The Evening Standard has a slightly outrageous article, pointing out what may be obvious: drug dealers in London can earn more than investment bankers. Although average annual earnings for so-called ‘street dealers’ in Brixton are only £19k, the Standard points to studies suggesting “elder” drug dealers are making £2.5k a week and to various (unsubstantiated) claims that London drug dealers are making £30k-£150k over the same period.
An unnamed ex-Goldman Sachs banker told the Standard that drug dealing and banking have similarities. “The problem is: you earn lots but you spend lots,” he said. “There was one partner who used to go out with 100 £50 notes in his pocket.”
Simone Haynes, CEO of charity Principles in Finance, and a former Barclays banker informed the Standard that banking and drug dealing are similar professions: “Once again, it’s similar to banking — the money, and the regard. Bankers like the fact that they work for this bank. A lot of [drug dealers] also feel respected.” The connection feels a little tenuous, however.
Sven Giegold, a German MEP said: “If you are a good football player, then you get a lot of money because you play good football. But in finance, you get a high income whether your performance is average or worse.” (Reuters)
Benros Capital, a hedge fund set up by ex-Goldman bankers is closing down. (Financial News)
BNP Paribas is encouraging staff to give their bonuses to charity. (Financial News)
The EU bonus cap could be raised to 3:1. (Financial Times)
Only 25% of McKinsey’s intake is women. (Wall Street Journal)
CBI says EU’s pay plan will make banks less stable by reducing their ability to vary pay. (Telegraph)
The French iteration of the transaction tax is encouraging investors to use contracts for difference and swaps. (Euromoney)
Credit Agricole is cutting jobs at its investment bank too. (Bloomberg)
Robert Barnes is planning to step down from his role as chief executive of UBS MTF, one of Europe’s largest “dark pools” after spending 18 years with the bank. (Financial Times)
Guy Ashton, the chief operating officer of equity research at Deutsche Bank, is also a drummer in a band. (The Times)
Costa Coffee in Nottingham received 1,701 applications for 8 jobs. (Guardian)