It’s becoming a thing. Once every few months J.P. Morgan does an interview where it boasts how many control staff it’s hiring. The latest in this genre is with the Wall Street Journal, which reports today that J.P. Morgan will be spending $4bn on an extra 5,000 control staff this year. 3,000 will work on ‘legal and regulatory matters,’ the other 2,000 will be situated inside business units. The WSJ says J.P. Morgan now has 15,000 control staff, up from 8,000 this time last year. “This is a huge investment of people, time and money…but it will make us stronger in the long run,” said Jamie Dimon.
Separately, the Evening Standard has conducted an interview with Xavier Rolet, chief executive of the London Stock Exchange, who grew up in a Paris ‘slum’ with running water and electricity but no central heating. By selling mortgages for second homes on the Med, Rolet managed to send himself to Columbia Business School from which he went to work at Goldman Sachs. At Goldman, he reportedly worked almost 24 hour days five days a week. At some point he got into off-road racing and ended up doing the Paris Dakar – the pinnacle of the off-road calendar.
Rolet’s friend, Michel Brogard, said Rolet is “absolutely single-minded,” and has always set himself goals of 3-5 years which he always achieves.
In 2009 Rolet became chief executive of the LSE. He now he has his own vineyard in the South of France. Rolet says other young people from deprived backgrounds should want to do the same: “When you grow up in that environment, you don’t have a sense that those opportunities are about you…It’s about saying to these kids, ‘Hey, you! You should have a shot.’
Goldman Sachs in Zurich is being investigated for working hours. (Guardian)
It’s nine at night, and no-one has left. The clock hits 10, 11 and 12 and still everyone is there….Lots and lots of people, particularly Americans, will use Adderall, Ritalin and Modafinil. (BBC)
“The best part of the job is it ends after two years. The worst part is associates treat you like a resource. Two years feels like five years.” (Vault)
Why a 26 year old analyst has managed to rattle Wall Street. (Quartz)
The new Erin Callan: In a sundress and wind-swept hair. (Businessweek)
Headhunters say equities funds are driving London hedge fund hiring. (Financial News)
SocGen wants to sell its Asian private banking business. (Financial Times)
Shock at Morgan Stanley as senior research staff poached by UBS. (Dealbreaker)
You can earn good money as a butler in Dubai. (BBC)
America’s finance industry is good for white male bankers, bad for everyone else. (PhysOrg)