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Morning Coffee: Contractor at Goldman Sachs made disastrous mistake. Banking intern’s perceptive observations

Fat finger

Fat finger

You would not want to be one particular contractor (or ex-contractor) at Goldman Sachs this morning. That contractor, identity and location unknown, made an unfortunate mistake, prompting Goldman to publicly admit culpability and ask for an innocent third party to make amends.

The contractor in question reportedly attempted to send an email containing one client’s “highly confidential brokerage account information” to someone else internally within Goldman Sachs. Unfortunately he/she managed to confuse ‘gs.com’ – Goldman’s internal email suffix, with ‘gmail.com’ – the suffix added to all Google email addresses. Consequently, the highly confidential client information was sent to a Googlemail address belonging to someone entirely random.

The recipient is reportedly ignoring Goldman’s attempts to ‘return the file.’ Google is reportedly not keen to help Goldman track down the data (unless there’s a court order). All that remains is for Goldman to vent its frustration on the contractor who made the mistake. We assume that ‘contractor’ is not synonymous with ‘intern’…

Separately, banking forum site Wall Street Oasis, has a post from an intern who’s spending the summer in the middle office of an unnamed investment bank and is not finding the experience conducive to happiness. People in the middle office lack intelligence, proactivity, sociability and motivation, he complains. Everyone seems, “quite depressed for some reason.” The hours are long, even though 50% of them are simply ‘face time’ spent networking, playing iPhone games and watching the tennis, most people want to leave, and you now have little chance of making good money. He argues that this applies equally to front office as to middle office jobs.  – “People in both MO and FO don’t really want to be there long term. MO wants to land a FO role and FO wants to leave for something more exciting…”

Meanwhile:

Jamie Dimon still plans to take part in J.P. Morgan’s earnings call on July 15. (Wall Street Journal)  

Barclays is hiring more investment bankers in Africa. (BusinessWeek) 

Jamie Dimon’s cancer has a 90% cure rate, but the treatment is demanding. (Bloomberg) 

Simon Yates, head of equity derivatives at Citigroup, has left to join hedge fund Two Sigma Investments. (Bloomberg) 

Andrew McNally, the ex-Morgan Stanley banker who helped build Berenberg’s business in the UK, has left. (Financial News) 

Fredrik Elwing, a senior real estate banker at Greenhill in London, has left. (Financial News) 

Another Morgan Stanley person has quit the bank to join Paul Taubman at his new advisory firm. (WSJ)

Women at Goldman Sachs are either sexualised or ignored, allege ex-women from Goldman Sachs. (DailyMail) 

The women accusing Goldman Sachs of sexism left in 2005 and 2008 respectively. (Financial Times) 

ECM fees rose 36% in the first half of 2014. (Yahoo) 

Deutsche Bank beat JPMorgan at the last moment to win the highest share of investment banking fees in Europe in the first half. (Financial News)

Brazil, China and Asia in general are most vulnerable to the next banking crisis. (BBC) 

Controls on migration mean companies in the UK are now more likely to hire immigrants from the EU rather than elsewhere. (Financial Times)  

There are some atypical MBA students working as associates in banks.  One former biological anthropology student at a leading UK university wrote a dissertation on “Human Mate Choice.” (BusinessBecause) 

Stan O’Neal, ex-head of Merrill Lych, has been using the EU’s new right to be ignored rules to get unfavourable articles about him removed from the internet. (BBC)

Related articles:

Jamie Dimon’s cancer prognosis. Exciting new jobs at Google Ventures and Bank of England

How to get a job at Blackstone’s new hedge fund. Deep inside the mind of James Gorman at Morgan Stanley

Head of Barclays’ dark pool was fired by Goldman Sachs. Senior banker’s very lowly first jobs

 

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