If you're a Credit Suisse fixed income trader who's lost your job, you might want to look across to Chris Goekjian for inspiration. A former global head of fixed income trading at Credit Suisse, Goekjian left the bank in 2001 and set up a hedge fund. Fifteen years later, he's ready to retire.
Financial News reports that Goekjian is leaving Cheyne Capital - the hedge fund he's worked for since 2009 - to, "focus on managing his personal wealth." There's no mention of how much personal wealth Goekjian has amassed, but we can only assume that it's a lot: Cheyne Capital has been known to hand its partners £10m+ per annum and Goekjian worked there for nine years. He also spent 10 years at Credit Suisse, six years at Banker's Trust, and eight years at Altedge Capital, a hedge fund he founded. Aged 55, Goekjian will now busy himself with managing all his money and sitting on a few Cheyne investment committees.
Credit Suisse fixed income traders who've lost their jobs with a three month payoff and a diminutive 2015 bonus to fall back on, may look at Goekjian with a touch of envy. Timing was on his side and not on theirs. Goekjian (meaning "man with blue eyes") arrived in the City of London just as fixed income derivatives were taking off. He left Credit Suisse in 2001, just when setting up your own hedge fund was still imminently possible and he stayed at one of the London's biggest hedge funds long enough to ensure that his children's children's children will live forever in London's Zone One. His was the archetypal finance career arc; unfortunately, it doesn't really exist any more.
Separately, BNP Paribas has reportedly been giving the corporate and investment banking staff it wants to get rid of two options: 1) They can leave, or 2) They can accept "mobility." Mobility is a euphemism for moving to another job inside BNP Paribas and being paid less. Forcible demotion, in other words.
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Photo credit: Pot of Gold by Jeremy Schultz is licensed under CC BY 2.0.