Ostensibly, Dalal Belghiti was doing pretty ok. In 2010, as a 31 year-old associate in Jefferies’ international sales credit team, she earned a salary of £90k. Two years later, her salary had been hiked to £175k, and she received what the Guardian describes as a ‘hefty undisclosed bonus.’
Two years later again, however, Belghiti quit, claiming that her time at Jefferies had left her afflicted with ‘adjustment order’ and ‘depressive anxiety’ and that even approaching Jefferies’ London office induced panic attacks.
The cause, according to Belghiti was sexism. In a court case brought against the bank in London this week, she claims that a manager at Jefferies left a condom on his desk, that men at the bank referred to women as “bids” if they considered them attractive and “offer only” if they didn't, that a company skiing trip was men-only because its purpose was drinking and sexual activity, and that a company night out at a Mayfair club involved women hired for client entertainment.
Jefferies is retaliating with claims that Belghiti has issues with her ‘personality’, that her performance at work was inadequate and that she didn’t make enough effort with the accounts assigned to her. The case continues...
Separately, in the latest instalment in its excellent series on Tom Hayes, the Wall Street Journal says the ex-LIBOR trader found an easy way of making money. https://graphics.wsj.com/libor-unraveling-tom-hayes/3 Hayes found an error in the way online casinos pay bonus cash, says the Journal. – New customers can ‘virtually guarantee’ themselves a big profit the first time they bet. Hayes is said to have treated the casinos error as ‘free money’ and opened numerous accounts to exploit it.
When she entered the finance industry after university, about 20 or so of her female college mates chose the same path, she says. Today about 90% of them have left. (Guardian)
Currency traders have little to lose by filing employment claims. (Bloomberg)
Deutsche Bank's head of equities trading, Andre Crawford-Brunt, is leaving the company after more than 20 years. (Bloomberg)
Why traders need to be smarter than before: “The intensity of volatility episodes overall indicates that market functioning does seem to be deteriorating.” (Financial Times)
Salacious goings-on at Stanford Business School. (Mercury News)
The global head of products and markets at SwapClear is a former alternative rock guitarist with a degree in conflict resolution. (Financial News)
J.P. Morgan just hired ex-Goldman Sachs banker 'Houston Huang' as head of Global Investment Banking China. (Reuters)
Pep talk: your attitude is more important than your IQ. (QZ)
How to network - find a group of people who look bored and liven them up. “If you’re able to shift the mood of a group in a positive way, it’s very powerful.” (WSJ)
Private equity funds investing in refugee camps: “The margins are very low. One of the keys is, certainly, volume.” (WSJ)
Ten years after starting at Harvard University, men make on average $53,600 more per year than women who graduated from the school. (Huffington Post)
Photo credit: Tsutomu Takasu