Good news if you're an equities proprietary trader who wants to work in a hedge fund: BlueCrest isn't the only place that's hiring. The Financial Times reports today that CQS - Europe's biggest hedge fund - is also opening an equity long/short fund and that David Morant, a former portfolio manager at SAC Capital, will be managing a team of 'equity focused traders' there.
Separately, the Bank of England has said that it's having staffing problems and that a shortage of "sufficient senior, experienced staff with the necessary expertise and knowledge of the financial system and the capacity to engage effectively in international policy debates,” is becoming an issue for its ability to monitor monetary stability. The Bank also said that 32% of its senior management are now women and that pay - which has been frozen since 2011 - will remain frozen in 2013 and 2014. Maybe this has something to do with its talent issues?
The Bank also produced the following chart showing the distribution of remuneration. 178 there people earned more than £80k. Only one earned more than £160k. Mark Carney, the new governor of the Bank of England, is due to take up his position on July 1st. Altogether, he will be earning £874k. Bank staff have reason to feel peeved.
Days before they were due to start, Gleacher informed its 2013 interns that they wouldn’t be needed after all. (Business Insider)
Fancy nicknames given to banks’ redundancy programmes. (Wall Street Journal)
“I went from the 99% to the 1% back to the 99%. I made about 10 million dollars and today I don’t have any [of it].” (Yahoo)
J.P. Morgan and Morgan Stanley bankers in London are moving to assemble so-called synthetic collateralized debt obligations. (WSJ)
How the UK labour market has changed over the last 170 years. (ONS)
55 year old banker dies of a heart attack after exercising. (Bloomberg)