When Deutsche bank unveils its next five year strategy along with its second quarter results, it will - in theory, be an okay day for its investment bankers. Anshu Jain has offered them words of reassurance, so has Jürgen Fitschen. Deutsche's retail bankers are thought to have the most to lose from the likely strategy shift.
It's weird, therefore, that people seem to be quietly departing from Deutsche's investment bank ahead of the big day. The latest to leave is Christopher Dennis, a prime broker who spent eight years with the German bank. Bloomberg reports that Dennis is off to join a hedge fund start-up. It also says that Deutsche is, 'considering scaling back' its prime broking activities. Dennis possibly knows something that we don't. - Maybe Deutsche's investment bankers shouldn't be too complacent after all.
Separately, it's not just junior investment bankers and Tim Cook who get by on very little sleep. Scott Adams. creator of the Dilbert comic, is sleep deprived too. "My alarm is set for 5 a.m., but if I wake up any time after 3:30 a.m., I call that close enough and pop out of bed with a hum and a bounce," Adams writes for Business Insider. "I have been under-sleeping for decades, and I just keep getting healthier," he adds. "- But don't take medical advice from cartoonists."
HSBC is moving 1,000 jobs at its ring-fenced retail and commercial bank from London to Birmingham. (Reuters)
Perella Weinberg, Moelis, Evercore and PJT Partners are all hiring in Europe. (WSJ)
UBS hired Gregoire Haemmerle from JPMorgan Chase & Co. to lead corporate-client solutions in France, Belgium and Luxembourg. (Bloomberg)
Broking incomes in London are broken: “The model for firms like ours had to move to corporate fee income.“ (Evening Standard)
Pit trading used to be a way for, “...a working-class guy with street smarts and a huge native intelligence to make a lot of money.” (New York Times)
Morgan Stanley's new CFO has two brothers who also work in banking. (Bloomberg)
When you shouldn’t take a job, even if it pays more. (Business Insider)
Another reason why you want to work for Google: 'The landscape will be “re-oaked.” Wetlands will be enabled.' (Grist)