Lunchtime Links: Remaining Lehman staff are highly sought after
When Lehman went under precisely one year ago to this day, not all its London staff joined Nomura, Barclays Capital, or the Investment Bank of Outer Mongolia. Some continued working at the husk of their former employer. Now it seems the former Lehmanites currently employed by administrator PWC, are surveying their options.
Financial News has spoken to Tony Lomas, the PWC partner in charge of the Lehman administration. Lomas told them it's becoming increasingly difficult to discourage former Lehman staff who are working on the wind down from leaving as other banks start hiring again.
This is a shame as the process is only 35-45% complete and may continue for up to 10 years. It's also surprising, given that working on the Lehman carcass seemed a lucrative option: former Lehman employees have reputedly been awarded contracts lasting throughout 2010 and large guaranteed bonuses. Could it be that the rump of Lehman are putting possible short term gains ahead of more sedentary long security?
Nomura's hired 60% of Lehman's graduate trainees. (Financial Times)
Jeff Schaefer, a former Lehman MD, now owns a car wash and gas station in Florida. (New York Times)
How the giants of finance shrunk, then grew, under the financial crisis. (New York Times)
"I don't know anyone on Wall Street who goes to work every day thinking of anything but how to increase their bonus." (DealBook)
Stiglitz: banking problems are now bigger than pre-Lehman. (Bloomberg)
"The only difference now is that the Street's biggest banks know for sure they'll be bailed out by the federal government if their bets turn sour -- which means even bigger bets and bigger bucks." (RobertReich)
"Here we have the worst situation of all - a pseudo socialist trying to discipline a bunch of children who have been given Daddy's unlimited credit card." (Fintag)
If it were not for profits generated by Merrill's trading operations and financial advisory practice, the outlook for BofA would be considerably darker. (Financial Times)
BofA encourages employees to use private jets for 'safety and efficiency reasons.' (Bloomberg)
Credit Agricole hiring 200 people in Asia Pac. (Bloomberg)
RBC hires Nicolo Foschetti from BofA Merrill for interest rate sales. (Financial News)
Ex-Rabobanker sues after being made redundant for 'misconduct, dishonesty, irregularities or for bringing the bank's name into disrepute' and deprived of bonus. (Telegraph)
Bob Diamond's main move: taking off his suit jacket and slinging it over his shoulder before sitting on the edge of one of the trading desks. (Dealbreaker)
4m incentive package to turn Candover around. (The Times)
How high achieving women balance work and family. (CNN)
Despite the sexual revolution, most successful men still possess one advantage over successful women: a wife. (The Times)
