Morning Coffee: How top bankers ease themselves into new jobs. Finance escapees form new social species
How does the top banking talent of a generation prepare for a new 'stretch job'? Not by turning up to work on day one and winging it. No. Noooo. If you're serious about your finance career you'll start work even before your contract begins.
Take Bill Winters, the incoming CEO of Standard Chartered. Winters has never done anything similar to his new position, notes the Financial Times. - He has spent the bulk of his career in London and has 'no obvious background' in Standard Chartered's key markets of Asia, Africa and the Middle East. Nor has he ever run a global universal bank- although he was deputy head of the investment bank at J.P. Morgan. This might be why Winters has been insinuating himself into his new role ahead of time. Although his contract at Standard Chartered only officially begins this Wednesday, the FT says Winters has spent weeks lurking around Standard Chartered's London headquarters and travelling to the bank's offices around the globe.
Separately, so many young people are quitting banking that they're forming a new social subgroup. Mashable has coined the word 'Yuccie' for hybrids of yuppies and hipsters. It says yuccies want to be successful like yuppies, but creative like hipsters. Many are former finance professionals who talk about their time in “fuh-nontz.” They want to get rich quick and retain creative autonomy. They're the ex-bankers who are running music festivals, brewing craft beer and growing facial hair whilst avoiding career-jeopardizing tattoos. They don't like gentrification. They do like artisanal pastries.
EY wants to hire 1,200 people for a cyber securities unit. It already has 200 people in India. (Financial News)
Event driven hedge fund managers are waiting for the end of the Greek crisis to unleash a wave of M&A. (Reuters)
One of Goldman Sachs' most senior German bankers is retiring aged 55. (Bloomberg)
One of the performing hedge funds for European investments is actually based in Greenwich, Connecticut. It says the management of the companies it covers come to the US for one to one meetings, whereas in London they would be, “sitting in an auditorium” meeting companies instead. (WSJ)
Richard Segal, the head of emerging-markets credit strategy at Jefferies International in London, has left the bank. (Bloomberg)
Wife bonuses are not a thing after all. (BloombergView)
François Morin, former head of CLO trading at Natixis, is now senior portfolio manager at Amundi Asset Management, overseeing the ABS fund. (Global Capital)
Head of a team of fired LIBOR traders at Deutsche said accusations of manipulation were a hysterical conspiracy theory. (WSJ)
BlackRock just hired a finance professor from Columbia to devise an investment strategy for $125bn of assets. (NY Times)
How middle aged hedge fund managers stay buff. (Dealbreaker)
Flash crash trading mastermind was so frugal it was almost pathological. (Bloomberg)