If you work in financial services in the City of London and are determined to continue working here despite the notoriously poor weather, infrastructure and food, you may want to read John Gapper’s column in today’s Financial Times. Gapper argues that the City of London is on the threshold of historical changes. The other side could be bleak.
As the eurozone moves towards banking union, Gapper says the UK is stuck in a peripheral role with limited strategic flexibility: it can either remain in the eurozone and try fighting rules which would damage the City, or it can leave the EU and the City could turn into a free-floating global hub.
Either way, it looks bad. “One does not need to be paranoid to imagine the City being slowly dismembered, with its euro listing and trading businesses switching to Frankfurt while its international and emerging markets operations move to New York or Hong Kong to evade EU-wide regulations,” writes Gapper.
If the worst comes to pass, in ten years’ time, the City could be a sterling-focused centre for parochial salespeople and traders and UK-focused IBD professionals. If you work in eurobonds or emerging markets roles, don’t get too attached. You may soon need to get out.
Chief executive of UK’s new Prudential Regulation Authority comes out against bonus caps, but is not optimistic UK can stop them. (The Times)
The share of annual earnings taken by the richest 1% rose by about two percentage points in the decade leading up to the 2007/08 financial crisis (from 7.1 to 8.9 percentage points, a rise of about 25%). Two-thirds of this increase was solely due to the increase in bankers’ bonuses. (LSE)
John DiBacco, who supervised Kweku Adoboli and was terminated from UBS, now in charge of US equities at Getco. (Financial Times)
Singapore is going to cut the ratio of overseas workers companies are allowed to hire. Bad news for banks there. (Bloomberg)
Rodney Tsang, who became co-head of corporate and investment banking for the greater China region for Citigroup less than a year ago, has left. (Bloomberg)
SocGen’s hiring for project finance in Japan. (Bloomberg)
Between January 2005 and June 2009, Barclays derivatives traders made a total of 257 requests to fix Libor and Euribor rates, according to the FSA. No trader has been arrested. (The Times)
Chad Leat, vice chairman global banking at Citigroup, is leaving and shall not be replaced. (WSJ)
Christian Hess, co-founder of UBS’s financial sponsors division, is leaving. (Financial News)
Barclays is making 230 redundancies in Italy. (Investment Europe)
Author Patrician Cornell spends $40k a month on her flat in NY and has Ferraris and helicopters. (The Times)
It’s becoming harder to get a job with a PhD. (Atlantic)
How to make recruiters find you. (Here is the City)
Insufficient sleep is one of the best predictors of on-the-job burn-out. (Farnham Street)
Women suffer from ‘imposter syndrome’ – the sensation that they’re not qualified for a job when they clearly are. (Financial Times)