What do you do if, having thought investment banking was for you, you reach the age of 30 and suddenly decide that it isn't and another career is more compelling instead? Why not leave with a banking colleague and set up a restaurant?
This is what 30 year-old Santiago Perez and 29 year-old Santiago Gomez did. Both men worked in investment banking for UBS in Mexico, London and New York. Both men decided they were far more interested in food than finance. And in an echo of Akin Onal and Cameron Miller, who met at J.P, Morgan and quit to form a baby clothes business, the two UBS bankers left simultaneously to set up a restaurant in New York.
It helped that they both worked for UBS's food and hospitality team and it helped even more that they managed to persuade Alex Stupak, a New York restaurant entrepreneur to back them. A background in IBD helped with writing the business plan, said Perez. But getting Stupak on board required, 'passion and vision.' Don't leave banking without it.
Separately, Haroon Sana, Deutsche Bank's former head of global rates sales, who was last heard of when he left the bank in 2013, has resurfaced in a similar role at Scotiabank. In doing so, Sana has shattered the accepted wisdom that sales contacts curdle after six months out.
Morgan Stanley is winding down in European natural gas and power trading. (Bloomberg)
Where to work in FICC now: "within FICC, Citi and J.P. Morgan are more exposed to macro-driven businesses like FX and rates, putting them in a better position to benefit from market volatility driven by the newly “data-dependent” Fed and policy action in Europe.” (WSJ)
Jamie Dimon has been awarded a “large discretionary cash bonus . . . without a compelling rationale.” (Financial Times)
Seven years after it opened, Barclays says it will finally stop making a loss in its Asian cash equities business. “We stuck to a smaller size when the party popped. But now that the dust is settling, we are selectively investing.” (Bloomberg)
SocGen has changed the management of its global markets division. There whereabouts of previous head Daniel Fields are not clear. (Financial News)
Panmure Gordon just acquired Charles Stanley's securities business. This could be bad news for Charles Stanley's 40 front office staff. (The Times)
How to use neurobabble for the purpose of persuasion. (Guardian)
The hipness of Navinder Singh Sarao: "How is this allowed to go on, man?" (CNBC)
Study finds high performers mostly want money. (HBR)