Lunchtime Links: JPMorgan did NOT lure this man from Deutsche and then offer him a far less exciting job
Today is the day that JPMorgan's first quarter results are out.
They are quite good, but we shall have more to say on this later.
For the moment, we are focusing on the unfortunate case of Colin Keays. For anyone unfamiliar with this, Colin's had a calamitous time, for which he has attempted to
blame JPMorgan, and failed.
Briefly, Colin worked for JPMorgan in Australia and was head of corporate derivatives marketing there. He said he was 'lured' from Deutsche in 2005 by the promise of a US$500k signing bonus, plus the guarantee of another $450k in year one.
Sadly, however, things didn't go totally to plan. JPMorgan changed the parameters of Keays' role and insisted that he dealt only with JPMorgan's clients. When he objected to this, it fired him in 2008.
The Australian judge effectively told Keays to stop whinging. Colin was under no obligation to accept the new job at JPMorgan, he said. And when Colin did accept it, it was always possible that the job might come to an end. Colin's complaints have come to nothing.
Banks are very keen to hire in FX. (WSJ)
Brian Moynihan is asking staff for tips on cost cutting. (WSJ)
Some shareholders are losing patience with James P. Gorman, chief executive of Morgan Stanley. (Dealbook)
A leading corporate governance body says Barclays' pay plan is too complicated. (Guardian)
Growth in high frequency trading has slowed substantially in Europe and some firms have cut staff. (Financial Times)
Actually, the UK's Financial Services Authority has no intention of "looking through lines of code" before signing off algorithms used by high-frequency traders. (Finextra)
Terrified British bankers in the Middle East are paying for a private security company. (Evening Standard)
The headhunter and the assassins. (Telegraph)
Hot tips for a winning inside trading career. (Bloomberg)
I never understood declining birth rates in the West until I had kids of my own. (Wall Street Oasis)
"I told my wife, I either spend time with you or I make partner [at Goldman Sachs]. Which one do you want?" (WSJ)
Mexicans work the longest hours; Belgians work the shortest. (Economix)
