Goldman Sachs isn’t the only investment bank solicitous of its young staff. It seems that JPMorgan is too. Swiftly on the heels of Goldman’s new strategy banning juniors from working Saturdays, Dealbreaker reports that JPMorgan is introducing ‘protected weekends.’
What is a protected weekend? ‘IBD analysts and associates will not be allowed to even think about doing work, for one weekend every month,’ Dealbreaker says. The initiative is said to already exist for bankers in JPM’s healthcare group and has reportedly been, “very successful for morale.” Other JPM bankers will allegedly be getting the same thing very soon.
Separately, Bloomberg reports on 46 year-old ex-Deutsche banker, Gregg Sando. Ten years ago, Sando was the ex-head of the Financial Institutions Group at Deutsche. However, Sando quit banking to study a masters degree in immunology at Imperial College before starting Cell Medica, an immune therapy company which is now looking at an IPO worth around $75m.
48% of Asian hedge fund professionals expect an increase in their bonuses this year, but the industry has bottomed out when it comes to hiring. (Bloomberg)
The UK financial services industry paid £65bn in tax last year, equivalent to 11.7% of total tax receipts to the Exchequer. (Financial Times)
Commodity companies are getting heavily into commodity derivatives. (Reuters)
How private bankers make money, part 1. (Bankers Umbrella)
"I am happy working in [fixed income] Sales but I also realise that there are other industries apart from banking where I can use my skills and enjoy the job. So I am open to change." (LSE)
A gift guide for people you hate. (Vanity Fair)