If you’re working in an investment bank or a hedge fund or a strategy consultancy firm and are wondering, in retrospect, how this came to pass, Chelsea Clinton has the answer: it was the norm.
When she graduated from Stanford four years ago, Clinton says she “saw no clear path.” However, there was a definite trend amongst her friends – they were all going into consulting, banking, law school, medical school, or were taking “gap years to go find themselves, generally somewhere in Southeast Asia.”
Following the herd, Clinton went into McKinsey and then a hedge fund. Then, however, she had second thoughts and left because she, “didn’t get any meaning from her job.” Nowadays, Clinton is doing all manner of things, including a PhD in international relations in Oxford and teaching a course on cross-national health policy at Columbia. As a result, Clinton says she is "fundamentally re-motivated every day"
Separately, the New York Times has a massive eulogy today to Ina Drew, who was vapourised over the Bruno Iksil affair at JPMorgan.
Drew is painted as a quietly ambitious, strangely girlish, sometimes heavy smoking and foul-mouthed woman in a trading environment full of men. The NYT says she succeeded as a trader despite taking her children to work in school holidays (where her son would play on his Game Boy in meetings) and despite insisting that she left at 4.30pm every day to be with her children.
Members of Drew’s team were fiercely loyal. “I love her. I love to death,” said one former trader who worked under her. “She was phenomenal,” said two others, apropos of nothing.
In the week’s before she resigned, the NYT suggests Drew became a sad and folorn figure. Her mascara was smeared and a tremor in her hand from the illness that had kept her out of the office while the positions which led to Iksil's loss became worse. It was a sad end for a much-needed female role model on trading floors.
Retail bankers are being promoted at Barclays. (Telegraph)
In the four quarters to June 2012, Bank of America, JPMorgan, Citigroup and Wells Fargo made $63bn in profit – more than any year since 2006. (Bloomberg)
If you work in a call centre at JPMorgan, your bonus will be individually wrapped buttercream-frosted, chocolate chip, oatmeal-raisin and sugar cookies. (Bloomberg)
JPMorgan’s executives have done very well out of the bank’s stock. Bank of America’s haven’t. (Dealbook)
The French government plans to tax capital gains at the same rate as earned income. (FT)
French banks’ assets are so large that they’re vulnerable to demands that they split their trading operations off. (Bloomberg)
Where to work if you want to work in prime broking. (Reuters)
Actually, Goldman’s shares aren’t on track for a rebound. (MarketWatch)
Study suggests men with shaved heads are perceived as more masculine and dominant and as having greater leadership potential. (WSJ)