Now that banking bonuses aren't what they used to be, it may help to have a little sideline. With luck, that sideline will become a fully fledged business enabling you to jettison your banking job and become a full time entrepreneur.
This is what 39 year old identical twins Paul D. Scialla and Peter E. Scialla have achieved whilst working day jobs at Goldman Sachs. Paul was formerly co-head of US interest-rate products cash trading at Goldman. Peter was head of US volatility trading. Despite doing ostensibly demanding banking jobs, Bloomberg reports that the two brothers were able to create a real estate company 'Delos' (the 'Pioneer of Wellness Real Estate') whilst working at Goldman. They reportedly resigned from the bank last week to work at Delos full time.
Separately, Latifa Bouabdillah has confirmed every female banker's worst fears with a court case claiming she was fired from one bank after it was discovered that she was suing a previous banking employer for sex discrimination. Bouabdillah reportedly resigned as a vice-president at Deutsche Bank in 2011. She then launched a lawsuit claiming that male colleagues at Deutsche were promoted ahead of her and had received bonus payments three times larger than hers. Without disclosing this lawsuit, she joined Commerzbank. But when Commerzbank discovered that she was bringing a case against Deutsche, Bouabdillah claims she was likened to a shoplifter and let go, with Commerzbank arguing that she was putting its reputation at risk.
Bad news for Deutsche Bank bonuses? (eFinancialCareers.de)
Credit Suisse has sacked 12 people from its New York rates trading team. "They have obliterated our rates desk." (Reuters)
“The bond market today is full of people trading who have not encountered an aggressive rate tightening cycle.” (Financial Times)
Morgan Stanley has long been thought of as the bank that will lose most in the case of a European nightmare scenario. (CNBC)
Insightful sayings of Bruno Iksil. (Alphaville)