You don’t have to work in the front office to get an MD promotion. Nor do you have to have an MBA, although both will help.
Financial News has assembled information on many of the 261 people who’ve been promoted at to MD at the bank this year.
A mere 19% were women, down from 24% last year. Most notable, some were in areas not typically associated with MD promotion.
Take, for example, Benjamin Dyer, who joined Goldman in summer 2007 after 16 years in the British army. Benjamin is director of security for Goldman in Emea.
Or take Omar Iqbal, Goldman’s head of human capital management for EMEA. Or Fional Laffan, the karate-practising head of EMEA PR, who joined Goldman from PR firm Brunswick in summer 2008.
Oswald Gruebel says he left UBS voluntarily and had no intention that Ermotti should be his successor. (Bazonline)
Barclays Capital thinks Europe’s banks must sell about €800bn (689bn) of new bonds next year. However, the eurozone crisis has led bank issuance to come to a virtual halt since May. (Telegraph)
European banks, vowing to sell distressed assets as regulators tightencapital requirements, are lending money to buyers to get deals done. (Bloomberg)
Commerzbank may need a €10bn recapitalization. (Financial Times)
Fifty-five per cent of market players, including banks, building societies and hedge funds, said there was a “high” or “very high” danger that the financial system would suffer a significant disruption in the coming 12 months. (The Times)
Deutsche Bank is considering all the options for its global asset management arm. (Bloomberg)
“Deutsche Bank is not selling the crown jewels, but instead subpar assets with ongoing net outflows. Given current markets conditions, I cannot think of a buyer for such assets, and maybe that is why an announcement was made.” (Financial News)
Goldman Sachs recently cancelled an information session at the University of Pennsylvania’s Wharton School. (Poetsandquants)
When Mr. Corzine put on the European trade, he didn’t rely heavily on the risk-management department at MF Global. MF Global directors may have viewed themselves as the firm’s risk management department. (WSJ)
“Banks can strengthen their balance sheets without harming the economy. They can do so by cutting bonuses, by curtailing intra-financial risk-taking and by raising term debt and equity,” says Robert Jenkins, a ‘plainspoken’ former investment manager from F&C Asset Management and member of the Financial Policy Committee. (Financial Times)
The wit and wisdom of Heather McGregor. (Guardian)
“After being laid off in early 2009 from the Philadelphia private equity firm I worked at, I decided to open my own fitness centre, having become hooked on pole dancing after starting classes just weeks earlier.” (Financial News)