Morning Coffee: 23 year-old M&A banker ruins career in one move. John Cryan, miser
However successful and sparkling your investment banking career, you are only one stupid email away from disaster. This is the lesson to be learned from the sorry story of Justin Kwan.
Kwan is the (ex) Barclays analyst who last week sent a facetious email to incoming interns on the bank's 'power team.' One week later, Kwan has reportedly disappeared from Barclays. Worse, Kwan was reportedly on the verge of leaving Barclays for private equity fund Carlyle, but Carlyle is said to have rescinded its offer after the email fiasco. So, now Kwan is sadly left with nothing. Maybe this is a good moment to double down and do an MBA?
Separately, the Financial Times has a profile of John Cryan which seems to confirm suspicions that he will preside over some serious pay cuts at Deutsche Bank. Cryan is a "shy man" reportedly disapproved of UBS's lavish 150th birthday celebrations at London's Somerset House on the grounds that they were a, "waste of money." He has an "enormous brain" and a "freakish work ethic" and when he worked at SG Warburg in the 1990s Cryan always ate in the, "cheap English canteen," and, "he took the oldest black leather satchel into meetings and travelled economy class.”
Anshu Jain listed two capital calls in two years amounting to €11 billion ($12.4 billion) among his “substantial achievements” in a speech to Deutsche Bank’s annual meeting last month. (WSJ)
Deutsche Bank’s new CEO is bad for the bond market. (Bloomberg)
Nick Darrant, head of the Central and Eastern Europe, Middle East and Africa debt syndicate at BNP Paribas, is leaving the firm to join rival bank JP Morgan. (Reuters)
Morgan Stanley beat BAML and UBS and won the top slot for equity research in Europe under the Extel rankings. (Financial News)
Deutsche Bank, Barclays, Credit Suisse and UBS have lost more than $1bn in fees as investment banking slows down in Europe this year. (WSJ)
While other banks pull out of prime services, Wells Fargo is hiring. (Financial News)
Playing chess can shrink your brain. And that is a good thing. (MIC)
HSBC is still handing its bankers Blackberries. (Valuewalk)