Lunchtime Links: Another 500 hires at SocGen; and people are leaving Goldman Sachs!
As we have remarked previously, SocGen is shaping up as one of the big hirers du jour: the French bank has been building out in M&A and ECM, and has big US aspirations. As of today, it appears that it may also be doing some dramatic hiring in sales and trading.
According to Les Echos (via Bloomberg), SocGen wants to hire 500 people over the next 18 months for its markets unit. It doesn't say where in the world this hiring will take place, but it's apparently being inspired by an increase in the demand for derivatives, and a decrease in the number of banks offering them.
Separately, it appears that Goldman's appeal may be waning. Euromoney points out that Goldman has been losing multiple people in Asia, including Fred Hu, its Greater China Chairman (starting a private equity fund), Gene Reilly, its head of Asian equity trading (went to BofA Merrill), Edmund Sim, a 'rising star in Bejing' (went to BofA Merrill), Andrew Kleeger, an MD and head of credit sales, and Jesse Lentchner, former India chief exec.
The mass exodus may not bode well for Europe, where we understand that BofA Merrill is targeting Goldman for fixed income hires, having poached Sanaz Zaimi from there last year.
Goldman people are committed to teamwork, clients, and a culture of service and philanthropy. (Goldman Sachs annual report and longest ever shareholder letter)
The idea that Goldman's insurance of AIG risk was any good is an utter canard. (Naked Capitalism)
Is Apple the next Goldman Sachs? (WSJ)
Graduates still want to work at Goldman Sachs. (Banking Times)
It appears that ML wants Japanese equity researchers. (BusinessWeek)
The FSA has hired a new communications director. (The Times)
Deutsche has hired a senior Merrill banker as head of FIG ECM. (Bloomberg)
Bizarrely, graduates want to work for the FSA. (Financial Times)
Fewer babies were born in 2008 because of the recession. (WSJ)
Money deserves respect," he says. "It can be as important as love... and it opens doors. You need to respect money because there are so many people who don't have enough of it." (Telegraph)
