The post-bonus hiring merry-go-round is now in full rotation. Or at least this is the case when it comes to equity research, where Financial News reports that many men have been leaping on and off their plastic ponies in the London market.
Among the equity researchers changing jobs are: Alastair Johnson, a food retail analyst, who’s going to Majedie Asset Management in the summer; Adrian Cattley, a Citi generalist who’s left for the buyside; Ruchi Malaiya, a Citi media analyst who’s left for Bank of America Merrill Lynch; Peter Bisztyga, a utilities analyst at Barclays, who’s also left for Bank of America Merrill Lynch; Rupinder Vig, an equity researcher on the aerospace team at Morgan Stanley who’s moving to the buyside; and Lauren Favre, a chemicals analyst who left BAML for hedge fund Millennium Partners and is now going back again
Financial News points out that these moves are likely to be merely the start: once once person leaves a job, that job must be filled and another vacancy opens up when someone leaves to fill it. Expect continued hiring as the roundabout keeps turning and people swap their current horses for something a little more sparkly.
Separately, the famed New York dating concept ‘Fashion meets Finance’ is being transplanted to London. On Friday March 7th, London-based company social concierge is reportedly running an event titled ‘Finance and Fashion’. For £20 per head, mostly male bankers and mostly female fashionistas will get to mingle. Founder Nana Wereko-Brobby, said fashion and finance couples work because opposites attract: “One attracts creative types, the other logical types.”
The pay differential also helps. “One pays well, the other less so. There’s a healthy balance that comes out of a relationship of opposing disciplines – it prevents the tedious narrowing of ideas and experiences that similar careers can lead to,” Wereko-Brobby reflects.
RBS has suspended the payment of bonuses to executives of its controversial Global Restructuring Group, which has been accused of deliberately forcing companies into insolvency for its own profit. (Financial Times)
“When I was living on West 14th Street and taking the E train to Goldman Sachs it got so bad that a homeless man handing out papers in the train station would look at me and say, ‘cheer up young man’. (Business Insider)
Toronto Dominion had a great start to the year, fuelled by trading revenues. (Bloomberg)
Bonuses for analysts and associates in M&A were up 20-23% this year. (Reuters)
The expense of having a mistress can lead men in finance to do bad things. (Financial Times)
MBA vs. CFA, redux. (CNBC)