Never trust a bank on a hiring spree. Two years ago, Barclays Wealth told us it was recruiting 100s of private bankers every year in the UK. Many of them came under its 'Embark Programme' which hired people like footballers from outside private banking and trained them in the art of money management. Today, the Embark programme appears to have been scrapped (or at least, there's no sign of it on Barclays' careers website) and the bank is reportedly cutting one third of its UK wealth management staff by February.
The Telegraph reports that 95 UK wealth management jobs are going at Barclays in total. The move follows Barclays' decision to stop offering its full wealth management service to customers with less than £500k to invest. The ex-footballers and marketing professionals hired under Embark will now have to reinvent themselves for a second time.
Separately, Bloomberg reports that Kimberley Mount, a super-healthy rising-star hedge fund manager with no vices, has died of a heart attack aged just 48. Mount, who was a vegetarian non-smoker and worked out 'religiously', had a heart attack after a gym session in late October and had been in a coma until she died yesterday. She is survived by her mother, her brother and four sisters.
Credit Suisse, Deutsche Bank, JPMorgan, RBS, Credit Agricole and SocGen, are all being fined for Euribor fixing. Barclays isn't being fined because it blew the whistle. (Reuters)
Pay at Swiss private banks is due to stagnate or fall. (Bloomberg)
UBS has hired a new head of EMEA financial sponsors from Bank of America. (Bloomberg)
Goldman Sachs thinks it can make money by being a feel-good do-gooder. (Washington Post)
Morgan Stanley traders lost money on 7 days last quarter. (HereisTheCity)
BTG Pactual seems to have had some trouble with its prop business. (Bloomberg)
“Excel is a crutch for analysts who can’t write code.” (Financial Times)
Big desks promote bad behaviour. (HBR)
The five worst things to wear in a job interview. (UndercoverRecruiter)