Can you make a fortune prop trading? Is it really worth working for a bank or hedge fund? Should you be trading your own money and offering to teach other people to do the same?
These would appear to be some of the questions raised by claims that Alex Hope, a 23 year old trader spent £205k in a club in Liverpool on Saturday evening.
In this, Hope reportedly said he left school and spent two years as a football coach in the Charlton Athletic Community Scheme before moving into the hospitality sector. In 2010, he joined the Forex Academy, after which he went to work for Zone Invest.
There, Hope’s bio reportedly said he was earning a “six figure” “basic salary,” both trading and, “teaching people how to make money from trading.”
Whilst making some people wonder whether it’s worth working for a Tier One bank with heavily deferred bonuses, Hope’s Saturday’s splurge could also be interpreted as clever marketing for his trader-teaching business. It was preceded by this Tweet from an apparent acquaintance flagging the quantities of champagne to be consumed.
80 jobs are being eliminated at Tullet Prebon. (Guardian)
RBS is making accountants redundant in Scotland and appears to be hiring some more in India. (Scotsman)
Deutsche Bank might move to Canary Wharf. (Evening Standard)
DC Advisory partners has poached someone from Macquarie. (Bloomberg)
Goldman Sachs is expanding its electronic trading offering in Brazil. (High Frequency Traders)
Goldman Sachs made a loss in Asia for the first time since 2008 (but this was due to a $517m writedown on the value of its investment in ICBC). (BBC)
Cleaners in investment banks to receive substantial pay rise. (Bloomberg)