For how many years do you need to work in banking if you want to be financially secure? In the case of Paul White, a former LIBOR submitter at RBS, the answer is ‘more than 27′.
White was yesterday banned from working in banking by the UK Financial Conduct Authority (FCA). The regulator also planned to fine White £250k ($357k) but decided upon leniency after noting his “serious financial hardship.”
White’s money troubles are bad news for anyone hoping that a long career in finance will inoculate them against impoverishment. He worked in the City of London between 1984 and 2011, and should – theoretically – have had more than enough time to accumulate a cushion of wealth. White’s personal circumstances are unclear, but he was reportedly looking for work in December 2012, when Bloomberg said his LinkedIn profile described him as a, ‘former trader: looking for employment or a fresh challenge.” At that time, White was commercial manager for Welling United football club – a role he seemingly still holds, but which is unlikely to pay as much as he was earning at RBS.
Separately, there’s some good news for any Nomura fixed income traders fearing that they’ll be next. Unnamed sources inside Nomura told the Financial Times the bank has already exited 80-90% of the businesses it wants to get out of in fixed income, and that it’s therefore ahead of the curve of fixed cuts. Nomura is one place where fixed income traders look relatively safe.
Meanwhile:
Some of the Nomura staff were informed of their situation in an auditorium and left the bank straight away. (Financial News)
Citi will be making 70 London traders and salespeople redundant later this month. (Bloomberg)
7,215 jobs were on offer in London finance last month, the lowest monthly total since March 2012. (Financial News)
Hedge fund hires global head of flow trading from Morgan Stanley in NY. (Bloomberg)
Deutsche is taking a stand against LGBT discrimination in South Carolina. (Deutsche Bank)
Deutsche’s move in South Carolina will not effect “outstanding job offers.” (Financial Times)
This German bank is pulling out of Ireland. (Irish Times)
Junior traders are being paid more. Senior traders are being paid less. (The Tally)
Mohamed El-Erian: “This notion of the portfolio approach is something I’ve found very attractive. I like the portfolio approach to a career right now.” (Business Insider)
At least you’re not interviewing to be the new Secretary General of the United Nations. (Sky)
“They appear to have grossly inflated the settlement amount for P.R. purposes to mislead the public, while in the fine print, enabling Goldman Sachs to pay 50 to 75% less.” (NY Times)
Think house prices in London are bad? Be thankful you don’t live in Hong Kong. (Twitter)
Related articles:
Morning Coffee: J.P. Morgan’s device for cutting costs in an investment bank. Goldman preparing to shift jobs from LondonJ.P. Morgan has found a way of cutting costs without cutting heads. Nomura might want to take heed.
Morning Coffee: How much Barclays traders earned aged 25, 26 and 36. Morgan Stanley man leaves for odd jobHow much do traders really earn as their career progresses? Thanks to Barclays, we have an idea. - The pay progression doesn't seem to be linear.
Morning Coffee: Where you’ll find the best bankers in the world. Traditional banking big-wigs invest in fintechWhere in the world are the finest bankers to be found? No, it's not Wall Street. And, look who's investing in fintech.