Who earns £320k aged 33 in the City of London? Certainly not the ‘average’ front office banker, who according to the figures we most recently received from pay data company Emolument, is earning something close to £275k by that age. No, the only people who earn £320k aged 33 in the City are, allegedly, women.
Emolument’s latest figures, reported in Financial News, suggest that 33 year-old females are the high earners in gender terms. Their salaries are higher than men’s. And so are their bonuses. Thereafter, however, it all goes downhill. Once women have children and take direct or indirect responsibility for raising them, the gender pay gap moves seriously against them. By the time a woman is 37, Emolument says her bonus is likely to be on a par with a 25 year old man’s.
Separately, police in the City of London are searching for a man who looks like a probable finance professional. On the evening of Friday October 3rd, he mistakenly thought someone told him to “cheer up” whilst walking along Fenchurch Street, and proceeded to headbutt the well-wisher and punch his two friends in the face. The photo of the alleged perpetrator (published in yesterday’s Evening Standard), is below.
The Bank of England wants to extend its seven year bonus clawbacks to cover people working at non-banks (eg. brokerage firms). (Bloomberg)
Melissa Smith, head of European DCM at JPMorgan, is also a trained ballerina. (Financial News)
A new study says that people who manage money are no better at managing their own money than people who don’t. (Atlantic)
Banks don’t have to earn higher fees to hire. Citi’s oil and gas team is recruiting Shreyas Bordia from Morgan Stanley, and promoting him from executive director to managing director. This is despite fees from oil and gas M&A falling this year compared to 2013. (Financial News)
Ever since JPMorgan’s head of research, Paul Huxford, retired after a leave of absence in March, it’s been promoting a lot of researchers into new jobs. (Financial News)
In 2013, leveraged loan bankers could have had anyone to play at their annual conference. They chose Bon Jovi. This year, things won’t be quite so glamorous – leveraged loans are going off the boil. (Financial Times)
Assets and staff are leaving Hugh Hendry’s Eclectica. (Bloomberg)
Ex-head of healthcare at Jefferies was very messed-up. (Gawker)
Want some time off? Book a ‘fake business trip’. Everyone’s doing it. Apparently. (Cafe)
If you expect to live a long time, you’ll derive pleasure from ‘extraordinary experiences.’ If you don’t, the ordinary will make you happy. (Wharton Knowledge)