Morning Coffee: Morgan Stanley banker worked through the snowstorm. Ex-Goldman trader's life less perfect than seems
While other banks (like J.P. Morgan) have been falling over themselves to make life easier for their young bankers, James Gorman has remained steadfast: Morgan Stanley has not and will not place restrictions on bankers' working hours. Gorman says prescribed limits on weekend working make no sense when there's a deal on, and that Morgan Stanley's bankers should be naturally temperate when there isn't.
This being the case, there were clearly some deals on at Morgan Stanley this weekend. As New York City experienced its second biggest snowstorm in recent history, someone at Morgan Stanley was working. Not only was he working, he was ordering takeout food like any normal night.
We know this because a cycle courier/journalist for the New York Post has written 400 words on how she delivered food to a banker at Morgan Stanley during the blizzard on Saturday evening. "My mission: Pick up an order of chips, guacamole and a grande quesadilla and deliver it to a banker at Morgan Stanley," she writes, describing how she battled through "mountains of snow" and "treacherous winds" to reach Morgan Stanley's office on Broadway and 48th Street.
When she arrived, the Morgan Stanley junior (we assume he was an analyst or associate) was less than appreciative. While he might deserve plaudits from the bank for working through the storm, he didn't score highly on generosity. "Is it cold out there?” he asked the courier, before telling her to "be careful," and handing her a tip of just $1.75. The courier was enraged ("If blood could boil in a blizzard, mine was.") And the moral of the story is: even if you're working nights in one of the worst snowstorms in living history, be kind - especially to people who are weathering the storm to feed you.
Separately, David Tepper is a man who seems to have it all. The 58 year-old hedge fund manager and ex-Goldman Sachs trader is worth an estimated $11.6bn and runs Appaloosa, a hedge fund with $19bn under management. Even better, Tepper has just opened an Appaloosa office on Miami Beach.
Scratch the surface, however, and Tepper's Miami odyssey isn't quite so appealing. In a situation reminiscent of Greg Coffey, the ex-Moore Capital trader who took his screens with him whenever he took a break, it transpires that the Miami Beach office is actually for working holidays. CNBC says the new office will have no permanent employees and will instead be used by Tepper and other Appaloosa staff whenever they're 'nearby.'
Lloyd Blankfein and James Gorman got a pay cut. Jamie Dimon got a pay rise. (NY Times)
Tidjane Thiam explains why Credit Suisse will be hiring in emerging markets and Asia: "When others are retrenching, suddenly teams who would never have talked to us, talk to us because others are leaving the region.” (Swiss Info)
Morgan Stanley just promoted some new MDs whom it hired in externally (Eg. Martin-Regnier, who spent nine years at Barclays before joining Morgan Stanley in 2013 and Maxime Stevignon, who joined from J.P. Morgan in 2010). (Financial News)
Blockchain not Bitcoin, says Jamie Dimon. (Barrons)
A senior banker has a New Year's resolution to abstain from excessive work for the rest of his life. He is now working 7 hours a day and enjoying himself the rest of the time. (Financial Times)
A colleague drank my breastmilk and other horror stories from a woman on Wall Street. (NY Times)
Ex-CVC private equity professional is alleging discrimination, claims she and colleagues were forced to engage in inappropriate dances with groping male colleagues. (WSJ)
Longer parental leave at J.P. Morgan. (Business Insider)
Ms. Diamond, daughter of former Barclays CEO Bob Diamond, said she spent a lot of time researching sheets. (WSJ)