Morning Coffee: 20-something banker's viral video about his horrible life. RBS axeman complains he's bored
If it didn't know already, the world has been alerted to the unpleasantness of being a junior financial services professional. Stu, a mysterious employee of a 'major British finance firm' in Tokyo, has posted a video about his relentless working conditions on Youtube. So far, it's had nearly 646,000 views.
Stu's life will be familiar to anyone aged 20+ who works in IBD. He arrives in the office at 9.30am each day and he leaves at 11.30pm, or later. Stu lives on granola and microwaved food. He works out at midnight and he works at least 10 hours on a Saturday.
In fact, we suspect that Stu doesn't actually work in IBD. Firstly, he might be working even longer hours if he did. Secondly, he lives on packed lunches rather than Seamless orders. Thirdly, he admits to being bad at maths and says his life is incredibly busy between January and March - the 'busy season' at work. Could it be that Stu work in a seasonally-related accounting or operations role where work is heavier in the reporting season? If so, it's worth remembering that corporate financiers aren't the only ones working 80 hour weeks in finance. - Product controllers can burn out too.
Separately, Rory Cullinan, the new head of RBS's corporate and investment bank and the man charged with making up to 90% of its staff redundant, has been caught sending selfies from board meetings. The Sunday Times reports that Cullinan messaged his daughter with complaints such as 'boring meeting', “Another friggin meeting”, and 'Not a fan of board meetings.'
Less than 25% of RBS’s investment banking staff are revenue-generating. (Financial Times)
Why RBS failed as an investment bank. (Business Insider)
Vanguard won't be affected by the EU bonus rules. Fidelity will. (Financial Times)
When IPOs go wrong. (Reuters)
Ex-Goldman Sachs whistleblower becomes Conservative candidate. (Scotsman)
Ray Dalio: you should always fear being wrong, even when you’re very sure that you’re right. (Institutional Investor)
The CMBS market is making a comeback. (Euromoney)
Why global investment banks are in decline. (Economist)
The trait that least likely to be associated with hireability is agreeableness. Nice people never win. (NYMag)