Tuesday's Headlines: Occupy Wall Street interferes with campus recruiting
Campus Occupy Wall Street protesters are complicating finance recruiting, according to DealBook.
At some schools, anger at big banks has turned the on-campus recruiting process into a crucible of controversy. "I teach financial markets, and it's a little like teaching R.O.T.C. during the Vietnam War," said Robert J. Shiller, a professor of economics at Yale University. "You have this sense that something's amiss."
Op-eds in student newspapers at top schools have criticized banks' recruitment policies and the schools' emphasis on finance jobs, while students have initiated online campaigns to discourage students from pursuing Wall Street careers.
In November, students protested outside of a Morgan Stanley recruitment session at Yale. One Columbia University professor said that zero Ivy League students matriculate with the intent to pursue Wall Street jobs, but as many as 30 percent ultimately do.
Few firms are aware of some universities' growing CFP programs and budding talent pool. [Investment News]
The biggest investment banks worldwide have more turnover in commodities than in fixed-income and currencies. [Businessweek]
Banks stumble to keep pace with mobile payment trends. [WSJ]
BNY Mellon bought Penson Financial Services Australia. [On Wall Street]
Validus ended its takeover bid for Transatlantic a week after the reinsurance company agreed to sell itself to the Alleghany Corporation for $3.4 billion. [NY Times]
SIFMA asked for specifics on factors for the compliance exam for muni broker-dealers. [On Wall Street]
RBS will pay $52 million to settle claims in Massachusetts that it securitized mortgages that were unfair. [Financial Times]
Three advisory firms will pay a total of $262,000 to settle SEC charges of inadequate compliance procedures. [Investment News]
Three hedge fund managers in Greenwich, Conn. won a $254 million Powerball jackpot - the largest in the state's history. [Bloomberg]