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Did drunken trader Redmond get a new job at Barclays Capital?

In an apparent sign that being fired for gross misconduct need not be the immediate end of your career, it appears that David Redmond, the Morgan Stanley trader feted for placing an order every eight seconds for two and a half hours following a liquid lunch, may have gone from Morgan Stanley to Barclays Capital.

Redmond was banned for two years yesterday by the FSA for trying to conceal his trades. However, he’s evidently a talented trader: he managed to trade out of his drunken positions the following day and make a small profit in the process.

The FSA Register shows Redmond leaving Morgan Stanley on March 3rd 2008. He was dismissed for gross misconduct.

There’s no FSA record of Redmond turning up at Barclays Capital. However, several headhunters assure us that did work at the UK bank. According to a source, he was there for several weeks, but left when it became clear that he could not get FSA clearance.

Barclays Capital declined to comment. Redmond is not listed on their switchboard.

Following yesterday’s ban, headhunters say his only option (for the next two years at least) is likely to be a prop trading house, where FSA registration isn’t necessary.

Comments (8)

Comments
  1. IS DAVID REDMOND THE NEW GOLDMAN SACHS????

    HAHAHAHAHA

  2. It’s all about the balance between added value and operational risk. Sometimes, I’d rather have a drunk but skilled trader instead of the outrageous amount of lucky, unskilled back-office-upgraded traders who operate awake (yes, a few are good though).

    Actually, FSA should ban pubs around trading floors: beers during – for the former – or after – for the latter – work are the cause of their existence.

    marginalproductivity Reply
     
  3. From what I read he seems to have come fairly clean about the whole event when asked by his superiors. I understand he had 1 too many but given there was no set policy at MS and the huge losses from other traders over the past 2 years it does seem rather a bit much to ban him for such a long period.
    I’ve read different things from different places. What desk was he on?Was he a freight trader or a physical crude trader?

  4. @johnrobert – I’ve heard he was a freight trader.

    Sarah, Editor, eFinancialCareers Reply
     
  5. What do you do with a drunken trader
    What do you do with a drunken trader…
    :-D

  6. Well, BArclays Capital has hired hundreds of drunken people over the last 5 years anyway, no?

  7. Henry, you wag! Chortle, chortle.

  8. of course they did. That’s the only people that would work for a 2.5k analyst bonus, as pointed out by another post haha

    henry2therevenge Reply
     

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