Morning Coffee: Senior technologist suggests horror of working in bank's tech function. Life of the parochial GS banker
Kim Hammonds had a long career working in technology for corporates before becoming chief operating officer at Deutsche Bank in 2015. She was, for example, chief information officer at Boeing, where she was responsible for , 'IT strategy, systems, infrastructure, architecture, processes and people.' She was director of Americas manufacturing operations at Dell, where she was responsible for global systems development for service logistics, supply chain and quality systems. And she spent 16 years working for Ford as director of Manufacturing Systems for North America, supporting 48 plants, manufacturing engineering, supply chain and production systems.
Now, however, Hammonds is applying her technology experience at Deutsche Bank. And it's not easy. Hammonds is said to have told attendees at a recent senior management conference that Deutsche Bank is the the “most dysfunctional” place she's ever worked, that it's "vastly more complex," than any of her previous employers and is in the middle of a, "difficult transformation."
Hammond has since back-pedaled slightly on her comments, telling Handelsblatt that they were made at an "internal, confidential management conference." However, she has not denied them. They come as she attempts to get Deutsche's sprawling IT infrastructure under control by reducing its multifarious computer systems down to four (so far she's on around 34) from over 40.
Every bank is not a Deutsche Bank, but most banks have similar problems with unwieldy IT. Hammonds' problem is made worse by the other banking bugbear: politics. Finews notes that veteran Deutsche Bankers don't much like the straight-talking American woman and have urged her to stand down. Her contract is up for renewal soon. Other senior technologists wondering whether to move into banking might look on askance.
Separately, it's not easy being a Goldman Sachs banker in a distant outpost. Take Goldman Sachs partner David Dase, who's transplanted himself and his family to Atlanta after spending his career in New York and San Francisco.
As Dace tries to set up Goldman's Atlanta office and win local clients as part of Goldman's drive to penetrate the mid-market, he's having to press the flesh in a serious way. "He's out and about — he attends everything. He has just really gone all-in to get to know people in the community," says a leader of the local business chamber. Among other things, it seems Dase has been seen at a seminar on artificial intelligence and cryptocurrencies with other area executives, hanging out at a barbecue, and attending the opening of a new play. This is in addition to the day job. Don't presume that winning over the mid-market takes a middling amount of effort.
Former Goldman employee alleges she was sexually assaulted by a group of drunk male colleagues from the U.S. banking giant's currency trading division at a dinner for brokers in London in 1994. (Financial News)
"I was the 0.01% of females trading currency. I was earning 0.025% of my male colleagues' salary. No, that is not a typo! My male colleagues would humiliate me daily, for example I was bitten and my name was either slut, mammary or dusty bin." (SUTGS1)
Harry Keogh, a senior Coutts banker who was disciplined for harassing female colleagues, has left the bank. (Financial Times)
J.P. Morgan is providing Amazon's Alexa to its institutional clients so that they can ask for stock prices. (Bloomberg)
Balyasny, the hedge fund which loves hiring junior bankers. is cutting staff. (Reuters)
UBS Wealth Management hired five Mexico-focused, ultra-high-net worth advisors from JP Morgan. At JPM they managed a total of $30bn in client assets. (CityWire)
The CFA surveyed its members about their attitudes to Brexit. Just 7% thought it would be a good thing for the City of London. (Bloomberg)
The former ex-Japan investment banking chairman at Nomura says he was fired for no good reason. (Bloomberg)
Gender neutral Google toilets. (Financial News)
French waiter fired in Canada for being aggressive rude and disrespectful is suing on the grounds that he was just being French. (Guardian)
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