Not all ex-Olympic medalists are like Sebastian Coe and go on to become MPs or Olympic games organisers. After devoting long years to training, plenty of ex-Olympians fall into menial roles or live on meagre sponsorship deals, like US weightlifter Sarah Robles, who makes do on just $400 a month. Others, go on to become investment bankers.
The Telegraph reports that Goldman Sachs’ London office offered six Olympic medalists the opportunity to intern at the bank.
The six are reportedly former rowers and hockey players. All of them joined Goldman’s sales and trading desks. It’s not clear how long the internships lasted, but it does appear that they had the potential to morph into proper roles. Rob Williams, a silver medalist from men’s lightweight rowing, has reportedly been hired full time by Goldman. It probably helped that he had a PhD in biophysics.
Separately, the Financial Times caused a sensation late yesterday with the revelation that 36 bankers and senior managers at UBS are being implicated in the Libor-fixing scandal. The FT says that not all of the 36 will be criminally charged. It seems likely that they are based in Tokyo and London as UBS’s involvement reportedly relates to a scheme to manipulate the Yen-Libor interest rate.
UBS’s purported Libor fine has suddenly risen to $1.6bn. (Bloomberg)
UBS has transformed its story to investors. Analysts now love it, mostly. (Euromoney)
Why did UBS pull back from FICC? Blame the alpha analysts: Huw Van Steenis and Kian Abouhossein. (Euromoney)
Credit Suisse Group, whose second-largest shareholder is the Qatar Investment Authority, is cutting its investment banking business in Dubai to focus on Qatar and Saudi Arabia. The equities business is being moved to Riyadh. Three people are being made redundant. (Bloomberg)
Survey suggests Bridgewater is a great place to work. (FinAlternatives)
What to do when someone steals your photo on LinkedIn. (Sirona Consulting)
The top five career regrets. (HBR)
A rating agency suited me much better. I liked being able to turn off work at night. I liked working with lots of different banks, and was happy to argue with bankers. (Guardian)