UK
If you thought Goldman was the most productive place on the planet, then think again. Fintags points out that the latest thing in search engine p*rn. Wolfram Alpha reveals Google employees to be of far greater value. According to WA, revenues per head at Goldman are $984k. At Google they’re $1.2m Google doesn’t break out compensation costs, but we suspect its average comp per head is a lot lower.
Few of the Wall Street jobs that have disappeared will return by 2013. (DealBook)
Deutsche hires Goldman banker in Russia. (Financial News)
Deutsche hires UBS banker in Asia Pac. (Bloomberg)
Glimmers of hiring in structured finance. (The Deal)
Jobs at Clusterstock. (Clusterstock)
Ken Lewis calls for bonus clawbacks. (Reuters)
Ken L says we are on the cusp of a ‘slow but sustainable recovery.’
(Reuters)
No more mergers for BofA. (Bloomberg)
‘Elite group’ of JPMorgan, Goldman and American Express to repay TARP within weeks. (Financial Times)
Dick Fuld has resigned. (Alphaville)
The best and worst hedge funds of 2009. (PragmaticCapitalist)
David Redmond was not ‘visibly drunk’ when he embarked on his trading spree. (Pragmatic Capitalist)
UK risks following Ireland, Greece, Portugal and Spain. But Ireland, Greece, Portugal and Spain are in the euro. (CNBC)
The Debt Management Office has this morning completed the biggest ever auction of gilts in history. (Pestowire)
UKFI is sitting on losses of 17.6bn from its combined stakes in the two banks. (Telegraph)
IMF says British banks need more capital. (Telegraph)
Get your spouse to stop overspending. (CNN)
I think we as financiers lose sight that there are other industries out there that somemtimes more productive, more profitable than us. We are not the centre of the universe and it’s refreshing to see a comparison with other sectors.
Is Google the next Goldman Sachs?
Merchant Banker, you beat me to it! nice one!
Whats the figure if you don’t include Goldmans CDS payment from AIG?
Technology and making things move forward people say is the new financial markets, the only reason why investment banking went so far so it was a “bubble” caused by the central banks setting interest rates below the level of “real inflation” (i.e. inflation based upon a weighted average of the goods people spend their money on, and not the CPI / RPI tweaked statistics). Through doing this in effect the central banks were giving out free money, passing it through the banking system, and they invested it in all sorts of securities causing an “asset bubble” that is why house prices and commodity prices shot through the roof, thats why banks managed to create so much value, the new value to be created is in technology!