Here are some interesting quotes from the Reuters Investment Banking Summit, which is being held this week at the Reuters Building in Times Square, New York.
The Wall Street Journal reports that Vietnamese authorities are now seeking $3.7m from ABN Amro, claiming that the bank was a party to illegal FX trading from November 2003 to February 2006, which resulted in losses to the state-owned Incombank. Police have apparently indicated that they now plan to prosecute local ABN staff who have been under house arrest for months, and an Incombank staffer who has been languishing in jail awaiting a prosecution decision.
J. Pierpont Morgan's 'personal appearance gave rise to legend
This one's bound to kick up quite a stink!
Aleksey Vayner (the man that can), that investment banking wannabee with the 11 page cv and video he sent in to support his job application to UBS Investment Bank, might have had the right idea after all. The New York Times 'DealBook' column reports that Morgan Stanley is participating in 'the ultimate internship contest', sponsored by Sony's Columbia Pictures. Eight intern positions are up for grabs at a variety of companies for (wait for it) the best video entries!
Huw Jenkins, CEO over at UBS Investment Bank.
Word on the 'Street' is that recruiters are running scared of the anti-age discrimination legislation which became law in the UK last month. Notwithstanding all this stuff about taking dates of birth off cvs and proscribing certain words on job ads, recruiters are now worried about biffing off candidates who send in cvs which just don't fit a job profile.
People leave investment banking for a number of different reasons - some are laid off, others become burnt out, some want a better work / life balance and others have just made enough money to try something else. Others, of course, join the media - commenting on the industry from a safe distance, or writing a book about their real (or imagined) exploits.
According to ergonomics.com , 'a repetitive strain injury is an injury to a part of the body that is caused by overusing or straining that body part......The immediate impact may be minute, but when it occurs repeatedly the constant straining cause damage'.
Reuters reports that Citigroup remains upbeat about the prospects of its European and emerging markets investment banking business. In an interview with the news agency, Bill Mills, the CEO of Citigroup's EMEA Corporate & Investment Banking division, said that 'it continues to trend positively, even with interest rates rising......Barring some shock, the environment for corporate and investment banking continues to be strong....I don't think we will hit a wall'.
Amid all the noise from Barclays and others about changing the culture of banking – and the way staff are paid – there is one bank that has not handed out bonuses for 40 years.
'A friend of mine left the market two years ago. He used to be one of the traders at my first firm, so we go back ages. He had achieved what he set out to do when he started his career in the markets. What a lucky guy - or so we thought.
The trader with 'the magic touch' ?