Lunchtime Links: Pay off your mortgage at 30; retire at 40
Given that the average age of the first time buyer is soon expected to hit 43, paying off your mortgage at 30 and retiring at 40 will probably seem an impossibility.
Not long ago, however, it was totally feasible - even for people at Dresdner.
Yesterday, the Telegraph ran a story on Douglas Campbell Rouse, Dresdner's former Treasury director, who now works for Save the Children.
Campbell Rouse got his first job in banking aged 23 and said that, "on the very first day," he decided to retire at 40. He bought a house in Kent, paid off the mortgage when he was 30, and retired on his 40th birthday.
"I planned it from the day I came into that environment [The City]," he told the Telegraph. "It's a very surreal environment. There are amazing opportunities but in my view it was never sustainable for anyone."
After retiring, Campbell Rouse spent four years hanging about in Kent, taking his children to school and doing a one day a week gardening degree, before deciding he was a bit bored.
Having subsequently gone into the charity sector, he says he's now working twice as hard as he ever did in the City and that his current role is, "much tougher and way more enjoyable."
JPMorgan's head of structured credit trading has left. (CreditFlux)
RBC has hired an ex-UBS banker as head of European credit trading. (IFRE)
JPMorgan says investment banking staff grew 42% in China, 40% in Brazil and 20% in Russia in 2010. (Financial News)
In Singapore at least 60 per cent of back and middle-office VP candidates come from overseas. (Financial News)
David Hiler, Geneva's finance minister, said the canton had run out of room after two big London firms, Brevan Howard and Blue Crest Capital, relocated there last year. (SundayTimes)
Hedge funds managed by women have substantially outperformed the average hedge fund over the past three years and five years, while limiting losses during 2008. (Financial News)
How the Guardian was gagged from revealing Barclays tax secrets. (Guardian)
Britain's banks may be forced to reveal the breakdown of their corporate tax contributions under a plan from the Treasury Select Committee (TSC) to demand the information as part of its report on the sector. (Telegraph)
BAML has Andrea and Riccardo Orcel to thank for a rush of success in ECM. (BusinessInsider)
Swedish banks are completely ignoring European Union bonus guidelines. (Bloomberg)
Bankers nowadays want to spend their bonuses on chunky family houses in which to raise children for the next decade. (Financial Times)
How your appearance will affect your prosperity. (Sunday Times)
Spousenomics. (Freakonomics)
How to become powerful at work. (Fortune)
Spend your bonus at Spearmint Rhino. (Guardian)
