There is a vacuum at Goldman Sachs. Where there were supposed to be tens of thousands of industrious graduates of the world’s finest educational institutions, there is merely a queue for the toilet and some MDs looking out the windows.
So says the New York Times, which has learned of a large empty space at Goldman’s new building in Manhattan.
When it was built in 2005, the Manhattan building was conceived to house 50,000 people, says the NYT. Instead, it houses 33,000. In 2005, Goldman had envisaged hiring 19,000 people in New York City. Actually, it’s hired just 2,000 there in the past decade. All the recent recruits are sitting in Salt Lake City and Mumbai instead.
The result is that Goldman’s Manhattan office has a surfeit of space. The sixth floor is mostly empty since everyone was commanded to sit together on floor below. All that remains on floor six are MDs who’ve got window offices and people using the toilets. Goldman’s new London office is due for completion in 2018. Is the Manhattan experience a sign of things to come?
Separately, vice presidents (VPs) at Deutsche Bank are dressed in designer items and living in expensive apartments. The Evening Standard reports upon the case of Ege Ackasoy, a VP in Deutsche Bank’s capital markets and treasury solutions team who had a disagreement with his girlfriend. She stands accused of ‘taking a pair of scissors’ to Ackasoy’s £25k wardrobe and smashing a window at his £725k Chelsea flat. Ackasoy has worked for Deutsche Bank for nine years after starting his career as a buy-side analyst in Turkey. Unless he's reimbursed, he will need to spend some of his coming bonus on new suits.
Lloyd Blankfein has curable cancer. (Goldman Sachs)
Remember: Gary Cohn has an inspirational back story. (Business Insider)
Maybe Michael Sherwood will replace Lloyd Blankfein one day? (WSJ)
Brian Moynihan made a power grab at Bank of America in July and he's held on ever since. (NY Post)
Brevan Howard partner steps down 'voluntarily.' (Reuters)
That was the 5th Brevan Howard partner to step down in six months. (Financial News)
Bankers and hedge fund managers have a debt to quantitative easing, says hedge fund manager: it's caused asset prices to soar. (Financial Times)
Berenberg Capital Markets is hiring in the UK and the US. (Financial Times)
Modern finance operates as a gift economy in which you constantly fling free stuff at clients in the hopes that one day they will give you some extremely overpriced paying work. (BloombergView)
Theme of the Deutsche Bank woman’s conference: men matter. (Business Insider)
A journalist laments ignoring his father’s advice to go into a ‘cool’ banking career. (The National)
"Banks excel at “sucking in” narcissists. They approach them at university and tell them they need never feel insecure again.” (Evening Standard)