The trouble with Brexit, explained Dimon, is that it could lead to cost duplication in Europe: “The new rules may well be hard for us and cost us more money,” said Dimon. “There would be one-time costs to relocate and then duplicate costs [that would be ongoing].” Needless to say, these ongoing costs risk reducing European margins for the foreseeable future. Dimon said they’d be passed on to customers, but it seems likely that jobs and pay would be affected too. There is, fortunately, one way around all this: “We want to be able to keep our jobs in London and to passport into the EU like we do today,” Dimon lamented.
Separately, Kweku Adoboli is on the media circuit. The rogue trader from UBS has been talking to journalists from the BBC as he battles to avoid being deported. Slightly self-servingly he says a financial crisis will almost certainly happen again because traders experience pressure to make money “no matter what”, and that there might be “bad people” at the top of banking who set this culture. Adoboli thinks too that we’re on course for imminent doom. We’re moving into the “next phase of the great financial crisis over the next 12 to 24 months,” he informed the BBC.
Citi expects the operating environment to stay tough after Brexit. (Reuters)
KPMG shortened its recruitment process from a few weeks to a couple of days because it was annoying millennials. (Business Insider)
Lazard’s shares are down more than a third in the past year as specialist M&A banks go out of fashion. (Financial Times)
Extended member of the Cargill family caps off charmed banking career with creation of new hedge fund. (Risk)
Cadaverous CEO arrives at Unicredit at just the right moment. (Evening Standard)
Meet the suit onesie. Enter through a concealed zipper at the front, close the top two buttons and — voila! (New York Post)