FT News Briefing Francesca McDonagh heads to Credit Suisse
May 16, 2022
Brussels is rethinking its growth forecasts amid an energy crisis, while Sweden and Finland are making historic moves to join NATO, facing Turkish opposition. Francesca McDonagh's influential shift to Credit Suisse signals a new era for the bank, highlighting her resilient leadership. Meanwhile, Goldman Sachs introduces an unlimited vacation policy to lure talent, prompting discussions on its effectiveness. The landscape of banking and international relations is changing rapidly, offering a blend of challenges and opportunities.
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NATO Expansion and Turkish Opposition
- Sweden and Finland applied to join NATO, a historic shift from neutrality.
- Turkey opposes their membership, citing concerns about harboring Kurdish militants.
McDonagh's Oxford Acceptance
- Francesca McDonagh, raised by a refugee mother, was initially rejected by Oxford.
- Her persistence led to a second interview and acceptance, showcasing her determination.
Irish Banking Brain Drain
- Irish banking pay caps, implemented after the financial crisis, limit executive pay.
- This has led to a "brain drain" as top bankers seek better compensation elsewhere.