Morning Coffee: Man fed up with finance job resigns in style. Bankers turn to nun for solace
Imagine if you could leave your job for a full year's salary worth £800k, plus £12m of additional benefits. If you could retire to your Provence vineyard where your wife is producing an "excellent vintage". And if you could write a vitriolic letter of resignation stating your intention never to do that particular job again? Xavier Rolet has done all these things.
The "colourful" and "abrasive" former head of the London Stock Exchange quit yesterday after a power struggle with the chairman Donald Brydon, who wanted him to quit - but not until October 2018. Brydon himself is also resigning, but less flamboyantly, and will be sticking around until 2019. Rolet himself exited with immediate effect, but said he'll be "available to be consulted at the board's discretion."
Technically, Rolet was, "asked to step down," by the LSE Board. However, his resignation letter suggested he was only to happy to go: "I have agreed to step down as CEO with immediate effect. I will not be returning to the office of CEO or director under any circumstances," said Rolet. He added that he was, "very proud" of what he'd achieved during his eight year tenure at the LSE, during which he accrued compensation of £30m+ and substantially increased the share price.
Separately, a former fund manager who became a Buddhist nun says she's become a magnet for 40 and 50 year-olds who want some advice. "They’ve had a career, they’ve gotten married, they’ve had kids, they’ve got a nice car, and they’ve got a nice house, and yet they feel that sort of slightly empty feeling of not being dissatisfied, but not really being fulfilled," Emma Slade told Time. She says mindfulness and compassion are the keys to change: "Mindfulness makes you calmer. Compassion makes you happier."
Meanwhile:
Mark Carney says the bonus cap could go after Brexit. (Financial Times)
Garth Ritchie, co-chief executive of Deutsche's investment bank, says it will take two years to complete its restructuring. (Reuters)
Barclays' chairman says Brexit's no big deal for banking jobs: hundreds will move; maybe only tens. (Financial News)
There's a rush on Frankfurt condominiums. (Bloomberg)
Now's the time to work in compliance technology related to MiFID II. (Bloomberg)
Ex-J.P. Morgan traders in Singapore are starting a quantitative hedge fund powered by artificial intelligence. (Bloomberg)
ANZ sacked people over inappropriate sexual comments and drug use at a company event. (Financial Times)
College rankings hinder equality. (Behavioral scientist)
Your moral superiority is a psychological failing. (BPSDigest)
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