Are most financial services professionals in the City actually squeaky clean? If the proportion of people sailing through the regulatory approval process for ‘approved persons’ – namely those working in a risk-taking position – is to be believed, the answer is yes.
Despite all the banking scandals hitting the sector over the past 18 months, just 30 people out of a possible 227,000 have been blocked from taking up a new role over the past six years, according to Reuters.
Regulators have supposedly got tougher on people taking up these positions since 2008, more closely scrutinising both their ability to do the job and any sort of shady history. At the time, banks said that this would impede recruitment, but the effect has been rather negligible.
Jamie Dimon poached his dad, Ted, from Merrill Lynch in 2010 and has now tripled his salary (Times)
Man Group has spun off AHL in an attempt to bring in new blood and offset GLG comp differential (Financial News)
Big bonuses do nothing for performance and Europe is right to kill them off (Bloomberg)
Private equity is being unfairly singled out on carried interest tax (Financial Times)
BlueCrest is planning to develop an “investment-bank quality” trading team (FinAlternatives)
Ex-KPMG partner was given a $12k Rolex and $50k in cash for confidential Herbalife info (Financial Times)
RBS’s Japan CEO is poised to leave (Bloomberg)
Morgan Stanley has poached ADIA’s infrastructure chief as a managing director (Bloomberg)
Morgan Stanley’s head of tech and operations is set to retire (Financial News)
Henderson’s chief financial officer, Shirley Garrood is retiring (Bloomberg)
Women’s expectations of a sexual partner are just as unrealistic as men’s (Economist)