Morning Coffee: Ex-trader who couldn’t stand his commute makes £450m. The hypocrisy of former-JPM favourite
Do you work in the City of London and live in the suburbs? Do you find your daily commute excruciating? Why not step back and set up your own company in a nearby barn? That's what Lance Uggla did, and he's now worth $450m.
Uggla lived in St. Albans and was head of credit trading and head of Europe and Asia at TD Securities in the City, until he founded the Markit Group in 2003. Yesterday, Markit ('a leading global diversified financial information services company') floated on Nasdaq and raised $1.3bn. The Telegraph reports that 52 year-old Uggla is worth £450m following the flotation. Markit no longer operates from a barm in St. Albans and Uggla now lives in the City of London, close to Markit's London office.
Separately, Bill Winters, the ex-JPMorgan leadership favourite last seen displaying his torso for charity, has emerged as a bit of a hypocrite. The Financial Times reports that Winters' new firm, Renshaw Bay - hitherto billed as a real estate investment fund, is also engaged in, 'bank capital optimisation' - otherwise known as capital arbitrage. Under this process, Renshaw Bay, which is lightly regulated, takes on the credit exposures of banks that are heavily regulated, thereby enabling banks to hold less capital. So far, so standard - except Winters has been a favourite of the British government in its efforts to promote financial stability, and - as the Financial Times points out, Renshaw Bay seems to be undermining that.
It is a crying shame that Markit and its army of advisers chose to list in New York rather than London. (Evening Standard)
Peter Horrell was appointed chief executive of Barclays' wealth management business only nine months ago. And now he's leaving. (Financial Times)
Steve Wellington, a senior MD, has left Evercore’s restructuring team. There aren’t many restructuring deals around. (Financial News)
The Bank of England is laying off 80-100 people at a cost of £9m, which amounts to half the £18m in savings that it plans to make by 2015-2016. (Telegraph)
Citigroup has appointed Mark Slaughter, formerly global chief operating officer for corporate and investment banking, as head of its corporate and investment bank in APAC. (DealBook)
“I now know that I filled out all of my self-evaluations at Goldman entirely wrong.” (Bloomberg)
“People say to me, ‘You’re too controversial, you’re too directional, you’re too concentrated, you take too much risk.’ I say to them, ‘That’s all true, but I make money." (DealBook)
If I you want to deceive someone of higher status than yourself, you’ll probably deceive yourself first. (EPJournal)
Barclays is sponsoring gay pride, Antony Jenkins is wearing magenta socks. (Evening Standard)
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