Morning Coffee: Safest jobs in finance declared suddenly dispensable; British government's new intelligence test for the elite

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We all know that there have been thousands of redundancies in banking. Goldman's Gary Cohn said last May that there are 80,000 unemployed bankers looking for a job. Fund management, on the other hand, has been a good and stable choice of career: various surveys have suggested that fund managers are still keen hirers.

Now, however, the fund management idyll has been shattered. Standard Life Investments has published a report saying that fund managers aren't up to much and ought to be replaced by machines. "Man" has to deal with “fear and greed, intellectual constraint and fatigue”, said Frances Hudson, Standard Life's global thematic strategist in a report. On the other hand, Hudson said a machine is “agnostic, tireless” and unbiased in its investment decisions.

Standard Life employs numerous fund managers in Edinburgh. They may Hudson to keep his opinions to himself. In August, the Financial Times said Standard life was in the process of transforming itself from a steady life insurer to a technology-focused investment group.

Separately, the British government has devised a test to identify its most intelligent citizens. If you pass, it will even offer you a job. Spotted by Quartz and accessible here, the test is designed to find code breaking-types to work for the country's intelligence service. People with sympathies for Edward Snowden will be screened out further down the line.


“I know one trader who used to have $2bn of balance sheet. He now has $20m of balance sheet.” (Financial Times)

Ex-Morgan Stanley whistleblower is suing the bank for causing him emotional stress leading to administrative leave after he sent an anonymous fax saying the bank was taking on too much credit risk. (Financial Times) 

Frankfurt Court says Deutsche Bank must give four dismissed Euribor traders their jobs back, and pay them. Deutsche is just thinking about it. (Bloomberg)

Deutsche's dismissed traders are known only as Ardalan G, Kai-Uwe K, Markus K, and Joerg V. (Telegraph) 

Jürgen Fitschen will probably remain co-chief executive of Deutsche with Anshu Jain until 2017, two years longer than planned. (Financial Times) 

The Volcker Rule is only due be fully implemented in July 2014. (Wall Street Journal)  

Gerhard Seebacher, co-head of global fixed-income, currency and commodities trading at Bank of America, is leaving after 18 years at the firm. (Bloomberg) 

What exactly should market making amount to really? (Bloomberg)

Deloitte is hiring 200 graduates and 30 experienced people in Ireland. (Silicon Republic) 

Yahoo receives 12,000 resumes a week from people who want to work there. (CNN) 

Cognitive distortions of people who get things done include correct over-generalization. (Marginal Revolution) 

How to get a job in academia. (Insidehighered) 

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