Morning Coffee: Deutsche and Goldman to decide on high-living banker, how to sell a job when it’s been automated
Despite paying notoriously well, Goldman Sachs doesn’t like its employees to be flashy. Deutsche Bank’s co-head of investment banking Colin Fan has specifically warned against “vulgar” behaviour from its employees. Now that both banks are closing in on the purchase of the buyout arm of the National Bank of Greece, they face a tough decision – what to do with Pavlos Stellakis.
Stellakis is the chief executive officer and chairman of NBGI Private Equity and is currently in negotiations to remain with the firm after the deal. He's also the man who earned a bonus of $3.8m in 2009 when the National bank of Greece received its first bailout, owns a $14.2m Belgravia townhouse not far from Buckingham Palace gardens, properties in New York and the South of France, continues to earn 60% more than the CEO of the bank itself and has a Bentley and two Porches. Very flashy, very pre-crisis 'banker'. Will Deutsche and Goldman stick with him?
Separately, State Street is facing the quandary of how to sell entry level roles to high calibre graduates when most of the job has been automated and they’re struggling to define what exactly they’ll be doing. Now, job descriptions have been replaced with “role charters” and abstract concepts like problem solving and collaboration are emphasised over hard skills.
Kathy Horgan, who oversees talent management at the firm, said: “Tasks are changing more rapidly than they ever have in the past. The career path is changing as we speak.”
Bank of America has poached two equity derivatives sales staff from Citigroup. One of them is former America’s Next Top Model contestant, author and small dog owner Kim Stolz. (Bloomberg)
Former Bridgewater analyst launches hedge fund with the “novel concept” of charging no performance fee (Business Insider)
Investment bankers remain glued to the Blackberry even during holidays. Citigroup blog advises complete disconnect. (Women & Co)
ECM bankers be warned: Blackrock’s head of EMEA capital markets says a lot of IPOs are overpriced (Financial Times)
Former head of trading at RBS who left after 25 years for “personal reasons” has resurfaced at a hedge fund (Financial News)
The Children’s Investment Find Management has named Sourav Choudhary as partner (Bloomberg)
UniCredit’s head of investment banking, Jean-Pierre Mustier, has decided to step down. This was “not a surprise”, according to CEO Federico Ghizzoni as the plan was for him to reorganise the group and leave (Financial Times)
Goldman’s hedge fund purge, where one bank now employs over 24,000 people
Fare-dodging fund manager unlikely to work in finance again, Goldman’s new challenge to Bloomberg IM
Goldman, Barclays, UBS bankers deemed most attractive. Ex-JPMorgan banker sues own lawyer