As we reported not so very long ago, junior bankers are becoming empowered and Barclays is at the very front of that empowerment wave. Now, Financial News, has some detail on just how Barclays’ empowerment of juniors will work in practice.
As part of something called the, ‘Team Working Practices Survey’, Barclays is reportedly inviting its analysts and associates to answer the following questions: “Which three bankers above vice-president level have been most positive in their interactions with [you]?” And “which have been most negative?”
With this information, Barclays intends to weed out its most invidious senior bankers and to identify the pleasant types who everyone likes working with. What could go wrong? Well, firstly, it’s not given that niceness is a prerequisite for managerial success. – There is such a thing as managers who are too nice. – Does Barclays want its managers to spout banal platitudes in the hope that juniors will rate them? Secondly, it’s not clear how anonymous the feedback will be, or how anonymous it can be. – A vice president or MD who has a bad relationship with a particular analyst will surely suspect them when he’s slated for nastiness. And thirdly, is it really such a good idea to give junior bankers who only see part of the picture influence over senior bankers who (theoretically) see the whole thing?
Crucially, Barclays intends to adjust compensation for its senior staff to reflect the juniors’ comments. Expect Barclays’ bankers political machinations to include extreme niceness to analysts and associates in the fourth quarter as long as this scheme remains in place.
Separately, who said Goldman Sachs’ internships are awarded entirely on the basis of merit. Buried in follow-up stories to yesterday’s allegations that Goldman Sachs treated members of the Libyan Investment Authority to special holidays and nights out to win their business, is a reminder from Bloomberg that Goldman Sachs gave a year long internship to the brother of Mustafa Zarti, one of the LIA executives Goldman worked with on the $1bn of trades which ended up being valueless. In earlier reports, Goldman insisted that Haitem Zarti was employed on his own merits and that his initial three month internship turned into 12 months due to his strong performance.
An unnamed ‘ex-Barclays senior banker’ has pleaded guilty to one criminal charge of LIBOR fixing. His name will be made public during the trial in May 2015. (DealBook)
UK and US regulators hope to extract ‘major penalties’ from Deutsche Bank of LIBOR fixing. But it probably won’t happen until next year. (Reuters)
RBC is hiring in M&A, but it also seems to be firing. Tim Chapman, head of international oil and gas investment banking, has left. So has Giles Tucker, the bank’s head of infrastructure, and Frank Garibaldi, head of high yield capital markets in Europe. RBC pays its bonuses earlier than most banks, in early December. (Financial News)
Yes, Credit Suisse is rebuilding its CMBS business. (Reuters)
Paul Rees, a very popular rates salesman at BAML, is leaving. His former boss, Robert Grillo, relocated to New York last month. (Financial News)
Rabobank (which has a 0.25% share of the FX market), reviewed its practices and put two of its FX traders on leave. They haven’t been named. (Financial Times)
The IPO rush could be abating. Companies which want to list in London now are being asked how they’re different to those that have listed already. (Financial News)
Robert Walters says recruitment activity in the City of London is increasing again. (Financial Times)
Bank of America employs gerontologists to study the effects of ageing, as well as historians and archivists to manage its own archives. (Business Insider)
The average salary for broker dealers in New York City is $360k. This is likely to remain stable even though jobs and profits are falling. (Guardian)
Why women settle for less than they’re worth at work. (Fast Company)