Lunchtime Links: Goldman ushers old timers out the door
Fresh from eliminating another 10% of its workforce, the The Financial Times reports that Goldman has come up with a cunning plan to nudge a few of its longest serving, and therefore most costly, staff into leaving of their own accord. As of 2009, the sum of Goldmanites' age and years of service will need to exceed 60 for them to cash in their restricted stock and avail themselves of the firm's full retirement benefits. At the moment that figure is set at 55. Expect a rush of demand for carriage clocks and crystal decanters.
A year ago, Wall Street's then-Big 5 investment houses paid their employees bonuses totaling $39 billion. That was a record amount. It should stand forever. (Bloomberg).
Maybe John Thain should get that bonus (CNBC).
New job for Stan (Financial News).
New Morgan Stanley Managing directors! (MoneyistheWay).
How to fire people (Alleyinsider).
Eight really scary predictions (Fortune).
Lose your job, grow a beard (Wall St. Journal).
No one rates the FSA (Bloomberg).
"In aggregate, credit and lending markets appear to be functioning well, and in many cases are actually operating at historically high levels." (Financial News).
"I passionately believe the City will adapt to the changed circumstances the world finds itself in." (Independent).
Hedge funds lost $64bn of assets in November (Bloomberg).
Acting poor is the newest obnoxious trend for the rich (Gawker).
