As we’ve observed, banking’s not a particularly popular career with young women.Only 20% of banks’ graduate applicants tend to be women. Only 22% of FSA registered persons (who may admittedly be any age) are women.
Now, Goldman Sachs is doing something about it. It is specifically targeting girls who are doing their A levels. 13 of them are invited to attend the bank on Valentine’s Day for an introduction to, ‘the dynamic world of financial services through a tailor-made programme of presentations, interactive case studies and skills sessions.’ If this sounds like your teenage daughter, tell her to apply soon: the deadline is today.
Nicola Horlick: “My whole working life, I’ve thought of giving up work” (The Times)
Michael Sherwood, co-chief executive of Goldman Sachs International, received restricted stock worth $9.5m for 2011; Gary D. Cohn and David A. Viniar—each received $7m. Sherwood probably got more restricted stock due to the FSA’s compensation restrictions. (Wall Street Journal)
Sherwood can’t sell any shares for 5 years, apart from a small tranche vesting in August. (The Sunday Times)
Lloyd Blankfein’s stock bonus has been cut for the first time since the financial crisis. He’s getting $2m in salary and $9m in stock. In 2007, Mr. Blankfein made $68.5m. (Dealbook)
Last year, BarCap co-chiefs Jerry del Missier and Rich Ricci, were awarded packages totalling £14.3m and £14m respectively. (Telegraph)
RBS might drop bonuses and start publishing a John-Lewis style metric showing the ratio Hester’s remuneration: remuneration of its call centre staff. (Financial Times)
For RBS, Sir Philip insisted that the total bonus pool this year will be down “markedly” from £1bn in 2011, and that “a lot” fewer staff would receive £1m bonuses than the 100 who did so last year.(Telegraph)
“The TUC believes that all pay (whether in the form of salary, benefits in kind or bonuses) that in any year exceed ten timesUKmedian pay should not be subject to corporation tax relief within the financial services sector. That would set the current limit at about £262k.” (TUC)
Bonuses are down 20% at Lazard. (Bloomberg)
“If you’re a smart Ph.D. from MIT, you’d never go to Wall Street now,” says a hedge-fund executive. “You’d go to Silicon Valley. There’s at least a prospect for a huge gain. You’d have the potential to be the next Mark Zuckerberg. It looks like he has a lot more fun.” (NY Mag)
New contract for laid off financial services professionals. (McSweeney’s)