When is a big bonus not big enough? When you’re a prodigious 28-year-old quantitative hedge fund analyst who thought you were deserving of $1.7m.
This is the sorry story of Ke Xu, a Chinese national who spent six years working for Goldman Sachs in London after achieving a first class degree at Cambridge. In 2012, Xu quit Goldman for Trenchant, a hedge fund at which he thought he was in line for a seven-figure bonus.
Upon receiving a mere £622k for his efforts, Xu lined up a new job at Cubist Systematic in Hong Kong. Before leaving, he also accessed restricted files at Trenchant and copied a few of them. For this, he has now been sentenced to four years in prison.
A LinkedIn profile belonging to one Ke Xu who was educated at Cambridge and worked for Goldman describes him as a, “dude,” with skills in investment banking and ‘bread and butter making’. This looks unfortunate, in retrospect.
Summer is Cancelled (FT)
Investment banks including HSBC, Bank of America and Deutsche Bank each had staff in over the weekend to cover the Greek referendum and its consequences. Vacations in Europe during July 2015 should be written off now.
The Axeman Does Not Cometh (FT)
Tidjane Thiam, the incoming CEO at Credit Suisse, has underplayed expectations that he’s about to slash its investment bank.
Barclays’ New IT Director got $2.5m in Shares (Guardian)
In another sign that tech bosses are increasingly important, Barclays has just shelled out seven figures in share for its new IT director.
There Are No 50-year-old Traders (FT)
“The City has an age bias. You simply cannot have been a very good trader if you have not made enough money to leave by 50.” It follows therefore that “you can’t be a 50-year-old trader”
Another Equities Exit At Citi (Financial News)
Salvador Rodriguez, head of sales trading for Europe, the Middle East and Africa, has left Citi.
Nightmare Trader (Bloomberg)
“I used to dream about libors,” Hayes told the SFO.
An Excess of Manliness (Bloomberg)
“Trading is very dominated by young men, which is an unusual subset of people. It’s a higher testosterone group, a very competitive group."
Finance and computer science degrees are not the key to the highest paying graduate jobs in the UK.
People with reward deficiency syndrome’ struggle to experience pleasure from everyday things. This, in turn, drives sufferers to seek out additional sources of pleasure to satisfy their lack of reward.