If you’re an investment banker at Barclays, it may seem too good to be true. It probably is. Rich Ricci may become CEO. The Independent reports that bookmaker Paddy Power has suspended bets on who’ll be the next chief executive of Barclays after a mysterious flood of bets for Ricci. The implication appears to be that someone, somewhere, knows something and is putting money on it.
The Financial Times points out that co-chief executives would seem a good idea for Barclays, in which case a combination of Rich Ricci (head of the investment bank) and Antony Jenkins (head of the retail bank) might be possible. However, before anyone gets too excited it’s worth bearing in mind that before betting was suspended Ricci’s odds were still only 4:1.
Separately, and in confirmation that working for a ‘solutions’ (corporate hedging) business can be highly lucrative, it emerges that Gary Cottle, former head of corporate risk solutions at RBS, was in line for a £700k deferred bonus last year. Cottle studied maths and statistics at Plymouth University before being tempted into finance by the sight of Porsches in the 1980s. He had been working in corporate risk advisory for at least 18 years. The £700k bonus was the final instalment of a £1.9m payout awarded to him in 2009. Unfortunately, it wasn’t forthcoming: RBS restructured his unit and attempted to move Cottle into another role. Cottle refused, and in an ominous sign for anyone with substantial deferrals who doesn’t want to be downgraded to a less interesting role internally, RBS claimed he acted unreasonably and withheld his bonus. Cottle is now taking RBS to court. He says he semi-retired in 2006 and may now be regretting his decision to come back.
Regulators will have the final say on who’s appointed at Barclays. (Guardian)
Richard Meddings, finance director of Standard Chartered, is also a contender to replace Bob Diamond. (Telegraph)
Have you noticed that all the global heads of Citi’s markets business are based in London? (Financial News)
Morgan Stanley has sacked its head of German equity trading. (Bloomberg)
ICAP cut 100 staff in London last month and now plans to bring forward its cost cutting plan do that it ends in 2013 instead of 2014. (Telegraph)
Women may replace David Viniar when he stops being COO at Goldman Sachs. (Businessweek)
JPMorgan is on track to become Europe’s biggest prime broker by the end of the year. It helps that it hired three big prime broking professionals from Lehman. (Financial Times)
How to quit your job. (HBR)
Sample CV provides an important counterfactual to the notion that only impeccable people get ahead. (James Altucher)
39% of Britons aged 35-44 have amassed net total wealth of £300k or more. (ONS)
Jobseeker accidentally attaches photograph of Nick Cave to her CV, instead of self. (Huffington Post)