Morning Coffee: JPMorgan banker makes freakish job move. Goldman man explains interview secret
A banker at JPMorgan has made a curious career transition. Much like the senior credit trader at Citi who recently became head of equities, the career changer at JPM has moved into a different but unrelated area and landed a sort-of promotion.
The man in question is Filippo Lo Franco. Financial News reports that Lo Franco, who was until recently JPMorgan's head of European media equity research, has morphed into an investment banker. Specifically, he's transitioned into JPMorgan's head of media investment banking for Europe. Lo-Franco's new investment banking bosses said his selling-points in the new role are “extensive knowledge of the media sector and established client relationships.” Equity researchers everywhere may be interested to hear this. Compared to other jobs in banking, research jobs involve very long hours and can be poorly paid. It's not often that researchers manage to break out into IBD, however. Lo Franco is the prototype for this move.
Separately, Michael Desmarais, Goldman Sachs' global head of recruiting, has said some words about what Goldman looks for in its interviews. In a Wall Street Journal article on how critical thinking has become the new buzz in hiring circles, Desmarais said Goldman tests for it in straightforward ways. Candidates are simply asked to assess company valuations and stock pitches and then to talk their interviewers through the process by which they arrived at their conclusions, disclosed Desmarais. By the end of that,"“the candidates should have displayed whether they possess critical thinking," he added. Be ready for this when you next interview at Goldman Sachs.
As one of the only banks not bailed out in the financial crisis, Credit Suisse could have been a market leader by now. Actually, it's only a top three player in equities, where it's been losing out to JPMorgan which ranks fourth. (DealBook)
Goldman Sachs says it's absolutely not the case that it pays men more than women and that women accusing it of sex discrimination have made a mistake with their figures and are comparing the investment bank to its investment management arm. (Reuters)
Two analysts left Bridgewater. One said he was off to become a ballroom dancer. The other said he was unemployed and travelling. Instead, they set up their own hedge fund in competition with Bridgewater's All-Weather Fund and (Bridgewater) alleges, exaggerated their roles at Bridgewater by pretending they were 'key figures' when they were 'nothing of the sort.' (Forbes)
Berenberg wants to set up an underwriting and equities trading business in the U.S. (Financial News)
JPMorgan knew that it was going out and hiring sons and daughters of Chinese officials as long ago as 2011. (WSJ)
Increased volatility in bond markets has been creating some liquidity issues. (Reuters)
Millennium has been hiring for its commodities team. (Finalternatives)
Why you’re better off hiring someone with Asperger’s than someone with an MBA. (Bloomberg)
Bankers love cash. Cash is certain, unlike the market. Cash is yours, to do whatever you want with it. Cash can buy homes, pay for private schools, be given to charities. Or it can pay for a $67,000 meal, or buy a Ferrari that you can drive into a pole. (Guardian)
The best place to be an expat is Switzerland. One of the very worst places is the UK. (WSJ)