"Sit on a tea tray and pray." Reassuringly, this is not Michel de Carvalho's recipe for pricing a Eurobond, but his advice on the sport of luge, in which he thrice represented Britain in winter Olympics. De Carvalho was also a talented cyclist, competing in the Tour de France in the early 1990s.
In between, de Carvalho developed a career in the Euromarkets. After a brief stint as an investment banking trainee at White Weld, de Carvalho joined NM Rothschild in 1972, where until 1979 he developed Japanese and Scandinavian business. He then moved to CSFB, transferring to Paris in 1989 and remaining CEO of CSFB France until 1992, when he returned to London to run global coverage of frequent borrowers.
In 1995, he joined Nikko Securities. In 1997 he became head of non-Japanese operations, and a year became the first non-Japanese to join Nikko's main board. It was he who persuaded management of the benefits of a joint venture with Salomon Smith Barney. Today de Carvalho is both vice chairman of Citigroup in London and of Nikko Salomon Smith Barney.