Jeremy Charles had the sort of career path that was possible in the 1970s, but is impossible now that everyone is hired through graduate programmes.
56 year old Charles began his career in 1975 as a tea boy at Rothschild. From there, he moved into trading before joining HSBC in 1999 and remaining there ever since, most recently as global head of precious metals. HSBC is known for an abnormally high quotient of investment banking lifers, but Charles didn’t want to outstay his welcome. “I didn’t want to be one of those people who carried on just for the sake of carrying on,” he reportedly told Bloomberg. “The new challenges are for our talented younger people to carry on through.”
Having escaped banking with all his faculties, Charles says ne now wants to travel with his wife and try his hand at something artistic.
Most heads of commodities at the top investment banks started their careers trading physical commodities. Not any more. (Financial Times)
Actually, only 300 of BofA’s forthcoming 2,000 redundancies will be in the investment bank. (Bloomberg)
UBS investment bankers have UBS private bankers to thank for the increased value of their deferred bonuses. (Reuters)
Pimco’s highest paid director in Europe earned £29.9m, rather a lot more than Jamie Dimon’s £14m. (Guardian)
Bank of America has hired Paul Baron, a hedge fund salesman from Deutsche in the US, to run equity derivatives sales in Europe. (FinAlternatives)
Deutsche is growing in Latin America and has hired a Latin America-focused MD, who will be based in NY. (Bloomberg)
Trafigura wants to expand in commodity trade finance and has hired some bankers. (Bloomberg)
Standard Chartered wants to hire 2,000 people this year, but not investment bankers and not in Europe. (Bloomberg)
Compliance man becomes chief executive of Panmure Gordon. (Financial Times)