It’s been quite the week over at Goldman Sachs. After a 28-year stint at the bank in various roles, Stephen Scherr will step down as chief financial officer, paving the way for the co-head of its global financing group, Denis Coleman to take over as CFO January. Once rejected from a job at the bank in his younger days, Coleman has ascended to one of the toughest jobs of all — continuing Goldman’s expansion out of its Wall Street roots and into consumers’ pockets.
One Goldman alum who struck gold in crypto also resurfaced this week. Aziz McMahon reportedly made millions trading dogecoin before his departure in May, he’s now resurfaced at a healthcare company that claims to be working on a “cure to all pathogens known to mankind”.
The drive to bring on top dealmakers in a buoyant M&A market continued. Deutsche Bankhired a trio of bankers for tech, media, telecom deals in Europe. JPMorgan Chasebrought in two executives to revamp its online investing product, while Citigroup, Rothschild, Investec, and HSBC also all got fresh blood into their top ranks.
In other appointments news, Quilter Cheviot hired Allfunds’ Yusuf Durmaz as a fund research analyst. Durmaz, who has previously worked in the global equities, sustainable and thematics space, will join Quilter to research ESG and sustainable strategies, reporting in to head of investment fund research, Nick Wood.
The recruitment of Durmaz, who is also a former GAM alumna, will take Quilter’s research team to 24.
KPMG restructuring spin-off Interpath Advisory has appointed four new managing directors and two directors.
The firm has added forensics specialists Dominic Wreford from Duff & Phelps as managing director and Adrian Smith from FTI Consulting as a director.
It has appointed valuation specialist and ex-EY partner Steve Taylor as a managing director. The firm has also hired PwC director Neil Sumner to lead its corporate finance practice and former PwC partner Russell Worrall as head of transaction services, both as managing directors. It has also added Sandra Kylassam-Pillay as a director in its debt practice.
Goldman is trying to lift pay for those in its lower ranks. Analysts have received bonuses of between 100-110% of salary in 2021, up from an average payout of 50-70% of base pay last year, as the debate over burnout and work-life balance in banking — and other industries, as Law Society’s Junior Lawyers chair Manda Banerjitold FN — continues.
The debate about diversity in financial services isn’t going away any time soon. We asked the Investment Association if it had addressed the absence of ethnic minorities on its board as it announced seven new appointments. It said it wasn’t sure. Meanwhile, PwC’s annual report revealed that the consultancy’s working class staff were paid 12% less than their peers on average.
And a final note: make sure you check out the shortlists for FN’sAsset Management Awards 2021. The winners will be announced via a live blog on 21st October, so tune in then.
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