While hundreds of young interns compete for the chance to work in banking, one man who's been blessed with that opportunity has had enough. Sir Philip Hampton, chairman of RBS, has reportedly told headhunters that he would rather be tortured than take another job in banking. This being the case, Sir Philip's next job will be in the pharmaceutical sector.
Unusually, perhaps, Sir Philip's aversion to banking careers has nothing to do with crippling hours, but seems more a question of working for the wrong bank at the wrong time. An accountant and M&A banker by training, he joined RBS in January 2009, eight months after the bank had received its first bailout from the British government. The government launched a second rescue plan for RBS that month and in February the bank announced a loss of £24.1bn for the previous year. During his tenure, Hampton has replaced former CEO Stephen Hester, persuaded senior RBS investment bankers to accept lower pay, and overseen a more than tripling in the bank's share price. Now he's done. Helpfully, Hampton has the sort of CV that allows him to skip to another sector. Others at RBS might wish that they could do the same.
Separately, J.P. Morgan has demonstrated how to persuade technology staff to transfer from an exciting global hub to a British seaside town. - Firstly, announce that you're spending $48m upgrading the seaside location. Secondly, get Jamie Dimon to pay the place a visit. Thirdly, tell 350 people that they're being 'relocated' within the next two years. Financial News reports that this is the number of J.P. Morgan technology staff who are expected to be moved from London to Bournemouth by 2017. We've been suggesting that such a move was in the offing for a while. When J.P. Morgan banned its technology staff from having comprehensive LinkedIn profiles back in March, it was thought to be a tactical move to prevent London staff from finding work elsewhere. The bank's City-based technologists can be forgiven for wanting to get out - pay in Bournemouth is a lot lower than they're used to.
Citigroup is moving the headquarters of its retail bank to Dublin. (Business Insider)
Deutsche Bank vice chairman says 40% of London's financial services are exported to Europe. (IB Times)
Hernán Cristerna, co-head of global M&A at J.P. Morgan said: “There’s been a very positive reaction from investors to M&A activity and we’re seeing deals across all sectors and all geographies. We are in a great M&A market globally — it’s a golden age. Volumes globally are up 30% on last year, driven by confidence and a better economic outlook.” (The Times)
You probably don’t want to be building a career in bond funds now. (WSJ)
Two senior CMBS professionals left Deutsche Bank in the US. (Bloomberg)
Oliver Dobbs, a former money manager with BlueCrest Capital Management and CQS Management, is planning to start a multi-strategy credit hedge fund. (Bloomberg)
Zurich and Geneva are Europe’s most expensive cities for expats. (WSJ)
Goldman's Michael Sherwood had an unlimited budget for his 50th birthday party. He spent it on Boy George. (Sunday Times)
'I made £250,000 in my best year but still have zero savings' (Telegraph)