Trader-Compliance Job Share On The Horizon

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How do you make investment banks’ traders – prone to rate fixing, going rogue and chatroom collusion – work in perfect harmony with the internal police that is compliance? How about a job-share?

In a broad-ranging report into changing banks’ culture, banking and regulatory big-hitters in the Group of Thirty set out how to restore trust in the banking sector and turn investment banks from havens of self-interested individuals looking for short-term profits into happy places where all employees work towards the same common goal.

One of the many recommendations was ensuring that staff get exposure to a broad range of roles. “Many of the implementation failures…relate to lack of relevant experience and “siloed” thinking within control functions or businesses,” it said. “To break down some of these barriers, some banks point to substantial improvement of the three-line construct through a policy of staff rotation between control units (Compliance, Risk Management) and businesses.”

Other significant recommendations is ensuring that metrics for compensation are “split 50/50 between performance, and conduct and culture metrics”, people who “put the firm before self” should be “celebrated” and that “culture champions” need to be deployed throughout the bank “acting as role models for those around them”. Welcome to the brave new world.

Back Office to the Front Office (eFinancialCareers)

Can you still make the move out of a back office role into a revenue generating job? Yes, follow these steps.

Deutsche Bank Firing, Paying More (eFinancialCareers)

Deutsche Bank has taken the ax to its front office bankers in the last quarter, but has still been forced to increase pay.

Possible Expansion at Credit Suisse (Financial News)

Credit Suisse’s New York-based global head of investment banking Jim Amine demonstrates the art of avoiding answering any direct questions on the future of his division under new CEO Tidjane Thiam. He gives one slight hint that Credit Suisse could keep its investment bank in tact: “I believe that IBD is a very good business and investable through the cycle.”

Lazard Over Citi (DealBook)

 Lazard has poached veteran TMT deal-maker Eric Meadow to co-head the division.

Mock Exam (Business Insider)

 The CFA accidentally sent exam results to Level III candidates early.

No European Challenger (Bloomberg View)

“In global equities, the five top U.S. banks have done $166 billion of business this year, more than double what their five most-active EU and Swiss peers have brought to market.”

Conflict of Interest? (Financial Times)

Former Brevan Howard economist who joined the Bank of England’s Monetary Policy Committee is going to have his annual payment from the firm scrutinised.

Go-Getters (HBR)

What type of entrepreneur are you?

Quote of the Day:

 “It’s fascinating on all different levels. I never thought I’d see the day when Katy Perry is in bed with the archbishop,” Pop star squares off with two nuns.

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