Morning Coffee: Whole new employer emerges for corporate finance professionals in London. Are you in the top 4% of City earners?
If you're an equity capital markets or M&A banker who's bored with working in the private sector and interested in a little governmental action in Whitehall, now's your chance. The Evening Standard points out that the Shareholder Executive (ShEx) is building a corporate finance team of its own.
A look at ShEx's annual review reveals that the government body is busy developing a 'cross-Government Corporate Finance Profession' to help departments across Whitehall 'better manage their assets' (and - we assume - to prepare them for a sale). As part of the 'process' ShEx will seemingly be recruiting some corporate financiers to disperse across other government departments. Unfortunately, its timing looks a bit off - the European IPO market picked up in the third quarter and capital markets bankers may be disinclined to work for the government just when things are getting exciting.
Separately, Reuters has some figures for compensation in the City of London. It says there are 10,000 people in the City who earn more than £400k a year. That puts them in the top 4% of City earners according to the Centre for Economics and Business Research, which estimates that there are 236,000 people working in the City.
Gareth Lake, the former head of UK equity capital markets at Citigroup, has launched a new theatre company 'Glass Half Full Productions.' (Financial News)
Barclays will be making ‘role-based’ cash payments to staff affected by the bonus cap next year, but its most senior executives will receive their top-ups in shares. (Financial Times)
Credit Suisse has no intention whatsoever of cutting jobs related to sovereign debt. (Bloomberg)
UBS is restructuring its corporate Advisory Group (CAG), which offers services such as advice on mergers and acquisitions and initial public offerings, financing options and structured equity products to individuals and entrepreneurs with at least $25 million in investable assets. As part of this move, most of the people in the CAG Group in its Dubai office are leaving. (Reuters)
Chris Vogelgesang is stepping down as global co-head of foreign exchange and precious metals at UBS and is now "exploring other opportunities in the bank.” (Wall Street Journal)
These are the law firms to use if you’re a trader under investigation for dodgy chat rooms usage. (Bloomberg)