A certain sort of banker can step aside. A new person is occupying the space commonly associated with crass materialism: the greedy employee of big tech. They're making the sorts of statement reminiscent of Barclays' Roger Jenkins in 2008.
While Jenkins' bonus conversations occurred in emails to his colleagues, Facebook's employees have been spotted expressing their opinions on Blind, an anonymous workplace community site frequented by people who work for big technology firms. "Morale is super high," says one self-declared Facebook engineer. "We are paid a ton. Looking forward to my yearly bonus of $100k. F*ck ethics. Money is everything." Another reflects upon how Facebook is paying him "5x" the amount Oracle did in 2011, and that working for Oracle would an embarrassment now anyhow.
The Facebook boasts follow accusations of the company's involvement in numerous shady practices, including - mostly recently, paying teens to install an app that collects their private social media messages, photos and videos sent via instant messaging apps, emails, web searches and web browsing activities for Facebook to monitor.
Like bankers in their pre-crash prime, the (purported) Facebook employees don't appear super-bothered by disparagement. Many claim the company is unfairly lambasted by 'haters.' "The only way I will leave Facebook is if we start attracting lower talent," says one. "Every single day we have people from Google (I’m xoogler), Netflix, and ironically enough Apple clamoring and applying to get in. Facebook is filled with smart people who went to top schools (Stanford, Princeton, MIT, Harvard, etc etc) and are genuinely awesome people." Or, as another, visitor to Blind puts it - if you work for Facebook you get, "lots of money and three meals a day." Own research suggests that average pay at Facebook is around £206k ($269k), exclusive of vegan lunches.
Separately, Gary Cohn's exit from Goldman Sachs is looking like an even greater work of genius than it did before in light of the bank's decision to potentially clawback compensation from David Solomon (current CEO), Lloyd Blankfein (ex-CEO), Michael Sherwood (ex-head of the international business) and Michael Evans (ex-head of emerging markets), depending upon how the 1MDB scandal plays out.
The Financial Times notes that Blankfein and Evans' stock now at risk was worth $7m when it was awarded in 2011. Gary Cohn was part of the same plan and received $13m from it when he left Goldman last year. The New York Times notes that Cohn's payout won't be affected by the clawbacks - irrespective of what happens with 1MDB. Because he left to work for the U.S. government, Cohn received his stock in a lump sum and clawbacks don't apply.
Violence and sexual offences in the City of London jumped by almost 25% last year. Psychologists say it might be related to stress and Brexit. (Financial News)
Morgan Stanley, JPMorgan Chase and Citigroup are among the banks sharing in around $1bn in fees from the $90bn merger of Bristol-Myers Squibb and Celgene. (Financial Times)
UBS hired Elly Hardwick who was last seen running the digital innovation strategy for Deutsche Bank. (FiNews)
Danske Bank faces some hefty fines over its money laundering scandal, but it will be paying bonuses to its people just the same. (Bloomberg)
Donald Trump, King of Debt, asked Deutsche Bank for a loan in early 2016. Deutsche Bank said no. (New York Times)
Edward Bramson, the 'corporate raider' trying to raid Barclays previously made up to £146m ($190m) by forcing himself onto the board of Electra Private Equity and forcing its break-up. (ThisisMoney)
If you want to do an MBA and get hired by Google, you'll need to answer behavioral and technical questions, including questions on coding/programming, data structures and algorithms. (PoetsandQuants)
If you have stressful things to do, do them in the morning. (BBC)
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