•   
  •   

Health & Fitness Stop moaning about hours, City chief tells junior bankers on £70,000: Young mothers work just as hard, rages Xavier Rolet - who rose from sink estate

01:50  01 august  2021
01:50  01 august  2021 Source:   thisismoney.co.uk

Peter shares isolation video after Junior tested positive for Covid

  Peter shares isolation video after Junior tested positive for Covid In a new YouTube clip shared on Friday, the Mysterious Girl hitmaker, 48, gave a candid insight into lockdown with his doctor wife Emily and four children. It comes after Junior told fans that he 'doesn't want to die' while sharing a dramatic update on how he's feeling amid his coronavirus battle earlier this week. He first revealed he had tested positive on 29 April. © Provided by Daily Mail ( Filming at the start of their isolation period and at the end, Peter revealed that Junior and his sister Princess, 13, who he both shares with ex-wife Katie Price, had been isolating at his home.

a woman talking on a cell phone: MailOnline logo © Provided by This Is Money MailOnline logo

One of the City's best-known grandees has slammed 'entitled' junior bankers for moaning about long working hours while they rake in starting salaries of more than £70,000.

Xavier Rolet, the former boss of the London Stock Exchange, who built his career in banking, said graduates had no right to complain about working 80 hours a week because 'that's the business' and 'no one is coercing them'.

Earlier this year, a group of junior bankers at Goldman Sachs in the US said that the work conditions were 'inhumane', citing sleep deprivation, 100-hour weeks, and workplace 'abuse'.

New Mothers Are Twice as Likely to Have Postnatal Depression in Lockdown

  New Mothers Are Twice as Likely to Have Postnatal Depression in Lockdown Here's what you need to know.Postnatal depression can affect people in different ways. It might come on suddenly or develop over a period of time, but usually affects mothers within the first year after giving birth.

a woman talking on a cell phone: ( © Provided by This Is Money (

But Rolet, who worked at US investment banking giant Goldman Sachs in the 1980s, said long hours have always been part of the job. Speaking to The Mail on Sunday, he added: 'The investment banks with this kind of problem should try hiring poor hungry kids who managed to put themselves through college instead of entitled [graduates] – and you won't have that problem.

'I can't speak for all the junior positions in investment banking but I can tell you that jobs in global trading or mergers and acquisitions (M&A), for example, do require these long hours. Global markets stop for no one, M&A is booming and is also a 24/7 job. Lots of pressure, inflexible deadlines – that's the name of the game.

'It's a free world – if you don't love what you're doing or think the hours don't suit your lifestyle, by any means do something else.'

Data shows almost three women over 50 gave birth every week last year

  Data shows almost three women over 50 gave birth every week last year Almost three women over the age of 50 gave birth every week last year as the number of those delaying motherhood beyond middle age soars. Exclusive figures obtained by the Daily Mail also show that at least two pensioners have had babies in England since 2018.However, fertility experts have issued a warning over the dramatic rise, saying that maternity wards will need ‘extra resources’ if the number of older mothers continues to climb. © Provided by Daily Mail ( At least 139 women over the age of 50, including 14 over-55s, gave birth in NHS hospitals last year – the highest number in the past five years.

Rolet said that 130-hour working weeks were often normal for 'millions of poor working mothers who also raise large families'.

He added: 'Junior bankers are paid very well compared to other industries or sectors: ask a young entrepreneur drawing no salary how they would like to make $100,000 (£70,000) plus straight out of college.

'Or a single working mother-of-three working herself to death to put her kids through school.'


Video: Credit Suisse Taking `Right Lessons' From Archegos: CEO (Bloomberg)

Rolet's comments are likely to prove controversial in the City.

Some younger bankers have warned about the impact of long hours on their mental health during the pandemic. Workloads for investment bankers have risen recently owing to a boom in deal-making as companies look to raise money or buy rivals on the cheap.

