When you get beyond the money, being a trader at an investment bank is a bit of a slog. You have to get up early and you might lose your job to an electronic trading system. But these negatives have traditionally been mitigated by a big positive: debauched nights out with brokers who want to win your business. At Barclays, however, those big nights have been banned.
Bloomberg reports that Barclays forbade its traders from, ‘giving or receiving gifts or entertainment from brokers’ back in March. All forms of gifts and entertainment are included, however – innocuous seeming, however inconsequential.
Reports of Barclays’ move follow news of wild goings on at various brokerage firms, including BGC Partners, which reportedly inaugurates new hires by making them run across the trading floor whilst being squirted with water. It also follows the LIBOR and FX fixing scandals, where chat between traders and brokers played an important role in incriminating the banks concerned.
Surprisingly, Barclays’ traders didn’t leak news of their deprivation earlier. It’s possible that they are thankful of an excuse to go home early before getting up at 5am.
Separately, don’t do an MBA if you want to reach the upper reaches of Maslow’s hierarchy. Quartz reports that people with MBAs are the least likely to feel fulfilled at work. Compared to other degree disciplines, business students are least likely to say they’re ‘deeply interested in what they do,’ and least likely to say that they have ‘purpose and well-being’. In the long run they do, however, make more money than anyone else.
76 million U.S. households and 7m small businesses were compromised when JPMorgan was hacked last summer. (WSJ)
Yes, bonds are increasingly being traded electronically. (Bloomberg)
The European Union has suddenly decided it might want Lord Hill to be the commissioner in charge of financial services after all. It says he doesn’t know anything about financial services. This will play into the hands of the UK’s euro-skeptics. (WSJ)
It’s ok – VTB Capital won’t be cutting any more jobs for a while. It’s trying to make do with the Russian middle market and new Chinese clients. (Financial News)
“Deals toys went away for a few years, but now they are coming back.” Recent toys have included Lucite toilet rolls. (Financial News)
New York or London? New York. (Financial Times)
High levels of testosterone make you greedy. (The Atlantic)
How do your earnings compare to other rich people in your borough? (Telegraph)
Bankers are paid to suffer. (BloombergView)
Here’s how much you could be making in Hollywood. (Hollywood Reporter)