Next time you go skiing to an upscale ski resort and the slopes are filled with wealthy-looking financiers seemingly on leave from the City and Wall Street, think again: you may in fact be surrounded by traders who are on their lunch breaks. The Telegraph has unearthed agglomerations of trades working out of Verbier and Chamonix, both of which it suggests are fast becoming centres for financial services in their own rights.
“In the last few years more people who traditionally work in the City have moved here and set up permanently,” said Charles Bromley of Corinthian Financial Management, who left London for Verbier in 2002. “Traders and fund managers are coming for tax reasons and the lifestyle… We are the new ski bum,” Bromley added, saying that if it’s a, ‘powder day,’ he won’t work in the morning and that his staff will have three hour lunch breaks.
Separately, Financial News has a piece looking at the ‘flat’ management structure at UBS. Andrea Orcel, chief executive of UBS’s investment bank since November 2012, has established a flat hierarchy wherein he has no fewer than 18 senior bankers reporting to him, says Financial News. This could be interpreted as democratic: Orcel is giving all his underlings an equal chance at working with him to reshape the bank. Or it could be interpreted as despotic: Orcel is unwilling to relinquish control to a second in command and wants everyone reporting to him directly. Either way, Antonio Horta-Osorio, the chief of Lloyds is a warning of what can happen when senior bankers take on too much. Last year, Horta-Osorio took six weeks off with fatigue; having too many direct reports was one reason given for his condition at the time.
How to reinvent yourself: the nerd version. (Mathbabe)
Nicola Horlick: “When I was doing graduate recruitment, I would always recruit equal numbers of men and woman, five of each. After three years, all of the girls would have left.” (The Times)
Mariana Capital, a boutique brokerage firm founded by former Lehman Brothers derivatives bankers, has expanded to Hong Kong. (WSJ)
Clement Perrette, the former head of euro rates trading at Barclays, who was linked to the Libor scandal earlier this year, has left the bank. (WSJ)
Hardcore female banker from HSBC takes part in ultra-marathon, bonds with others over ‘chafing, blisters.’ (Bloomberg)
Bonuses for management consultants working in banks have risen from an average of £19,400 in 2012 to £20,400 now. (Financial Times)
George Osborne is launching a legal challenge against the European Union’s transaction tax. (Sky)
Why Morgan Stanley’s ban on bankers job hunting was bound to fail. (Businessweek)
The UK’s richest hedge fund managers. (Guardian)
Andy Brown 57, a former Morgan Stanley fund manager, paid himself a £20m dividend from Cedar Rock Capital, his investment firm. (SundayTimes)
The Sunday Times rich list. (SundayTimes)