Friday's Headlines: B-school Career Offices Chase Small Firms and Start-Ups

B-schools are revamping their career placement offices to help find jobs outside of traditional Wall Street firms, including start-ups, nonprofits and smaller firms, according to Businessweek: "Once upon a time, B-school grads were happy to land a job on Wall Street or at an S&P 500 company. Now, a growing number are setting their sights on less conventional careers."

Wharton recently designated six staff members to call on small employers, Dartmouth's Tuck School has staff stationed in San Francisco and Montevideo, Uruguay, to identify potential employers on the West Coast and in Latin America, and University of Chicago's Booth School has built up its small-business outreach team to seven from two since January 2009.

Other news:

Recently named Morgan Stanley CEO James Gorman saw his pay cut by $1 million to $14 million. [DealBook]

While big banks recover, regional institutions struggle to stay afloat. [WSJ]

BofA undergoes yet another executive shakeup on quarterly earnings. [Fortune</b]

Ameriprise is expected to buy Grail Advisors, making the firm a major ETF player. [Investment News]

Shanghai authorities approved Blackstone to invest money raised abroad in China without permission from the foreign exchange regulator. [Bloomberg]