After spending the whole of your career and adult life working in banking, where can you go next? Several senior bankers have coincidentally shown the ways.
Firstly, we have Mark Flannery, the former head of U.S. equity research at Credit Suisse. Flannery joined Credit Suisse in 1992 after graduating from Oxford (making him around 21 years old), and has just quit 23 years later (making him around 44 years old). Along with many other seasoned equity researchers he's off to the buy-side. Flannery is joining Point72 Asset Management, the family office/hedge fund of hedge fund billionare Steve Cohen.
Secondly, we have Ralf Nachtigall, the 50 year-old former head of ECM at Barclays. Financial News reports that Nachtigall is off to join KPMG, which is trying to build its equity capital markets (ECM) business, again.
Finally, we have Baudouin Prot, the 64 year-old former chairman of BNP Paribas, who is reportedly off to join Boston Consulting after resigning from BNP Paribas last year.
So, after a long banking career you can always move into hedge funds, the Big Four, or consulting. Which is best? "In my eyes, BCG represents the ideal position from which to participate in the changes of the economic world," Prot told Les Echos. Flannery and Nachtigall might disagree.
Separately, Bloomberg points out that in the event of the UK leaving the European union, some bankers will likely be obliged to move themselves out of London. Outside the EU, Bloomberg predicts that the City will need to reinvent itself as an offshore finance hub. Europe's onshore finance activities will the move to either Frankfurt or Luxembourg, neither of which are currently known for their zestiness.
No surprises: Gael De Boissard is retiring from Credit Suisse. (Risk)
Why has TPG, a private equity fund, hired Jon Winkelried, an ex-fixed income trader? (Breaking Views)
Barclays investors were not impressed with the bank's cost overshoots. (Financial Times)
EU regulators could soon be empowered to oblige banks to split off their trading arms (and stop prop trading). (Financial Times)
Wanted by Deutsche Bank: some very good technology professionals. (Financial Times)
The new leaner, meaner Deutsche Bank might not generate much revenue growth. (Bloomberg)
Tidjane Thiam, the new Credit Suisse CEO has left his wife, with whom he has two 20-something sons, and taken up with a 35 year-old blonde woman in London. (Schweizamsonntag)
Former mental hospital now houses hedge fund managers. (Bloomberg)
Academics claim that the Australian accent is a product of early settlers’ heavy drinking habits. (Independent)
Quote of the Day:
"I wanted to be a train driver, then a mathematical physicist. Finally I settled for mathematical economics before turning, later, to a political career — a steady decline in ambition," Greece's rockstar economist Yanis Varoufakis explains how he adjusted his career aspirations