You’re 29 years old and you achieve your ‘dream job’ at Goldman Sachs in New York. Two months later it’s all over and your name is splurged across the media in a way that will inhibit your chances of finding a bank job ever again. This has been the fate of Rohit Bansal.
Bansal joined Goldman Sachs’s U.S. FIG (Financial Institutions Group) in June. His LinkedIn profile suggests he came in as a VP to the U.S. bank. This is pretty impressive considering his employer for the previous seven years had been the Federal Reserve Bank of New York.
Bansal’s fatal mistake was tapping contacts at his former employer for confidential regulatory information on the banks he covered at Goldman Sachs (coincidentally these were the same banks he covered in his job at the Fed). Having elicited this information, it seems that Bansal forwarded it to his boss and MD, Joseph Jiampietro, who himself joined Goldman from the Federal Deposit Insurance Corporation back in June 2011. Unfortunately for both men, Goldman’s compliance team spotted the breach and its general counsel alerted the New York Fed’s top lawyer the very same day. Both men have now lost their jobs. Jiampietro is reportedly contesting his dismissal, claiming that he didn’t knowingly receive or review any information from Bansal and that any emails Bansal may have sent had nothing to do with him. Bansal’s position on the matter is unclear, but it doesn’t look strong.
Separately, BNP Paribas's fixed income professionals seem to have lost the fight Share on twitter. Frederic Janbon, the veteran chief of fixed income trading at BNP Paribas is stepping down. Worse, he is being replaced by no one – his role is disappearing. Henceforth, there will be no head of fixed income at BNP Paribas – there will simply be a head of sales, structuring and trading, and a head of capital markets in a new unified trading structure. Both these new roles are going to confidants of Yann Gérardin, the new head of BNP’s corporate and investment bank whose specialism is…equity derivatives. Olivier Osty, the sales, structuring and trading head has an equity derivatives background. And Pascal Fisher, the new head of capital markets, has a risk background. Fixed income professionals are not eating at the top BNP table, and that looks worrying at the end of several years of investment in fixed income at the French bank, which have yet to show any big returns.
BNP Paribas just cut most of its US high yield bond trading and sales team. (Bloomberg)
Defeated, the UK government is giving up on further attempts to battle the EU bonus cap. (Financial Times)
Why the EU ruled that its bonus cap is totally ok. (Twitter)
Pimco is now a caring sharing sort of place and it wants to hire some more ‘top talent.’ (Financial News)
Fund managers rarely last more than five years. (Alphaville)
George Soros just gave Bill Gross $500m (to manage). (Financial Times)
Steve Cohen shall no longer pay big bonuses for trading ideas. (DealBook)
Questions to ask at careers fairs. (Interview Bull)
Is your CV full of awful cliches? (Telegraph)
Even rich millennials with jobs are still getting their parents to pay their mobile phone bills. (MarketWatch)