J.P. Morgan is cutting costs and extracting headcount: it wants to remove 14,000 people from its consumer bank in 2014. However, it’s not all bleak: J.P. Morgan’s asset management business is on a roll.
Bloomberg interviewed Mary Callahan Erdoes, chief executive of J.P. Morgan asset management. Even while J.P. Morgan is shrinking other areas of the business, it points out that asset management is growing: 1,366 people were hired into asset management in the year to June, an 8% increase. Erdoes says there have been strong inflows of mutual funds in Italy and Spain, suggesting there may be more hiring in Europe to come.
Separately, another banker appears to have decided that working for a hedge fund isn’t so great after all. Jim McCormick, former head of fixed income research at Nomura, quit for hedge fund Comac Capital in September 2011. Two years later, McCormick is back in banking: he’s joined Barclays as head of asset allocation research. Barclays has also hired Ian Scott directly from Nomura. Scott was global head of equity strategy and quantitative research at the Japanese bank.
Finally, Barclays has named the day for its £6bn rights issue: Friday 13th 2013. Appropriately, Barclays was hit by some bad luck when it launched a webpage proclaiming the rights issue yesterday. Instead of directing to other areas of the Barclays’ site, the embedded links took visitors to a page selling bulls’ semen.
Energy trader earned $64m while working at Morgan Stanley. (Bloomberg)
Morgan Stanley equity risk manager has died of cancer aged 37. (Bloomberg)
Josef Ackermann accused of creating unbearable, pressure-cooker working environment, and treating colleagues disrespectfully. (Wall Street Journal)
Despite pulling out of ECM in 2012, RBS still has some ECM bankers. (Financial News)
Suggestions for starting networking conversations, including: ‘“I’m feeling pretty overwhelmed by the deluge of info that’s being firehosed at us today. Is there one nugget of brilliance that’s really resonating with you?” (The Daily Muse)
Lloyds of London employee found attending ‘dawn rave’ in Shoreditch in effort to motivate self for day ahead. (Financial Times)
If you want to work in a fast growing sector, you should be in oil and gas and mining. (USA Today)