Glencore – I told you so
If you had been lured in to investing in the issue by a slick-tongued salesman, you might feel a little queasy today. Also, the gala preview evening of the Chelsea Flower Show was concisely described by a top fund-manager as: “An open-air cocktail party for the glitterati. Participation is essential for anyone with social aspirations. Viewing the blooms an optional extra.”
Kengeter’s strategic quandaries
Let’s see what the autumn brings for the markets and UBS’s investment bank.
High-powered animation around the dinner table
I hosted a dinner party at home for seven industry chiefs. Although there were a lot of egos in the room, several titans did not feel the need to dominate but were happy to listen to what others said. I was most interested in how there were two distinct views of the world.
Reminiscing with Rudloff
My former boss, Hans-Joerg Rudloff chairman of Barclays Capital, is retiring after six years as chairman of ICMA. Everyone has his or her own Rudloff story. I have many but will pick one that illustrates that experience is an attribute much underestimated.
Will low mark 666 be revisited?
Markets are volatile but not in a good way. Professionals are losing money. Hedge funds are having a gruesome summer and investment banks are not faring much better.
Bankers deliver a sombre, sobering soliloquy
Morale at investment banks is low, particularly among the working classes. By which I mean middle management and below. I recently rang a London-based contact at a big bank. “How are things?” I enquired genially. “Dreadful,” sighed Mole.
Mid-level bankers begin to fume at top bosses’ pay
I was therefore bewildered when I saw the compensation packages awarded to some bank chiefs in 2009 and 2010. It was as if nothing had changed.