When Kweku Adoboli was imprisoned in November in 2012, he was a fresh faced 32 and a half year-old with a cashmere coat and a good white shirt. And why not? The son of a diplomat, Kweku made £360k in 2010, the last year he collected a pay package from UBS before his dubious trading activities earned him a place in prison. Admittedly Kweku was heavily in debt at the time of his arrest, but some of his compensation had clearly gone on clothing as well as a fancy apartment with ‘chrome pillars’.
Thirty six months later, Adoboli’s current raiment is unknown. Having spent most of that time at Verne Prison in Dorset, he may have developed more rustic sensibilities. For the moment, he’s said to be staying with friends. What will he do next? The Financial Times points out that aged just 35 years-old, Kweku’s banned from working in the City ever again. Nick Leeson is a potential role model, says the FT. As we’ve reported in the past, Leeson has done very well for himself on the international public speaking circuit, making up to £40k a week with tales of how he brought down Barings Bank. We may not have heard the last of Kweku yet.
Separately, hedge funds’ passion for 20 year-olds is becoming a thing. First it was Paul Tudor Jones. Now it’s Alan Howard. Bloomberg reports that Howard’s hedge fund, Brevan Howard, is now ‘grooming’ its own portfolio managers instead of pinching people from investment banks. Richard Oliver, a senior trader hired from Morgan Stanley in 2013 is reportedly overseeing the program, which is targeting ’employees in computer-based strategies and trading assistants,’ and has hired five people in ‘recent months.’
Deloitte hired Paul Staples, former head of UK corporate finance at BNP Paribas, to ‘turbo charge its relationships’. It now has 300 people doing corporate finance advisory work in the UK. (Financial Times)
JPMorgan has hired Arkadi Nachimowski from Deutsche Bank to head its chemicals team in Europe, the Middle East and Africa (EMEA). (Bloomberg)
Meet the Citi manager who noticed that Tom Hayes LIBOR activities seemed a bit off. (Risk)
It’s been a very good year if you work in M&A in the US and a very bad year if you work in M&A in France. (Financial Times)
This is why you’re most likely to get a new job with a referral. (Quartz)
How to lose all your money. (Gawker)
70% of wealthy families lose their wealth by the second generation, 90% by the third. “It takes the average recipient of an inheritance 19 days until they buy a new car.” (Reuters)
When to state a number in your salary negotiations. When to avoid it. (Quartz)
Why hedge funds love the Greek crisis. (WSJ)