When Amelia Fawcett left Morgan Stanley 10 years ago, she famously celebrated by chucking her Blackberry overboard on a yacht. Joseph Mauro, the 44 year-old ex-Goldman head of fixed income, currencies, and commodities European hedge fund sales, hasn’t done anything similarly unequivocal with his handheld device, but he has left it far behind, and that feels good.
“First Saturday in over a decade… I neither sent not received a blackberry message… ,” said Mauro – who has taken to Twitter since retiring from Goldman Sachs, this weekend. Earlier, Mauro tweeted that he received 1,000 emails a day whilst working for Goldman, and reflected that while he now has no assistant, no Bloomberg feed, and, ‘no phone with 250 lines.’ He does. however, have time: suddenly, he can walk his daughters to school and watch their enactment of Shakespearean tragedies.
In reality, Mauro’s Goldman retirement is more like gardening leave. After six months’ enforced leisure, he’s expected to leave London and join a macro hedge fund in New York City.
Separately, anyone who thought the UK would simply be able to negotiate some kind of semi-Norwegian-style EU deal which would leave existing passporting agreements intact and appease demands for restricted immigration, has had their hopes disappointed this weekend. – The EU is taking a tough stance with Switzerland, informing it that its access to the EU single market will be rescinded if it imposes restrictions on the free movement of EU citizens.
Sven Giegold, German MEP: “There cannot be passporting without accepting all the obligations of the common market.” (Financial Times)
The UK would be foolish to trigger Article 50 before May 7, 2017, the day of the second round of the French elections. If it triggers it before, France will have more incentive to worsen the UK’s plight to discourage its own leave voters from supporting Marine Le Pen. (Financial Times)
Former Barclays banker Andrea Leadsom might be the next UK prime minister. (Financial Times)
Bankers have donated $1.1m to support Hilary Clinton, $7k to support Donald Trump. (Financial Times)
“The questions they asked were all the same: how safe is my job? Where will I need to move my family?” (Reuters)
2% of candidates have such high deferred bonuses to be bought out that no one wants to hire them. (Financial Times)
The Brexit vote was a result of poor UK education, says Tidjane Thiam: If you voted Remain, you need to be prepared to pay more tax. (Business Insider)
Stop being an EU commissioner, receive £200k for three years to soothe the blow. (The Sun)
Barclays bankers love Jes Staley. (Business Insider)
Vice Chancellor Sigmar Gabriel suggested that Germany could offer citizenship to young Britons. (Bloomberg)
“A lot of banks are in London to access the international capital markets, rather than the EU markets,” said Michael McKee, a partner at law firm DLA Piper. (WSJ)
Deutsche Bank starting this month is running its sizable U.S. trading and banking businesses under a newly consolidated holding company. (WSJ)
BNP Paribas just created a US holding company too. (MarketWatch)
Multi-tasking uses up oxygenated glucose in the brain. (Quartz)
“I’ve told my children, ‘follow your dream.’ None of them has taken the banking route.” (Pictet)