It is apparently possible to wear shorts in summer at Goldman Sachs. However, if you want to be truly eccentric in the City, you may need to try a governmental agency. Specifically: the FSA.
Joris Luyendijk has been in touch with a, "softly spoken English man in his mid-30s" who works for the FSA. He explains that although he earns 20-25% of what he could make working in compliance for an investment bank, there are upsides to working for the FSA. "There is more room to be eccentric at the FSA, certainly, as the culture is less conformist," he tells Joris. At banks, he proposes, people join and notice that the successful people have a particular way of behaving: "They imitate this kind of bigoted, mouthy person in the hope of getting ahead."
The softly spoken English regulator goes on to suggest that working at the FSA is a test of character:
"Banks offer really good people at the FSA a lot of money. We lose some people and retain others. That's the true test of character, if you can say no to earning three, four or five times your current salary. Think about school fees and housing prices in London. By taking this job, I definitely turned away from the lifestyle I was heading towards."
Citigroup: creating 80 new jobs in Warsaw! (Finextra)
Bloomberg has hired 30 equity researchers in Europe (and 100 altogether) for a new unit, ‘Bloomberg Industries.’ (Financial Times)
Mervyn King remonstrates with RBS, implies it’s still too focused on investment banking. (Channel 4)
Goldman Sachs downgrades Morgan Stanley, thinks it will lose fixed income market share after being downgraded by Moody’s. (Zerohedge)
Foreign-exchange derivatives trader Alexandre Dube and interest-rate derivatives trader John Argent, who were sent home from Lloyds during the Libor probe, are back at work today. (Bloomberg)
Coding is like being in a band. (Mathbabe)