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Seven career lessons for bankers from Machiavelli
Can bankers take a leaf out Niccolò Machiavelli’s eponymous book The Prince? It’s 500-years’-old in 2013, but it can still provide some handy hints on how to survive in the cut-throat world of investment banking. Getting to the top in banking is a notoriously political affair, so what can he teach us on how to […]
Coming to London: toilet cleaner jobs and the most punitive bonus regime in the world
After nearly 12 months of relentless interviewing and detailed research, the U.K.’s Parliamentary Commission on Banking Standards has finally spat out an enormous 568 page report full of recommendations for improving banks. There’s no guarantee the Commission’s recommendations will be adopted, but they’re likely to become the clothes horse for future regulatory outfits. Arlene McCarthy, the […]
Daily Dispatches – China IPOs set to resume, with onerous Ts&Cs
China is set to resume permitting IPOS as soon as July, according to regulatory sources who told Reuters and Bloomberg that once new rules were in place, the 600-plus flotations that were stalled will get the green light.Originally more than 800 companies got in line for a market listing, but almost a fifth have since […]
Daily Dispatches – Dragons versus worms
There is a Chinese proverb that says that with money you are a dragon; with no money, a worm. But there is another that says flaunting wealth will bring misfortune. This illustrates the enormous problem facing China and its banks as the country deals with a slowing economy, but soaring demand for credit that is […]
Daily Dispatches – Bears on Rollercoasters
No, not the latest circus extravaganza to hit Las Vegas, but rather a snapshot of the events this past week in Asian markets. After a gut-wrenching four days of trading that saw Japan’s stockmarket plough into bear market territory by Thursday, and exchanges across the region nosediving, Friday opened brightly with green across the boards […]
Is Brevan Howard a career graveyard?
Hedge fund Brevan Howard is clearing the decks. Luke Ding, head of Brevan’s macro fund and a former Merrill Lynch trader, is said to be one of a handful of traders leaving the leading London-based hedge fund following a biannual performance review. Ding’s departure is said to be amicable, but the fund he managed is […]
Daily Dispatches – RBS to announce hefty Asia job cuts today
Stephen Hester, the outgoing CEO of RBS, may be attracting the most attention right now after being eased out of his job yesterday, but spare a thought for the 2,000 people in the markets division who are likely to hear today that they will be following him out of the door. Sky News says that just […]
‘Bruised’ Hester’s resignation from RBS looks like a disaster for its investment bankers
Stephen Hester is going the way of Bob Diamond, albeit with less acrimony. This afternoon, Hester said he’s ‘stepping down’ as chief executive and will be letting someone else take RBS private. Hester’s departure will take place sometime over the next six months. RBS said the search for Hester’s successor will begin immediately. ‘Of course I’d […]
Number one reason bankers get divorced is addiction, says top lawyer
As British courts make it harder for wayward wealthy spouses to protect their assets, a top divorce lawyer said a startlingly high proportion of banking divorces are driven by problems with addiction. “A significant minority of the bankers who come to me are getting divorced because they’re addicts,” said William Healing, a family law partner at […]
Daily Dispatches – Staff cuts in Australian banks?
Investors in the several of the major Australian banks will have reaped big returns in the country’s past two decades of economic prosperity, but analysts are now warning that the domestic majors may need to focus on cost cuts to maintain their momentum, which makes headcount reduction a likely target. Bloomberg said today that Australian banks […]
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