What really happens to your finances after you leave banking?
Yan Assoun, the 42 year Frenchman who used to head European equity derivatives trading at Credit Suisse in London, says he's run out of money as a result of huge debts. "My recent income has dropped considerably," Assoun said yesterday. "I don’t have this money....I don’t have any capacity for borrowing. I already have a huge amount of debt. I don’t have any money.”
Assoun was appearing in court with his estranged wife, who is attempting to exact a larger settlement from him. If true, his claims reflect the variability of financial services fortunes. Assoun began his career as a derivatives trader at BNP Paribas in Paris before heading the London and Frankfurt derivatives trading desks for BNP Paribas, Deutsche Bank and Credit Suisse. He lost his job at Credit Suisse in 2009 and said he was, "waiting to cry," but had enough financial security to feed his family.
Assoun's ex-wife is arguing that he still has a lot of money. He has an apartment in Manhattan worth £2m and is director of an agency trading business that turns over $8m a year. She says he can afford to pay her more. Assoun says looks can be deceptive and that he doesn't even have enough money to pay for his own solicitor.
Separately, Michael Evans, the business standards champion and ex-gold medal Olympic rower who might have replaced Lloyd Blankfein at Goldman Sachs, is leaving the firm after two decades. Evans was seen as the 'anti-Lloyd' according to the Financial Times. He was a capital markets banker rather than a trader and had been co-head of the bank's global standards committee. Blankfein is accused of using Jamie Dimon-style tactical moves to diminish Evans' threat to his leadership. In 2010, for example, Evans was moved back from Asia to New York to focus on emerging markets, thereby eroding his Asian power base according to insiders cited by the Financial Times.
With Evans out of the way, the Wall Street Journal says 53 year old Gary Cohn, COO, is the most likely successor to Blankfein. The FT says Harvey Schwartz (CFO) David Solomon (co-head of investment banking) and Michael Sherwood (vice chairman) are also in with a chance.
JPMorgan bought Wamu and Bear Stearns to help out the US government. Who’ll help next time? (Financial Times)
“Jamie Dimon trusted the government when he bought Bear Stearns,” said Mike Mayo. “What’s the first rule of contract law? Get it in writing. So yes, I do fault Jamie Dimon, JPMorgan and their legal staff for not giving them adequate protection.” (Bloomberg)
High frequency trading firms will not be affected by the EU bonus cap. (WSJ)
JPMorgan has hired Shuya Kekke, previously managing director and co-head of electronic trading for Asia Pacific at Goldman Sachs based in Japan, as head of sales for electronic client solutions and program trading. It’s also relocated two senior executives from London to build electronic trading in Asia. (Financial News)
Achilles Macris, a former top JPMorgan Chase banker, filed a claim on Monday against the UK’s Financial Conduct Authority alleging he was unfairly identified and criticised in settlement papers involving the “London Whale” trading debacle. (Financial Times)
New commodities trading houses like the State Oil Company of Azerbaijan are about to come along and disrupt the commodities trading market. (Financial Times)
A decision by the U.K. to leave the EU would “put at risk both London’s position and the strength of one of the country’s most successful sectors.” (Bloomberg)
Is bonus culture destroying the recruitment industry? (The undercover recruiter)