It is not a happy day for Nicholas Kyprios. The FSA has fined him £210k for playing a guessing game with a fund manager more than two years ago.
In this well-rehearsed childhood favourite, Kyprios apparently encouraged the fund manager to ask him about a bond issue being managed by Credit Suisse so that he could indicate when he was, "getting warmer.” It didn’t help that he was sitting in an open plan office with his 26 reports, who could hear what he’s saying.
The £210k will be borne entirely Kyprios himself. According to the FSA, it will, “have a substantial impact upon him.” To make matters worse, we understand that Credit Suisse is also depriving him of 50% of his bonus for 2011. The only good news is that he’s keeping his job.
It’s turning out to be a good year for FICC businesses. (WSJ)
Goldman’s got a new head of global credit trading. (NY Post)
Morgan Stanley has relocated Brian Neer from New York to London to head European credit. (Bloomberg)
It’s turning out to be a bad year for equities sales and trading businesses. (Zerohedge)
Goldman Sachs has got 3 new co-COOs of equities. (WSJ)
Citigroup has new heads of equities, says it wants to improve its performance in equity derivatives. (BusinessWeek)
Sarkozy would like to impose a capital gains tax on French expats, equivalent to the difference between what they pay abroad and would pay in France. (Liberation)
BNP has promoted hardly any of its juniors. (Dealbreaker)
JPMorgan’s global head of equity finance has died of cancer aged 43. (Bloomberg)
RenCap has hired two new equity researchers, based in Beijing. (TheAsset)
New York is the most desirable city in the world, followed by London, followed by Singapore, followed by Paris and Hong Kong. (Bloomberg)
Bankers work in teams, and the ethic there is: you are with us or you're against us. Speaking out makes you vulnerable. (Guardian)
Apparent proof that many bankers live near Marylebone or in Essex.(NeighbourhoodStatistics)