Are you in your 20s? Do you want to manage $1bn of other people's money for one of the world's leading hedge funds? Send your CV to Ken Griffin at Citadel - you could be just his thing.
In a wide-ranging article on Griffin and Citadel, the Wall Street Journal reports that the fund hires a swathe of 20-somethings into analyst roles and that those who survive end up managing 10 figure sums. Citadel is one of the few large hedge funds to run a campus recruiting program that trains up its own graduates in-house. Historically, most funds have preferred to pinch junior traders from investment banks.
Griffin should be sympathetic to his young hires - he began trading in his dorm room at Harvard and set up Citadel when he was in his 20s. Unfortunately, the WSJ notes that Griffin has a reputation as an, 'exacting and impatient boss,' and that 25% of his investment staff have been 'turned over' or hired in the past year. Griffin himself is guilty of micro-managing - every quarter, analysts are made to produce reports on each of the 1,700 firms Citadel's invested in and Griffin interrogates them on their conclusions.
There are some upsides: Citadel sometimes runs film nights and Griffin has been known to show up in fancy dress (dressed as Dr. Seuss character The Lorax) at the company Halloween party.
A job at Citadel should also appeal to anyone with a feel for apocalyptic scenarios. The fund reportedly has, 'more than 500 doomsday scenarios constantly running, calculating how the the portfolios would fare under a wide range of different upheavals, such as 1987’s “Black Monday” crash and the 1997 Asian financial crisis.' With this in mind, Citadel's investments are focused on positions that could be quickly cut in times of stress. Sound interesting? Click here to see what Citadel 'team members' have to say about it.
Separately, imagine working for £1. This is how much teams at Citigroup, Goldman Sachs, Morgan Stanley and UBS are being paid for their involvement in the re-flotation of RBS. "I've already spent mine," one of the bankers concerned told Financial News.
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Hedge fund manager David Einhorn just had his worst month since 2008. (Bloomberg)
Deutsche Bank is investing in rates traders again.(Bloomberg)
Citi hired two M&A bankers from Deutsche. (Reuters)
UK M&A banker boasts of busyness. "I personally have worked on four deals of more than a billion dollars that have announced in the past two months, with more in the pipeline. No wonder the beaches of the Med are so quiet.” (Financial News)
BofA hires retail banker from Goldman. (WSJ)
SocGen hired two senior futures brokers from defunct commodities firm Jefferies Bache. (FOW)
J.P. Morgan is now doubling its spend on cyber security between now and 2017. This is an accelerated timeline (it was previously planning to double spending by 2019.) (WSJ)
An ex-McKinsey consultant is now head of HSBC in Europe. (Telegraph)
Morgan Stanley’s advice to athletes earning $100m: ““You have to learn the word no. No is a powerful word. When you really start earning, a lot of opportunities come your way... You have to know when you can say yes and when to say no. It’s difficult to say sometimes.” (Morgan Stanley)
Commodities pay has fallen. (Reuters)
There are some great perks in insurance firms. (WSJ)
I’m supposed to be incredibly intelligent, but even I found CFA 1 pretty hard. (Turing Finance)
Airbus has just patented a new hypersonic aircraft that could cut the journey time for a flight between London and New York to just one hour. (Evening Standard)