The News: Why Shaking Out is Good for Jobs
I'm starting to think we're getting close to - if we haven't already moved into - the next phase of the banking crisis. This is where everyone slows down a bit and takes a breath, if only because they're running out of wind. Both The Wall Street Journal and IDD now say in print what we've been hearing for some time - the government's increasing presence in the securities business is moving top performers out the door. On top of that, more banks are seeking to return TARP money, because they're finding the strings attached just aren't worth it.
Taken together, these are tangible signs of "the shakeout." Obviously, any firm that plans on returning money believes it can ride out the storm going forward, and will look to build the best team it can to both survive now and prosper as the recovery begins. For those who are financially passionate, this is good news. We've a long way to go before this recession's over, but these are signals - well, maybe just hints - of a return to doing business more than just hanging on.
Bankers Rush to the Exits [WSJ]
The Street's Downsizing [IDD]
Some Banks, Citing Strings, Want to Return Aid [NY Times]
Making $34 Million at Merrill Means No Bonus Escapes Subpoenas [Bloomberg]
Hedge funds to cut 20,000 jobs in 2009 [Reuters]
Internal Memo: Citi's 'Compliance Culture' [Dealbook]
Citigroup to Pay $13 Million For Canceled Trips, Report Says [Dealbook]
Deutsche Bank Names Evans to Succeed Manas as Head of U.S. M&A [Deal Journal]
Quadrangle Enlists Team for Bloomberg's Money [Dealbook]
Stone & Youngberg Announces Key Promotions [S&Y]
KPMG LLP Names Shawn Hessing To Lead U.S. Private Equity Group [KPMG via PRN]
Brean Murray, Carret & Co. Expands Growing Equity Research Team [Brean Murray via BW]
Andrew Rippert Joins Karen Clark & Company as Senior Vice President [Karen Clark]