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 »
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 »
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]