Morning Coffee: 40-something banker dumps "aggressive" boss, wins massive deal. Peculiar exits at Goldman Sachs

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Next time you feel aggrieved at your aggressively demanding boss who likes to monitor what you're up to at all times and to hold meetings before 6am, think upon investment banker James Simpson. He had such a boss. He left his boss, and the bank that employed them both and he hasn't looked back.

Simpson's ex-boss was, of course, Matthew Westerman, the now also-ex-co-head of HSBC's global investment banking division.  For reasons unknown but seemingly linked to his management style, Westerman himself also left HSBC, but not before Simpson (who arrived at the bank in a blaze of glory from UBS in 2014 and landed it the massive $43bn ChemChina Sygenta deal), had already walked away.

After leaving HSBC, Simpson co-founded Canson Capital Partners with another former HSBC banker. Three man Canson just won the lead advisory role on the $17bn purchase of Reuters' Blackstone's terminal business by a consortium led by Blackstone. In doing so they trumped the likes of J.P. Morgan, Bank of America and Citi.

While Westerman has yet to resurface, Simpson, therefore is doing just fine. Not everyone is a star M&A banker. But nor should you stick with an overly demanding boss when you could be doing quite a lot better elsewhere.

Separately, people at Goldman Sachs seem to have decided (or had the decision made for them) that they could be doing something else now their bonuses have been paid.

Goldman's bonuses reportedly hit employees' bank accounts last week. Subsequent resignations include Craig Sainsbury, a managing director and resources analysts based in Melbourne who's said to be taking his family to live in Spain, Saad Usmani, a managing director trading oil in London, and vice presidents in the commodities unit Rahul Dhir and Will Evans. Most curiously, they include Don Casturo, the chief operating officer for commodities who was parachuted in from GS in Europe to help run the ailing commodities business in the U.S. in July 2017. Six months later, Casturo has quit. Meanwhile, Isabelle Ealet, who effectively runs the commodities business and has presided over its decline, remains.


If you want to make money, you need to work for a mid-sized hedge fund. (Business Insider) 

It's not just Steve Cohen, several other hedge fund managers plan to start new funds this year. (Bloomberg) 

The European Union says there will be no special deal for the City of London after Brexit and that the U.K. will have to accept "equivalence." (Financial Times) 

Because of Brexit, Morgan Stanley plans to 300 move jobs to Paris, Frankfurt and Dublin. The moves will start later this year. (Bloomberg) 

Securities lending professional becomes fitness instructor. (EastAngliaTimes)

How Powerpoint is warping your mind. (BBC) 

Practical applications of finance-thinking for the man of comparative leisure. (Screaming and Shouting) 

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