Why have bankers had their convictions overturned and what are the next steps?
UK Supreme Court Overturns Convictions of Former Traders Two ex-city traders, Tom Hayes and Carlo Palombo, recently had their convictions overturned by the UK Supreme Court. They were previously found guilty of manipulating interest rates related to interbank lending, which ultimately influenced various borrowing costs, from mortgages to car financing. Background on Their Jail Time […]
Citi takes action against junior bankers for frequently changing private equity jobs.
City is reportedly inquiring whether their resources align elsewhere, especially regarding their use of junior staff to combat aggressive recruitment by private equity firms. A Bloomberg News report indicates that the major bank, under CEO Jane Fraser, shared a memo with analyst managers aimed at creating a “fair and transparent environment.” The bank’s verification process […]
Goldman Sachs will require junior bankers to commit to loyalty every three months.
Goldman Sachs Plans New Loyalty Requirements for Junior Bankers Goldman Sachs is set to introduce new measures that will require junior bankers to regularly reaffirm their commitment to the firm. This effort aims to curb the trend of junior talent moving to high-paying private equity firms. According to unconfirmed reports, these policies will mandate that […]
Morning Coffee: A bank that hired 100 bankers last year is set to reduce its workforce by 230. AI bots are receiving their own emails.
Do you recall last year? There weren’t many deals, but the anticipation was palpable, leading to increased hiring, especially from figures like Andrew Bester, who heads ING’s wholesale banking sector. Last August, Bester looked ahead and mentioned bringing on 100 new bankers to enhance services in branches beyond the Debt Capital Market (DCM). This was […]
JPMorgan warns it may dismiss junior bankers who frequently change jobs
JPMorgan’s Tough Stance on Junior Analysts Under Jamie Dimon’s leadership, JPMorgan is taking a hardline approach to its junior analysts, threatening termination for those who accept job offers within their first 18 months at the bank as the competition for top talent heats up. A letter that surfaced on the Instagram account Litquisity warns new […]
The reason for the US investment banker’s death has been disclosed following a lengthy investigation.
Tragic Death of Investment Banker Raises Concerns Carter McIntosh, a 28-year-old investment banker at Jeffreys Financial Group in Dallas, died in January from what has been ruled an accidental overdose of fentanyl and cocaine. He was reported to have worked excessively in the days leading up to his death, putting in over 100 hours of […]
Missing Wall Street banker’s body washes ashore after beach vacation
A family of a New York banker who disappeared on vacation in Spain more than a month ago confirmed that the washed ashore belongs to the age of 37. “It’s a deep sadness to talk about the passing of my youngest son, Grant Barr,” wrote Michael Barr, who wrote in a post on his Facebook […]
UK giant HSBC cans bankers on bonus day – New York Post
British banking giant HSBC fired a group of investment banks on a set day to learn the size of the bonus and refused to make annual payments, according to the report. The London-based lender reported that it was handed over to financial operators and Hong Kong last month after it announced it had focused on […]
Investment bankers say Trump mergers and acquisitions boom already underway
Constellation Research CEO R 'Ray' Wang and Heritage Foundation financial economist EJ Antoni join Mornings with Maria to discuss the outlook for 2025. With one week left until President-elect Donald Trump's official inauguration, investment bankers say a boom in Trump-related deal making has already begun, exploding trading activity that had been stymied by the regulatory-heavy […]
Barclays under fire for sacking 15 Wall Street bankers, cancelling bonuses before holidays | Company Business News – Mint
Weeks before the holiday season, Barclays laid off 15 New York-based bankers and traders and 35 other employees without annual bonuses. The measure has sparked a backlash and raised potential legal issues. The Times of India reports that the UK-based bank's job cuts have left affected professionals upset as they miss out on year-end bonuses, […]