Barclays is losing people. First Rich Ricci, ‘retired’ aged only 49. Now Sigurbjörn “Siggi” Thorkelsson is retiring too. Financial News reported Siggi’s exit without citing is age. However, he certainly doesn’t look ready for the bowling green yet. Insiders told us Siggi was fed up and had lost support of Barclays’ management.
Separately, Meredith Whitney, the US banking analyst who said last year that investment banks had 50,000 redundancies to go and that bankers should accept 35%-40% pay cuts, has made another dire prediction. Job cuts on Wall Street will be a “slow bleed”, Whitney told Bloomberg. She said there will be continued, “stealth cuts,” along with a focus on eking out the bottom line: “This isn’t sexy stuff.” Much the same could be said about investment banking nowadays.
With rates doing badly, Deutsche’s global head of rates sales is leaving. (Bloomberg)
Man leaves Goldman Sachs, gets job at Investec many months later. (Wall Street Journal)
Spanish banks pay incredibly well and are slightly nepotistic. (Financial Times)
Yahoo to give motivational gifts to staff who adopt kittens. Or puppies. (Telegraph)
Matt Zames is all about hiring control staff. (Reuters)
A reminder: last year Credit Suisse cut 25% of its senior M&A and capital markets bankers in Europe. (Financial Times)
Indus Capital, a hedge fund set up by former partners at Soros, has hired a former hedge fund manager from Edoma. (Financial News)
How to use Twitter if you are a recruiter. (Sirona)
Should you share a room on a business trip? (Harvard Business Review)