Morning Coffee: The joy of working for Deutsche Bank in the days of Anshu Jain. GS is hiring 50 people here
Anshu Jain has developed a bad name. It was with him at the helm that Deutsche Bank perpetrated many of the misdemeanours that led to all the fines it's suffered in recent years. It was also with him at the helm that Deutsche achieved a reputation for being a highly political place, where businesses were typically run by co-heads engaged in a battle for survival of the fittest.
However, Jain's Deutsche did have its redemptive qualities for those working there. Mostly, it paid. We already know about the crazy money funneled to Christian Bittar, the ex-Euribor trader allegedly paid $100m+ who's scheduled to stand trial in September, but what about the rest? Bittar was an outlier, but the baseline still seems to have been pretty high.
One indicator of Deutsche's pleasures in the days of Jain is buried in Bloomberg's new article on the struggle facing John Cryan, his successor as CEO. When Anshu was at the helm, Bloomberg says bonuses at Deutsche Bank were so plentiful that, 'a tractor-trailer would pull up in front of the London trading hub loaded with brand-new Aston Martins for star performers.'
Under Cryan, needless to say, there were almost no bonuses last year. Instead of Astons for star performers, Deutsche is now associated with billions in fines, billions in trying to sort out the ancient technology systems Jain neglected and billions spent on new compliance and control staff. There's also the added cost of shunting traders and assets to Frankfurt in case of a hard Brexit. Instead of a man who liked sharp suits, Deutsche is now managed by a man who carries a battered briefcase. Cryan flies commercial and runs the bank from an iPad Pro. In light of Deutsche's problems, this is all how it should be, but still. - It's a bit of a change.
Separately, Goldman Sachs is hiring 50 people for its newish Marquee product which parses its fancy SecDB risk pricing system so that it can be used by clients. We know this because Bloomberg spoke to Maria Samuel, a 24 year-old analyst who works on Marquee at a technology event (Internapalooza) in New York City. Samuel said Goldman's Marquee team wants to double its size to 100 people and that it's more than happy to hire young programmers who know little about banking: "We can train you in the business. What we’re looking for is curiosity, the desire to learn.”
Deutsche Bank hired a FIG banker from Goldman Sachs. (Reuters)
Goldman Sachs is pulling back from ETF market making. Is this the start of a wider rationalization of business lines? (CNBC)
Michael Corbat says the protracted period of post-crisis restructuring at Citi is “over”. (Financial Times)
BNP Paribas rehired a NY FX trader who left for the buyside. (FXWeek)
Credit Suisse acquired a very senior banker in Germany. (Reuters)
Google deliberately confuses its employees. (Wired)
This is what happens when you leave a city to live in a small town. (Vice)
Your name affects your appearance. (BPS digest)