Do you want a quiet, relaxed life in investment banking, where you have evenings out with friends mid-week? Hey, try BNP Paribas. Do you want to work for a bank where you’re always working and stay up all night before a pitch meeting? Try UBS, where Andrea Orcel is reportedly in the midst of creating an old school investment bank.
“What I would very much like to create is a real investment bank, the kind that there aren’t anymore,” Orcel told Bloomberg. This nostalgic vision seems to include the sorts of long hours that banks like Barclays are trying to put behind them. – When he arrived at UBS, Bloomberg says Orcel told employees that bankers should, ‘be on duty 24/7, suffer sleepless nights before pitching for business and be paranoid about winning mandates.’ He also reportedly said that bonuses would be more closely linked to performance than in the past.
Orcel himself seems to live his dream. Bloomberg implied that he looked a bit tired, saying that he was, ‘immaculately groomed, with silvering hair and dark lines under his eyes.’ He was also passionate about UBS: ‘he spoke about UBS’s plans for more than an hour, scarcely pausing for breath.’ This kind of relentless passion isn’t for everyone. ‘Current and former colleagues said employees often either love or hate Orcel, whom they described as tireless, demanding and direct,’ Bloomberg added.
Separately, Goldman Sachs has divulged some hiring plans. It’s reportedly recruiting for its European asset backed securities business in anticipation of a resurgence in European ABS in 2015. The person in charge of the recruitment operation appears to be Simone Verri, co-head of financial institutions group financing at Goldman in London. Verri told Bloomberg the bank is particularly interested in hiring ABS structurers, suggesting complex products may be making a comeback.
Goldman’s dismissed its first currency trader. Frank Cahill, who joined the bank from HSBC in 2012, has been let go for activities that took place before he joined. (DealBook)
Richard Usher, the RBS trader at the centre of the FX fixing scandal, says he’s done nothing wrong. (Daily Mail)
Michael Sherwood also became a partner at Goldman Sachs before the age of 30. (Financial News)
You don’t want to be a bond salesperson focusing on mid-market clients. Citi’s making them redundant. (Bloomberg)
Nomura International is becoming progressively more Japanese. Jeremy Bennett, the chief executive of Nomura in EMEA, has resigned after less than two years in the job. (Bloomberg)
Credit Suisse has got another set of co-heads. Nick Williams and Sandeep Agarwal will jointly manage the global markets solutions group in Europe. (Bloomberg)
Credit Suisse’s previous reshuffles have been a mess. (Euromoney)
Deutsche Bank has just moved its Asian wealth management business to Hong Kong from Singapore. (South China Morning Post)
On Monday, five US banks landed M&A deals that could earn them $300m in fees. (Bloomberg)
Joseph Perella says the U.S. M&A boom will continue until at least the middle of 2015. (WSJ)
Banks may have to hire a lot more risk modelers. (Bloomberg)
High performers are significantly more interested in pay. (Harvard Business Review)
Should you thank your boss for your bonus? (Financial Times)
Bonus was always the wrong word. (Telegraph)
Don’t use wifi while you fly Singapore airlines. (WSJ)