First came Bank of America (admittedly back in 2007), then came Citigroup. – Citi has joined the ranks of big banks dumping senior staff just before bonuses are due to be paid.
Bloomberg reports that Ilia Polokov, a London-based emerging markets trader who’d worked for Citi for fourteen years, has left the bank. Steve Gooden, an emerging markets debt trader who joined Citi from Macquarie in 2011 has disappeared too. It’s quite possible that both men left of their own accord, but that seems unlikely this close to bonus time. Citi was eliminating sales and trading jobs in November. The latest departures look an unfortunate continuation of that strategy.
Separately, if you want to work at Citadel with hedge fund billionaire Ken Griffin, you’d better get with the fund’s interview tips. Posted on its Citadel Careers Twitter account, they include exhortations to ‘prep your elevator pitch’, to ‘always ask questions about company culture,’ and most recently (and curiously) to come equipped with a solid handshake.
Deputy chief executive of RBS leaves one year early. Has profile mysteriously deleted from company site. (Telegraph)
How to make expensive people quit before bonus time. (Inc)
Why JPMorgan thinks Goldman Sachs needs to be broken up. (Reuters)
29 year-old Russian hedge fund founder disappears with fast car and $20m. (WSJ)
Morgan Stanley fired 30 year-old financial adviser Galen Marsh after accusing him of stealing account data for 350,000 customers and posting it online (with the possibly intention of selling it). (New York Times)
JPMorgan just paid $100m to settle civil lawsuits relating to FX fixing. It already paid $660m to regulators for the same offence. (Financial Times)
“Many bankers are simply hanging on, not enjoying their jobs but sticking with them because of economic necessity and lack of choice.” (Crains)
Investment banks are going big on big data. (Euromoney)