It’s every trader’s worst nightmare. You’re there on the floor, one of the bros, joking about owning your own little bar in the Greek islands where everyone can come and hang whilst drinking Ouzo cocktails, without ever realizing that everyone else is being paid way more than you.
Such appears to have been the unfortunate fate of Stylianos Contogoulas, the ex-Barclays rates trader accused of rigging the LIBOR rate who’s become the latest to offer his testimony in the London trial. Bloomberg reports that Contogoulas, who was aged 34 at the time the alleged fraud was committed, was paid £140k ($204k) in 2005. Not bad, you might think – except that his considerably younger colleagues appeared to be earning considerably more.
As we pointed out previously, 26 year-old Barclays’ trader Alex Pabon was paid $325k in 2005, while Ryan Reich, a then 25 year-old trader, earned $800k (£569k) two years later in 2007.
In Contogoulas’ defence, it’s possible that the £140k was just his bonus – the Guardian reports that he earned a £65k salary and a £140k bonus, taking his total to £205k ($299k). Even so, he looks underpaid compared to the younger traders on the desk.
Contogoulas may have been alert to his pecuniary disadvantage. – Maybe this was why he left for Merrill Lynch in 2006? Either way, things haven’t worked out well: the Financial Times reported two years ago that he had run out of money to pay his legal fees.
Separately, if you’ve ever thought that Goldman Sachs is full of under 30 year-olds. you’re right. Yesterday, the firm retweeted a tweet from @FALiveEvents quoting Dina Powell, head of the Goldman Sachs Foundation. Powell reportedly said 65% of Goldman’s employees are aged under 30…
Is there a bro’s club of all-male sycophants at Bank of America? (Bloomberg)
FX trader who left J.P. Morgan is suing for unfair dismissal. FX saleswoman who STILL WORKS at Citi is suing over pay and sex discrimination. (Bloomberg)
Jefferies hired all these technology bankers from Credit Suisse. (Business Insider)
Jefferies’ European president, David Weaver, just retired. (Financial News)
Steve Cohen’s Point72 is trying to identify 20 exceptional first year university students so that can introduce them to the industry. (Yahoo)
Analyst says clients have been putting the phone down because they’re so upset about the performance of Morgan Stanley. (Fortune)
Pity Lloyd Blankfein, for he was compelled to reduce the price of his second Hamptons House by 24%. (Dealbreaker)
Belfast-based fintech firm employs 1,600 people, makes £13m profit. (BBC)
Vikram Pandit will invest in your fintech company, but only if it’s ‘profitable growing or mature.’ (The Wall Street Journal)
Being an expat is in your genes. (Quartz)
Junior operations professionals now due for overtime pay. (The Atlantic)
It’s not just bankers. (The Wrap)
PWC employees have been tweeting their flat shoes. (Influence)
UBS did NOT send a receptionist home because she refused to wear a skirt and heels. (Independent)
How to break your addiction to work. (HBR)