If you work for J.P. Morgan’s investment banking division (IBD) in Europe, don’t expect to get too comfortable in your job. The man who orchestrates JPM’s IBD business in the region makes it his business to keep staff slightly unnerved.
In an interview with Financial News, Viswas Raghavan, J.P. Morgan’s head of investment banking for EMEA, says it’s important to keep bankers outside their comfort zones if they’re not to become complacent. “This is why we like people to change jobs and not stay in the same position too long,” Raghavan says. JPMorgan ranked first in Europe for banking fees for 2014, but Raghavan says this means nothing now that 2015 has begun: “You come back on January 1 and the counter says zero again. This is a business that resets itself every year, so if you’re complacent, you’ll suffer. It’s about making sure you’re never lethargic, never arrogant and never full of yourself.”
Separately, beleaguered fixed income professionals at Barclays have lost their great leader. Eric Bommensath, who ran Barclays’ fixed income business for four years from 2008 and went on to become chief executive of the investment bank, is reportedly leaving. In reality, he was halfway out the door anyway since being made head of the ‘bad bank’ back in June. It’s not clear what Eric plans to do next, but he claims to be interested in poverty alleviation, volunteering and joining a non-profit board.
The British government won’t force foreign students to go home when they finish their studies after all. (Financial Times)
Can your bonus still be clawed back if you get it bought out when you go and work somewhere else? No one knows. (Financial News)
The ex-head of Deutsche Bank’s mortgage-backed securitization business raised $50m seed-funding for a hedge fund. (WSJ)
Hedge fund Cheyne Capital made £25m available to pay its 56 partners in the year to March 2014. This was triple the amount set aside during the previous year. (Financial News)
Espirito Santo was fined £230k by the Financial Conduct Authority for failing to inform the regulator of a mass exodus of corporate broking staff and continuing to advertise the ‘financial sponsor’ element of its corporate broking business. (WSJ)
Idiot stockbroker sacked after claiming to hit a cyclist on the way to work. (Telegraph)
A fire engine drove into the Barclays building at Canary Wharf. (Evening Standard)