At the risk of spreading lugubriousness among all those 30-something bankers who've waited years to earn their £171k ($265k), there is a trader out there who earned $1m (£640k) within a year of graduating. That trader was a woman. She was 22. And she didn't work for a bank. Nor did she stay in finance.
The trader in question is Nancy Hua, a graduate of MIT and former employee of Getco, the notoriously remunerative high frequency trading firm. Despite Getco's reputation for generosity, Hua says her pay was exceptional: "I made more than $1 million my first year out of MIT, as a 22 year old. But I was really good, that’s not normal." Despite being so good, Hua decided she didn't want to be a trader: "The best people, the most successful people in algorithmic trading...I realized that I didn’t want to be like them." Today Hua works in technology instead. She has a company that helps other companies design apps. If that sounds pretty meta, it's because it is.
Separately, all those fixed income traders at Deutsche Bank who are wondering and worrying what will happen when John Cryan's miserliness is substituted for Anshu Jain's comfort blanket, should know that they have options. Firstly, they can always join Caxton Associates, a London-based hedge fund which has hired several of their colleagues and yesterday recruited James Malcolm, a former Deutsche FX strategist. Secondly, they can always befriend Christian Heiberg, Nordea's former head of fixed income trading. He's reportedly joined Mizuho in a similar role while the Japanese firm engages in a 'derivatives push', again.
Goldman Sachs is starting a whole new consumer lending unit. (NYT)
Nine months ago, Ben Davey was made head of FIG at Barclays. He's just been replaced by Peter Mason and Mike Lamb. (Financial News)
This is a bad time to work in trade finance. (Today)
There's a lot of hiring in equity research. Martin Wilkie, a research analyst at Deutsche Bank, is heading to Citigroup. Ben Leyre, who was head of utilities at broker Exane BNP Paribas, has become European utilities portfolio manager at Norges Bank Investment Management. Helen Brand, who covered the luxury goods sector at Barclays, will start at UBS in Augus. Alan Erskine, formerly head of consumer research at UBS, is leaving. (Financial News)
Operations professionals at UBS will soon work not for the bank but for a legally distinct, 'service centre' entity. (Swiss Info)
How poshness works as a hiring tool: "“Accents make a difference, things people talk about . . . we all [make judgments], don’t we?” (Financial Times)
Ex-Goldman Sachs technologist becomes wood worker.(CNBC)
Taking a vacation can actually increase the likelihood of getting a raise or a promotion. (HBR)
Further horrors from CFA exam day. (Business Insider)