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Morning Coffee: The 33-year-old banker with an unexpected 2nd job. The real reason Q2 looks bad

Marin Cilic, Novak Djokovic, Andre Agassi, 2nd job, Wall Street, banks, bankers, banking, Credit Suisse, J.P. Morgan, JPMorgan, Citi, Citibank

Roger Federer won his 19th grand slam tennis title and men’s record eighth Wimbledon championship by beating Marin Cilic yesterday.

Rival Novak Djokovic, the former world No. 1 ranked player from Serbia, had to bow out of the fabled tournament during his quarter-final match against Czech Tomas Berdych with an elbow injury. Today, one of his coaches, 33-year-old Mario Ancic, is back at his day job – working for Credit Suisse on Wall Street.

As second jobs go, being a tennis coach isn’t standard fare for a banker, but Forbes says Ancic has history in tennis. He himself was a tennis pro for nine years, reaching the Wimbledon semifinals and clinching Olympic doubles bronze in 2004 before peaking at No. 7  in the world two years later. Ancic also struggled with a spate of injuries and glandular fever which eventually forced him to retire from professional tennis in 2011 at the age of 26 with more than $4 million in prize money. He joined Credit Suisse full time in 2015, after graduating from Columbia Law School.

At a press conference last week, Djokovic cracked a joke comparing Ancic, his old friend, to “The Wolf of Wall Street.” However, the Croat’s apparently offering up his tennis expertise to the Serb free of charge.

“We don’t have anything formal,” Djokovic said when asked about his arrangement with Ancic, adding that the latter had been scheduled to participate in the legends doubles tournament at Wimbledon anyway. “We don’t have any contracts. We don’t have any long-term agreements. It was a friendly talk between Mario and I. First of all, I spoke to Andre. Andre absolutely agreed with Mario being that second person who might potentially be spending a little bit more time with me on the road.”

Ancic is far from the only investment banker with a surprising second job. David Solomon, a co-president at Goldman Sachs and a leading contender to become the investment bank’s next CEO, moonlights as D.J. D-Sol spinning electronic dance music.

Separately, three of the biggest U.S. banks reported second-quarter earnings on Friday. Each broadly beat expectations, but trading businesses didn’t look that great. However, this may simply be because last year was so good. As Marianne Lake, the chief financial officer of J.P. Morgan, pointed out, the UK’s Brexit vote drove a flurry of market activity which meant the bank’s fixed income trading had enjoyed a 35% rise in revenue in the second quarter of 2016. Try beating that in a quiet market.

Meanwhile:

Front-office bankers beware: UBS is bringing automation and artificial intelligence to the trading floor at its investment bank. (Business Insider)

HSBC told 6k global markets division employees to cease and desist buying single-name stocks, bonds and concentrated exchange-traded funds on their personal accounts. (Bloomberg)

How Michael Sandberg dragged HSBC into the post-colonial world by creating a base in the U.S. and building a futuristic headquarters. (WSJ)

As Brexit negotiations drag on with no deal for the City in sight, Barclays is negotiating with Irish regulators to expand operations in Dublin to preserve access to E.U. markets. (Guardian)

France is hoping for the “hardest Brexit” and is “seemingly happy” for an outcome detrimental to the City of London. (FT)

John Mack, the ex-CEO of Morgan Stanley, and investment fund Venture One invested in Omega One, a Brooklyn-based startup that facilitates trading volatile cryptocurrencies such as Bitcoin. (Bloomberg)

The Securities and Exchange Commission busted Massachusetts Institute of Technology research scientist Fei Yan on federal charges of insider trading after he searched “how sec detect unusual trade” and “insider trading in an international account” before using info from his wife to reap $120k in illicit profits. (CNBC)

Ex-UBS exec Mitch Kessler, former Proteus Capital PM Manuel Fajardo and ex-Beacon VP partner Ty McGuire have launched a new hedge fund called Ocean Park Advisors. (HFMWeek)

The Goldman Sachs co-Chair J. Michael Evans, who engineered Wall Street’s largest-ever IPO, and his wife Lise are behind the biggest Hamptons real-estate listing of the summer. (New York Post)

Wells Fargo is hemorrhaging brokers, because … well, you know. (WSJ)

Tesla and SpaceX Chief Executive Elon Musk warns that artificial intelligence will threaten all human jobs and could even spark a war. (WSJ)

Google, Facebook, Amazon and other tech behemoths are transforming the U.S. economy and labor market, with scant public debate or scrutiny, and not even Wall Street may be able to stop them. (WSJ)

While you’re on the beach this summer, read these novels with finance themes and lessons on managing money, including “The Windfall” by Diksha Basu about a modest, unassuming man who suddenly becomes rich. (New York Times)

Photo credit: Getty Images

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  1. “Cilic is far from the only investment banker with a surprising second job.”… Seriously?

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