The new Vanity Fair is out and within it is an extremely long and quite favourable exposé of the real Jamie Dimon. You can read the entire thing here. For those seeking only the edited highlights, the article confirms that Dimon’s father was a banker (JPMorgan, Merrill, Citi & Shearson Lehman), that he’s quite impervious to wealth (“I always think of him as somewhat rumpled. He is oblivious to the trappings of very fancy things,” says Heidi Miller), that he’s very narcissistic, that he has fantasies about eventually retiring and setting up a small bar and that his favourite song is, “Stand by Me.”
Most interestingly, the article reveals that if you’re interviewing for a senior role at JPMorgan, there is a test that Jamie Dimon likes to apply to people. “One of Jamie’s favourite questions, when we’re talking about giving someone a big job here, he’ll say, ‘Would you want your child to work for that person?” says one of Vanity Fair’s inside interviewees. Notably, this is along the same lines as Dimon’s mother test, whereby he advises staff to gauge how well they’re treating female staff by asking whether they’d treat their mothers that way.
Separately, given the general enthusiasm for escaping the financial services industry, you may be interested to learn of a lucrative alternative: Knight Frank Estate Agents. The Evening Standard says the average equity-owning partner at Knight Frank earns £500k a year. The average non-equity owning partner earns £80k-£200k. The highest paid Knight Frank Partner earned £1.5m in 2010-2011.
The personal ruin of the people who came to finance, leveraged up and are now suffering is tragic. (The Big Picture)
Changes are afoot at JMorgan. Barry Zubrow, foreign affairs chief, is the latest to go. (WSJ)
Kweku Adoboli was a trading floor star. But he could also be a bit horrible. (Guardian)
“One of the rules he [Kweku] had put in place was that I could not ask the same question twice.” (Guardian)
Robert Walters has been hit by a financial services hiring slowdown in Asia. It thinks the US is next big thing. (FT)
Banking revenues are booming in SE Asia. Maybe you should go there? (Financial News)
Suddenly it’s all about operational risk. (Euromoney)
Two ex-Goldman traders are setting up a global macro hedge fund called Kingsguard Advisors. (FinAlternatives)