Prop traders planning to join large hedge funds take note: Man Group is not alone in cutting staff. According to research seen by Financial News, the number of 'senior UK-based sales and investment professionals' employed by medium sized and large hedge funds, has fallen 24% over the past nine months. Once there were 1,288; now there are 979.
As we have mentioned, leading investment banks increased their headcount 9% during this period.
Separately, it has emerged that, yes, if you want to be a senior female banker, you will need to be available at all times, even when giving birth. The New York Times says Ruth Porat, CFO of Morgan Stanley was on the phone making client calls from the delivery room during the birth of her son in 1992.
Morgan Stanley's global head of M&A is heavily into yoga. (DealBook)
JPMorgan had a perfect trading quarter too. (WSJ)
JPMorgan's trying to make a comeback in South Africa. (Bloomberg)
Swiss banks will have to implement Basel rules for trading capital requirements a year before everyone else (in January). (Reuters)
Barclays paid out 2.7 billion in bonuses last year, more than half of which was in cash and the rest deferred. (The Times)
G20 proposes regulatory fig leaf regime for the biggest banks. (Naked Capitalism)
The FSA will soon be tapping traders' cell phones. (Bloomberg)
The boss of the French regulator AMF wants Europe to raise taxes on bankers' basic salaries. (eFinancialCareersFrance)
Prop trading goes underground. (Institutional Investor)
Former finance-student university drop out Jonathan Duhamel won $8.9m in the World Series of Poker tournament. (Bloomberg)
Couples who score well on a simple test of numeracy ability accumulate more wealth by middle age. (Rand)