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Write-Offs: 08.11.14

$$$ U.S. watchdog calls bitcoin ‘Wild West’ of finance [Reuters]

$$$ London Banks Award New Hires 20% More Pay in July [Bloomberg]

$$$ Crucible Capital CEO criminally charged with obstructing SEC [Reuters]

$$$ U.S. Bank Profits Near Record Levels [WSJ]

$$$ Alleged Burglar Caught After Beating Cops In Doughnut-Eating Contest [HP] Read more »

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But the factor the book did not predict…was the decline in pay, after the financial crisis. “I think we misdiagnosed the problem,” says a banker who has worked on how to retain young staff. “It’s not that the junior guys are working too much. It’s that the value proposition changed.” Not long ago, it used to be clearer cut – the work-life balance was skewed towards work but made more easy to swallow by large amounts of cash and stock. “It’s a terrible time to be a banker,” says the bank employee working on staff retention. “You are on the road three days a week. You are getting paid substantially less than you were getting paid five years ago.” Another senior banker admits he enjoyed his first $1m year before he was 30 – which was a realisable ambition for young analysts entering the trade a few years ago. Today, it is a long-shot. [FT via Lauren LaCapra]

  • 11 Aug 2014 at 6:24 PM
  • Banks

Legal Reserve Watch ’14: JPMorgan Chase

Jamie Dimon may have to squirrel away a few extra dollars, as the SEC and OCC team up to see whether JPMC was a little bit too proud of some of its world-class investment funds. Read more »

Anyone finding the accommodations at the Steinberg Conference Center unbecoming? Read more »

And whether or not they deserve the speedy attention of a court in Santa Ana, Calif. How’s a week from Wednesday sound? Read more »

  • 11 Aug 2014 at 5:19 PM

America Declines Argentine Invitation To The Hague

Thanks to its insistence on calling Ronald Reagan’s little Nicaraguan adventure a violation of international law, the International Court of Justice now has to ask the United States’ permission before accepting any lawsuits against it. Like, you know, from certain uniquely recalcitrant debtors who’d like to see a certain judge go away, or at least have his rulings declared a violation of international law.

Well, Barack Obama would just as soon have Argentina figure this thing out without the Hague getting involved. Maybe by talking to the hedge funds it owes money to, but more likely by having Mike Corbat and Jamie Dimon bail it out. Either way, the folks at the ICJ shouldn’t be holding their breath waiting for a green light from Washington. Read more »

If your idea of a good time is talking monetary policy with your fellow wonks, you’ll want to go with Jackson Hole. If you love a good circle jerk with a backdrop of the Swiss Alps, Davos is your place to be. If you want to let your hair down, catch some fish without having to worry about obsessed fans mobbing you for an autograph, and learn how people who don’t work for Bill Gross live, Camp Kotok’s got your name on it. Read more »

For a lot of people in the banking industry, a non-compete is a nice little 3-6 month enforced vacation in between jobs. For Christopher Rokos, a co-founder of Brevan Howard, it’s a half a decade death sentence that will cause his trading hands and legs to shrivel up and break off, or at least become purely ornamental. Read more »