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Morning Coffee: 26-year Barclays associate supplements $200k salary with weekend work. New status symbols, different to the old

If you're exhausted by the contemplation of working 80+ hours a week as a junior banker, then think upon Jake Carraway, a 26-year-old associate on Barclays' New York financial sponsors team. Carraway works all week at his day job and then spends evenings and weekends as a professional athlete, training for and playing pro-Lacrosse matches with the Philadelphia Waterdogs. 

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Carraway confesses his schedule is "chaotic;" Bloomberg says it's catching on.

Junior bankers playing pro-Lacrosse make it work by never taking holiday and by bringing laptops to tournaments and training sessions so that they can work on the side. “We’re in a different city every weekend through September,” says Carraway. When he had a week's training before the lacrosse season began, Carraway supplemented it with early morning and late night work calls. Another banking lacrosse player says that during the season, it's standard for young finance professionals to fly to the match venue Thursday evenings, work in their hotels Friday, to sleep Friday lunchtime, train Friday evening, play Saturday and fly back Sunday. 

Bloomberg doesn't give Carraway's salary as an associate at Barclays, but H1B visa data suggests it's circa $200k, with a bonus on top. Pro lacrosse players can earn $32k a match and are given stock options in the league.

Financial services firms are more amenable to this sort of thing than they used to be. Ryan Conrad, a 27-year-old associate at private equity firm KKR, says he's allowed flexibility on Fridays so that he too can play in the league and that this is a "top-down" supporting him at the firm. 

While $32k a match isn't bad, the dream of the Premier-Lacross League's founders is to pay players $1m. At that point, Carraway and Conrad might be empowered to leave their laptops at home. Like banking, though, Lacrosse has its downsides. “You can make enough to live well. But at the same time, it’s a short career,” says one former Lacrosse champion.

Separately, while finance bros are having a moment by virtue of TikTok, the pushback is already happening.

Khe Hy, the former head of research for BlackRock's hedge fund business walked away from the industry aged 35. He now makes a living helping "ambitious over-achievers" to lead more contemplative lives. Quoting the Twitter post below, Hy says the new status symbols are different. It's not about having a rooftop pool and fancy living accommodation but time to live life slowly. The Wall Street Journal notes that most people working in finance don't have trust funds anyway; they're all in the arts. 

 

Meanwhile....

Talks to pull the Permira IPO were fractious. "With all due respect what the fuck are you talking about,” one adviser lashed out during a call on Tuesday, according to other people on the line. (Financial Times) 

Millennium wants to raise new cash equivalent to about 10% of its $68 billion in assets. The money will be in a drawdown fund where Millennium can access it at will. Millennium currently has 330 investment teams; it may soon have more. (Bloomberg) 

Chasing financial crime in London doesn't pay much. The maximum salary for a case controller at the Serious Fraud Office is just £79,315. The average partner at top criminal London law firm Kingsley Napley earned about £450,000 last year. (Financial Times) 

JPMorgan is doubling the size of its Miami office and could have 400 extra people there. (Bloomberg) 

Segantii Capital Management laid off dozens of employees earlier this month. It has kept some operational staff, traders and investment staff, including a few who focus on quant strategies. (Bloomberg) 

Morgan Stanley analysts think that Citi's services business accounts for 50% of its value. (Yahoo) 

Male bankers are turning to plastic surgery. “More than 25% of our practice is men who are in these high-powered executive jobs—private equity, hedge funds, high-end real estate. They don’t want to be edged out by younger people because they look tired or older.” (WSJ)

LinkedIn has no humour. (Financial Times) 

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AUTHORSarah Butcher Global Editor

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