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Wall Street for Dummies: Meet the Latest Must-Have Resume Stuffer
When you think of Wall Street, you probably conjure up thoughts of highly-educated, affluent bankers – money managers with MBAs, CFAs and a host of other credentials. But the truth is, only around 10% of those working at large banks are directly involved in managing securities. The other 90% work in compliance, human resources, legal, […]
Sneak Attack Blinds J.P. Morgan Shareholders Ahead of Dimon Vote
A firm you have probably never heard of, which does a job you probably didn’t think was necessary, may have just boosted J.P. Morgan Chief Executive Jamie Dimon’s chances of holding on to his role of chairman. New York-based Broadridge has, what is on the surface, a rather minor role in proxy decisions. It tallies […]
Euro Banks Sharpening Their Axe for Shareholders’ Sake
Two European banks – HSBC and Royal Bank of Scotland – will yet again rely on job cuts in an attempt to nurse their balance sheets back to health. RBS acknowledged that it will need to cut an unknown number of jobs and close additional branches as it completes its restructuring process and looks to […]
‘Best and Brightest’ Steering Careers Away from Wall Street
Finding eager young talent has never been a problem on Wall Street – at least it never was. The financial sector’s salty reputation and industry-wide pay cuts are starting to take their toll. Only 2% of students are considering a career in banking, according to Antonio Horta-Osorio, chief executive at Lloyd’s, citing statistics from survey […]
Bloomberg Addiction Supersedes Scandal
The Bloomberg spying saga took a number of twists and turns over the weekend, culminating in Matthew Winkler, Bloomberg’s editor in chief, acknowledging the company’s “inexcusable” practice of granting reporters access to client information stored in Bloomberg terminals. It’s a huge black eye for Bloomberg LP, but it’s far from a death sentence. Here’s why. […]
Goldman’s Not So Veiled Threat
Gary Cohn, president and chief operating officer of Goldman Sachs, said Thursday that the bank might have to consider retreating from Europe, given the Eurozone’s firm stance of enforcing bonus caps and the potential introduction of a financial transactions tax. Speaking at the Markit annual customer conference in New York, Cohn was only vocalizing what […]
Are You Ready to Stomach the Grumbles of Wall Street’s Elite?
The fallout from the economic collapse has changed the narrative on Wall Street. Chief executives at big banks, who once routinely and openly chastised lawmakers for getting in their way, have become more timid in their dealings with Washington. This is likely due to those fairly large government loans they received a few years back, […]
Is Jamie Dimon’s Run at J.P. Morgan Nearly Over?
Jamie Dimon’s seat just got a little hotter. Several high-profile names have joined minority shareholders in recommending J.P. Morgan’s chief executive give up his chairman duties, a move that could see Dimon walk away from the firm sooner rather than later. Proxy advisers Glass Lewis and Institutional Shareholder Services (ISS), two of the more prominent […]
J.P. Morgan Operating with Regulatory Monkey on its Back
In his surprisingly frank annual letter to investors, J.P. Morgan Chief Executive Jamie Dimon issued a stark warning: the regulatory fallout from the $6.2 billion London Whale trading fiasco is far from over. We now know a bit more about what he meant. Regulators are all over J.P. Morgan. Last month, officials blasted the bank’s […]
SAC is Hiring, But Do You Want the Job?
Embroiled in myriad of scandals, SAC Capital Advisors has (finally) decided to beef up its compliance department. The question remains whether you want to work there. The Connecticut-based firm, which has seen several former lieutenants placed in cuffs for insider trading, and which recently agreed to a massive settlement for its own regulatory lapses, will […]
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