Morning Coffee: 100 new jobs at Citigroup. Deutsche director's method of moralizing staff
Looking for a new job in banking? Why not try Northern Ireland? It seems Citi is about to unleash a drizzle of hiring there.
Following the bank’s recent promise to spend more on compliance, the BBC reports that Citi will soon be hiring another 100 people for its Belfast 'hub'. Located in the so-called ‘Titanic Quarter,’ the new hires will supplement the 1,300 people Citi’s amassed in Belfast since opening an office there in 2004. Such is the bank’s Irish growth that Citi will reportedly be taking on more office space to accommodate all the new employees it wants. Needless to say, the new recruits won’t be M&A bankers, traders or hedge fund salesmen: Citi’s Belfast office is an operations hub best known for its focus on technology, but with a scattering of compliance jobs too. Salaries in Belfast are said to be low and in the context of Citi’s 250,000 global employees, the 100 new hires look diminutive. But they are at least jobs and they are at least in the UK, even if they do suggest that compliance roles are now being near-shored to less expensive locations too.
Separately, it seems that one Deutsche director has distinguished himself in the propagation of the bank’s new anti-vulgarity ethos. The New York Times reports that Stephan Leithner, head of human resources and regulatory affairs at Deutsche, has been dispensing laminated cards to bankers under his care. Leithner’s cards come with 18 bullet points inscribed with pithy moralistic aphorisms such as, “do what is right — not just what is allowed,” and put “long-term success over short-term gain.” As a supplemental morality-push, Leithner’s card-holders are invited to flip their laminates over, whereupon they will find a shiny reflection of themselves. This is intentionally symbolic, says the NYT, forgetting that laminate mirrors tend to offer a warped representation of reality at the best of times.
Anshu Jain has reiterated his absolute commitment to FICC and underscores Deutsche’s strategy of being the last man standing among European fixed income banks as UBS, Credit Suisse and Barclays pull back. (DealBook)
“Is fixed income going away? No, it’s not,” co-Chief Executive Officer Anshu Jain said on a conference call with analysts today. “Do issuers and investors need these products that we are producing? Absolutely.” (Bloomberg)
Ex-Goldman banker at the head of Deutsche’s supervisory board is pushing for it to become the last large investment bank in Europe. (Reuters)
Credit Suisse admits to criminal wrongdoing but Brady Dougan and Urs Rohner are keeping their jobs. (WSJ)
Brady Dougan runs marathons, drives a Prius and is married to his high school sweetheart. (Dealbook)
Jamie Dimon plans to remain as JPM CEO for five years. (MarketWatch)
92% of people at Goldman Sachs love Lloyd Blankfein. (Financial News)
Jordan Belfort, immoral ex-Wolf of Wall Street lets it be known that he’ll be earning $100m this year, hopefully. (Bloomberg)
Barclays has hired Greg Lee from Deutsche Bank as head of electronic trading for Asia. (Financial News)
CLOs are about to surpass the heights they reached during the credit bubble.(Financial Times)
UBS said to have paid $5.6k per stripper to entertain some German utilities clients. (Bloomberg)
These are the world’s top hedge funds. (Institutional Investor)
At events, it is better to get an important contact’s business card than to give them yours, because you want their details, not the other way round. (Financial Times)