In the wake of two analyst deaths in investment banks, this is not the time to joke about workloads with incoming interns. Justin Kwan, a second year power and utilities analyst at Barclays in New York, could therefore find himself seriously reprimanded by someone towards the top of the hierarchy.
The Wall Street Journal has obtained a copy of an email sent by Kwan to the bank’s incoming ‘power interns.’ Therein, Kwan warns the coming summer class that the internship won’t be easy – “If you can’t handle the heat, get out of the kitchen.” He intones the need to stay in the office until everyone else has left – “That’s what good summer analysts do.” He recommends bringing a pillow and yoga mat to work – “It makes sleeping under your desk a lot more comfortable.” And he advises against taking any time off during the nine weeks of the internship, recalling that an individual who took a weekend off for a family reunion during his own internship was asked to “hand in his Blackberry and pack up his desk.”
The email was, “in no way authorized by Barclays,” said the bank.
Separately, City of London Corp, an organization that oversees London’s financial district, is feeling bullish. It says 39,000 jobs could be created in the City over the next 10 years – with the caveat that economic and regulatory conditions must remain favourable for jobs to flourish.
First you will want to go into banking to pay off your student debts. Then you will want to stay in banking to pay off your mortgage. Then you will say you’re staying in banking for your family and so that you don’t have to worry any more. In middle age, you’ll say your intention to spend a few years in finance was just a student fantasy.(Guardian)
Australian Bank ANZ is opening an office in Paris. (Investment Europe)
Standard Chartered has too many MDs in its corporate finance business. (Telegraph)
You don’t want to work for Goldman Sachs or Deutsche Bank in Russia now. (Bloomberg)
Jamie Dimon is a billionaire. (Bloomberg)
James Hanbury had built a reputation as one of London’s best young hedge fund managers at Odey Asset Management. Suddenly he’s losing a lot of money. (Financial Times)
Advice for young traders who’ve never seen a rate hike. (Marketwatch)
What it’s really like to work in venture capital. (Fortune)