Bad news for any European bankers who are earning huge amounts of money but had hoped to sidestep the European Union’s bonus cap by claiming they weren’t ‘regulated employees’: the EU’s definition of regulated employees has just been expanded.
The Financial Times reports that the EU has broadened the category of regulated employees to include anyone earning in excess of €500k (£420k). Until now, regulated employees were mostly senior managers and people in jobs that expose banks to high levels of risk. All regulated employees will have their bonuses covered by the new bonus cap, which will restrict bonuses to no more than 2.5 times salaries. As a result of the new definition, the FT says tens of thousands more bankers across the European Union will be affected.
Separately, J.P. Morgan has got some new heads of M&A. As well as both being M&A bankers, Hernan Cristerna and Chris Ventresca have another thing in common: they’ve both worked at JPM for 20 years or more. In some jobs, it makes sense to stick around.
Definitive article on a kick boxing, Bugatti driving, ex-elite-swimming hedge fund trader married to a Russian model. (Bloomberg)
J.P. Morgan doesn’t use search firms to find its directors as they can’t find relevant candidates. (Reuters)
Former UBS proprietary trader decides against launching own hedge fund, joins CQS instead. (FinAlternatives)
Credit Suisse is making redundancies. (Dealbreaker)
Court judges are the latest people in danger of losing their jobs to algorithms. (New Scientist)
Jobs that will make you fat .(HereisTheCity)