At Goldman Sachs, long staff tenure is a source of pride. In 2011, Lloyd Blankfein said the average tenure of managing directors at Goldman Sachs was 12 years and rising. And last November, Blankfein pointed that the average tenure among Goldman’s management committee was 22 years. Sure, Goldman Sachs regularly culls its very poorest performers, but if you can survive the culling you should hopefully get to stick around for a while.
The longevity of senior Goldman bankers was underscored today in a series of people moves at the bank in Asia. David Ryan, the former president of Goldman’s Asian business is retiring according to Bloomberg (and resigning according to the Wall Street Journal). 43 year old Ryan had worked at Goldman for 21 years according to Bloomberg – in other words, ever since he left university. Ryan is being replaced by 53 year old Ken Hitchner, who’s worked at Goldman for 22 years having had a career as a U.S. navy pilot first of all.
Despite resigning/retiring Bloomberg reports Ryan will continue at Goldman in the function of ‘senior director’. You can join, but you can’t leave…
Citi has hired four people for its London power and gas sales team. (Financial News)
The Treasury now believes Mr Carney is in need of allies around him who are not Bank of England lifers. (BBC)
Mr Carney is said to have briefly struggled to find the right exit from the maze-like Bank Tube station. (The Times)
Paul Tucker says UK banks should be immediately subjected to a 3% leverage ratio. (Bloomberg)
Deutsche Bank’s capital raising is putting unwelcome pressure on Barclays. (Euromoney)
Barclays risks forcing a showdown over its leverage ratio. (HereistheCity)
Women are better at maths when they pretend to be someone else. (BPS Research Digest)
Can you play video games and work in finance? (WallStreetOasis)