Lunchtime Links: There is a 34 year old running an entire global business at JP Morgan
Forget the fact that George Osborne, aged just 38, is the youngest chancellor of the Exchequer for 125 years. Forget David Einhorn, who's now aged 42, but still looks like he's
16, JPMorgan has a 34 year old as global head of its alternative investments business at its private bank.
According to Financial News, Nick White was made a VP aged just 26 - the youngest in the bank at the time. At 34, he now runs a group overseeing $37bn of assets. This sounds impressive, until you remember that Jamie Dimon became president of the whole of Primerica aged 35.
The UK bank tax will raise at least 2bn a year according to 'three people with knowledge of the situation.' (Bloomberg)
The UK bank tax will raise 3bn. (Sunday Times)
The only thing worse than relying heavily on the City is not having the City at all. (Economist)
Russia is scrapping capital gains tax. (Global Economic Analysis)
Russian companies will be listing in HK rather than London. (The Times)
"Every 1bn taken out of the banks equals 16bn out of the lending market or 30bn less in mortgages." (Telegraph)
President Barack Obama has called for stronger, uniform capital and liquidity levels for the world's biggest banks. (Telegraph)
Just because Europe may continue to subsidize banks' derivatives business isn't an argument for the U.S. continuing to follow suit. (Wall Street Journal)
SocGen is making 1,200 front office hires. 200 will be in fixed income; 200 will be for European coverage. The rest appear to be in the US and Asia. (Financial News)
Lots of asset managers want to hire sales and marketing people. (Financial News)
There will not be clawbacks at most asset management firms. (Financial News)
Credit Suisse has a small auditorium available for employees to watch the World Cup. (Financial News)
