Quietly, young people do still want to work in banking, but they want to do so in smaller numbers than before. An article from the Harvard Crimson is doing the rounds, highlighting just how much banking has fallen out of favour. In 2007, the Crimson says 47% of Harvard University graduates wanted to go into finance. In 2013, just 15% do.
If 15% sounds small, the Crimson points out that it is at least an improvement on 2012: last year only 9% of Harvard graduates wanted to go into finance jobs.
Harvard students' most popular career choice was consulting, with a marginally larger 16% share of post-graduation aspirations. Interestingly, however, Harvard students showed limited enthusiasm for working in either consulting or finance long term: aged 32, just 1% and 5% saw themselves working in consulting and finance respectively. The implication is that jobs in both industries are seen as means to an end, not vocations.
RBS hires ex-FSA director as head of regulatory affairs. (Bloomberg)
Noah Bulkin, an ex-Lazard and Bank of America Merrill Lynch advisory banker, is setting up his own boutique. (Financial News)
Europe’s Financial Transaction Tax is struggling to secure the backing of a single central banker. (Telegraph)
Day in the life of an Australian trader: "Like surfing, trading isn't a job, it's a calling." (DailyTelegraphAu)
Grit or self-discipline is far more important than IQ as a predictor of success. (Business Insider)