The mysterious employees of an unnamed ‘US investment bank’ have been celebrating the season. Unfortunately, they had to pay for their celebrations themselves.
To mark Christmas, Reuters reports that staff at one US bank in London went out for a ‘swanky’ meal at an unnamed restaurant. The partners in attendance each contributed £1k ($1.49k), while the managing directors each contributed £500 towards it.
Now, given there’s only one U.S. investment bank with partners alongside its managing directors in the City (or anywhere else), we assume that the institution in question is Goldman Sachs. We also assume that the budget must have been lavish. Goldman has 467 partners in total, of whom around 20% – 90 – are based in London, although not all are likely to have attended the same meal.
Rival banks have been less generous with this year’s Christmas parties. However, some hedge funds and boutiques have put the bank seeming to be Goldman to shame. Reuters reports that UBS allocated employees just CHF50 ($50.21) per head for festive celebrations, but that hedge funds like Citadel have been throwing Christmas parties featuring Katy Perry and ‘acrobatic entertainers’ to reward employees, and that Perella Weinberg, ‘had a firm-wide party at New York’s famed Plaza Hotel.’
Separately, given that freedom at work equates to happiness according to hedge fund Man Group, you should want to know who’s going to have all the freedoms at J.P. Morgan next year. Daniel Pinto, head of J.P. Morgan’s corporate and investment bank, says this privilege will go to members of the ‘internal technology group,’ reports Bloomberg. “Internal working groups have made significant advances this year and will be provided even more freedom to develop market leading platforms in 2016,” said Pinto in a memo to staff, adding that the bank will focus on areas like on blockchain, big data and robotics.
Meet the new head of Standard Chartered’s corporate and investment bank: a commercial banker from HSBC. (WSJ)
Standard Chartered has given up having a global oil and gas M&A team. (Business Insider)
UBS just poached a new head of EMEA financial sponsors M&A from J.P. Morgan. (Reuters)
Why you don’t want to work for a hedge fund: ‘Some funds are already wooing customers with fees closer to 1% [of assets under management] and 15% [of performance], people in the industry say’. (Financial Times)
Joerg Vogt, the German rates submitter who sued Deutsche Bank for sacking him and got reinstated, is leaving his job again at the end of this month. He is also suing the FCA for revealing his name. (Financial Times)
Jefferies just cut 30-40 people across sales, trading and research in Hong Kong. (Bloomberg)
Morgan Stanley’s quantitative solutions and innovations team, which deals with FX analytics and was built from scratch over the past five years, is probably being cut. (Financial News)
Is it possible to be both rich and left wing? No. (Spectator)
Martin Shkreli was arrested not for jacking up prices for lifesaving drugs, not for buying the only copy of a Wu-Tang Clan album and not listening to it, not for being generally vile on Twitter and in interviews, but just for garden-variety securities fraud. (BloombergView)