Even experienced bankers have suffered from stress. Antonio Horta-Osorio, the former boss of Lloyds Banking Group, had a breakdown in 2011 and was checked into the Priory clinic.

'The Depictions Of Motherhood I Saw Around Me Seemed At Odds With What I Knew Of Disability'

  'The Depictions Of Motherhood I Saw Around Me Seemed At Odds With What I Knew Of Disability' It's important we learn there's more ways to be a mother, says Rebekah G. Taussig.I took the pregnancy test as an extra precaution. I was a little bored and had the time. I was scheduled to have a medical procedure the next morning, and I knew they’d ask, “Is there any chance you might be pregnant?” So I peed and waited. I texted my friend Kelly. By the time I glanced back at the little stick, there were two bright pink lines – so vivid they were almost burgundy.

In a bid to appease young bankers, Wall Street giants have been increasing salaries for those who have just graduated to $100,000 or more (see box). Banks have even been dishing out expensive perks including Peloton bikes, watches and Apple products. But Rolet said restricting working hours could risk making the UK financial services market less competitive.

Xavier Rolet wearing a suit and tie sitting at a table: ( © Provided by This Is Money (

He said: 'Chinese primary school students start at 7.30am and often finish past 10pm. Do we think we can compete if this mentality infects the sharp end of our financial services industry?'

Rolet is one of the best-known bankers in the City. The Frenchman said he grew up in 'a Parisian sink estate' and makes 'no apologies for working hard to make it'.

He cut his teeth in banking at Goldman Sachs nearly four decades ago. He said: 'I remember working around the clock on the trading desk at Goldman Sachs New York in the 1980s. Far more than 80 hours. They served us lunch and dinner from the best Wall Street restaurants right to the trading desk: heaven!'

Rolet ended up holding senior positions at Lehman Brothers from 2000 until the financial crisis in 2008, when the banking giant collapsed.

Cheryl Reveals The Super Simple Skincare Routine That Gets Her *That* Glow

  Cheryl Reveals The Super Simple Skincare Routine That Gets Her *That* Glow Including the £4.49 product she swears by‘My approach to life and the world has totally changed,’ Cheryl tells us. She’s referring to becoming a mother to four-year-old son Bear, and as our chat continues, she shares that this includes her attitude to skincare.

A year later, he became chief executive of the London Stock Exchange, overseeing its expansion from a company focused on trading UK shares to a broader trading venue that handled complicated financial contracts. He also oversaw a string of deals, including the acquisition of FTSE, which produces stock market indices. The stock exchange's market value mushroomed from £800million to nearly £14billion during his nine years at the top.

Rolet was forced to leave the group in 2017 – a year earlier than planned – following a tense boardroom battle.

Named one of the best 100 chief executives in the world in 2017 by Harvard Business World, Rolet is now chairman of Shore Capital Markets, a British investment bank, and holds other non-executive positions.

NEW RECRUITS HANDED BUMPER PAY RISE

Major investment banks have boosted pay for juniors above $100,000 (£72,000) to keep young bankers in the job.

Morgan Stanley last week became the latest firm to increase pay for bankers in their first year to $100,000 in the US. The bank’s juniors in London have seen their pay jump from £50,000 to £60,000 a year, according to industry website Financial News. Rivals including Citigroup, JPMorgan, Bank of America, UBS and Barclays have awarded similar increases.

Goldman Sachs is the outlier in not increasing starting pay though the investment banking giant could soon follow suit. Chief executive David Solomon recently said the bank had ‘always paid very competitively’.

He said the bank’s next pay review for juniors is this month and that Goldman Sachs will ‘continue to pay competitively and pay for performance’.

Vaccinated mothers: Breast milk ‘contains antibodies that help to protect babies’ .
When babies are born, their underdeveloped immune systems make it hard for them to fight infections on their own. They The post Vaccinated mothers: Breast milk ‘contains antibodies that help to protect babies’ appeared first on CityAM.

usr: 2
This is interesting!