Morning Coffee: Citi trader who retired aged 27 still makes "hundreds of thousands" trading. The only people allowed to work from home
Gary Stevenson is going from strength to strength. Having left Citi aged 27 circa 2014, he's now amassed 634,000 folllowers on his YouTube channel, and the paperback edition of his book about his six-year Citi career as a short term interest rate (STIRT) trader is about to come out.
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During his brief career at Citi, Gary says he was the "best f**king trader in the f**king world" and the "bloke that called it right every f**king year.” This is disputed by many of his former colleagues, but even as a retired 38-year-old trying to incite a revolution against the wealthy, Stevenson says his trading ability still earns him a healthy income.
Speaking to the Guardian, Stevenson claims that he still trades "to demonstrate to myself that I’m not insane," and that in doing so he makes, "hundreds of thousands of pounds every year on financial markets."
It's not clear how much capital Stevenson has, but during his best year at Citi he received a bonus of $2.5m. Anyone wanting to imitate his strategy should probably watch his videos, but the fundamental thesis is simple: rich people have all the money, rich people buy assets and therefore asset prices will rise.
“I’m buying the assets," Stevenson told the Guardian. "Stocks, gold, commodities, property, everything. The rich have got a lot of money, they can buy everything. The government has got to compete with that. They can’t. They’re trying to play chess with no pieces.”
Stevenson's success is a reminder that there is a life after trading jobs, and that it need not involve working for hedge funds. It can involve trading your own account while trying to foment revolution. One day, the Guardian speculates that Gary may even want to be prime minister. He doesn't deny this.
Separately, as banks like JPMorgan demand that people return to the office full-time, the Wall Street Journal notes that across the economy as a whole, some people seem to be absolved from this compulsion.
Hybrid and homeworking have become bargaining chips for hiring employees with "unique skills and talents" or a track record of exceeding performance quotas, says the Wall Street Journal, quoting a senior partner at Korn Ferry. "In certain roles, you could see it as that’s what it took to get them, or that’s what it took to retain them,” the partner adds.
This reportedly creates tension with other employees, who resent the allowances made for the "teacher's pets." In some industries, star employees are demanding hybrid work as a condition of continued employment. In front office banking jobs, this may be more difficult to negotiate.
Meanwhile...
The Texas attorney general has sent to Goldman Sachs, Morgan Stanley, JPMorgan, BofA and Citi a letter saying: “You appear to have embraced race- and sex-based quotas and to have made business and investment decisions based not on maximizing shareholder and asset value, but in the furtherance of political agendas.” (Bloomberg)
Hedge fund Eisler Capital is asking employees who leave within a year of receiving their bonuses to repay them in full, again. (Bloomberg)
There are four key money personalities: Avoiders who dodge money talks with phrases like “You’re just better at money” or “Can’t we have at least one night where you don’t bring up money?” Optimizers, who obsess over maximizing every dollar. Worriers, who fear financial disaster. Dreamers focus on big goals while missing daily details. (WSJ)
Blackstone's Stephen Schwarzman likes buying assets in the UK. In 2022 he bought Conholt Park, a 17th century 2,500-acre estate in Wiltshire for £80m. Now he's bought Gainsborough's ‘Portrait of Lady Worsley’ for £25m and Gainsborough's portrait “Lady Bate-Dudley” for an unconfirmed amount. (Financial Times)
Toronto-based Polar Asset is expanding and just hired Jason Cope from TD as head of fixed income. (Bloomberg)
Kevin Willsey, a chair of global banking at JPMorgan is leaving after 30 years. “He will be remembered for his fierce competitive drive, his willingness to dig deep into complex issues and his mentorship to many.” (Bloomberg)
Goldman Sachs made Andre Kelleners and Anna Skoglund co-heads of investment banking for Europe, the Middle East and Africa. (Financial News)
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