What will the investment banker of the future look like? Will he or she be a Western educated Chinese national based in the ever-expanding hub of Shanghai? Will he be a Portuguese speaker working in São Paulo? An international traveler conversant in globish? A geek?
The investment banking of the future will be none of the above. It will be a well-traveled team-playing older woman with an iPad.
So suggested Stephan Leithner, head of human resources and compliance at Deutsche Bank yesterday. Speaking at a Frankfurt-based seminar for high performing bankers, Leithner said: "Let me be provocative: The banker of the future will be more female, more international, older, more team oriented and more mobile, and needs to enjoy working with technology."
Leithner didn't say so, but the older, more feminine bankers of the future are also likely to be paid less. Jain promised to review Deutsche's pay practices when he presented his strategy for the bank in September.
Quartz offers some perspective on Leithner's vision: it suggests that Deutsche has a particular need to employ some senior women because, of the 18 members of its executive committee, not one is female.
Andrea Orcel says it will take 3-5 years to change UBS and he hasn’t ruled out hiring in particular areas. (Bloomberg)
UBS and Goldman Sachs, which advised Autonomy on its disastrous sale to Hewlett-Packard, had access to research about the alleged accounting irregularities at Britain's largest software company before the deal was negotiated. (Guardian)
Frank Quattrone’s pitchbook for Autonomy. (Zerohedge)
Brevan Howard is hiring in New York. (Finalternatives)
ING to eliminate 30 commercial banking jobs in Asia. (Bloomberg)
JPMorgan is thinking about selling its carbon finance business. (Bloomberg)
Real-estate consultancy CBRE is expanding its corporate finance business to Asia. (WSJ)
To live modestly, most people think you need £1.9k a month net. To live luxuriously, £80k a year, gross. (The Times)
How to make good decisions. (Farnam Street)