Do you need to do penance for your time in finance by doing something categorically moral when you quit? The co-head of distribution at one large hedge fund would almost certainly say yes.
Financial News reports that Anita Nassar, Citadel's global co-head of distribution and a 'marketing machine' is leaving to fund raise for a charity that helps under-privileged children, Syrian refugees included, find access to schooling in Lebanon. “After 25 years in finance it was overdue time for me to give back to society,” says Nassar. " - Every year 18,000 children remain out of primary schools and 67% of the students in secondary school are barely graduating. In addition, 502,000 Syrian refugee students need access to Lebanese schools, adding strain to Lebanon's education system.”
Nassar aims to generate a sustainable source of donations from multinationals, corporates and banks.Teach for Lebanon aims to generate $830k in the 12 months to June 2015 and more than $1.5m the following year. This could be small change: Nassar joined Citadel in 2008 and was reportedly instrumental in increasing its assets under management from $10bn to around $26bn.
Separately, RBS is still at it. Following claims that the British government owned bank is planning to make 90% of its staff redundant, Bloomberg reports that RBS has said goodbye to another 100 people in its investment bank. They include big(ish) names, like Richard Bartlett, head of U.K. client coverage, and Eric Capp, head of loan and high-yield capital markets.
The worst accusations against RBS yet: it deliberately pushed small businesses to bankruptcy so it could pick up their assets cheaply. (Reuters)
Stop being so risk averse! Go make a few mistakes! - So says Sergio Ermotti at UBS. (Financial Times)
Goldman Sachs has pledged to source 100% of its electricity from renewable energy. (Independent)
The easiest job in finance? The Bank of England’s internal watchdog has published nothing in its first year of operation. (Financial Times)
Surprise: Bank of America now hiring for the Fed for its short term rates strategy desk. (Bloomberg)
The New York-based head of Barclays' treasury trading is no more. (Bloomberg)
Ex-Deutsche trader says he was fired 'frivolously', seeks recompense. (Bloomberg)
London is the world’s top financial centre. Warsaw is a bigger financial centre than Dublin. (Financial Times)
Why a big US hedge fund is raising money for distressed debt investments in Europe: central-bank easing, a depreciating euro and falling oil prices. (Bloomberg)
Here’s how much money J.P. Morgan says you should save in your 20s. (J.P. Morgan Funds)
You’re not middle class unless you earn $120k a year. (The American Conservative)
Commuters share some deep thoughts. (Quartz)