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One of the big players in the global investment bank will no longer be an investment bank. Tom montag, COO and President of Global Banking and Markets at Bank of America, is retiring at the end of the year with Anne Finucane, the firm’s equally influential vice president.

Montag, who joined Merrill Lynch in 2008 just before the merger, has been a larger-than-life character. The New York Times wrote a annual item over the past two years about his allegedly unique approach to work.

As recently as Can, he was still being talked about as a potential future CEO and was widely seen to be in the “Dan Pinto position” – with Brian Moynihan likely to continue serving for the foreseeable future, Montag was the sure pair of hands to be looked after. could expect to intervene in the event of the unforeseen.

So, although he had a few detractors, he also had a lot of supporters. It has been suggested that Montag’s departure is less important than it looks: it’s a good year for revenues, business is stable, why not come out on a high note and leave a legacy that can be left behind. to be proud ?

Bank of America has said the succession will be announced “in the coming weeks,” and the firm has a solid bench of executives capable of replacing it. While this succession is likely to be exciting (there are many BoA bankers with personal loyalty to the man who hired and promoted them), these debates are for the future. BoA may be lucky to have a power transfer where everything is going well. For now, one can only salute one of the leading figures in the post-crisis industry as he heads for sunset on the Oregon Trail (metaphorically, he’s actually going to stay to the Bank’s Global Advisory Board).

Elsewhere, you would have thought that being a government bond trader in one of the world’s largest developed economies was, at least in principle, a job for life. As long as you didn’t lose money or behave too badly, you could be reasonably sure that income might fluctuate, but it wouldn’t dry up completely. Except that, on August 3, there was no trading in the over-the-counter Japanese government bond market.

Basically it’s a quantitative easing story – the Bank of Japan has bought so many benchmark bonds that there is virtually nothing to trade. It also has a “yield curve control” policy to keep prices stable, so there is no real reason to trade anyway. The effect on the economy and credit markets has also been surprisingly small – no one seems to care except the increasingly desperate bond traders.

during this time

The ball seems to have started to roll when it comes to vaccination requirements – hedge funds like Millennium, Bridgewater and Point72 now only allow people into their offices if they are vaccinated. If the customer base moves in this direction, of course, it will amount to a de facto requirement on the sales and trade front office on the seller’s side; if you can’t visit clients, you might as well be working remotely anyway. (Bloomberg)

Having arguably kicked off the whole cycle with its ‘one-time’ bonus of $ 20,000 to junior staff, Credit Suisse has now bit the bullet and become the last major investment bank to align analyst salaries with the new standard starting at $ 100,000. (Financial news)

Former Morgan Stanley banker Chidi Oti-Obihara has now joined Extinction Rebellion, asking young people, “Is life really about doing what you can to buy a Porsche and then you die or do you want to? to be an influential human being? (MyLondon)

More stories from the world of wire brokerage – an American wealth manager has had a 21-year-old complaint struck out of his case on the grounds that one of his former managers “popped up” by calling customers after his departure. (AdvisorHub)

It is not easy to be a regulator – FCA staff are overworked and the organization is unable to set its own priorities. This could be an opportunity for the industry, as there has always been a pipeline of ambitious young supervisors in investment banking, and if they learn how to manage 70 hour weeks anyway, they might be tempted by the higher salary. (Financial news)

Be warned – there is a whole bogus Credit Suisse website out there that is being used to scam investors. (Daily Express)

photo by Federico enni to Unsplash