Imagine: you’ve survived the sleepless nights, the potty training, the school runs, the night time fevers, and yet even as young adults your children still have the potential to derail your banking career.
At least, this appears to be what befell Rory Cullinan. the former chief executive of RBS’s Corporate and Institutional Bank who was deposed on Monday. Cullinan’s exit appears to have been related to the ‘Snapchat selfies’ he sent to his 18 year-old daughter complaining that he was bored of meetings. Bridget Cullinan, a student at Durham University, took screenshots of her father’s Snapchats and posted them on Instagram as a present for Father’s Day, accompanied by the message, ‘“Happy Father’s Day to the indisputable king of Snapchat.” There, they were spied by the Sun newspaper.
Bridget’s Instagram account is now locked. Message to senior bankers: put your children’s social media accounts on lock-down.
Separately, people are still leaving Goldman Sachs for hedge funds. Bloomberg reports that Ivelina Markova, a high yield trader in London, is leaving for CQS, and that Jerry Keefe, the New York-based co-head of the distressed-debt trading group at Goldman Sachs, has left for CarVal Investors.
Tidjane Thiam, soon to be chief executive of Credit Suisse, made £11.8 million (CHF17m) in pay and bonuses at the Prudential last year (Brady Dougan earned a mere CHF9.7m). (Evening Standard)
BAML is doing its best to lure back senior investment bankers who quit a few years ago. (Financial News)
Deutsche Bank’s unwanted credit traders are getting new jobs! (Bloomberg)
Investment bankers at Credit Suisse are becoming private bankers instead. (FiNews)
Macquarie is cutting half of its investment banking jobs in Asia. (Bloomberg)
100 Asian investment bankers are losing their jobs at Macquarie. The bank isn’t closing any of its Asian offices though. (Financial Times)
Facebook will soon hire many more people in London (Evening Standard)
“Joining an analyst class at a bank in 2007 meant being made redundant within two years. Almost all of us found other things to do.” (Financial Times)
Travel and overseas living are good for your creativity. (The Atlantic)