Klaus Diederichs, the 58-year old M&A banker whom it emerged yesterday is retiring from JPMorgan, had the sort of epic banking career that everyone might want to aspire to.
Diederichs joined JPM straight out university and worked there for 34 years, accumulating various yachts in the process. He spent his junior years acclimatising in London, New York and Frankfurt, until – eight years after joining the bank, he was promoted to co-head of debt capital markets in London. Eight years after that, he became global head of M&A. Four years further on, he became head of investment banking in EMEA. Then he became chairman of the EMEA business and was promoted to JPM’s executive committee. Diederichs worked on Vodafone’s $172bn merger with Mannesmann and HVB’s $22.3bn merger with Unicredit.
And now? Rather than sailing off entirely into the distance, Financial News reports that Diederichs will keep his hand in and become a ‘culture carrier for the firm,’ which we assume will help keep him in his (semi) retirement.
Separately, an ex-Citi analyst has shared some of the methods used by the bank to compel analysts to stay until the work is done. ‘Benjamin’ (not his real name) said his bosses (associates, we presume) would ‘chew him up’ in front of the whole floor. They would also use the technique of refusing to let anyone go home until a perpetrator steps into line. In this case, that was Benjamin, who had to complete his work. “She told [us], ‘If you don’t finish this report, nobody gets to go home,’ he said. “That affects the office environment. It’s not necessarily abusive words but office politics. Your co-workers might not like you that much the next day.” Psychological warfare.
Anshu Jain says FICC is a core part of Deutsche’s business and that the bank needs to invest there. (Financial Times)
Deutsche Bank’s litigation pot is looking a little inadequate. It only has €2.3bn and still faces a LIBOR fine, plus a potential fine for FX fixing. (Financial Times)
Nigel Farage, who spent 20 years as a broker, says women can get by in the City if they sacrifice their familie. (Guardian)
Conservative MP Harriet Baldwin says Farage is speaking twaddle and JPMorgan promoted her when she returned from maternity leave. (Financial Times)
The challenge for Wall Street is: can it still get bankers to run with the pack if it stops treating them like dogs? (New Yorker)
The Stratton Oakmont sales script in the Wolf of Wall Street was stolen from the Madison Avenue office of Lehman Brothers. (Reformed Broker)
On the ineptitude of financial recruitment firms. (Bankers Umbrella)
More on the escapades of the 54-year old Deutsche Banker accused of abusing bath salts. (Bloomberg)
All of a sudden, most Oxbridge graduates want to be teachers. (SundayTimes)