Matt Montana has proven that there is life after being laid off from a senior job at a major investment bank. Montana, the former head of international equities trading at Bank of America in New York, was laid off in March after 25 years at BofA according to Bloomberg. Bank of America was reportedly trying to save money. Six months on, and Montana has found a new and almost equally big job with Deutsche Bank, which is reportedly building the trading business of its America’s wealth management division. Montana is joining as head of equity trading for America. Senior bankers laid off in Europe should take note: redundancy isn’t always the end of the line, even if you have spent more than two decades at the firm which lays you off.
Separately, someone purporting to be the son of a former Goldman Sachs executive has written a diatribe on Quora about what it’s like to grow up in a banking household. “My dad would obsess regularly about how much money our family had relative to the rest of the country – that we were not just in the top .1%, but in the top .01%, and that our apartment was the most “expensive one in Brooklyn,” he writes. As a child, he learned to talk down to waiters and lived in a house with a bowling alley, a swimming pool and a sauna. He claims to have been baptized by the Pope in return for a speech his father made to some Italians.
Two decades later, it seems the bubble has burst. The son of the alleged Goldman executive says he hasn’t made any money himself (“I figured that it would be pointless to try and make a lot of money because I would probably never out-shine my father in that respect.”). His “poisonous” family has fallen apart and his overworked father turned out to be very highly leveraged. Having grown up in a world where his father worked non-stop and his family only socialized with other bankers, reality has intervened. Without money, he says life is very different: “Life is effortless for the rich. Just by being who you are, perhaps 99% of the world will hop-to and accord you respect that you don’t deserve….Without money you’re just another unremarkable b*st*rd.”
Man is suing Renaissance Capital $7-10m for unfair dismissal. (Financial News)
Qatar Investment Authority is hiring bankers. (AI)
Go to Norway to get rich. (Bloomberg)
Over a career spanning more than 20 years, I have seen good and bad bankers alike buoyed far above their proper station by sheer blind good luck or crushed and harried into early retirement by its opposite. (EpicureanDealmaker)
20% of people prefer boring jobs. (HBR)