Hedge funds seek to lockdown new employees, while banks scoff at the bonus cap.
Hedge funds want to penalize those who reject job offers. UK banks don’t embrace the bonus cap removal, while one brave City worker quits finance to sell Harleys. These are five stories to summarize the last five days.
1) Barclays CEO Says He Has ‘Curable’ Non-Hodgkin Lymphoma: Barclays boss C.S. Venkatakrishnan was diagnosed with a type of lymphoma. He will be treated for several months. While he is being treated, he will continue to work.
2) Hedge Funds Millennium Brevan Howard Hires Fine New Hires that Back Out: As the competition for talent heats up, the firms are looking to punish traders who pull out of employment contracts.
3) Banks Facing a New Bonus Cap Battle — With Their London Trades: Lenders are considering how to respond to the UK government’s promise to eliminate the bonus cap. Problems could arise if higher salaries are combined with bonuses.
4) HSBC will close a quarter of its UK Bank Branch Network next year: As it encourages its customers to use the bank’s online services, the bank will close 114 sites.
5) Former Vanguard Senior Management Ditches Finance to Buy Harleys: Here are the reasons a portfolio manager who has been in finance for 30 years left to sell motorcycles.
