Goldman Sachs has already warned that it might move jobs out of London if the UK leaves the European Union. Now it looks like Credit Suisse is making real preparations for just that eventuality.
The Irish Times reports that the Swiss bank has advised several of its UK clients that it might switch some of its London-based operations to Ireland. It adds that Credit Suisse has been in discussions with Irish regulatory authorities for some time, but that authorization for the move hasn’t been finalized. The migrating jobs are reportedly in prime services, clearing, settlements, IT and ‘financial support.’ A spokesperson for Credit Suisse told the paper that the bank is “assessing the possibilities” and that “there could be significant benefit to clients in creating new state-of-the-art platforms in Dublin.” The Irish Times suspects the Swiss bank of contingency planning, noting that if CS moves operations to Ireland it will mitigate any adverse effects of a referendum on Britain’s membership of the EU.
Separately, a former Goldman Sachs employee has blogged about how she landed a role at the bank despite knowing nothing about finance. Caroline Vanderoef, a former member of Goldman’s private client business, says she had no intention of going into a finance career and was a French graduate who didn’t know the meaning of calculus or the difference between a stock and a bond when she got her job at Goldman. What she did have, says Vanderoef, is determination, luck, and contacts. – She landed a Goldman interview by calling an old boss whose sister worked for the firm.
Robert Walters says finance hiring is returning to normal. Growth is seemingly being driven by expanding businesses, replacement hiring and candidates’ sudden willingness to move. (The Times)
US agency brokerage ConvergEx seems to be hiring in Europe. (Financial News)
Patrick de Nonneville, 41 and previously co-head of European interest rate trading at Goldman Sachs, has mysteriously left the bank. (Financial News)
Helena Morrissey has nine children and does the ironing. “I don’t know how she does it,” says her oldest daughter. (Daily Mail)
Deutsche Bank has promised to add 500 people to its back office operations in the US. It just hired one person from HSBC. (WSJ)
Bank of America has been compelled to separate its compliance division from its legal division. This followed a belief that the legal division was mostly devoted to minimizing the effect of rules. Compliance will now be situated within risk oversight. (Reuters)
The large inflows of money into Janus Capital seem to have come from….Bill Gross himself. (WSJ)
An honest letter from your IT department. (McSweeneys)
It’s the negative people who tend to get things right. (NY Mag)