Morgan Stanley Employees Do Not Appreciate Management's New Cheapskate Mentality [Dealbreaker]
A tipster to Dealbreaker says Morgan Stanley is scrutinizing travel budgets and company credit cards, and eliminating niceties such as first-class air travel. "The most annoying part is the constant reminder we're spending too much," says the correspondent. "Not classy."
Top Goldman Sachs Execs Make Millions on Stock Sales [Daily Finance]
Goldman Sachs says CEO Lloyd Blankfein, President Gary Cohn and five other top executives exercised stock options representing tens of millions of dollars. The disclosure came in SEC filings.
Credit Suisse pledges to continue hiring IT staff while axing 75 other jobs [ComputerWorld]
Despite cutting 75 jobs in its investment bank, Credit Suisse says it will continue to hire in areas such as IT, fixed income and private banking.
Maybe fears of a UK talent exodus haven't been exaggerated after all [eFinancialCareers UK]
Now that the financial sector has had time to digest the FSA's revised compensation code, the conclusion is that the UK will suffer and that UK banks will suffer most of all. The guidelines stand out as a draconian doctrine on pay, while the U.S., Asia and other European nations have paid comparatively little attention to G20 remuneration guidelines.
When Will Accounting Firms Be Ready to Start Hiring Again? [CPA Trendlines]
Accounting services saw an uptick in employment in July, bucking the national trend. Still the sector's employment levels showed a 3 percent drop from July 2009, higher than the year-on-year declines of the previous four months.
Workers Let Go by China's Banks Are Putting Up a Fight [NY Times]
Downsized workers in Chinese banks have taken their protests to the streets in Beijing and provincial cities, marching on bank headquarters, staging sit ins, and handing out pamphlets before police arrive to break up the gatherings.
BofA Shuns Private Equity to Boost Returns With Direct Stakes [Bloomberg]
Bank of America plans to bypass private-equity firms and acquire more direct stakes in companies to boost returns. Avoiding the fees charged by PE firms could help BofA earn more profit and meet new U.S. ceilings on such investments.