It probably won’t be Trushar Morzaria after all. Barclays has yet to announce the identity of its new CEO but the Financial Times reports that the shortlist was whittled down to two people and that the last man standing is… Jes Staley.
For anyone with a short memory, Staley is the man who was supposed to replace Jamie Dimon as CEO of J.P. Morgan, but didn’t. Instead, he’s spent the last two and half years holed up at hedge fundBlueMountain Capital, which he reportedly joined after purchasing a ‘small stake’ in the firm.
Staley’s exit from BlueMountain and anticipated ascension at Barclays should be met with excitement from the UK bank’s IBD professionals. He’s an investment banker through and through. During his 34 years at J.P. Morgan, Staley worked as head of corporate finance for Brazil and was head of equity capital markets and syndicate. Alongside Tom King, the existing American chief executive of Barclays’ investment bank, his appointment confirms the dominance of US investment bankers at Barclays. It also makes it unlikely that Barclays’ investment bank will be seriously scaled back. “Winding down an investment bank with a big American investment banker in charge of the group is going to be challenging,” a ‘person’ at Barclays suggested to the Financial Times.
Separately, there are teenagers out there who want your trading job. Fusion has been talking to nineteen year-olds who disprove the notion that everyone wants to work for a technology firm. “The kids who were in high school ahead of me all wanted to go work for social networks or Google,” one such teenager said, adding that today, “A lot of people want to be hedge fund managers.” Unfortunately, many of them appear to have been inspired by the Wolf of Wall Street: “You want to be very successful — [Belfort] is someone who has clearly done well for himself. But that is not a personality you want to be like.”
Junior bankers’ working conditions are as bad as ever.
Four reasons to work for M&A boutique Greenhill & Co.
Anti-Dimon Alliance (Twitter)
If Staley teams up with Bill Winters at Standard Chartered, it will be the ultimate anti-Jamie Dimon alliance.
Barclays wanted Jes Staley to be its CEO back in 2012.
Dick Fuld is recruiting graduates.
Meet the most impressive trading and execution staff aged 40 years and under.
J.P. Morgan is offering technology internships on university campuses.
Quote Of The Day
“Even if we know it’s worth more, we will list at 999 to get more people in the door.”
Why Manhattan property agents are listing apartments at just under the million dollar mark.