The Conservatives have Sajid Javid from Deutsche Bank. The Lib Dems have David Laws from Barclays and J.P. Morgan. And the Labour Party has Will Martindale from J.P. Morgan – or at least it will if Martindale succeeds in winning back Battersea from the Conservative Party in the coming election.
In truth, Martindale hasn’t been at J.P. Morgan for a while. He spent six years working in structured credit for the US bank before quitting in 2010 to work in politics. Two years later, he was back in the City – this time for a brief stint at BNP Paribas. But he left BNP in 2012 and hasn’t worked in banking since.
“I started JP Morgan’s graduate scheme in 2006. I never intended to work there for more than a year, but you get caught up and the job becomes a lifestyle,” Martindale said in an interview in 2013. “You work very long hours, surrounded by people who do the same, and they become your friends.” Since leaving the City, Martindale has worked for Oxfam and the United Nations, job-hopping between the two with less than a year and a half at each. Now he’s also a parliamentary candidate for the Labour Party. Bankers are more left-wing than people think, says Martindale: ““Some readers might be surprised by the level of support for the Labour party there was within the financial sector.”
Separately, Deutsche Bank has been doing some wild hiring, but it’s not the sort most banking professionals might hope for. American Banker reports that the German bank has recruited 400 software engineers in six months to work at its development centre in Pune, India. It’s all part of a programme to stop outsourcing critical software applications and bring programming back in house. “We’re going to use this as an opportunity to simplify the bank and drive more standardization,” said Deutsche technology chief Kim Hammonds, who reportedly oversees 50,000 staff. Given that Deutsche only employed 99,000 staff in total at March 2015, this suggests that Deutsche – just like Goldman Sachs – is a technology company at heart.
Citic Securities, China’s biggest brokerage platform, just launched Citic CLSA Securities, its new global investment banking platform. “With this new business, we are better positioned for the rising amount of Chinese investment into Europe,” said ex-Macquarie banker Andrew Low, head of the new venture (which has an office in London and will surely be hiring). (WSJ)
Want to work in private equity? Try being an operating partner who helps turn around the companies PE funds invest in. Operating partners have nearly doubled to 900 in the past three years. (Financial Times)
In 2003/2004 it’s alleged that UBS devised schemes to avoid paying £36.9m of tax and £12.7m in national insurance on £92m of bonuses to be distributed between 426 employees. (Financial Times)
Ed Keen, the head of European cash equities at UBS, is joining Jefferies. (Financial News)
Italians and Spaniards are taking over European M&A. “The legendary Italian hospitality helps to make everyone feel included.” (Bloomberg)
Berenberg analyst says Barclays investment bank could go the way of RBS’s. (Guardian)
Activist investor still thinks UBS and Credit Suisse should really merge. (Reuters)
J.P. Morgan just promoted 12 IBD bankers to MD in Europe. Only 1 is a woman. (Financial News)
You’ll need to earn at least £77k to buy a house in London.(The Times)