The older you get in banking, the more likely you are to lose your job. Older bankers have suspected this for some time, now Tony Shiret - the 55 year old ex-Credit Suisse equities analyst, has proved it.
Late last week, a tribunal in the UK ruled that Credit Suisse was guilty of age discrimination and unfair dismissal when it got rid of Shiret, who had spent 18 years working there. A top ranked retail analyst, Shiret ranked 79th in a 'power list' published by Retail Week the year before he left Credit Suisse. However, he was given very low scores for potential and performance during an appraisal in 2011 designed to identify employees for redundancy. The tribunal ruled that Steven East, Shiret's boss and the co-head of the Pan-European equity department at Credit Suisse, acted in a “discriminatory and unfair way." It also deemed that East was not a "credible witness" in court after he failed to make eye contact or to give credible answers to questions about emails discussing the 'knifing' of Shiret.
Shiret said that redundancy rates at Credit Suisse proved that the bank was discriminating on the basis of age. In 2011, he said 11% of 30-34 year olds in equities at the bank were made redundant, and that, "That rose to 26 per cent for those who were 45-49 and, for those who were 50-plus, it was 37 per cent. Only 2 per cent of employees were over 50.”
Shiret is now thought to be in line for a seven figure compensation settlement.
Separately - and at the other end of the age scale - Fabrice Tourre's trial has highlighted just how much 20-something bankers were making in the years before the financial crisis. In 2007, aged just 28, Reuters reminds us that Tourre earned $1.7m. Goldman continued to pay his base salary for one year after he'd left the bank.
Fabrice Tourre points out that his career has been destroyed. (Wall Street Journal)
Fabrice Tourre only found out about the suit against him by reading the news when he was working for Goldman in London. (Wall Street Journal)
Ross McEwan, head of the retail bank at RBS, may be anointed chief executive as early as this week. (Telegraph)
When you’re unemployed, your chances of being called back for a job are 7.4% in month one, declining to 4-5% by month eight. (Economist)
JPMorgan is thinking of selling its physical commodities business. (Financial Times)
Big hedge funds are having a great time hiring people who’d love to set up their own hedge funds, but can’t. (Financial News)
Big banks have been frozen out of the Omnicom-Publicis merger. (Bloomberg)
Only 3 out of 10 millionaire investors feel rich. (NYPost)
Rich are shunning conspicuous displays of wealth. (Sunday Times)
Steve Cohen had a giant party at his 10 bedroom house in the Hamptons last weekend (in aid of Ovarian cancer). (Reuters)
How Stevie Cohen changed my life. (James Altucher)
Ex-head of Coutts has written a children’s book about Seamus the Leprechaun. (Sunday Times)