Morning Coffee: Has Bill Gross saved trading jobs, bonuses? Young bankers explain why they love their jobs

At the risk of inflating a whole messianic-industrial complex in the mind of William Gross of Janus Capital, it's worth asking whether, by quitting Pimco unexpectedly only a few weeks ago, he might have done bond traders in banks a big favour. After months of inactivity, the Financial Times reports that Gross's Pimco exit has brought some volume and volatility back to the markets.

The biggest component of the Gross-induced excitement has been the sudden and massive sell-off in interest rate derivatives. The FT points out that these were Gross's favoured asset class and although Pimco won't confirm it, it seems that Pimco itself has been them to meet investors' massive redemption requests. In turn, this has prompted other investors to buy into rates as they try to profit from the dislocation. Rates traders haven't been having a great year. Gross may just have granted them a reprieve.

Separately, Business Insider has bucked the trend and spoken to some newly hired banking analysts and associates about why being a junior banker is a good thing. The banking novices point out that banking pays well, that it enables you to pay back your student loans, that pay in banking keeps on rising (unlike in tech, where it plateaus) that it's not as boring as other jobs (like engineering), that banking offers a stable career path (in comparison to tech, which offers an erratic if 'sexy' career path), that their parents are pleased they're bankers, that it's a stable long term career, that they're good at it and that they actually like (admittedly, the word 'love' is not used) their jobs.

Meanwhile:

Bill Gross isn't the only thing driving the fixed income revival. There's also divergent monetary policies (the Fed's tapering its quantitative easing programme, while the ECB's embarking on one) and there was FX volatility in the run-up to the Scottish referendum. Banks like Barclays and UBS may regret their decision to wind down fixed income trading in the third quarter. (Financial Times) 

Bill Gross: "Managing money is in my blood. I like to get up at 5:30 in the morning and make money for clients and compete against other money managers. That’s something that doesn’t go away. (Barrons) 

Bill Gross only has one trader to help him at Janus. (Reuters) 

Keefe Bruyette & Woods says it's hiring. It's also paying its junior staff 10% more than last year. (Bloomberg) 

French government engages UBS to help solve its budget crisis. (Reuters) 

These are the new hedge funds you should want to work for in London now. (Bloomberg) 

Why you should want to work for the regulator. (McKinsey Insights) 

Why do you want to work here? How to answer the million-dollar question. (The Guardian) 

'Financial firms are Marxist paradises run for the benefit of their workers.' (BloombergView)

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