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Late Lunchtime Links: 61 year old top prop trader at Citigroup goes to show age is no barrier; what you need on your CV to get hired as a structurer at UBS

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In established theory, trading is a young person’s game. George Soros is clearly an outlier, but he has his own hedge fund. In investment banks, the traders are all 20-40 year olds playing hazing games.

Citigroup disproves this. Bloomberg reports today that US bank has moved Ramakrishna Putcha, a former proprietary trader, into an internal hedge fund where he’ll manage $200m of the bank’s internal money. The Volcker Rule aside, the interesting thing is that Putcha is 61 – outside the typical variance for trader age ranges. It undoubtedly helps that he’s been a colleague of Pandits for, “almost three decades.” Moral of this story: if you want a long career align yourself to people who will move into senior management.

Separately, Financial News says UBS has shaken up its FICC structuring team under Andrea Sambo and that Sambo has made a few hires. Among them is Alexis Besse, who joins next week as global head of macro structuring. Besse has been running a consulting firm.  In his description of himself on the firm’s website, Besse demonsrates what it takes to get a senior structuring job, and how structurers should describe themselves for maximum effect. In addition to his previous experience at BAML, Credit Suisse and HSBC, Besse describes himself in the third person thus:

‘He is passionate about financial modelling, risk management, designing solutions to address the complex intersection of markets and regulations and has decided to create Eirion Financial Partners to have a more agile platform to do so.

Alexis holds a postgraduate engineering degree from the Ecole Polytechnique and an advanced graduate degree in statistics, economics and quantitative finance from ENSAE.’

If you want to get into – or back into – a structuring role, this is what it takes.

Meanwhile:

No bonus for Stephen Hester either. (Irish Examiner) 

Bonuses were to blame for mis-selling of interest rate hedging products to small businesses, says the FSA. (Evening Standard)

Many UK banks are still running bespoke computer systems, built in the 1970s. (Economist) 

Bob Diamond will get £25m if he resigns. (Telegraph)

US authorities are pursuing a criminal investigation into the Barclays Libor case. People could extradited. (FT) 

Banks may be recapitalised directly by the EU. Banking stocks rise. So do deferred bonuses. (Bloomberg) 

Goldman Sachs has cut several dozen jobs at its offices in New York, New Jersey and Salt Lake City, Utah,ie, all in the back office. (Reuters) 

JPMorgan’s loss now put at $5bn. (Financial Times)

JPMorgan has been hiring for its CIO risk team. (Dealbreaker) 

Ina Drew has been allowed to walk away with $21.5m in stock and bonds. (Bloomberg)

There will mostly be no more bonuses for Dutch staff at ING, although 120 investment bankers and mortgages advisors will receive small ones. (Guardian)

I am an intern and I have nothing meaningful to do. (WallStreetOasis)

Further advice on dealing with crappy people. (JamesAltucher)  

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