Morning Coffee: Wall Street: An Old Women’s Club?
Deutsche Bank board member Stephan Leithner is one of many who believe Wall Street has an image problem. The average citizen doesn’t trust big banks, in part, because of the perception that the industry is being run by young, male, money-obsessed bankers who are more interested in swindling customers out of their nest eggs than representing their best interests, Leithner told the New York Times.
Remedying this perception will require retaining and recruiting more women and older talent, he said. Judging by recent moves by Deutsche Bank rivals, Wall Street is in agreement, at least when it comes to recruiting women.
Goldman Sachs’ new partner class is 14% women, the highest percentage since at least 2006, and nearly 25% of the firm’s newly-minted managing directors are women, up from 19% a year ago. J.P. Morgan Chase, meanwhile, just appointed 43-year-old Marianne Lake to the role of chief financial officer, making her one of the most powerful women on Wall Street. Deutsche Bank has a goal of having women account for 25% of its senior management by 2018, according to the Times.
It looks like Wall Street is working to lose the perception of being an old – or even young – boy’s club.
Mathew Martoma, a former portfolio manager at an affiliate of SAC Capital Advisors who was charged last week with insider trading, was earlier approached by federal agents who hoped he would turn against his former boss, SAC founder Steven Cohen. He declined to cooperate.
Bank lending in the U.K. ticked upwards in October, although it still remains sluggish compared to previous years.
Fine Looming (Financial Times)
The trial of UBS rogue trader Kweku Adoboli may be in the books, but UBS is far from putting the matter behind it. The Swiss bank is negotiating a settlement with the Financial Services Authority that will likely result in a fine as large as $64 million.
Work/Life Imbalance (NY Times)
One of the downsides of being young and on Wall Street: a lack of access to personal email and social media, making bankers feel like “nothing exists outside of work.”
European macro hedge fund Brevan Howard is rebuilding its U.S. operations. The unit has grown from two employees to 16 since June. Several big names have made the jump.
Forex Suffering (Business Insider)
The current economic environment is crippling foreign exchange trading and hamstringing those who work in the field.
Buzz Around the Office
A U.K. woman was found guilty of racial abuse after calling a New Zealand woman “Australian.”
List of the Day: Getting a Raise
Earning a raise in the current economy is no picnic. Here are a few tips to make yourself one of the lucky ones.
- Build your brand through an online presence.
- Create a digital portfolio of your wins, or a “brag report.”
- Get noticed by involving yourself in high-profile projects.
