It’s been a week at Goldman Sachs. After a 28-year stint at the bank in various roles, Stephen Scherr will step down as CFO, paving the way for co-head of his global finance group, Denis Coleman, to take over as CFO in January. . When rejected from a job in the bank in his youth, Coleman became one of the toughest jobs of all – continuing Goldman’s expansion out of his Wall Street roots and into the pockets of consumers.
A former Goldman who found gold in crypto also resurfaced this week. Aziz McMahon reportedly made millions of dollars trading dogecoins before he left in May, he’s now resurfaced at a healthcare company that claims to be working on a “cure for all pathogens known to mankind.”
The desire to attract the best dealmakers in a buoyant M&A market continued. German Bankhired a trio of bankers for technology, media and telecommunications transactions in Europe. JPMorgan Chasebrought in two executives to revamp its online investing product, while Citigroup, Rothschild, Investec and HSBC also all received new blood in their senior ranks.
In other dating news, Quilter Cheviot hired Yusuf Durmaz from Allfunds as a fundraising analyst. Durmaz, who previously worked in global equities, sustainability and themes, will join Quilter to research ESG and sustainability strategies, under the leadership of Head of Investment Fund Research, Nick Wood.
Recruiting Durmaz, who is also a GAM alumnus, will bring Quilter’s research team to 24.
KPMG restructuring spin-off Interrajet notice appointed four new directors general and two directors.
The firm added forensic specialists Dominic Wreford of Duff & Phelps as Managing Director and Adrian Smith of FTI Consulting as Director.
She appointed Steve Taylor, valuation specialist and ex-partner of EY, as managing director. The company 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. He also added Sandra Kylassam-Pillay as an administrator in his debt practice.
Goldman is trying to raise the wages of those in its lower ranks. Analysts received bonuses of between 100% and 110% of salary in 2021, compared with an average payment of 50% to 70% of base salary last year, amid the debate over burnout and work balance- life in banking – and other industries, such as the Association’s Law Chair of Junior Lawyers Manda Banerjisaid FN – continue.
The debate over diversity in financial services is not going away anytime soon. We asked the Investment association whether he had addressed the absence of ethnic minorities on his board of directors by announcing seven new appointments. He said it wasn’t sure. During this time, PwC annual report found that cabinet workers were paid 12% less than their peers on average.
And one final note: be sure to check out the shortlists for FNAsset management awards 2021. The winners will be announced via a live blog on October 21, so tune in.
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