Do you want to quit banking? More specifically, do you want to quit Deutsche Bank? 51 year-old Robert Rankin, the former co-chief executive of Deutsche Bank's investment bank, has given a masterclass in getting out.
Rankin is off to work with his old friend, the Australian billionaire James Packer. Bloomberg reports that Rankin will become chief executive of Consolidated Press Holdings, Packer's personal investment firm (which is now mostly invested in casinos rather than media companies). He will also be director of a Chinese casino operator which Packer co-owns. “I see Rob as my partner going forward,” Packer, told Bloomberg. “I’ve known Rob for a long time. He is someone I have great faith in and great trust in.”
Rankin's exit to work with an effusive billionaire hasn't dented his credentials at Deutsche. His ex-employer is keen to remain on good terms because Packer could be a source of fees in his new role. “I look forward to working with the bank as a client in the future,” Rankin said pointedly. Deutsche Bank's co-CEOs Anshu Jain and Juergen Fitschen shared this sentiment and said that they both “look forward to working with him as a client,” too. Everyone's happy. - Except, maybe, the senior corporate financiers at Deutsche Bank who are left wondering who will be nominated as their new chief now that Rankin's gone. Deutsche has said that a successor to Rankin will be named, "in due course." The appointment could be politically tricky - The German wants to expand its corporate finance business in the U.S.. but a New York-based replacement for Rankin could cause upset in London. Co-heads are a possibility.
Separately, Goldman Sachs has done its best to make life easier for its junior staff. It was the first bank to introduce 'protected weekends' compelling analysts to be out of the office between 9pm on Friday and 9am on Sunday. And it was the first bank to review the way work is allocated to its youngest employees. There have been suggestions that the changes haven't made much difference, however. - One analyst told the New York times that weekends off simply means longer working hours between Monday and Friday. Now the Financial Times has encountered a 20-something who quit the bank after two years because he couldn't be bothered with it all. "“It wasn’t that I couldn’t cope. It’s that I didn’t want to cope,” he told the FT. “I didn’t see why I ought to.” However, the FT also spoke to Julie Meyer, an ex-Goldman banker turned entrepreneur, who said working in a start-up isn't much better: 100 work weeks are equally common in the technology sector, and you might not even get paid for them.
Nomura's equities business seems to be clearing out the old guard and hiring new people in. David Sahlin, co-head of sales, equities investor and corporate solutions for Europe, the Middle East and Africa, and Stephen Daly, head of European equity research sales, both left last month. But since April Nomura's also hired Simon Harris, ex-head of equities trading for Emea at Citigroup, Ronan Connolly, ex-head of EMEA equities at Citi and Ed Steel, ex-head of equity derivatives trading at Standard Chartered. (Financial News)
UBS's fine for FX fixing will include a fine related to precious metals fixing. (Financial Times)
JPMorgan is cutting 3,000 more jobs than originally planned. It's okay; they will go from its consumer and community banking arm. (Wall Street Journal)
Pimco's awarding some special bonuses to stop people leaving post-Bill Gross. (Bloomberg)
A checklist to determine whether your CV is boring people. (Career Realism)
Can you have dreadlocks and work in finance? (Wall Street Oasis)
Do you really want to work in Hong Kong? "“Fourteen hour shifts, no friends, no transferable skills, empty homes, no relationships, lots of abuse and control coming onto them, a boring job that they cannot explain, and no idea what is going on because they do not even have the time to read the newspaper." (Telegraph)