Bob Diamond’s forgone £20m of deferred bonuses. David Cameron has congratulated him. Marcus Agius said Bob went voluntarily when it became apparent that he had lost the support of the regulators and that he was, “not in a good case,” when he left. Will this be enough to draw a line under events at Barclays? Unfortunately, it probably won’t. Today’s testimony from Agius and the release of various letters from the FSA underscore the perception that Barclays is a bank that pushes the boundaries, that has behaved badly over a long period of time, that is not as devoid of jerks as it claimed. A big culture change seems inevitable. What was Barclays Capital will be the main target.
Separately, Bloomberg echoes our suspicion that terminations are coming soon to M&A, and elsewhere too. It has a long article saying that banks are either engaged in near-constant trimming or goading themselves for some more serious chopping. UBS and Credit Suisse need to be especially strict with themselves says Bloomberg. If Deutsche doesn’t cut soon, its revenue per head will be lower than Goldman, Morgan Stanley, UBS, Barclays or Credit Suisse.
It’s not all bad, however. There is some good. There is: Mediobanca Securities.
Bloomberg says Mediobanca hast just hired some people. They include: Paolo Cuniberti, currently chief of Capital Market Solutions, as head of Mediobanca Securities, Dominic Bidwell as head of sales trading and cash equity trading from Evolution Securities Ltd, and Patrick Peris, from Merrill Lynch who’ll be distributing Mediobanca services in France. Nor is this all. Mediobanca has also hired an entire insurance research team from UBS as it expands its European equity coverage.
Ex-Credit Suisse chairman: “Dougan is one of the most experienced bank CEOs in the world and he led CS through the 2008 crisis with a steady hand.” (Reuters)
This is how much you can earn as a private banker in Asia. Pay is going to fall, however. (Bloomberg)
“I think it is fair to say that the more negative the headlines, the less (banking) recruitment is going on generally,” said the chief executive of Michael Page. (Telegraph)
Sitting down for more than three hours a day can shave a person’s life expectancy by two years, even if he or she is physically active and refrains from dangerous habits like smoking. (Wall Street Journal)