We were told today that trading stocks (and any other single issuer securities) is now prohibited for all investment banking employees. Do other banks have similar restrictions?

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We’re not allowed to trade any single issuer securities without pre-approval from compliance that the securities in question are not restricted. I have never tried it, but the restricted list is huge...

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So is gambling. About the same odds. You think you are doing as in depth bottoms up analysis as Point72? Or Capital? Or Citadel? Or name whatever fund that literally spends billions per year on information sources? Dream on - to the pros you are just another sucker. Even better you are a sucker who thinks he’s a pro. And those “above average returns?” I bet if you included the dogs you bought they wouldn’t look so good (common cognitive bias in investors: they remember their winners and ignore their losers)

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Can confirm that we are pretty damn in depth.

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Sounds like there’s going to be some “streamlining” in Barclays’ compliance division

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^so what do you do? Give the money to your brother and tell him what to buy?

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Are they forcing you to liquidate? That’s pretty bs

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Ha, no, I would prefer not to get fired. Plenty of ETFs/mutual funds out there to invest in

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Opening a wrap account with a money manager, and then registering the account with your compliance department has been my only option

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Completely agree with BAML2. I’m in asset mgmt and always get a good laugh when my banker friends pitch me a stock. Overly simplistic thesis, no model, etc.

I think bankers should take that extra effort they were going to spend on picking stocks and plug it into their work. Better return on effort

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Def in line

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Thanks for agreeing Steve

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DB can trade single issuer securities but GS can't

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We got that restriction about a year ago. I also can’t do any ETFs which are in the industry that I cover.

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^Analyst 2 is correct in the latter.

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Usually that’s the restriction in M&A departments

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If you want to make money in the stock market you need to work at a boutique or PE or hedge fund. All BBs are doing this to CTA. Been going this way for years.

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What if prior to joining you gifted your family member a large amount $200k+ and he manages it for you for free, just long term buy and hold strategies I mean how is that possibly audited (obviously not trading on mnpi).

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They are likely saving you money. Bankers think they are good stock pickers, but they aren’t. But ETFs and be thankful they are saving you from yourself

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Ditto GS1’s comment. We need pre-approval for any individual stock trade and can’t trade anything on the restricted list period. Makes sense though. Avoids any risk or even the perception of insider trading. We don’t have to sell anything we already own.

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Well we take revenue AND EBITDA numbers from consensus! And then we can model out net debt two years from now, divide by shares outstanding, and viola, a share price!

Boom. Can’t beat that analysis

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