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Morning Coffee: Junior banker reservists could fight in Israel. Senior woman in banking blames Bloomberg terminal for early return from maternity leave

As Israel arranges special flights from abroad to fly-in its army reservists who are currently living outside the country, an array of young and older bankers with experience in the Israeli Defence Force (IDF) have the potential to return and to fight.

Bankers with recent experience in the IDF are scattered across London and New York. Many are at analyst or associate level in leading banks. Most work in the investment banking division. Some work in analytics and tech.

They include an investment banking associate at Goldman Sachs in New York who's a former deputy platoon commander in an Israeli special forces unit. Morgan Stanley's London banking team counts a former sergeant in the IDF's paratrooper unit. A Citi New York associate was formerly an IDF naval officer, leading a team of 60 people and running an operations budget of $10m.

Israel has 465,000 active reservists, 300,000 of whom were drafted yesterday. Military service is mandatory in Israel, where men aged 18+ have to serve for two years eight months and women for two years. People who've completed at least 20 days reserve service in the past three years are then considered active reservists. People who haven't done this aren't compelled to fight, but all Israelis who've completed active service in the IDF and are aged under 40 are hypothetically required to fight. 

This latter caveat would seem to exclude some of the older and senior bankers with IDF experience. People in this category include Yishai Fransis, the head of EMEA technology investment banking at Citi, who studied computer science with the IDF and was a captain in the intelligence corps until 2001. 

Separately, senior women in financial services have been opening up about the difficulty of returning to work when you have young children. Speaking to Financial NewsHelena Morrissey, the former head of personal investing at Legal & General Investment Management, said it wasn't easy. Morrissey, who has nine children and has long been viewed as the model of working womanhood in British financial services, said she went back to work before she was ready because she was tempted by the Bloomberg terminal in her room. "I was in a bad way physically. She was early, I had haemorrhaged," she said.

Morrissey's husband, a financial journalist, went freelance after their large family was born. Morrissey also said she found it difficult being the sole breadwinner.

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Meanwhile....

Goldman Sachs and JPMorgan told staff in Israel to work remotely. (Bloomberg) 

Caius Capital, which was founded in 2016 by Antonio Batista and William Douglas from Goldman Sachs and Och Ziff, was the largest bondholder in the deal to recapitalize Metro Bank. (Sky) 

Nomura hired five traders to revive its emerging-market flow-credit desk in the Middle East. (Bloomberg) 

As banks rein in risk and make fewer loans, private credit is going wild. Private-credit assets under management globally rose to about $1.5 trillion in 2022 from $726 billion in 2018, according to data provider Preqin. “It’s kind of nuts that there used to be just three or four of these [lenders] out there and now you can have 30.” (WSJ) 

Citi hired Nauman Ansari from Evercore as global industry head of healthcare at Citigroup's commercial bank. (Financial News)

Citi stock was priced at just 48% of tangible book value as of Friday’s close. The bank's return on equity was 8.7% in the first half, which is low for this point in the cycle. It's aiming for a 4% to 5% compound annual revenue growth rate, as part of its path to a targeted 11%-to-12% return on tangible common equity in the medium term. (WSJ) 

Bank of America foolishly piled hundreds of billions of dollars into long-dated Treasuries and mortgage bonds at low rates that prevailed during the pandemic and is now stuck with them, weighing on its stock. JPMorgan didn't do this. Jamie Dimon stated at the time that: "We’re not going to invest in stuff making 50 basis points, 60 basis points, or 70 basis points so we get a teeny little bit more of NII...We don’t want to be in a position where we lose a lot of money because we may invest in some five or 10-year securities.” (Bloomberg) 

Faux pas of a former fashion intern who now works in finance. "I own a lot of Thom Browne ties that I don't wear anymore. He's got the short suit with shorts, and one day I wore the suit with shorts to work, and they told me not to do that again." (Business Insider) 

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AUTHORSarah Butcher Global Editor
  • Yi
    Yitzhak Navon
    11 October 2023

    There is usually a huge spike in anti-semitism globally every time Israel is involved in a war or major military operation. Please take steps to remove any names or identifying details of those concerned.

  • Pa
    Patrickthestar
    10 October 2023

    I tried to login to the Bloomberg terminal when I was trying to investigate 100% bond guarantees for a 200 musd loan offer where I said give me 10 musd and I'll work with that and then they said to get a 100% bond guarantee but they didn't say what it was made up of and or how to stack it and or if it was men't to be collateral and or what it was, it was through New York and South Korea with a banking bank startup document through and or from Singapore. but it just gets stuck pre bank account acceptance transfer, I was supposed to have a meeting with a chief financial officer of the Korean company however they and I were waiting for a 100% bond guarantee. but then I got stuck speaking to Bloomberg sales instead of finance and the sales personal where trying to get me to swipe a credit card for the Bloomberg terminal which I don't even know what it does. Also the credit card functionality has stopped working due to accessibility issues and missing balance initalizer functionality I looked on the website apparently Bloomberg has their own mini stock exchange brand separate to the main stock exchanges where inverters may invest into however I don't know quite how to be invested in yet. Also my laptop crashed into Linux from windows 11 and some of the data is masked and my primary linked in account is locked so there's data inaccessibility issues. https://www.bloomberg.com/professional/solution/bloomberg-terminal/ its not a solution its like a product offering to a sales call with a failed fee change to failed credit card/debit card and then its supposed to be a solution after successful charge, prior to that its just a financial product offering but I cannot see where to withdraw from at the moment so I don't know how to use any of the financial products. The investment analyst from New York said I had to pay for a 100 % bond guarantee because the local labour market and or international labor market don't give them out for free and then it gets stuck there because I am older that 18 and have a degree and no linked employers and clients, technically there's linked employers and or clients but the financial requests are not clear how to push through and I don't have insurance on potential employer and potential clients deposits for withdrawals to pay over to funds senders so that I receive a working credit card so if I don't receive the credit card after the fees paid I don't get the money back and its not exactly well documented from a publicity perspective but I do believe I am not the only one seeking a working credit card. I think the easiest would be to go through a relevant university and make a request into the financial aid department after registering and applying for a masters degree and or phd and then student loan application successful and then make a small deduction to cover activation fees but I don't know if they allow that sort of thing but I don't have to tell the university its small loan and or small finance activation fees for larger funds accessibility but I don't think its a problem if I do tell them however I could also technically go through a brave potential employers finance department. Its not too difficult in theory however the general populations tend to cling on to the accessibility of the financial payout release functions for some reason even though there's so much money in the economies, I think maybe because top loaders are sitting on the funds and trying to hold them? uncertain? I'm sure how to put all the information together from a completion perspective, at the moment where I am supposed to draw money from the local and or international banks are not allowed to put money into the slot allotment otherwise the tools are just not on my dashboard interface and a potential employer has to send through a salary and or a group of clients have to send through deposits however I am not sure what to offer in exchange and its not supposed to be an exchange or supposed to be a contention point, just supposed to be a salary drawing point however has clearly been turned into a contention point between banks and the labour markets of who's not putting in the most ad who is and where and then trying to stop that. I think I have a general idea of why. I'm sure the algorithmic financial traders and analysts have it all figured out. Hopefully. otherwise its just job applications.

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