eFinancialCareers

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

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

Trading and other leverage-dependent activities will be most affected by the bulge brackets' move to take refuge under the umbrella of bank regulators. Boutique investment banks may gain ground - and talent. Converting Goldman Sachs and Morgan Stanley into regulated bank holding companies effectively unites U.S. finance into a single sector. Headhunter Richard Lipstein, managing director at Boyden Global Executive Search, says additional oversight and regulation will have the biggest career... Read more

The move by Goldman Sachs and Morgan Stanley to become regulated bank holding companies effectively unites U.S. finance into a single sector. "This fundamentally alters the landscape," a Goldman Sachs spokesman told The Wall Street Journal. "By becoming a bank holding company and being regulated by the Federal Reserve, we have directly addressed issues that have become of mounting concern to market participants in recent weeks." Along with investment banks, Wall... Read more

As recently as mid-August, Lehman Brothers was reportedly trying to raise cash by selling off one of its few remaining valuable assets, the venerable asset manager Neuberger Berman, which it acquired in 2003. The sale didn't happen fast enough and now, in the wake of Lehman Brothers' demise over the weekend, Neuberger Berman employees are wondering what comes next. "The mood is tense," says one portfolio manager who declined to be... Read more

Another platoon of the newly jobless is set to flood Wall Street in the wake of Lehman's Chaper 11 filing and Merrill's acquisition by Bank of America. Monday's bankruptcy filing by Lehman Brothers Holdings and the surprise deal for Bank of America to acquire Merrill Lynch will each trigger mass layoffs, Wall Street headhunters say. Although it's too soon to estimate how many jobs will be lost in the restructuring of... Read more

Lehman Brothers ousted its international banking and global fixed-income division chiefs, and announced a $3.9 billion quarterly loss and another mass layoff. Merrill Lynch, RBS Greenwich Capital and Wachovia joined the lengthening list of institutions hiring recent Bear Stearns alumni for senior roles. JPMorgan ceased dealing in municipal interest-rate swaps. Lehman Brothers replaced the heads of its international and fixed-income businesses, as the firm struggles to raise capital and announced... Read more

Review panel concludes that Canadian central bank's low salaries hurt research quality. Prospective buyers of Lehman funds division fret about cost to retain staff. UBS reorganization may shift bonus money from investment bankers toward wealth managers. *** Canada's central bank would have to boost starting pay for economists by 16 - 22 percent to realize its stated objective of fielding a "second-to-none" research department, according to a report by a panel of... Read more

Merrill Lynch froze hiring through year-end. Meanwhile, boutique banks scoop up talent from large institutions. Hedge funds are deluged with candidates. Mutual fund firm Ariel laid off 18 people, 20 percent of its staff. *** Merrill Lynch froze hiring, including replacement hires, for the remainder of 2008, according to media reports. Retail brokers are exempt, but all other hires require prior approval from a member of Merrill's management committee. An internal memo... Read more

Wall Street will accelerate layoffs this year, shrink severance packages and retention efforts, and defer more pay, according to the second-quarter report from influential compensation consultant Johnson Associates. As for bonus expectations, they'll melt further if asset write-downs exceed current projections. A "crescendo of layoffs is expected as firms acknowledge select business reductions may be permanent," the report says. In turn, Johnson sees cost-cutting leading to smaller severance packages and... Read more

The investment firm says it's plowing savings from a previous 10 percent staff reduction, toward hiring top talent cut loose by rival firms. As securitization deals evaporate, Cadwalader law firm lays off 96 attorneys, primarily real estate finance and securitization specialists. UBS names co-heads of prime brokerage in Europe. *** After cutting its payroll by $1 billion by eliminating 4,800 jobs, Morgan Stanley said last week it intends to reinvest as much... Read more