With the possible exception of Cazenove, financial services is not an industry accessible only to people with privileged childhoods. Bronx-bred Lloyd Blankfein, the chief executive of Goldman Sachs, started out selling peanuts at Yankee Stadium. Two more banking high achievers with atypical upbringings have come to light.
The Financial Times interviewed David Rubenstein, co-founder of private equity fund Carlyle. Like Blankfein, Rubenstein is the progeny of a postmaster: He is worth $3bn, but his father never made more than $8k a year. Neither of Rubstein’s parents finished high school and his mother married his father after a single date. Rubenstein’s parents wanted him to become a dentist, but he went to university and then into law and then into politics, and from there into private equity.
This side of the Atlantic, Financial News highlights the equally atypical background of Chris Hohn, the star hedge fund manager at the Children’s Investment Fund. Hohn’s Jamaican-born father was a car mechanic, says FN. Hohn studied accounting and business economics at Southampton University and came out with a first. Then he studied an MBA at Harvard and came out with a distinction. He worked in corporate finance at Coopers & Lybrand before branching out into hedge funds. His annualised performance through to February 2013 was 17%.
Separately, there are hedge fund jobs in London. Bloomberg reports that Pine River Capital Management, Millennium Capital Management and SAC Capital Advisors are all hiring in London, both from banks and rival hedge funds.
Headhunters say bankers are now mostly interested in talking about base salaries, not bonuses. (Financial Times)
Ex Cazenove bankers are resurfacing at Strand Partners and Merlin Partners. (Financial News)
Russians are preparing to leave Cyprus. Swiss private bankers are preparing to welcome them. (Financial Times)
Brian Moynihan will now need to hold his BAML stock for a year after he retires. (MarketWatch)
Anshu Jain requested a 2m euro pay cut so that he could earn the same as Juergen Fitschen. (Reuters)
Twenty years ago a panel of six men interviewed me at an American bank. They took turns to shout arithmetical problems at me while clicking their fingers and stamping their feet. (Sunday Times)
Something horrible has happened to Jamie Dimon’s pay. (SEC)
Goldman Sachs’ new Farringdon office gets the final go-ahead. (Telegraph)
Blackrock has hired Andy Stewart, a former Credit Suisse banker, to head one of its hedge fund units. (Reuters)
Being married causes men to earn more, rather than there being selection effects, whereby men who are attractive marriage prospects are also attractive to employers. (Stumbling and Mumbling)
The value of top talent. (Baseline Scenario)
The easiest way to ensure that your dream job is a nightmare is to have a long commute. (Financial Times)
As a divorce lawyer, I know that relationships are particularly vulnerable among couples where both spouses have demanding jobs requiring long hours. (The Times)