When is a big bonus not big enough? When you’re a prodigious 28 year-old quantitative hedge fund analyst who thought you were deserving of £1.1m.
Such is the sorry story of Ke Xu, a Chinese national who spent six years working for Goldman Sachs in London after achieving a first class degree at Cambridge. In 2012, Xu quit Goldman for Trenchant, a hedge fund at which he thought he was in line for a seven figure bonus. Upon receiving a mere £400k for his efforts, Xu lined up a new job at Cubist Systematic in Hong Kong. Before leaving, he also accessed restricted files at Trenchant and copied a few riles. For this, he has now been sentenced to four years in prison.
A LinkedIn profile belonging to one Ke Xu who was educated at Cambridge and worked for Goldman describes him as a, “dude,” with skills in investment banking and ‘bread and butter making’. This looks unfortunate, in retrospect.
Separately, any markets professionals who were hoping for a quiet summer are out of luck. Yesterday evening, traders were bemoaning being called back to their desks. The Financial Times reported that HSBC, Bank of America and Deutsche Bank each had staff working over the weekend to cover the referendum and its consequences. With the Greek government reportedly planning to start issuing IOUs and some calling for the country to print its own €20 notes, the next weeks will be long ones. Holidays booked for July 2015 should be written off now.
Tidjane Thiam has underplayed expectations that he’s about to slash Credit Suisse’s investment bank. (Financial Times)
Barclays’ new IT director got £1.6m in shares. (Guardian)
Trading “is very dominated by young men, which is an unusual subset of people. It’s a higher testosterone group, a very competitive group.” (Bloomberg)
“The City has an age bias. You simply cannot have been a very good trader if you have not made enough money to leave by 50.” It follows therefore that “you can’t be a 50-year-old trader.” (Financial Times)
Salvador Rodriguez, head of sales trading for Europe, the Middle East and Africa, has left Citi. (Financial News)
“I used to dream about libors,” Hayes told the SFO. (Bloomberg)
Finance and computer science degrees are not the key to the highest paying graduate jobs in the UK. (Business Insider)
China has suspended all IPOs after its equity market plummeted. (Reuters)
What happens when you build a dating app that favours Ivy League graduates. (Twitter)
People with reward deficiency syndrome’ struggle to experience pleasure from everyday things. This, in turn, drives sufferers to seek out additional sources of pleasure to satisfy their lack of reward. (Discover Magazine)