Tuesday's Headlines: Wall St. Headhunters Having new Hayday
Let the good times roll. Last year the job turnover rate on Wall Street was up a mighty 25% over 2009 - with the sweet spot being for jobs paying between $100,000 and $200,000 with annual bonuses of 10% to 15%, according to a story in the NY Post, which reports: "More staff than ever before are prepared to job hop in search of higher salaries, career advancement, bonuses, fringe benefits and lifestyle."
This trend is also reflected in a recent eFinancialCareers survey on retention.
Recruiters say their business is way up over 2009, poaching is again common, and the best IT pros at hedge funds has surged in the past year some 30%, with pay today ranging from $150,000 to $180,000-plus. Even better, top producers in the retail brokerage space "can command multi-million dollar rock-star salaries and fantastic perks."
Other news:
Advisory firms are looking to hire, but report frustration over prospective hires' professionalism, honesty and comp demands. [Investment News]
Morgan Stanley's brokerage unit must keep comps high to retain top advisors because UBS and BofA are looking to poach employees. [Investment News]
Morgan Stanley sees more institutions and wealthy individuals seeking more Asian hedge fund deals. [BusinessWeek]
The Hartford will sell Federal Trust-which qualified the insurer for $3.4B in TARP funds-after owning it for less than two years. [Investment News]
The Senate is scheduled to discuss new derivatives rules, which critics have argued put American banks at a disadvantage to their foreign rivals. [NY Post]
Community banks say new Dodd-Frank laws could cause a few banks to fail. [NY Times]
Richard Branson's bank, Virgin Money, is eyeing the retail chains of Northern Rock and parts of Lloyds. [Financial Times]
China Development Bank has signed a deal to buy a stake in TPG Capital, as the state-owned bank seeks to compete against foreign funds in the private equity sector. [Bloomberg]
The value of assets under management run by female hedge fund managers has more than doubled in the past year and now accounts for 10% of all managed funds. [Hedge Fund Journal]
Over the past decade big banks have paid their CEOS an average of $19 million per year. [Fortune]
Vanguard and Fidelity top a recent list of social-media-savvy fund managers. [Investment News]
Corporate bigwigs addressing the B-school class of 2011 are tempering their optimism with messages of hard work, add value and embracing change. [Bloomberg]
