What is the optimum age to retire from Goldman Sachs? You might think it would be 40, or even 35, but if you truly love your job in finance you won’t defect at the earliest possible opportunity. You’ll stay around. Until you’re nearly 60.
Such is the stamina of John S. Weinberg, who was co-head of Goldman’s investment bank from 2001 until late last year. Weinberg joined Goldman as an associate in 1983. He was promoted to partner in 1992 and has managed to hang on a (remarkable) 23 years in that position given that the average tenure of a partner is closer to eight years. It helps that Weinberg was Goldman’s ultimate ‘culture carrier.’ It helps too that he’s chummy with some of the firm’s, “most important clients.” And it helps that he’s as close to Goldman royalty as you can get: he’s the son of John L. Weinberg, a former chairman of Goldman’s management committee, and the grandson of Sidney Weinberg who was Goldman CEO from 1930 to 1969.
After 32 years at Goldman Sachs, John S. isn’t even retiring – he’s becoming a ‘senior director.’ Lloyd Blankfein and Gary Cohn both said they’re very pleased with this outcome. Maybe he’ll hang on until a generation of Weinbergs moves in to keep the dynasty alive?
Separately, HSBC ran a bonding day for some of its ‘bankers’ in Birmingham. They dressed up in orange jumpsuits, found a fake knife, and performed a mock IS-style execution on an Asian co-worker which they then posted to Instagram. They have been sacked.
Goldman Sachs has got a new M&A ‘shareholder advisory group’ to deal with activist and defensive M&A deals. (WSJ)
Citi just promoted Michael Lavelle to head of UK and Ireland corporate and investment banking and vice chairman of EMEA CIB. Lavelle has been with the bank for 19 years. (Reuters)
Another five people have left Pimco’s equities business. (Financial News)
Last year, the number of management consultants in the UK jumped by 12 per cent to about 38,000. (FT)
Banks have lost $120m in fees from the closure of the Chinese IPO market. (Financial News)
Meet the hedge fund, ‘Shanghai Chaos’: “If you think American traders are aggressive, these guys are three times as big and as fast and crazy. It’s like they’re on speed.” (FT)
MiFID II is creating big opportunities for data professionals. (Trade News)
The man accused of stealing code from Goldman Sachs is free, again. “It feels great.” (NYT)
Billy Joel just married a risk manager from Morgan Stanley. (Dealbreaker)
If you’re a man, Google will serve you up higher paying jobs. (Technology Review)
How to survive as an expat. (WSJ)
Nordic jazz is coming to Nomura. (CityofLondonFestival)