Morning Coffee: The 32-year-old HSBC Vice President takes risky, principled steps. A senior banker’s candid words about lifestyle

There are different levels of denigration of the organization you work for. Stage one complains to friends and family. Level two complains to colleagues on their own level. Stage three complains to older colleagues and strangers on the Internet. Level four complains to the media. Level twenty is to complain to the media and put your name on the complaint while still working for the bank you are complaining about.

It’s not clear if Ian Clarke, vice president of transactional banking at HSBC in New York, had the latter in mind, but it turns out. Clarke, half black, half white, and LGBTQ, has worked for HSBC for 15 years and seems pretty happy there – his LinkedIn account is a cornucopia of the bank’s diversity initiatives, and Clarke – who started out in London – describes himself as ‘the bank’s senior transaction bank leader’ for some Fortune 500 customers in North and South America.

Despite all this flourishing, Clarke produced a report on HSBC that is slightly reminiscent of the report by the 13 (anonymous) analysts at Goldman Sachs. While GS analysts complained about working hours, Clarke’s report has another topic: discrimination – and especially – racism.

He seems to have been very hardworking. Bloomberg reports that Clarke invited more than 100 HSBC colleagues, mostly BIPOC (Black, Indigena and Other People of Color), to speak with him about their experiences at work, and that the 48-page report is a distillation of their responses is. One was told, “I just don’t like you. I’m not allowed to tell you why. ”Another was told that you are doing a great job, but that“ you are just not right for the team – it’s just a mood ”. Some had complained about how difficult it was to be a white man in banking these days.

HSBC is investigating the report and taking the concerns seriously. However, it is not clear what Clarke – who says he was only rated as a strong or top performer and no one else in the bank – about his “combination of legal, regulatory compliance, CRM, sales and marketing -Expertise “- plans next. “I was very concerned about my results and changed my image of myself and my employer,” writes Clarke in the report. He also notes that BIPOC colleagues who left the bank held senior positions at JPMorgan and Morgan Stanley. If someone is looking for an exceptional transactional banking professional willing to take a moral stand, their resume seems to be around soon.

Regardless, Peter Orszag, the veteran banker who runs Lazard’s financial advisory practice (including M&A and restructuring) has spoken some true words for all young bankers who hope their jobs will become a little less demanding. – Investment banking will always be hard work, Orszag said. The only difference currently seems to be that bankers have the upper hand when paying: “Right now there is a lot of competition for bankers,” Orszag noted, noting that this increases pay and Lazard is one of the new hires.

Meanwhile …

Credit Suisse President António Horta-Osório suggested that employees have to wait until the end of the year to find out the results of his review and thus their fate. (FiNews)

There are millennial bankers at Credit Suisse who refer to themselves as First Boston employees. (FiNews)

Private equity deals hit $ 400 billion this year – a 40-year high. “The level of deal activity is really exceptional and has exceeded all of our expectations [last year]“Says Cathal Deasy, Global Co-Head of M&A at Credit Suisse. (Financial times)

Citi CEO Jane Fraser traveled to London to meet other banking executives. She wants to be a role model and says parenting is not a career death. “It [procreation] does not prevent you from being competitive, it does not prevent you from having a successful career, so all these mothers and fathers, all those who are thinking about becoming parents, please use me as an example so that you can find that balance can. “(Financial News)

The ECB is raising its dividend cap and exempting European banks from paying large bonuses if they so choose. (Financial times)

It is now accepted that the City of London will never get equivalence and unrestricted access to EU financial markets, so it could turn to China instead. (Financial times)

EY expects 3,000 jobs in the financial services sector three years in the Europe, Middle East, India and Africa region. It will add talent Climate change and sustainability, technology, data and practices of artificial intelligence. (Financial news)

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