Morning coffee: Goldman Sachs makes vaccines mandatory in the office. Citi considers Bitcoin futures

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Derivative types with a sense of irony might think it’s quite funny that “delta”, besides being the name of the latest Covid variant, is also the option coverage setting that describes a a position where you are reasonably safe for a short period of time, but vulnerable to sudden changes. Because it describes quite well the impact of the new variant on the bank reopening strategies. Having planned on the basis that things were reasonably under control, suddenly they weren’t. As a result, some quick changes had to be made.

Goldman Sachs now plans to require that starting September 7, anyone visiting its offices in the United States – personal or customer – have proof of vaccination, and masks will need to be worn in common areas. Morgan Stanley demands vaccinations, but no masks, while JP Morgan currently opts for masks but no vaccinations (employees are “strongly invited” and unvaccinated staff are not allowed to attend meetings of more than 25 people). Everything seems to be going pretty fast, and with two more weeks to go until the big comeback, it’s likely there will be more changes.

Indeed, Labor Day itself isn’t necessarily considered the big ‘everyone back’ event – Goldman’s internal memo confirmed it was still their plan, but Credit Suisse has now postponed. things to October. It’s probably important to note that no major bank seems to force their employees to get vaccinated – they’re just saying if you haven’t, you should continue working from home. The extent to which this is an incentive to get vaccinated is likely to depend on how much importance management places on in-person work – at Citi, for example, the requirement is for masks and the vaccine, but the company presented a more favorable view of teleworking for all staff, vaccinated or not.

It was probably a difficult decision and one that the banks really wished they hadn’t had to make. In addition to the simple inconvenience, vaccines and masks seem to have become a cultural issue, and there’s nothing an investment banker likes less than finding themselves taking a position that a client might disagree with. . On the other hand, banks actually want their staff to come back to the office, and they certainly don’t want them to be afraid for their lives when they do; at the very least, it could be the final impetus to get someone to switch to a competitor.

Elsewhere, crypto news site Coinbase reports that Citigroup “is awaiting regulatory approval to start trading Bitcoin futures on the CME” according to “a source.” Bloomberg appears to confirm that there is something in the story, although the company’s statement uses the phrase “currently considering products such as futures,” which seems a little less imminent and refers to ” a solid regulatory framework ”. Coinbase also cites a second source that Citi is recruiting a crypto office in London, although this seems less likely – it would be a strange place to trade the Chicago market, and the site refers to an FX developer as to the looks quite normal. work that doesn’t mention crypto at all.

However, it seems likely that, if demand from institutional clients exists, the cryptocurrency will likely end up being added to the suite of products that exchange bureaus and derivatives offer to their clients. Likewise, the most important new names to know will be “the pseudonymous trader known as Kaleo” or “”a guy with a funny photo on his Twitter profile”?

Unlikely. All signs seem to suggest that banks are more likely to offer crypto futures to futures traders, and not to crypto traders. On the one hand, they are more likely to be accustomed to the concept of working in a regulated environment. On the other hand, flow trading is more about the supply, demand and maintenance of buy and sell orders than a deep view of the underlying product. Even crypto hedge funds seem to prefer recruiting people with a background in trading and teaching them crypto rather than the other way around.

during this time

Kevin O’Sullivan and Nicholas McDonald have left Bank of America to join Morgan Stanley’s equity capital markets team. This appears to have elements of another ‘retrospective’ hire, as they will be working for Sam Losada, who joined MS from BoA last year (the team also hired Jorge Nin Garaizabal from Goldman). (Financial news)

Less corporate finance, more “digital transformation” and emotional intelligence. This is how employers apparently want business school curricula to change, although the article seems to only cite recruiters or types of business schools and no bankers. (Bloomberg)

According to one expert, intuition is just as important in selecting a hedge fund manager as quantitative data: you can unconsciously identify patterns much sooner than you can articulate them in a form that could be presented to a investment committee. (Institutional investor)

Come on, guess what BNP Paribas did with the salaries of junior bankers? (Financial news)

One therapist argues that when people try to avoid giving bad news to clients, suspect their bosses of undermining them or undermining their careers, it is often because they are replaying unresolved issues from their childhood. (FT)

ESG disclosures can sometimes reveal embarrassing facts – the Swiss National Bank was recently informed that its proportional share of greenhouse gas emissions attributable to companies in its equity portfolio is roughly equal to greenhouse gas emissions greenhouse from the country of Switzerland. (Hello)

Goldman Sachs Asset Management’s real estate team has partnered with a “turnkey urban beekeeping service” to install beehives on some of the office buildings it owns. Tenants will apparently be able to monitor bee health online, and the pilot program covering 30 buildings will produce around 1,000 pounds of honey, an amount we are hard pressed to visualize. (The real deal)

Photo by Hakan Nural on Unsplash

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