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Lunchtime Links: UBS trader signed a £1.9m contract with JPMorgan, only to discover there’d been a mistake: he’d be paid £196k

Johannesburg, land of fractional pay

Johannesburg, land of fractional pay

People in Johannesburg don’t earn as much as in London. In 2010, JPMorgan offered

t, a Swiss currency trader at UBS £196k (2.4m rand) to relocate to Jo-burg. Unfortunately, it made an error on Herbert’s contract and wrote 24m rand (£1.9m) by mistake.

Herbert gladly accepted the offer and resigned in June. After realising he’d be paid 10x less, however, he didn’t turn up for his new role. JPMorgan kept the offer open until December and then rescinded it. Herbert is now attempting to sue JPMorgan for £580k, says Bloomberg.

Worst of all: since resigning from UBS, he’s only had 8 months work – with Credit Suisse, which made him redundant.

Meanwhile:  

Most of the new jobs this year will be in Singapore, and then Hong Kong, and then London. (Zawya)

James L. Amine took over as sole head of Credit Suisse’s global investment banking department on Thursday after Luigi de Vecchi, who ran the unit with him, took a sabbatical for personal reasons. (Dealbook) 

It’s not just UBS – the whole industry is changing. (William Wright) 

The head of asset management is now the highest paid individual at Credit Suisse. (Bloomberg)

Private banking jobs coming at Metro Bank. And cashiers. (Reuters) 

Masked man, claiming to be an ex-Goldman employee, says he’s set up a union for the bank’s staff in Japan. (FT) 

Tales of an ex-equity derivatives trader: “He managed, while remaining seated at our table in the restaurant, to take off his underpants and slip them, unseen by her, into her handbag.” (Guardian) 

Don’t equate happiness with money. People adapt to income shifts relatively quickly, the long lasting benefits are essentially zero. (Pragmatic Capitalist)

“This workout is on fire across trading floors.” (Bloomberg) 

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