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Deloitte’s FSA Ban Leaves Unit Vulnerable to Talent Poaching
In an industry-altering move, state authorities have banned Deloitte’s financial-advisory services unit from working for select New York state financial institutions for a full year following its botched investigation into Standard Chartered’s money-laundering protections. The move is a landmark victory for prosecutors who have long maligned the consulting industry’s cushy relationship with the very banks they’re […]
Ladies: Your Rock May Be Sinking Your Career on Wall Street
Billionaire hedge-fund manager Paul Tudor Jones found himself with his foot squarely in his mouth last month when he called motherhood a career “killer” for macro traders, noting, rather graphically, that “as soon as that baby’s lips touched that girl’s bosom, forget it.” Sadly, Jones doesn’t appear alone in his thinking; some Wall Street bosses […]
Nomura is Growing Fast, But Are the Hires Here to Stay?
Nomura, perhaps more than any other global bank, has a habit of entering new markets with aggression, hiring in droves where it see opportunities. That’s happening right now in the U.S., where the Japanese bank is poaching high-priced talent from bigger U.S. players in sectors like investment banking and fixed income, despite its pledge to […]
Brokerage Firm Eyeing Redundant Bankers in Hiring Push
If you’re a laid off banker, know the name Makor Capital. The independent brokerage group, founded two years ago by former Cantor Fitzgerald executives, is planning a big hiring spree. Makor has also signaled that you don’t necessarily need to be employed to be considered. Makor told Financial News that it plans to make roughly […]
The Safest Jobs in Banking Are At…
Assessing job security on Wall Street used to be fairly straight forward pre-crisis. You’d look at a firm’s size, revenue potential and senior leadership, and you’d get a pretty good idea about the viability of the company over the next half-decade or so. It’s not that simple anymore. As impending rules and regulations polarize markets […]
Is Steven Cohen Crazy Enough to Not Fire You?
We assure you, your job is (likely) safe, SAC Capital told its employees in an email that surely won’t make anyone sleep well at night. The beleaguered hedge fund, bracing for a massive outflow of customer funds due to the government’s ongoing insider trading investigation, says it has no plans to become a family office, […]
Why You Shouldn’t Bother Caring About Jobs Reports
When I first started writing this newsletter, I included data on the jobs reports each month with the thinking that, well, this is a newsletter about jobs. I stopped a few months back after realizing – finally – that the reports do little in helping shine light on the labor market on Wall Street. First […]
Finance Jobs Leaving Wall Street for Greener Pastures
Companies located in big cities pay big wages. This is especially true in financial services. The majority of well-to-do U.S. bankers reside in or around New York City, or in other sprawling metropolitan locales. If you’re aspiring for a big paycheck, stick to Wall Street, but do so knowing that there’s better job security in […]
The Case for Consulting Over Banking
Five years ago finance majors and MBA holders at top institutions often chose careers in banking over consulting. The prestige, the money, the rush – it was all there. Then the financial crisis hit, scarring the industry’s reputation while stealing jobs and cutting once-lofty paychecks. With the playing field no longer slanted in the direction […]
Why You Don’t Want to Work at a U.K.-Based Bank
U.K. banks aren’t nearly as good at firing people as are their U.S. rivals. British banks are slashing jobs left and right, but, unlike competitors from across the pond, U.K. firms aren’t becoming more efficient. They’re just becoming smaller. The U.K.’s four largest banks – Royal Bank of Scotland, HSBC, Lloyd’s and Barclays – have […]
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