Starting from next year, banks in London will need to verify that their staff are up to their jobs. It seems that a rush of hiring is already happening in anticipation of this need.
The Wall Street Journal reports that a new set of ‘conduct rules’ are due to come into effect for banks in the UK from March 2016. As currently drafted, these rules will require that banks run their own annual checks to ensure that staff are ‘fit and proper’ for the jobs they’re in. Already, it seems that banks engaging in some panicked recruitment. – Huw Jones, director of the governance team in Emea and global lead for legal, regulatory and compliance at search firm Leathwaite, told the WSJ that there are, ‘up to 40 new planned hires in the near term to get the right frameworks and processes in place to more closely monitor employee behavior.’ We expect a lot more of this as March approaches.
Separately, why work for Goldman Sachs when you can get your spouse to work there instead? It helps to have a wife who’s a managing director at the firm.- Especially if you’re planning to do something as costly, time-consuming and poorly-paid as running for president of the United States. Texas Senator Ted Cruz is running for president, and his wife, Heidi Cruz – a managing director in Goldman Sachs’ private wealth management is taking some time off to be with him. Heidi will not be remunerated by Goldman while she accompanies Ted, but having worked for the firm since 2005 and spent three years as an MD, we suppose that she may have built a sizable war chest. For his part, Cruz is proud of his wife – but omitted to mention her illustrious Goldman Sachs career in the speech that launched his campaign, pointing to her bread-making habit instead.
The fixed salaries for Anshu Jain and Juergen Fitschen rose by 65% last year. Their bonuses fell by 45%. (Bloomberg)
If Deutsche Bank dumps its retail business it will look a bit like Goldman Sachs. (Reuters)
New rules ban FX traders from sharing information. (Reuters)
Top-rated UBS managing director lost his job after blowing the whistle in 2008. He hasn’t worked since. (Courant)
47 year-old former head of Morgan Stanley’s capital markets arm is moving into wealth management at the bank. (WSJ)
Blame hedge funds for the technology bubble. (Bloomberg)
Look how much money people earn at Goldman Sachs’ Asian office. (Business Insider)
This fund manager gets up at 5.45am, straps a miner’s lamp to his forehead and spends an hour reading research whilst on an exercise bike. (WSJ)
A French bank asked its economists to upgrade their economic forecasts for France in order to avoid hitting its share price. (Evening Standard)
Are you sure you want to leave your job? (WE Forum)