Morning Coffee: Credit Suisse says its hiring plans are totally unchanged. $900k trader now selling shoes on eBay
Did Credit Suisse have some big hiring plans for 2016? Last thing we heard, Credit Suisse was preparing to cut London headcount by 30% and was chucking unwanted equities staff overboard. Away from the markets division, however, it seems Credit Suisse did have some quiet hiring intentions in M&A, and that those hiring intentions still stand.
When Credit Suisse CEO Tidjane Thiam unfurled his strategy last October, he said the bank planned to hire more managing directors in M&A and ECM as part of an attempt to rebalance the bank towards advisory work. Since then, Credit Suisse has indeed been busy recruiting, with the likes of Ray Raimondi from Barclays added as the global head of industrials in New York in May.
Post the UK-referendum, there are indications that advisory businesses aren't doing as well as expected. Credit Suisse, however, is undeterred. Financial News notes that Jim Amine, chief executive of investment banking and capital markets at CS, gave an interview to Spanish paper Expansión around July 4th where he said the bank's hiring plans are unchanged after the Brexit vote. "We are being extremely meticulous in terms of investment as we are hiring for specific needs where we see opportunities and where we see Credit Suisse having a competitive advantage," Amine declared.
Separately, the Financial Times has an ominous piece about what happens to traders who are displaced by technology. "All of a sudden it was lose, lose, lose. I would lose a thousand, two thousand, three thousand," says Craig Weinstein, a former crude oil trader, of the moment when computers took over the floor. Once upon a time Weinstein was making $900k a year. Now he's down to his last $50k and has tried everything from selling shoes on eBay to selling fertilizer to golf courses. "It’s pretty amazing what technology has done to that market,” he reflects.
Only 7% of hedge funds are now thinking of moving out of the UK. Another 17% aren't sure where they should be. (Financial Times)
France promises to welcome London bankers. (Guardian)
Barclays chairman David Wighton says Brexit hasn't been so bad. (Daily Express)
Ahmet Arinc, Deutsche's head of FX and emerging market debt trading, is leaving. (Bloomberg)
Jefferies just hired six people from Deutsche Bank's metals and mining investment banking team. (Bloomberg)
The former global head of FX spot trading at BNP Paribas says he was planning to work until the age of 80 and should be compensated accordingly after he was (allegedly) dismissed for whistleblowing. (Bloomberg)
A compliance professional who lied about his past to get a job has been jailed. (Telegraph)
Remember when Goldman hired the brother of a Libyan official as an intern? (Financial Times)
Microsoft has been sending this weird graduate recruitment email. (Twitter)
If you want someone to like you while you're networking, you need to think about how you're similar. Focusing on commonalities, “induces genuine positive feelings and admiration for the colleague, such that their interpersonal behaviors are less likely to appear as insincere attempts to curry favor, and thus more likely to engender influence.” (NyMag)