We had Greg Smith and we had the flattering resignation of Michael Rubinoff from Bank of America. Now, Muneer Satter, a senior Goldman Sachs Partner who’s worked for the firm for 24 years provides further instruction in how to resign whilst keeping as many doors open as possible.
Satter appears to have sent his resignation letter to PR Newswire to ensure it gets maximum publicity. You can see it here. Loaded with compliments, it reads as a eulogy to Goldman Sachs, to his colleagues and to his clients. Hence, Goldman is a, “global leader,” where Muneer would “stay forever” if he could. His colleagues at Goldman are, “an outstanding group of individuals,” who are “very talented.” And his clients are, “wonderful.”
Needless to say Satter has no intention of going off and selling his Goldman memoirs to the highest bidder. He’s only leaving because he’s
already made a lot of money planning to spend more time with his wife and five children. He plans to, “remain close” to the firm, and will remain as vice chairman of the Goldman Sachs Foundation and GS Gives. After so gushing a valediction we assume they will be pleased to have him around.
There is wealth management recruitment in London. RBC Wealth Management, Coutts, Mirabaud, Vestra Wealth, and Banque Havilland are all hiring. (Financial News)
Morgan Stanley has named Salvatore Orlacchio, who relocated from New York last year, its new head of fixed income sales. (Bloomberg)
Now high frequency traders like Getco and IMC are cutting jobs too. (Financial Times)
A Conservative MEP and member of the European Parliament’s Economic and Monetary Affairs Committee, says the 1:1 bonus: salary rule isn’t a done deal and there’s a lot of sympathy for allowing shareholders to stipulate pay structures. (Telegraph)
Lloyd Blankfein says he has never done nothing for more than half an hour. (The Times)
Ms. Mayer, a Google vice president, works 90 hours a week and fits in 60 meetings. (WSJ)
Average return per head on a bank raid is £12.8k. (Flowing Data)