It’s become a bit of a cliché if you’re a junior banker to look around at the senior staff above you, assess their joie de vivre and then declare that you don’t want to go out like them and you’re on your way. pursue something less rewarding but more likely to result in broad fulfillment and a long marriage. Goldman Sachs VP Nikhil Raithatha he left the company for something similar to this reason last summer. Similarly, when the former Morgan Stanley analyst Florian Koelliker interviewed 15 juniors at major banks for her thesis last year, she found that the failure of senior bankers to project an attractive psychic aura was part of the problem: managing directors (MDs) could be a a little flashy, said the young men; they had worked too much and had neglected their private lives.
At Jefferies, however, that doesn’t seem to be a problem. CEO Richard Handler he famously models a full and fruitful life outside of his work Instagram account and has been married to the same woman since 1988. Although Jefferies has had its share of wild MDs in the past, this year internal at the bank seem to have been pleasantly surprised to discover that the older people they work with can be identified in Handler’s style rather than unusual in the style of Sage Kelly.
“I have come to redefine my definitions and expectations of banking,” writes a Jefferies intern earlier this year. internal letters from the bank “I have been able to meet people from different groups, with all levels of seniority.” They are a “community of ambitious, high achievers,” he adds. They are also subject to human foibles: a senior banker “accidentally borrowed” a bag of chips from his desk while he was away.
Another intern writes that his friends had warned him of “killer managing directors who breathed fire” and “associates who crushed the skulls of inefficient analysts with their bare hands.” Instead, he says, he “met musicians and athletes and fishermen and people who have grown up on the other side of the world” and that many of the doctors had evolved from being “wide-eyed interns” themselves.
Jefferies interns have yet to receive offers that they can to convert their practices in full-time jobs, so it’s conceivable that their letters are part of a scheme to get hired and that their doctors are in fact the kind of “ruthless, one-dimensional” people they say which they are not. It is equally conceivable, however, that the myths about banking have been exaggerated, and that banking today is not so much the wolf of Wall Street as the cockapoo of Connecticut.
Separately, though tomorrow’s private equity professionals will sacrifice more of their income to the firm US Attorney, Citi still thinks they will be rich. Is recruitment is reported 500 bankers to attract clients, including young private equity professionals, many of whom will have previously been junior bankers at Citigroup. Junior consultants and accountants are also at your fingertips.
In the meantime…
Robinhood is cutting 780 people or 23% of its workforce in the second round of layoffs this year. “Today we will be parting ways with many incredibly talented people in an extremely challenging macro environment.” (Financial Times)
Credit Suisse bankers and traders are sending out resumes to try and get ahead of the next round job cuts and escape before another year of reduced bonuses, but the bank doesn’t seem to care if its European staff leave. The latest round of retention bonuses is only available to people in the US and Asia. “It was already selective, which was annoying. But now they only target markets that want to grow.” (Financial news)
David Handler and David Neequaye are leaving Centerview to start a new boutique bank focused on it technology, media and telecommunications companies. It will be called Tidal Partners. (WSJ)
Former Centerview partner Mark Moran is leaving Litquidity. He is starting an investor relations and corporate marketing firm and already has a few strip clubs as a client. (Bloomberg)
The most powerful trader you’ve never heard of is Alejandro Arboleda, BP’s new head of commodity trading. (Bloomberg)
JPMorgan beat Goldman Sachs and Morgan Stanley to the top spot in stock trading. “We’ve caught up, but our goal is to be consistently number one.” (Bloomberg)
Marcho Partners, a technology-focused fund in London, has seen its value drop by 84%. (Bloomberg)
The Financial Conduct Authority is to employ 100 people in Leeds. (FCA)
Crypto will not plan. “Institutions are backing down from everything. Everyone is waiting on the sidelines trying to figure out how to live in this new market environment.” (Axis)
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