Not everyone is Paul Taubman, but Paul Taubman has demonstrated with a flourish just how dispensable are big banks to big rainmakers.
Taubman, a well known M&A banker, left Morgan Stanley after 30 years last November. His departure was the culmination of an acrimonious relationship with his co-head of M&A, Colm Kelleher. At the time, Morgan Stanley said Taubman was retiring. This was wishful thinking. As the Independent points out, Taubman was actually planning to join a boutique. He went to Guggenheim Partners, where he set landed Verizon as a client. Verizon is now merging with Vodafone and paying $500m in fees. Taubman will be getting at least $10m of that, says the Independent. He's not retiring yet, but when he does it will be in style.
Separately, Goldman Sachs has been making some bad noises about jobs at European banks in London if the UK pulls out of the EU (this possibly with a view of precipitating some pre-emptive departures from its rivals?). In the event of a 'Brexit,' Richard Gnodde and Michael Sherwood, the co-chief executives of Goldman Sachs International, told the Evening Standard that, "every European bank would be gone in short order."
Gnodde and Sherwood said Goldman would keep trading in London if the City were outside the EU, but that it would distribute sales teams across continental Europe, where a new financial centre would develop over time. Goldman people like being in London, said Sherwood: "They like the environment, the schools, the infrastructure. It works for us. We would hate to pull it apart.”
For the moment, Gnodde and Sherwood think the UK will stay in the EU: jobs at European banks in London look safe and Goldman salespeople won't be relocating to Milan soon.
Slaughter & May’s 113 equity partners were the biggest earners in law this year, each taking home £1.3m to £2.6m. (Telegraph)
The highest paid Pimco Europe director earned 30% less last year. (Financial News)
Do banks create a toxic culture that puts their employees at risk? (Mergers and Inquisitions)
‘Walkie Talkie’ building has been throwing out a ray of light which scorches cars and people. (City Am)
Land Securities and Canary Wharf said: “The phenomenon is caused by the current elevation of the sun in the sky. It currently lasts for approximately 2 hours per day, with initial modelling suggesting that it will be present for approximately 2-3 weeks.” (Financial Times)
Wall Street people don’t claim to be saving the world. Tech people do, but tech people are just as money-oriented. (NY Times)
Medieval peasants only worked 150 days a year and had an afternoon snooze. (Reuters)
Banks which hired Chinese princelings did a lot of work on Chinese IPOs. (Wall Street Journal)