It seems bankers may be getting older. Figures turned up by the Sunday Times suggest the average at Goldman Sachs is now 33. Ten years ago, the average age at US banks in the City was more like 24 or 25.
However, experience in banking may still be overrated.
Just how overrated, was illustrated by an article in the weekend Financial Times on quants in the City. This featured Mahnoosh Mirghaemi, a 29-year-old Iranian with a PhD from UCL, who joined BNP Paribas just last summer.
Mirghaemi described how her boss, a trader with 37 years’ experience, mentioned he could never work out the simultaneous price and position of a trade. She was able to employ a cosine formula from physics to do precisely that. When she wrote it down, her boss apparently just looked at it. “I think I come from the new generation,” Mirghaemi told the FT (whilst emphasizing her respect for her boss) – adding that she felt different and was, “looking at the finance, the economic, the engineering, the computing altogether.”
Senior traders, take note.
Geeky programmers are being replaced hip brogrammers. (NY Post)
London-based Mike Stewart, JPMorgan’s global head of proprietary trading and former head of emerging markets, is expected to start his own hedge fund, Whard Stewart, in the second quarter. However, he may not do much hiring as his emerging markets team will join him. (Reuters)
Stewart was supposed to be in charge of JPMorgan’s new Alternatives Unit, which was going to house 50 traders from the bank’s three major proprietary trading operations, within its asset management business. (Financial Times)
Wells Fargo wants to open corporate banking operations in the UK, Germany, the Netherlands, France, China, Hong Kong, Australia, Japan, India, South Korea and Singapore. (Financial Times)
UK regulation is cutting £18bn off HSBC’s value, complains Stuart Gulliver. (Telegraph)
Stuart Gulliver has been selling lots of stock. (Sunday Times)
Rich Ricci and Jerry del Missier, who run the Barclays Capital investment bank, Tom Kalaris, head of wealth management, Antony Jenkins, head of the retail bank, and Robert Le Blanc, who is head of risk, could get £7m each from last year’s deferred pay. (Guardian)
Having cut 60 of its salespeople, traders and equity researchers, Evolution/Investec has lost 9 of its stockbroking clients. (Financial News)
Four out of 17 of Greenhill’s UK partners have left since October 2010. (Financial News)
More on the weirdness of working at Bridgewater, where meetings are taped and people often cry. (Financial Times)
“For the Gen Y-ers, they have to find meaning in their work. They must have a work-life balance, and they are not willing to go all out if it affects their me-time’. (AsiaOne)
Ivan Glasenberg will receive a £69m dividend payment this week. (Sunday Times)