Life used to be so pleasant and so easy: you could advise upon the most value-destroying M&A deal of an era and retire happily to Highgate without so much as a glance in the rear view mirror. Not, unfortunately, any more.
The Independent reports that Matthew Greenburgh, the Merrill Lynch banker who advised Fred Goodwin on the acquisition of ABN AMRO, is now living in ‘sumptuous splendour’ in Highgate. Greenburgh and his boss Andrea Orcel were apparently paid a percentage of the £11m fees Merrill earned on the deal. And even though the ABN acquisition was clearly a significant contributor to RBS’s demise, Orcel and Greenburgh got to keep all their cash.
Contrast this to what’s allegedly happening at Jefferies right now. The blog Zero Hedge says as many as 65 people there are being made redundant. So far, so normal. Worryingly, however, Jefferies is also said to be embarking on a new and abnormal path: clawing back last year’s bonuses, including both cash and deferrals. Will this catch on elsewhere? If it does, future financial services professionals who lose their jobs may not retire to Highgate, but to Croydon – having sold their homes to repay last year’s cash.
Credit Agricole now thinking of cutting hundreds of jobs, probably in London. (Bloomberg)
“I’ve decided to leave the company,” Citi’s Russian research chief Mikhai Seleznev said by phone inMoscowtoday, declining to give a reason. (Bloomberg)
Citigroup may make more than 270 redundancies in its New York Global Markets division. (BusinessWeek)
Marc Granetz, chairman of Credit Suisse’s investment banking department, is leaving after 25 years to try a role in a different field. It’s not clear which field. (Bloomberg again)
“There’s been a history of antipathy from French and German policymakers toward the city ofLondonover the years. Whether by accident or design, the use of the veto allows the UK to escape the clutches of EU officials.” (Evening Standard)
“We allowed ourselves to be totally outmanoeuvred by the French – again,” said Paul Marshall of Marshall Wace.(Financial Times)
Goldman Sachs and Morgan Stanley have pulled out of Harvard recruiting events after Occupy Protestors kept rudely interrupting them. (Bloomberg)