Morning Coffee: Upset over the "highly contagious disease" at Goldman Sachs. Ex-Morgan Stanley MD's bespoke job
Just don't call it an "outbreak." Goldman Sachs would like to let it be known that the recent eruption of mumps on its New York trading floor was not an outbreak, but merely the expression of a "communicable disease" that has (so far) only affected three people at the firm, each of whom appeared to have been infected from unrelated sources.
The New York City health department doesn't seem quite so sanguine. It has reportedly delivered a public health warning to Goldman Sachs and suggested that the firm implement "standard outbreak control procedures," to prevent the mumps "outbreak" from getting any worse. These include: "identifying exposed persons, educating individuals about symptoms and making sure sick employees stay home."
Symptoms of the mumps, as described by the British NHS, include painful swellings under the ears which make sufferers look like a hamster. There's no cure, except bed rest for two weeks. Complications include swollen testicles, or viral meningitis if the virus moves to the brain. Mumps is transmitted through infected droplets of saliva ingested through the mouth or nose.
Despite insisting that its three cases are not an outbreak, Goldman has been vigilant in dealing with the disease. Business Insider reported previously that the firm has been asking employees to visit its health centre for a vaccination if they didn't get one during childhood. The mumps vaccination is routinely given to children in the U.S., suggesting at least some employees on Goldman's U.S. trading floor were either raised elsewhere or in the sorts of, "white, wealthy, unvaccinated" families, where childhood vaccinations are avoided for ideological reasons.
Separately, one equity researcher who escaped banking before MiFID II has found far more interesting things to do instead. Huw Van Steenis, a former star banking analyst at Morgan Stanley, will now be joining Mark Carney at the Bank of England for six months as a special advisor, “on the long-term future of the financial system.” The role, which the Financial Times says was specially created for van Steenis, will cover everything from the fintech sector, to the low-carbon economy and the further growth of emerging economies. Why doesn't everyone leave equity research?
Goldman Sachs would like it to be known that it be doing good with its retail arm Marcus. - So far it's been mostly on supplying loans to replace balances held on credit cards, which tend to have “substantially” higher rates of interest. “That is a win/win,” says Lloyd Blankfein, “recognised by a community of people generally concerned with public welfare.” (Financial Times)
Only 65% of Goldman Sachs investors approve its latest stock plan for employees. (GlobeandMail)
Profits at independent advisory boutique PJT Partners rose 24% in the first half. (Financial News)
The head of HR at hedge fund Point72 is leaving after four years. His exit follows a suit alleging that women at the fund are paid less than men. (Business Insider)
Point72's acting head of U.S. trading became its permanent head of U.S. trading. "“We have concluded that the best candidate already sits within the Firm.” (SCNow)
Citi is thinking of going for it in Saudi Arabia, what with all the privatisations happening there. (Reuters)
Standard Chartered hired mining banker Richard Horrocks-Taylor from RBC. (Financial Times)
“It does not make financial sense for me to work,” said Lucy, a 40-year-old mother of two young children, who used to be an analyst at a US insurance corporation but is now a stay-at-home mum thanks to the cost of childcare in Central London. (Financial Times)
An ex-Deutsche Bank VP is on trial for running under-age sex tours. (Channel News Asia)
Have a confidential story, tip, or comment you’d like to share? Contact: firstname.lastname@example.org
Bear with us if you leave a comment at the bottom of this article: all our comments are moderated by human beings. Sometimes these humans might be asleep, or away from their desks, so it may take a while for your comment to appear. Eventually it will – unless it’s offensive or libelous (in which case it won’t.)