Participants of the second annual Wall Street Training Valuation Case Competition got a taste of Wall Street’s cut-throat environment, in an event DealBook described as “aspiring moguls turned synergies into sport, in a deal simulation contest that was equal parts ‘American Idol’ and ‘Glengarry Glen Ross.’”
The firm Wall Street Training, which teaches corporate finance to bankers and regulators, launched the competition last year as a way to showcase young talent to potential employers. This year the event involved 25 teams of MBA and undergrads competing in three rounds involving a 20-minute presentation on their analysis of a chosen firm, including the business’s value, potential growth and risk factors, and propose possible strategic alternatives. Finalist groups were from Princeton, Rutgers, University of San Francisco and Tulane – for which the team consisted of four Chinese students who had met during an exchange program at the school, three of whom were flown in from China for the competition.
Winners received financial calculators and shared a $1,000 prize.
Barclays caps bonuses as profit falls. [NY Times]
Barclays Chief Executive Bob Diamond says the UK bank didn’t expect to launch any major drive to cut jobs in 2012. [Marketwatch]
Denmark’s Danske Bank will bring forward the 2,000 job cuts it’s planning. [Bloomberg]
RBS cut 300 staff in its capital markets and cash equities units after failing to find a buyer for the businesses. [Businessweek]
RBS, Citi and Deutsche have fired, put on leave or suspended employees in connection with an investigation into potential interest rate manipulation. [Bloomberg]
Hedge fund Och-Ziff’s profit tumbled 94 percent on lower performance fees. [Bloomberg]
As hedge funds bounced back in January, client exits were at the lowest level on record. [Reuters]
Buyout giant Apollo Global’s Q4 profit fell 61 percent. [WSJ]
Wall Street men taking testosterone to get a professional advantage. [Financial Times]