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It was unexpected. About almost nothing, Credit Suisse suddenly came out as a contrarian. While other banks are using Frankfurt and Paris as hubs for the fall in British GDP after Brexit, Credit Suisse is targeting the Spanish capital, Madrid. The Swiss bank plans to install an indefinite number of traders.
Bloomberg says that Credit Suisse "plans" to make Madrid its shopping center after Brexit and that the "majority of" Credit Suisse's activities in the EU could be based there. This will shock Frankfurt, which the bank would have chosen as the "key" center of Brexit last August. Bloomberg believes that Frankfurt could play a "secondary" role. Reading between the lines, it seems that CS traders can go to Paris and that some investment bankers are still moved to Frankfurt.
Credit Suisse projects are still just that, but with the Brexit rushing on us and no solution in sight, they could become more tangible at the beginning of the new year. Madrid is not an area entirely left to the Swiss bank. CS Bank has announced plans to transfer 50 jobs to the Spanish capital in July. Miguel Angel Rodríguez joined the team in charge of cross badet execution in October. The Spanish branch of the Swiss bank is headed by Almudena Sainz de la Cuesta, who has been responsible for Spanish securities business since 2000 and a former employee of Credit Suisse First Boston in Frankfurt.
Although the German financial city can do without the apparent loss of Credit Suisse trading floor, it is hard not to see a trend. Earlier this month, the Financial Times announced that Citi had decided to reduce its offices in Frankfurt and focus on Paris after bank employees lobbied to move to the French city. In our own 2016 survey of where London bankers would prefer to work in continental Europe, Amsterdam is imposed. The Dutch capital claims to have attracted at least 20 companies, but these are mostly high-speed traders – and Mitsubushi UFJ.
Separately, if you want to go ahead in the central bank, you have to be big. Large in size: anyone under six feet is almost certainly inappropriate. This is the implication of what Donald Trump would have said about former Fed Chairman Janet Yellen.
Trump has considered re-appointing Yellen to the Fed's presidency, but has had doubts about it, as Yellen is only five-foot-three, The Hill said. He did not consider her big enough to run the bank. Instead, he opted for Jerome Powell, who is closer to six feet.
Trump's apparent reasoning has led to suggestions that he should make Knickers the chairman of the Federal Reserve. The Australian cow, of a supernatural size, is six feet four inches tall and therefore seems to have all the required qualifications.
Meanwhile:
Some equity derivatives traders could earn more than $ 3 million this year. Dushyant Chadha, global head of the UBS equity derivatives group, said his revenues had increased by 30% compared to the first nine months of 2018 compared to a year ago. (WSJ)
There are Google employees who want to go to China after all. (TechCrunch)
Alpha-Dig, a quantitative team from Deutsche Bank has just won an award: "This is the most sophisticated use of artificial intelligence to extract the meaning of documents I've seen on the other side of the street". (Risk)
The bull sniffing on Wall Street is transferred to a mysterious place. (Guard)
"Everyone expects you to have five different jobs at the same time and receive 650 euros ($ 740) a month." (BBC)
Half of the "tech jobs" that will happen in New York with Amazon will have nothing to do with technology. (Bizjournals)
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