Bank First’s Post

The Trading Game by Gary Stevenson: To say the author is quite a character is quite an understatement, and I went for this (in audio version) having heard him interviewed recently. Gary is a proper Eastender who, as he says, could have gone in many a wrong direction when he was expelled from his grammar school at 16 for drug dealing (they were easily available down his way and he was satisfying demand from the posh boys). He was bright, got himself to uni at the LSE and by using very good maths skills and a bit of common sense, won a competition to become an intern at Citibank. Within a couple of years, he had become their most successful trader (in short-term interest rate swaps, I know) This is the story of his brief glory years, when he went from working part-time at DFS to millionairedom in the space of a few months. That’s one half; the other is his bid to escape, once he realised what a sham it all is, his descent into mental illness and Citibank’s hardball fight to keep both him and the bonuses he’d previously earned. It’s an exciting ride to the top, and an equally thriller-like fall. If the f-word offends, then neither this book nor life as a trader is for you. Despite the dozens in pretty much every paragraph, it is very well and engagingly-written and a real insight into the real world of bankers bonuses. Gary has since reinvented himself as an economics guru and equality campaigner. And good for him. #goodmath #successfultrader #shortterm #eastender #lse #citibank #tradinggame #mathsskills #trading #author

Article is not accounting for the perks and other revenue sources that you get before or after holding office. For a PM or president, it usually comes afterward. For example, the Obamas have made millions from book deals and speaking engagements. Then there’s the opportunity to sit on the boards of large corporations, and they even produced a Netflix show. For many cabinet members, the perks are substantial. Take Henry Paulson, for instance, who moved from CEO of Goldman Sachs to Secretary of the Treasury under the Bush administration. He was able to sell his Goldman Sachs stock tax-free as a government employee, meaning he didn’t need to pay capital gains taxes. Nancy Pelosi is also notorious for outperforming most hedge funds because she sits on committees that make policies affecting these companies. For Congress members, the fine for insider trading is $200, but for common people, it can mean jail time—just ask Martha Stewart. A few years ago, the RBI governor in India was only making 4 lakh INR. Singapore, on the other hand, pays their bureaucrats handsomely to discourage corruption. I mean, while Harris and Trump may not agree on much, they both want to replace Jerome Powell with Jamie Dimon, the billionaire CEO of JPMorgan. One has to ask, why would Dimon be interested in replacing Powell?

I’ve said before that your start in life shouldn’t determine how far you can go. Different perspectives help us innovate and grow to better deliver for our customers and communities. It was a real privilege to join the discussion last night at the launch of VOICE – a new report developed by The Inclusion Initiative at The London School of Economics and Political Science (LSE) in collaboration with Progress Together, sponsored by HSBC. This research holds special significance for our sector as it shines a light on the barriers and opportunities faced by those from lower socio-economic backgrounds within financial services, offering an action-based blueprint for individuals, managers and firms to tackle these barriers head-on.   I am heartened by the progress we have made at HSBC and beyond, but there is more work to be done.  Together, we have the power to help create a future where socio-economic background no longer dictates one’s career path or potential. Thank you to those whose participation, collaboration and commitment made this research possible. Check out the full report and actions here: https://lnkd.in/eQXqiAmG 

It was an absolute pleasure to moderate an incredible panel of CQF alumni who shared valuable insights into the future skill sets required for quant professionals in the industry. Although we learned so much from the panelists, here are my top 5 takeaways from the session: 1. Strengthen your foundational knowledge, such as mathematics and machine learning. 2. Embrace agility. 3. Be creative and passionate about your work. 4. Cultivate a growth mindset. 5. Develop strong analytical thinking skills. This was our final careers event of 2024, but stay tuned for more exciting events in the New Year! Keep an eye on www.cqfinstitute.org for updates! Shayan Fazal (Mohammed), CQF, Payal Biyani, CQF, FRM Ekaterina Palaeva, FRM, CQF Randeep Gug, PhD, CQF #careers #skills #quantfinance #cqfinstitute

It's the fifth day of the CIB Bank Competition, and it's about the importance of financial inclusion for youth. Let's us see that in this video. Farida Elsefary #CIB_Summer_Internship_2024

5 Keys To Running A Successful Internship Program (https://hubs.la/Q02Hv-gD0) Having issues maintaining an effective and efficient internship program? Look no further! This article advises employers on ways to create and maintain a successful internship program. https://hubs.la/Q02Hvzx10

Taking time away from your business is essential for growth. 💡 Unplugging allows you to return refreshed, re-energized, and more focused on what truly matters. 💪 Vacation testing your business highlights system gaps and unlocks potential in your A-Player team members. ✨ This leads to innovation and growth! When your business thrives without you, you've achieved sustainable profitability. Ready to make different choices? Your work can truly support your life. Discover more insights in 🙌 Dr. Sabrina Starling's latest article, "Take a Real Vacation" 👇 #BusinessGrowth #WorkLifeBalance #Leadership #SustainableBusiness #APlayerTeam

😪 Having trouble breaking into investment banking? 🤨 Here’s a quick question: have you done mock interviews yet? 🤷 Many of our students understand finance concepts but struggle to explain them clearly in an interview. 💡 Remember, knowing the definition is one thing—being able to explain it confidently is another. 🗣️ That’s where mock interviews come in. 💬 Getting feedback from a mentor or peer can help you refine your delivery and sound more polished and prepared. 👩💼 Want to practice with Wall Street pros? CLICK HERE join the WSO Academy waitlist ▶️ https://lnkd.in/gN9yH8gM #investmentbanking #wallstreet #financecareers

A great synopsis on the Archego collapse by Ava Benny-Morrison and Sridhar Natarajan (link below). Whether you're in your first internship in finance, or close to hanging up your trusty HP33C, it's a perfect window on how disasters occur in financial services. As an aside, I lived through the collapse of Barings 26 years ago, and once again "history may not repeat itself, but it certainly rhymes". Here are a few salutary lessons: 1. There are no new lessons to learn - the things to avoid are blindingly obvious. 2. Assumptions make an ass of... everyone. The banks all happily trusted that the firm wouldn't replicate risk at different houses. 3. Always write every communication, on every platform, so that you look professional when that message makes the front page (or the court transcript). 4. Be lucky - and ruthless in exploiting your luck. Goldman Sacha escaped a huge loss as Archegos accidentally wired it half a billion US dollars (rather than withdrawing half a billion) 5. Be honest. This may be excruciatingly painful at the time, but as an employee, the cards you are dealt are not under your control. Your responsibility is how you play them. 6. When the proverbial hits the fan, as it inevitably will at some piont in your career, be dispassionate and be decisive. Look how the aptly names Rich Handler at Jefferies dealt with this over a spicy margh... How Bill Hwang, Archegos’ $36B Fortune Crumbled in 72 Hours: Timeline https://lnkd.in/eZBrm3wK

Before you head off to take a well-earned summer break please join us for a brief and succinct session on a theme I've talked about a lot in the first half of 2024, namely the large increase in loan amendments. Please join us to both hear, and see, how FIS can help you bring efficiency and speed to this process. https://lnkd.in/ePHtBd6c