eFinancialCareers

Battered by its exposure to the U.S. real estate market and attempting to rebuild its securities business, Canadian Imperial Bank of Commerce got a $1.05 billion (Canadian) investment from the U.S. private equity firm Cerberus Capital Management. The investment will be in CIBC's U.S. residential real estate portfolio, which as of June 30 had a fair market value of $1.18 billion, according to the Toronto-based bank. Cerberus' investment will be... Read more

Deutsche Bank said it hired Paul Stefanick, the chairman of Merrill Lynch's global mergers and acquisitions group, to head its global industrials group. Stefanick will join Deutsche Bank in New York in January 2009 and report to Jacques Brand, co-head of global industry coverage. In his 20 years at Merrill, Stefanick advised on divestitures, recapitalizations and other transactions in the industrials and technology sectors globally. He is a graduate of the... Read more

The U.S. job toll from Barclays' acquisition of Lehman Brothers' North American business is pegged at 3,000 heads, or a little more than 20 percent of the two institutions' combined work force in the Americas. "Any reduction is coming from both sides, not just from Lehman," an unnamed source close to Barclays told Reuters. The source said Lehman employees in mergers and acquisitions, equities research and cash equities trading may escape... Read more

Investment banks will concentrate depleted 2008 bonus pools among a thin layer of top producers whose total compensation exceeded $5 million in recent years, recruiters say. Even those stars are likely to receive less than half the bonus they got last year. And bankers whose production falls in the middle of the pack should expect no bonus at all. That's not even the worst of the news. I-bankers have learned to... Read more

As passage of the $700 billion Troubled Asset Relief Program failed to calm markets, the Treasury appointed Assistant Secretary Neel Kashkari, a former Goldman Sachs banker who joined the department in 2006, to temporarily lead the office overseeing the program. *** Congress enacted and President Bush signed legislation that will let the government spend up to $700 billion to buy banks' distressed bonds and loans. The law establishing the Troubled Asset Relief... Read more

While firms in the Boston area are proving resilient in the face of market turmoil, unfortunately for job seekers, they're not entirely immune. The future of the Merrill Lynch operations in the area is uncertain once the firm is acquired by Bank of America. State Street Corp. is under pressure, as indicated by a plummeting share price. And Fidelity Investments says parents are saving less money for college because of the... Read more

Yes, the incarnation of Wall Street that people have known since the 1980s no longer exists. Thousands of jobs are in danger, even after Congress extended a $700 billion lifeline to the industry. At the same time, some companies see chaos as an opportunity to add people they might not have been able to get otherwise. Whatever happens in coming months, job applicants will face challenges standing out from the crowd.... Read more

Buoyed by the strong Canadian dollar, Canadian banks are on the hunt for acquisitions in the U.S. Royal Bank of Canada, the country's largest bank, reportedly held acquisition talks with Lehman Brothers Holdings a few months before Lehman sought bankruptcy protection. In April, shares of Bank of Nova Scotia tumbled after The Wall Street Journal reported it was considering a bid for Cleveland-based National City. Earlier this year, TD Ameritrade... Read more

The size and shape of the financial sector rests in the hands of the U.S. government, although a majority of both lawmakers and voters might prove incapable of accepting that simple fact. If you work for a commercial bank or an investment bank, get ready for life under a new corporate roof if your employer hasn't changed hands already. *** Efforts to design a financial-sector rescue package capable of winning Congressional approval... Read more

People throughout the financial industry are nervous right now. Whether your firm's under pressure or not, it's always smart to have your resume up-to-date, to be in touch with your network, and to be ready to launch a job search should the need - or the opportunity - arise. To help, we've compiled some of our favorite articles on networking, organizing your job search, resumes, cover letters, and interviewing. Networking Networking... Read more