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Morning Coffee: Why junior bankers are dropped by their friends; where one hiring bank expects to find ‘great satisfaction’ in Europe

Left to his own devices

Left to his own devices

On one hand, bankers make great friends. They have money. They buy rounds of drinks. Sometimes, they might extend an interest free loan. One the other hand, they’re incredibly unreliable.

The friend of some young investment bankers has written to the Financial Times bemoaning this unreliability. Along with his university friends, he recently graduated and moved to London. They went to work in investment banks and he didn’t. Now, he rarely sees his former mates and they keep cancelling arrangements at the last minute due to ‘workload.’

Most of the FT’s respondents tell him to move on and find some new non-bankers to spend time with. However, one ex-banker tells him to be patient – life as a junior banker is lonely and harsh – you spend weeks drinking coffee and working solidly and then the one outing you’re looking forward to is suddenly swept away at the last moment by a work crisis. ” I value those friends who, despite my diversion, kept in touch, like gold dust,” she says.

“One of the most depressing things about my time as a junior (apart from the punishing hours themselves) was how some people who I thought were my friends just stopped returning my calls,” says another former banker who’s been through it. “Cut them some slack.”

Separately, things haven’t been going too well in Italian banking of late. It was reported earlier this week that Monti Paschi is planning 8,000 job cuts before 2017. Some banks are bullish on Italy though. Citigroup has just hired Pierpaolo di Stefano and Leopoldo Attolico from Nomura and Deutsche Bank respectively as heads of Italian investment banking. De Vecchi said the Italian market is, “incredibly interesting” and should yield “great satisfaction” over the next few years as Italian companies indulge in a lot of deal making. Citi needs to be ‘boost its presence’ in Italy, de Vecchi added – suggesting it might engage in some additional Italian hiring soon.

Meanwhile:

People who earn more than £160k a year pay a third of all income tax in the UK. (Telegraph)

69% of directors, CFOs and CEOs earned $250,000 or less. (WSJ)

Jefferies had a big jump in the number of days when it lost money trading in the third quarter. (Bloomberg) 

The FCA has requested information from four banks on currency rigging, including Deutsche and Citigroup. (Bloomberg) 

JPMorgan is proposing to fund a PhD in financial services analytics at the University of Delaware. (Bloomberg) 

JPMorgan will probably pay less because of all those fines. (Dealbreaker) 

JPMorgan has had more than 24 offers of interest in its commodities arm. (Financial Times) 

Meredith Whitney seems to be setting up an investment fund and closing a brokerage firm. (DealBook) 

If you say “I” a lot, you’re probably an insecure egomaniac. (WSJ)

Person who commutes an hour each way has to make 40% more to be as satisfied as a person who lives near the office. (WSJ) 

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