If you’re still working in investment banking aged 52, you’re usually thought to have had a pretty good innings. With plenty of talented managing directors and directors succumbing to the pressure of ‘juniorization’, you might even be seen as a banking veteran aged a youthful 45.
Douglas Morton, the former head of corporate finance at Deutsche Bank in Hong Kong, doesn’t seem to see it this way. Bloomberg reports that Morton, aged 52, is in the process of suing Deutsche for $11m in, ‘loss of future income’ after he was suspended last year. Some might assume their earning potential in finance is over when they reach their sixth decade; Morton clearly begs to differ. It’s not clearly precisely how he planned to earn all that money, but we suspect it has something to do with the strength of his client relationships and sagacity of his advice. Deutsche has promised to “vigorously defend” itself against his claim.
Separately, Morgan Stanley president Colm Kelleher has been busying dispelling the notion that London finance jobs will be unassailable if Britain leaves the European Union. “London cannot not suffer in the event of a Brexit vote, and the reason for that is historic,” Kelleher told Bloomberg. “- London has done very well by virtue of being part of the European Union. Its market, the exchanges, clearing, everything is based on London.”
Kelleher, who is Irish, went on to say that Morgan Stanley would consider moving its European headquarters out of London and into Dublin or Frankfurt if Britain leaves the EU.
Meanwhile:
Goldman Sachs just dismissed 98 people in New York. That makes at least 353 people it’s let go in New York so far this year. (Bloomberg)
Goldman Sachs has hired Benji Cheung from Credit Suisse as a managing director for loan sales. (Reuters)
If Britain leaves the European Union, this will just be the start of a protracted period of prolonged volatility. (Financial Times)
Frankfurt is a far smaller city than London and labour laws in Germany are widely seen as more onerous than those in the UK, where it is easier to lay off staff. (Financial Times)
UBS warned that it may be unable to fulfil trades for short periods on Friday. (WSJ)
Look at all the City people queuing to withdraw euros before the vote. (Twitter)
Since 1975, sterling has dropped 15 per cent over six months on seven occasions. (Financial Times)
Deutsche Bank’s John Cryan: “There is clearly a very unhealthy concentration on the impact of migrants. That people are coming into the country to usurp jobs, take away work from people who are already there — that simply isn’t the case.” (Bloomberg)
Crispin Odey: “London is pretty Remain and the rest of the country is pretty Leave. It’s lonely being a Brexiteer in London.” (Evening Standard)
The voting ends at 22:00 Thursday 23 June and so it may not be until 01:00-02:00 when there is a clearer indication of the result. Therefore we may not see a big increase in trading until 01:00-02:00. (PoundSterlingLive)
Ben Davey, who used to be head of Barclays FIG group, has just been appointed head of strategy. (Financial News)
The former head of spot FX trading at BNP Paribas is suing the bank for firing him after he blew the whistle (on something undisclosed). (Euronews)
Deutsche Bank has hired James Nessel from Citigroup to run US high-yield trading. (Reuters)
All you must do to render yourself more intelligent is to read a flyer talking about cognitive training. (NCBI)
So you think you can answer this question? “A bat and a ball cost $1.10 in total. The bat costs $1.00 more than the ball. How much does the ball cost?” (PsychologicalScience)
New Tinder-type service for people who want to hook up at airports is launched. (Independent)
At just 7%, average bank returns are now lower than almost any other sector. On this basis, bankers should be paid on a par with school teachers. (Telegraph)
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