Late Lunchtime Links: 6,000 bankers in London now led by a man deemed grossly incompetent
When Alex Wilmot Sitwell joined Bank of American Merrill Lynch in London last year, as president of Europe and emerging markets ex-Asia, it was rumoured that the Financial Services Authority (FSA) took longer than expected to process his application. Now we know why.
Wilmot Sitwell was chairman of UBS's investment bank at the time of its grave Libor misdemeanours. Yesterday he appeared in front of the Parliamentary Commission for Banking Standards along with Huw Jenkins (the former head of UBS's investment bank), Marcel Rohner (the former chief executive of UBS) and Jerker Johansson (another former head of UBS's investment bank).
All men were yesterday deemed "ignorant and grossly incompetent" by Andrew Tyrie, the commission's chairman, who suggested they should be struck off the FSA's Approved Persons list. However, as The Times points out, only Wilmott Sitwell is currently registered with the FSA in London. The regulator may be inclined to take special interest in his affairs in future.
The head of Asia Pac FICC business for BAML has left. (Bloomberg)
Citigroup has also started an electronic bond trading system. (Bloomberg)
5,400 jobs are going at American Express. (Reuters)
Senior Morgan Stanley M&A banker joins sovereign wealth fund. (Reuters)
Goldman Sachs secured almost $8bn of deal volume this week. (Financial News)
Here’s who could replace John Hourican if he leaves. (Financial News)
Lost your job in a bank, find a job at Ford. (Bloomberg)
There is no happiness plateau. More money, more happiness. (The Atlantic)