eFinancialCareers

Is your resume grammatically correct? For many job seekers, writing a flawless resume is difficult enough, yet nothing is more important. If it contains grammatical errors, reviewers may surmise you're uneducated, lack good communication skills or attention to detail. Creating a grammatically correct resume requires knowledge of basic grammar, proofreading skills and familiarity with the nuances of resume composition. Not everything you learned in English 101 applies to resumes. "The... 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

A corporate reorganization unveiled by UBS this month could channel a greater share of the company-wide bonus pool toward private bankers, at the expense of the struggling investment banking division. The bank said it will separate its business divisions into three autonomous units and "will align incentives for management and staff of each autonomous business division directly with its financial results" and degree of risk. "The new business model will enhance... Read more

The threat of defections is reportedly shaping up as a critical obstacle to Lehman Brothers' move to shore up its balance sheet by selling a controlling stake in its asset management division. Multiple scenarios for Lehman Brothers have moved in and out of focus in recent days, running the gamut from asset sales to an Asian strategic partner to a hostile takeover. The swirl of disparate media reports reflect an institution... Read more

To the gunslingers hauling in the revenues on the trading floor, it might seem obvious that they’re paid more than the bank's back-office staff. But a recent report suggests this imbalance is unfair and should be rectified. A wide-reaching 176-page report issued earlier this month by the Counterparty Risk Management Policy Group – whose members include Goldman Sachs, HSBC and Morgan Stanley – says that the contribution operations and risk management... 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

Getting hired by a hedge fund has never been easy. Now, it's getting even more difficult as laid off Wall Streeters flock to the sector because of its reputation as a more stable place to work. In Boston, hiring continues at a brisk pace for jobs ranging from portfolio managers to entry-level positions. Salaries remain strong, and quant roles remain difficult to fill. "Every investment banker on Wall Street and in... Read more

Merrill Lynch froze new hiring, including replacement hires, for the remainder of 2008, according to media reports. Retail brokers are exempt. Any other new hires must be approved by a member of Merrill's management committee, according to an internal memo from Greg Fleming, the bank's president Thomas Sanzone, the chief administrative officer. "As we focus on returning the firm to profitability, it is extremely important that we all manage expenses prudently,"... Read more

Trading up for talent, banking boutiques are feasting on Wall Street's castaways. While many laid-off bankers seek a new home within the vibrant hedge fund sector, smaller sell-side firms also are dipping into the pool of top candidates unleashed by the industry downturn. A recent Reuters story points to Thomas Weisel Partners, Wedbush Morgan Securities, and Evercore Partners as boutique firms engaging in opportunistic hiring lately. San Francisco-based investment bank Thomas Weisel... Read more

Ex-Bear Stearns executives continue to land high-level roles with hedge funds. Capital Z Asset Management said late last month it hired James M. Marrone, Jr. as chief marketing officer, a new role designed to strengthen sales and hedge fund sponsor services. He'll provide strategic direction for sales, marketing and product development while supporting Capital Z’s sponsored managers in marketing and new business initiatives. Marrone led corporate institutional sales efforts at Bear... 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

Bankers and traders no longer needed on Wall Street increasingly are being given another option – move overseas. Big investment banks are moving both key executives and some of their most junior employees to Asia, the Middle East, Europe and Latin America, the New York Times reports. While such transfers in part reflect cost-cutting pressures, banks also are fortifying their businesses beyond New York and London in order to take advantage... Read more

Duff Capital Advisors added two new investment teams and several senior executives, as the institutionally-focused alternative investment firm continues its expansion since launching in March of this year. Vedula Murti joined the New York office and will lead a new team investing in long/short opportunities in the utilities and merchant power sectors. He was a senior portfolio manager at Tribeca Global Management. Before that he worked at SAC Capital Management.... Read more