What do you do with two days out of the office if you're a team of senior Barclays bankers? Answer: you convene an away-day and talk about zoos, although not in a zoomorphic or bestial sense but in the sense of evolutionary biology (assuming that evolution takes place in cages).
Sounds weird? Certainly, but it's the truth. At yesterday's parliamentary committee hearing, Rich Ricci told MPs that Barclays has been endeavouring to move on from the events of the summer and engaged the services of an innovation consultancy '?What If!'. Together with their innovation consultants, Barclays bankers have been drilling down on the zoo concept. "We looked at zoos and how they’ve been able to change by … looking at ecosystems rather than just the, you know, zoology animal thing,” Ricci said, according to the Telegraph.
Ricci also said that Barclays has disciplined 13 and fired 5 Libor traders and that most of its Libor traders are now working elsewhere. He added that several of them are also attempting to take Barclays to court for what we suppose is alleged unfair dismissal.
Michael O’Neill at Citigroup has said he’ll be following his standard playbook. This usually involves the ruthless pruning of underperforming operations and deciding which ones are worth additional investment. (NYTimes)
Having dispensed with Vikram Pandit, Michael O’Neill acquired $1m of Citigroup stock. (Bloomberg)
The former global head of equity research at UBS is becoming global chief of a listed housing developer in Sydney. (Bloomberg)
Former head of equity research at Merrill is joining Telefonica as an inhouse strategist. (Financial News)
If you want to trade agricultural commodities, you should probably be working for a hedge fund. (Yahoo)
Sallie Krawcheck: “If you haven’t been fired at least once, you’re not trying hard enough.” (Dealbreaker)
Is $250k really a lot of money? (Reuters)