One Goldman Sachs income will make you wealthy. Two will make you very wealthy indeed.
Take the case of Gordon and Jill Dyal, both of whom spent years working in Goldman's M&A Business. Gordon spent 16 years with the firm - all at partner level, initially as co-head of European M&A, then as co-head of European investment banking, then as global head of investment banking and finally as co-chairman of investment banking. Jill Dyal spent nine less auspicious years at Goldman, but rose to become a senior VP in the investment bank in London.
Marrying someone else who's spent some time in Goldman's notoriously hard-driving M&A division looks like a recipe for marital understanding. It also looks like a recipe for accumulating wealth. With their combined quarter century of Goldman earnings, both Dyals are now happily retired. Aged 53, Gordan Dyal is officially quitting this month. Jill Dyal left in 2009 and has been latterly producing Bison calves at the couple's ranch in Montana. Last year, the couple put their Park Avenue condominium on the market for $17.45m. There is something to be said for dual-banker relationships.
Separately, traders are making a comeback. Analysts at Barclays are predicting that trading revenues at J.P. Morgan, Bank of America, Citigroup, Goldman Sachs and Morgan Stanley could reach $25bn in the first quarter, up from $21.6bn in the first quarter of 2014. Traders have divergent monetary policies and increased volatility to thank for their good furtne. In the circumstances, it's unfortunate that Barclays itself has been curtailing trading activities and focusing on investment banking instead.
Goldman Sachs will be a particular beneficiary of increased trading revenues. 25% of its revenues come from trading. Analysts at Credit Suisse expect Goldman to post its first year-over-year increase in trading revenues since 2009. (WSJ)
Banking analyst Mike Mayo says Bank of America would be worth more if it split up, (Fortune)
Tom Montag just earned more than Brian Moynihan for the fifth year running, (Bloomberg)
Unless the Swiss franc depreciates soon, Swiss hedge fund jobs will start disappearing. (Financial Times)
“Outperformers [in banking] have a better life than they would have had because they’re not carrying mediocre people." (Business Insider)
"I ask our security guards if they think they can tell a lot about the people in the building from how they enter and leave it; they all say they can." (Financial Times)
Mentions of hedge-fund employment in marriage announcements have declined by 20% since 2007, according to an analysis from Wedding Crunchers, which tracks specific phrases in New York Times wedding announcements.(WSJ)
Python developers earn the most. (Inc)