A few weeks ago it emerged that the average age of employees at Goldman Sachs in London is 33, suggesting Greg Smith was on the cusp of senescence in Goldman terms.
Now it appears that Treasury staff have a similar age profile. The median age at the Treasury is 32, the Financial Times reports today. 50% of Treasury staff have joined since 2008. Most of them reportedly leave after a few years in pursuit of higher pay externally. If they want to pursue higher pay in banking, they’re advised to do so before the age of 30.
Separately, we’ve been hearing rumours that Swedish bank Handelsbanken is relocating some of its traders away from London. “It’s another sign that European banks are moving away from the City,” says one fixed income headhunter. The bank declined to comment.
Abu Dhabi Islamic Bank (ADIB) is setting up in London, however. Arabian Business reports that it’s opening a new Londonoffice to use as ‘service centre’ for its private banking and wealth management operation when clients visit.
Brian Moynihan’s pay rose 300% last year, to $8.1m. (Financial Times)
Tom Montag received a total pay package of $12m for 2011. (Financial News)
Richard Handler, chairman and chief executive of Jefferies, gave up a bonus of $4.9m, while Brian Friedman, chairman of the bank's executive committee, waived a $3.7m award. (Financial News)
Sutesh Sharma, Citigroup’s most senior proprietary trader, is preparing to launch Portman Square Capital, while Taimur Hassan, a former commodities trader at Goldman Sachs is gearing up to launch Frere Hall Capital Management. (Financial News)
Western European growth prospects in terms of margins and income are “absolutely of no interest” to Sberbank. (Financial Times)
As it separates private banking and wealth management, Coutts is making employees in its wealth division reapply for their jobs. (Telegraph)
UBS is trying to make its private bank more agile, like a fighter jet. (Bloomberg)
UBS has been sending cupcakes with blue icing to select journalists in London.(YFrog)