It's well known that banks are bastions of youth. A few weeks ago, the Financial Times suggested that dumping expensive senior staff and replacing them with cheaper junior alternatives is a deliberate policy at many investment banks in the City. Now it seems that one older banker has determined to fight back.
The Financial Times reports that Tony Shiret, a former top retail analyst at Credit Suisse, is taking his former employer to court for alleged age discrmination.
Shiret was made redundant from Credit Suisse during a round of equities redundancies in June 2011. He had worked at the bank for 18 years and was described as a 'Godfather' of his sector. When he left Credit Suisse, Shiret ranked second among individual non-food analysts in Thomson Reuters Extel survey and third in Institutional Investor's ranking. Shiret joined RBS in September 2011 only to lose his job again when RBS closed its equities business in February 2012.
Shiret is arguing both that his redundancy from Credit Suisse was procedurally unfair and that he was discriminated against by the bank on the grounds of his age.
The EU’s common supervisory structure will affect only about 100 to 150 banks out of a total of 6,000 – those with assets of more than €30bn. (Financial Times)
Profits down 13% at KPMG UK, which made 275 of its staff redundant last summer. (Evening Standard)
Lloyds has also made a senior regulatory hire from the FSA. (Financial Times)
Citigroup made 122 people MDs last week (seems low given that Goldman appointed 266 a few weeks ago). (Dealbreaker)
McKinsey hired 36 MBA graduates from LBS this year. (Poets and quants)
Asia accounted for 23% of global staff cuts at the world's 10 biggest banks by revenue in the first half of this year, up from 8% in 2011, according to London-based data provider Coalition. (Wall Street Journal)
Average City pay has risen 2% to £84.5k. (Astbury Marsden)
Gerard Depardieu: I’ve paid €145m in taxes in 44 years and you call me pathetic. (Financial Times)
There's an inverse relationship between money and imagination. (Guardian)