have been talking to Tidjane Thiam at Credit Suisse.

The FT quotes the chief executive of ‘one investment bank that is reviewing its London operations’. This CEO says that 80% of the staff currently situated in London need not be there. If you were going to be totally brutal about it, he adds that only client facing staff need to be on the ground.

Credit Suisse is, needless to say, reviewing its London operations. The Swiss bank has already released plans to make 30% of its London staff redundant and to move some traders to Dublin. Was that Thiam speaking? And (more to the point) are thousands of other London jobs at CS about to go the same way?

Credit Suisse London bankers who fear for their future might want to apply to SocGen instead. The French bank has recently committed to a new office at Canary Wharf.

Meanwhile:

Colm Kelleher will now almost certainly replace James Gorman as CEO of Morgan Stanley one day. Greg Fleming is leaving ‘to pursue other interests.’ (Wall Street Journal) 

J.P. Morgan thinks banking jobs will leave London if the UK leaves the EU. (Bloomberg) 

What it’s like to work in M&A at J.P. Morgan, by Viswas Raghavan, head of M&A for EMEA: “The availability of financing was never a problem for the right strategic transaction. You dream and then let’s figure out whether it can be made into reality.” (Financial News)

Shivani Mathur, Deutsche Bank’s former London-based global head of economic resources, is suing the bank for unfair dismissal and discrimination. She was dismissed after the LIBOR scandal. (Reuters)

Goldman Sachs has beaten Morgan Stanley in the high yield underwriting battle, but is it worth it? (Bloomberg Gadfly)

Deutsche man escapes for private equity. (Reuters) 

There are no bankers on GQs list of Britain’s 50 best dressed men. (GQ)

The GoPro founder earned $287.2m last year. (Bloomberg)

How and when to send sarcastic emails and texts. (British Psychological Society)

What does a management consultant do anyway? (BBC)


Photo credit:  SH-dinky-I-quit by Frits Ahlefeldt-Laurvig is licensed under CC BY 2.0.

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