It’s New Year’s Eve. To get you in the mood, we’ve assembled this list of finance happenings from the embers of 2014. Read it to warm your passage into January. You may even heat up your career in the process.
Firstly, the lavishness of Goldman Sachs in London is already well-documented. For example, we all knew that Goldman is twice as generous as Morgan Stanley when it comes to paying London employees. But who knew that there are 121 people at Peterborough Court who earn $4.7m (£3m) EACH? – Or that there was, at least, this number of people earning that amount in 2013, according to figures recently released by Goldman.
Other US banks have just released their UK pay figures for 2013 too. Predictably, Goldman Sachs was far more generous than the rest. Bloomberg reports that Bank of America paid its European code staff (risk takers and senior managers) a ‘mere’ $2.5m each for the year. Morgan Stanley, J.P. Morgan and Citi paid their code staff average of $2.39m, $2.17m and $2.13m respectively for the same period. What makes Goldman Sachs International so bounteous? It doesn’t seem to be the thriving business. – In 2013, revenues at Goldman Sachs International fell by 7.5% and profits collapsed by 75% vs. 2012.
Separately, Roberto Hoornweg, a former senior fixed income trader at UBS, has given hope to foresaken fixed income traders everywhere. Financial News reports that Hoornweg, who left UBS in late 2012, has just joined Brevan Howard as a partner. Hoornweg worked at Morgan Stanley before joining UBS, but according to the FCA Register, he wasn’t engaged in another London-based registered finance role during the two years that elapsed between leaving UBS and joining Brevan. Who said your career will whither if you’re out of the market for more than six months?
Goldman paid its London code staff $4.7m each in 2012 too. (Wall Street Journal)
But in 2011, Goldman’s code staff earned 160% less. (Business Insider)
Goldman Sachs stands to lose hundreds of millions of dollars from a loan it made to Espirito Santo just before the bank collapsed. (Wall Street Journal)
Citigroup has lost several senior risk managers and may struggle to keep a grip on risk taking just as the bank pushes into areas like commodities trading. (Bloomberg)
Bank-based traders may not have been the only ones rigging the FX market. BP is investigating claims that its own traders did the same. (Financial Times)
Meet the genuine 17 year-old trader who’s doubled his money in 14 months. (Telegraph)
Barclays CEO Antony Jenkins does not own a car. (Sunday Times)
Why your attempts at networking are going horribly wrong. (HBR)
What happens if you go on an all-alcohol diet for a week. (Vice)
Hedge fund managers wearing ice packs to lose weight. (Atlantic)