Lunchtime Links: Is it really necessary for bankers to be this obnoxious?
Given that investment bankers are hardly the most popular cohort of society, it's reasonable to think that as intelligent, sensitive, rational individuals, they will not do anything to draw attention to themselves. - Particularly in a way that makes them seem obnoxious, arrogant, or obsessed with money.
Unfortunately, a group of bankers appear to have had a rationalism bypass.
In yesterday's Treasury Select Committee hearing, Stephen Hester was regaled with a tale of six 40 year old bankers who made a smallish fortune from a spread bet after correctly guessing constituency results in last year's general election.
Awash with their winnings, the six men went directly to a nightclub in Fitzrovia, ordered 50k of champagne and started chanting, "Down with Brown, down with Brown."
Despite their conspicuous offensiveness, they were apparently, "soon surrounded by about 20 women."
Hester said he fully disapproved: "I think anyone who would behave like that in any walk of life I would consider stupid," he declared (self-righteously).
Morgan Stanley cutting bonuses by 25%. (Evening Standard)
Excluding the money Morgan Stanley had to pay for Britain's bonus tax, the compensation ratio in the institutional securities comes in close to 39%. (DealBook)
The UK has increased the banking levy by 100m a year. (Financial Times)
The new banking levy is becoming weighted more towards the bigger banks. (BBC)
London's pre-eminence as Europe's leading commodity marketplace is under threat. (CityAm)
43% of financial services have considered or are considering whether to leave the UK. (CityAm)
JPMorgan has been exorcising its oil traders. (Bloomberg)
Why Bank of America should split apart. (WSJ)
What Wikileaks has really got on BofA: List of employees who have generously contributed to executive Catherine P. Bessant's Bank of America fun run, employees who have not. (TheOnion)
These days I find my most efficient working relationships require little in-person interaction.
These days I find my most efficient working relationships require little in-person interaction. (Parand)
