How do you know if you're doing a good job in banking? Maybe you will come to hear some of the words and phrases used by former colleagues in the encomium celebrating Sajid Javid's great and lustrous banking career, published - perversely - in the Guardian.
Javid is now business secretary in the British government. Before going into politics, he spent 20 years in banking and worked in London, New York and Singapore, both at Deutsche and Chase Manhattan. And by the sounds of things, he is sorely missed.
A former colleague at Chase in NYC says Javid was introduced to him as, "Off the charts good." The man was: "Like a priest in a suit...disciplined as they come. - Very methodical, spotless." Another Chase colleague gushes that Javid was: "very creative, very energetic, and a very likable guy”. He was driven, but not "aggressively ambitious," which is good in an industry where most people are rabidly self-promoting. Put simply, a US-based economist says Javid was just, "very, very clever." Not only that, but Javid was good at, "crisis situations." Most interestingly for anyone trying to make their way in finance, we are informed that he was an "avoider of conflict," "an internal thinker" and someone who could negotiate Deutsche's, "political waters."
Ultimately, however, Javid left banking. These days he's negotiating political waters for real, but if you aspire to rise to the top in finance feel free to use him as your role model.
Separately, large questions are again being raised about Anshu Jain. The Wall Street Journal has had sight of that nasty report from BaFin, the German banking watchdog, which criticizes Jain personally and says he presided over a culture in which problems were 'hidden' or 'entirely negated' instead of addressed openly. Euromoney suggests that Jain's unexpected 'resignation' seemed more like an, 'abrupt dismissal of the incumbent - a firing by any other name.' It also thinks that Deutsche's troubles run deeper than a CEO dump: 'Its investment bank is filled with managers who were schooled in the Goldman Sachs wannabe business model pursued by Jain, a model that often included testing regulatory limits in a way that seems a poor fit for the current environment.'
Michele Faissola, the bank’s head of asset and wealth management and a longtime confidant of Mr. Jain, also is criticized for allegedly withholding information from regulators and for “stubbornly maintaining the status quo” of the bank’s Libor process. (WSJ)
Revenue from Citi's fixed income business fell 1 percent to $3.06 billion, a much smaller decline than that reported by other Wall Street banks. However, revenues in Citi's equities business fell 1% after the discovery of a collateral valuation error. Without this, they would have risen 26%. (Reuters)
Almost everything you’ve ever wanted to know about Goldman’s head of technology. (Recode)
The European investment bank is opening offices in four new African cities. (Bloomberg)
Blythe Masters reinvents self as subprime auto lending specialist. (WSJ)
Antony Jenkins was axed because of such poor performance after three years of attempts at change. An aggressive new quest for revenue in investment banking and particularly in trading isn’t going to solve the problem. (WSJ)
Google hired 8,500 people over the past year and set aside an average of $20k per head in stock-based compensation over the last quarter. (Google)
Barclays is building a 'global fintech community.' (Finextra)
How to recover from an all-nighter. (NY Mag)
Alleged top hacker arrested during internship.(CNN)
(Photo credit: Gareth Simpson)