Morning Coffee: Morgan Stanley man lost his mind. And the perfect conclusion to a banking career
Front office jobs in banking may not be the most stressful. Bloomberg reports on the tragic case of Canary Wharf-based Morgan Stanley product controller Manas Kapoor who strangled his wife last July on the same day that he was due to attend a disciplinary meeting at the bank in relation to a multi-million dollar accounting error. Kapoor, who was fearful of losing his job, was found guilty yesterday of killing his wife in a fit of rage when his, 'many stresses came to a head.' He also had £8,000 of gambling debts. Kapoor, who has an 18 month daughter, is serving an eight year prison sentence.
Separately, Susan Kilsby, the former EMEA head of M&A at Credit Suisse, has become an exemplar of every M&A banker's dream.
Kilsby spent 30 years in banking, having joined Credit Suisse in 1980 in New York. Yesterday, she was made chairman of Shire, the FTSE 100 pharmaceuticals group, earning plaudits for becoming only the second female FTSE chairman in the process. However, Shire is not Kilsby's only board role. She has five other non-executive directorships and even after stepping down from a full time role at Credit Suisse, remains in the bank's employment as a 'senior advisor.'
London bankers at Credit Suisse are having their bonuses delayed by the regulator, again. (Financial News)
James Gorman's stock bonus is up a mere 86% this year. (Reuters)
JPMorgan bankers are having their bonuses held steady due to legal costs, but Jamie Dimon is getting a raise. (NY Times)
Barclays chairman David Walker says the industry will cut capital markets jobs in the next five years. (Bloomberg)
Antony Jenkins at Barclays says the industry is going through a 100 year transformation and there will be more job losses in certain areas as technology takes over. (Bloomberg)
The full list of Morgan Stanley’s MDS for 2014. (Wall Street Journal)
Fitch says banks won’t reduce overall spending on pay because of the bonus cap. (Bloomberg)
Goldman is considering banning bilateral communications via messaging services from companies such as Bloomberg, Yahoo and AOL. (Financial Times)
Brian Moynihan increases street-cred with close proximity to Bono.(Twitter)
This is the UK version of our Morning Coffee round-up.