I’ve likely read 20 advice pieces on what people learned from being fired. None of them have been particularly good, and those that added some value weren’t all that relatable to people on Wall Street. Sallie L. Krawcheck, the former president of the Global Wealth & Investment Management division of Bank of America, broke the mold with a new op-ed published on Wednesday.
The piece, likely more helpful for people fired from managerial roles on Wall Street, doesn’t pull any punches. In fact, she opens the article by essentially discarding the notion that she was simply moved aside via a restructuring initiative under incoming CEO Brian Moynihan. “It sure felt like I was fired,” she wrote. Here are a few of her more illuminating points.
Check out the full post for more of her thoughts.
Fewer Wall Street bankers anticipate seeing a bonus increase this year than their U.K. and Asian counterparts, according to a new survey from eFinancialCareers.
The European Central Bank will need to hire 770 banking supervisors within a year, plus 230 support staff. The ECB is considering private sector employees, but you’ll likely need to be willing to move to Frankfurt.
Two successful New York hedge funds – Ader Investment Management and Cumberland Associates – are joining forces to create a new fund that will employ an activist strategy. Get ready for more public calls to replace CEOs, as if we haven’t had enough of those already.
Another day, another piece of tough news for SAC Capital employees. It turns out six teams of traders were cut this week, not six individual traders as had been reported earlier. However, the firm said it doesn’t expect to make any additional cuts before the New Year.
A judge has ruled that the wife of hedge fund manager George Sykes will need to pay for her own litigation expenses as part of her high-stakes divorce, breaking a precedent in which the more affluent of two divorcees pays for the costs associated with the settlement. Amanda Sykes had run up an astounding $700,000 in legal fees in just two months.
Want to become a corporate-level CFO in 10 years? Try dropping your resume off at EBay. At least 20 EBay alumni have become chief financial officers elsewhere in the past three years alone.
Bank of America has been found liable for fraud related to loans it sold to Fannie Mae and Freddie Mac. Former Countrywide Financial exec Rebecca Mairone was found personally liable for her role in the scandal known as “Hustle.”
Buzz Around the Office
A Romanian man who helped steal $24 million worth of art from a Dutch museum is considering suing management for their poor security measures. He claims the museum made it too easy to steal the paintings, which are still missing by the way.
List of the Day: Rookie Mistakes
If you have just graduated, beware of these common resume pitfalls.