Today we look at jobs: jobs that should be easy to come-by and jobs that you should move into as soon as possible if you’re an M&A banker looking to make a packet in the next five years.
Jobs at the European Central Bank fall into the first category. Reuters reports that the ECB will need to hire 770 banking supervisors within a year, plus 230 support staff. This is less than the 2,000 hires predicted previously, but is still a lot of banking supervisors and helpers. To be ideally eligible for a position, it will help if you a) have worked for a national supervisor, b) are happy to live in Frankfurt, and c) are happy to work in an ad hoc rented office in Frankfurt on a short term contract (although longer term contracts may be available from next month).
The ECB may struggle to find 770 experienced regulators willing to relocate to Frankfurt. Fortunately, it is making provisions to grow its own and will be recruiting graduates, ‘from its own university in a castle’ northwest of the city.
If you’re an M&A banker with no interest in becoming a financial services regulator in Frankfurt, you may instead want to join Moelis & Co, the boutique advisory firm, as soon as possible. The Wall Street Journal reports today that Moelis is half thinking of an IPO sometime in the unspecified future. Partners and employees own 85% of the firm. Join now, get paid in stock.
Finally, we would like to nominate Lia Forcina as queen of hedge funds. Forcina, who formerly managed $700m at SAC Capital in London, had the good sense to get out and jump to BlueCrest before it emerged that SAC’s London office was going into shutdown by the end of this year.
Deutsche Bank has discovered a chatroom where its traders may have colluded to set LIBOR. (Reuters)
J.P. Morgan is paying roughly $2 billion in penalties that apply to its own conduct during the years before the financial crisis, and not any for problems it inherited from Bear Stearns Cos. or Washington Mutual Inc. (Felix Salmon)
JPMorgan could have to pay another $5.75bn to investors to cover losses on mortgage bonds sold before the financial crisis. (WSJ)
JPMorgan has offered to pay to resolve its civil investigations, so long as that criminal probe is dropped.(Bloomberg)
Morgan Stanley bankers have reason to love James Gorman. JPMorgan bankers do not have reason to love Jamie Dimon. (Quartz)
John Hourican reemerges to lead the Bank of Cyprus, says he’s, “very excited.” (FT)
The trial of ‘rainman’ LIBOR trader Tom Hayes won’t happen until 2015. (Reuters)
Goldman Sachs is opening a broker dealer in Mexico next year. (Bloomberg)
Goldman Sachs has hired Ian Smith from Citigroup as head of Asia Pac electronic trading. (WSJ)
China is looking for senior bankers who might want to become regulators. (SCMP)
Rabobank has received an unexpectedly large $1bn LIBOR fine. (FT)
Ex-prop trader and hedge fund manager Boris Pilichowski launches ‘Axis Minds’, a firm planning to coach hedge fund managers as if they’re athletes. (Financial News)
Sallie Krawcheck at Bank of America – “ I was never part of the meetings-before-the-meeting, or the meetings-after-the-meeting, or the “real” meeting; I was just part of the official meeting.” (Quartz)