Citigroup is firing. Credit Suisse is firing. But Standard Chartered is hiring – and increasing its hiring plans. Standard Chartered said today that it plans to recruit 2000 people in total this year, up from its previous goal of 1,500. Unfortunately, Standard Chartered is not likely to be hiring many front office bankers and traders: most of the new hires will be in back office support functions, risk, compliance and consumer banking.
Separately, and as if to prove the popularity of senior compliance professionals in the current market, it seems that Hector Sants is the subject of a bidding war. Sky reports that Sants isn’t necessarily joining Deloitte as an equity partner, as previously thought, but that he may be joining Barclays as head of compliance and regulation. Mark Kleinman, Sky’s City editor, points out that this would be a contentious move: Sants stepped down from the FSA in July – the same month that Barclays was fined for Libor fixing.
Vikram Pandit wanted to go for growth at Citigroup and opportunistically seize market share. Michael O’Neill disagreed. (Bloomberg)
Citi’s shares rose more than 6% yesterday after it announced its cuts. (Financial Times)
JPMorgan has appointed Cindy Armine and Shannon Warren as co-chief control officers. These are new roles. Armine was formerly global head of compliance at Citi. (WSJ)
Nomura is combining equities and fixed income and Steven Ashley will be in charge. The fate of Bernard Savoret remains unclear. (Financial News)
Nomura has gone from running its fixed income and equities teams together, to splitting them, to combining the again. (Financial News)
Pierro Novelli, Nomura’s last international M&A banker and former head of global M&A has quit and been replaced by Kenji Kimura, a Japanese banker. (Financial Times)
29 year old trainee cabbie beats of recruitment consultant and trainee journalist to win ICAP’s £100k trading prize. (Financial News)
Only 60% of bankers in London expect a bonus this year. (Financial News)
Ex-futures trader becomes baggage handler earning $10 an hour, proclaims self very fine with it. (Businessweek)
By allegedly misreporting the value of its unrealized losses at the height of the financial crisis, Deutsche was able to avoid a government bailout. (Reuters)
Bankers with piles of money think they have a right to a spectacular partner, lack relationship skills. Says ‘expert’. (Finnews)
You can earn £80k+ as a butler, and you’ll get free accommodation. (The Times)