In a promising start, this week begins with a triptych of hiring stories. Deutsche Bank, Edmond De Rothschild and Pimco are all adding staff. The only exception to the hiring pastiche is Credit Suisse, which is today reported to be cutting 100 fixed income jobs instead of the 65 it was apparently cutting a couple of weeks ago.
The BBC reports that Deutsche is hiring 700 people. They will all be based in Ireland and will be working in such roles as trade finance, cash management, technology and operations. The Financial Times reports that Edmond De Rothschild is launching a wealth management business in the City and hiring up to 50 private bankers and corporate financiers in the process. Financial News reports that Virginie Maisonneuve, a managing director due to join Pimco from Schroders in January, will be leading a ‘recruitment drive’ for fund managers, traders and analysts in the new year.
Separately, the Sunday Times highlighted the case of 28 year old Leigh Fogelman, who jettisoned his job at JPMorgan Cazenove last year to work for London nightclub Ministry of Sound. Fogelman was neither DJ nor dancer at the club, but joined as corporate strategy and development manager – a role he held for only 8 months before joining Strand Partners, the small and mid-cap advisor linked to ex-JPMorgan natural resources banker Ian Hannam who was his boss at the US bank. Upon learning that Fogelman had left for the Ministry of Sound, the Sunday Times reported that a senior U.S. HR professional at JPMorgan expressed concern about the number of people leaving for government roles.
Credit Suisse is cutting 100 jobs and setting up a new division to combine its rates, foreign-exchange and commodities operations. Called the ‘Global Macro Products Group,’ it will be run by Jon Kinol, the New York-based global head of rates, and David Tait, the London-based global head of FX. (Bloomberg)
The FCA is of the opinion that the bonus cap is a bit silly and won’t mind if banks stretch the EU rules a little. (Financial News)
Paul Flowers, former chairman of Co-op Bank, caught seemingly buying cocaine. (BBC)
Justifying his qualifications for running a bank, Paul Flowers said: “‘I took the exam of the Institute of Bankers. I completed part one and the best part of part two of those exams before I became a Methodist minister.” (Telegraph)
The top 1% of earners in the UK are on more than £160k and pay 30% of income tax in the country. The top 10% have seen their share of the tax burden rise from 35% of all income tax in 1979 to 55% now. (The Sunday Times)
Graphic photo of a penitent trader. (Reuters)
Banks’ Christmas parties are still riotous, but smaller and under the radar. (Financial Times)