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Morning Coffee: Where to live if you lose your job in banking

A typical Cotswolds village

Where do you go as a wealthy but redundant banker looking for a little relaxation? Try the UK's Cotswolds, long renowned as a haven for ex-City types looking for a little Cath Kidston as an antidote to all the years of pinstripes. It is to here that Javier Martin-Artajo, the ex-J.P. Morgan banker due to be arrested for allegedly covering up the losses in J.P. Morgan's whale trade, has beaten a hasty retreat.

Martin Artajo has an old stone home in Church Westcote, a picturesque Cotswolds hamlet favoured by Elizabeth Hurley where a detached cottage costs around £850k. 

Church Westcote is several miles from Chipping Norton, making Artajo a viable member of the 'Chipping Norton set' which includes Rebekah Brooks and David Cameron. Bloomberg went to visit Martin-Artajo, who was paid $11m by J.P. Morgan in 2011, but found that he was away on holiday. CNBC also paid Church Westcote a visit and was informed by cleaners that Martin-Artajo had left the country.

Julien Grout, the other ex-J.P. Morgan trader now facing extradition to the U.S. was more junior than Martin-Artajo. While Martin-Artajo repaired to the wealthy Cotswolds, Grout was reportedly compelled to go to France in search of work and lower living costs (Grout may be living with his parents). It helps that it's harder to extradite people from France to the U.S. than it is to extradite people from the U.K. Grout's lawyer has denied that he's on the run.

Meanwhile:

Deutsche Bank will need to do some control hiring. (Financial Times) 

Bonuses are being cut and redundancies are being made at BTG Pactual. (Bloomberg) 

10 people who worked for the Co op’s insurance business are owed £1m in bonuses. (Financial Times) 

Yahoo has hired an ex-Goldman banker to work in-house on deals in Japan. (Bloomberg) 

Danske Bank fired three people in New York last week after it failed to win a U.S. banking licence, but says it may still want to hire. (Bloomberg)

Banking jobs are growing in New Zealand, but they pay 40% less than in Australia. (Bloomberg) 

Bins in the City have been secretly tracking your smart phone. (Financial Times)

Ex-Bank of America executive accused of trying to murder ex-wife to cover affair with secretary. (Daily Mail) 

Fishermen are the highest earners in Iceland. (Icelog) 

Related articles:

Meet the new super-sought after bankers. JP Morgan has been very kind 

Apocalyptic banking job cuts predicted. Man has a novel approach for finding a job at Goldman

Hedge fund in 25 acre mansion outside London is most enormous payer

 

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AUTHORSarah Butcher Global Editor
  • Lo
    Longshanks
    14 August 2013

    Why on earth would you got to the Cotswolds to escape th City? Full of grubby bankers

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