Despite recent job cuts, there were plenty of smiling faces at Morgan Stanley on Thursday after the bank named 144 new managing directors. The vast majority of those people happened to be men.
A total of 17.4% of Morgan’s newly-named MDs were women, which is “roughly in line with last year,” a bank spokesperson told eFC. In contrast, Goldman Sachs, often criticized for being a boy’s club, recently named a class of managing directors of which 23% were women. Deutsche Bank, meanwhile, has a goal of having women account for 25% of its senior management by 2018.
The current class at Morgan Stanley is more diverse than previous groups. In 2009, for example, just 13% of new MDs were women. The bank named only 144 MDs this time around, down from 210 last year.
Either way, the lack of diversity is a bit surprising considering Morgan boasts one of the few female chief financial officers on Wall Street, along with J.P. Morgan’s Marianne Lake and Nomura’s Junko Nakagawa.
In related news, Morgan Stanley Chief Executive James Gorman is expected to take a pay cut for 2012 following a so-so year, according to The Wall Street Journal.
Here’s a list of 15 real interview questions financial firms asked MBA graduates during recent interviews.
Commerzbank, Germany’s second-largest bank, plans to cut as many as 6,000 jobs, or 12% of its workforce, by 2016. German banks may need to cut 100,000 jobs between now and 2025.
Morgan Stanley has earmarked more than $500 million to improve the computer systems for its team of financial advisors. The gift seems fitting considering FAs did a lot of the heavy lifting in Morgan Stanley’s fourth quarter.
As expected, President Obama nominated federal prosecutor Mary Jo White to head the Securities and Exchange Commission. If confirmed, she will be the first woman – and prosecutor – to be named to the post.
Wealth management will be the big earner for most global banks over the next two years, according to Kian Abouhossain, senior banks analyst at J.P. Morgan. If true, Morgan Stanley, UBS and Credit Suisse will surely be smiling.
The insider trading probe into SAC Capital Advisors has taken another step forward, with a former portfolio manager, Dipak Patel, now implicated.
Goldman Sachs, Deutsche Bank and other top firms are now embracing open source platforms to help recruit talented technologists who want to improve a product, among other reasons.
Buzz Around the Office
Notre Dame linebacker Manti Te’o was duped into believing he had a long-distance relationship with a woman with whom he had only spoke with over the phone, for hours each night. As it turned out, not only was the girlfriend fake, the person talking on the other end of the line was a man.
List of the Day: Career Advice
No matter what kind of work you are looking for, follow these career staples and you’ll have a better chance of succeeding.
- Listen more than you talk.
- Ask your network for advice, not a job. It’ll often lead to one.
- Work is work. Beware of doing what you love.