Brits

Jonathan BurrowsRemember Jonathan Burrows? Former senior executive at BlackRock in London? Saved himself a nice chunk of change by only paying £7.20 of the £21.50 his daily commute from East Sussex to the City cost, for a period of at least five years? Upon being made aware last summer the U.K. Financial Conduct Authority was investigating what he was up to, extremely casually mentioned to his bosses “The FCA might give you a call,” without getting into details? Chose to quit rather than explain the ins and outs of his scam? Anyway, he’s sorry about…y’know. Read more »

One of the more unglamorous aspects of being an adult with a job outside the home is the matter of commuting. Whether you’re driving, taking the subway, or being chauffeured, the entire thing is a grind, a time-suck, a nuisance, and an opportunity to catch whatever the breeding grounds for bacteria violating your personal space are spreading, to say nothing of the fact that depending on how far you live from the office, the whole thing can cost a nice chunk of change, money that could be better spent on just about anything.

BlackRock exec Jonathan Burrows knew the evils of the daily commute all too well. He wanted to live outside of London, in East Sussex, but he still had to show his face around the office Monday through Friday, which meant spending an hour on the train each way. He couldn’t get rid of the 2+ hour slog, or the commoners with whom he had to interact en route, but he should, he told himself one day, be able to cut the cost. AND CUT COSTS HE DID. Read more »

  • 31 Jul 2014 at 12:36 PM

Clawback Watch ’22: Britain’s Banks

If you’re a banker working across the pond, get your underhanded schemes out of the way now, because come 2015, they’re going to start counting against you (and will continue counting against you vis-a-vis bonuses through 2022). Read more »

Let’s ask a Lloyds Banking Group employee. Read more »

Odey has upped the ante for poultry accommodation – he’s building a temple for his chickens for which the stone alone costs £130,000…The temple’s roof – adorned with an Anthemia statuette – will be fashioned in grey zinc; the pediments, cornice, architrave and frieze are in English oak; and the columns, pilasters and rusticated stone plinth are being hewn from finest grey Forest of Dean sandstone. Naturally, the doors will be painted in the Odey Asset Management founder’s favourite Hague Blue – “to match the doors around Eastbach Court”, according to the plans…“The temple will be a lovely place when it is finished at the end of the year,” Odey said from a grouse moor. “The chickens will be grand.”Telegraph, September 25, 2012

Early on in hedge fund manager Crispin Odey’s relationship with his chickens, he made them a promise, about the things he’d do to make them happy. “I’ll move heaven and earth,” he told them. “You’ll be the envy of all the other chickens in the UK. Anything you want, anything you desire, will be yours.” And while a lot of people make similar pledges at the beginning of romances, when things are all heady and you can’t bear to be apart for any period of time, Odey kept his word. By 2012, his chickens were leading the kind of life most fowl wouldn’t dare dream of. Still, there was one thing Odey hadn’t given them, one thing he hadn’t gone the extra mile for. The chickens kept their feelings to themselves for as long as possible and then one night, while they were all watching a documentary about the Taj Mahal, they couldn’t keep their feelings inside any longer. Read more »

According to a poll by the Financial Times, over half of your colleagues have been looking for a polite way to say you dress like a slob. Read more »

On the heels of the good news that Barclays would be increasing the bonus pool this year, which came on the heels of the bad news that the bank posted a loss for the fourth quarter, comes the not great news that about one in ten of you will be asked to pack your things and leave by the end of 2014. For those of you trying to get a sense of your odds (of being cut), they increase significantly if you happen to be based in the UK. And if you think having the words “managing director” on your business card will save you, think again. Read more »

Carl Linderum was getting ready for work one morning at his London home when he heard a pounding on his door. He figured the group of men outside were employees of his gas provider, there to badger him over a disputed bill. In fact, they were plainclothes police officers and agents from the U.K.’s financial regulator. They had come to arrest the 36-year-old trader, who ran a small hedge fund, for suspected insider trading. The arrests last February of Mr. Linderum and a colleague led to the collapse of their roughly $100 million hedge fund, Lodestone Investment Partners LLP. Seven people lost their jobs. Nearly 10 months later, the Financial Conduct Authority dropped the investigation of the two Lodestone executives and a third trader from another hedge fund who was arrested at the same time…Margaret Cole, a top agency enforcement official from 2005 to 2012, says high-profile raids and arrests are a key component of the strategy—even if they don’t yield convictions. “A large part of the deterrent effect comes from the regulator doing this, and you don’t know when they might pop up and do it again,” she says. [WSJ via Matt]