Tuesday’s Headlines: MBAs Being Lured North of Wall Street to the Garment District

Fashion is luring recent business school grads away from careers in financial markets. The grads say they find the fashion industry ripe with opportunities to be creative, get hands-on experience and be part of smaller businesses tapping into big social media opportunities, according to Businessweek, which reports full-time jobs in fashion are up 40 percent over last year. The magazine writes:

The technology and retail worlds have collided, leading to more opportunities for MBAs in a sector that traditionally hasn’t been open to recruiting or hiring business school graduates. Many traditional fashion houses are looking to expand their online presence and are becoming more savvy about how they use social media and market their brands in an increasingly competitive marketplace. At the same time, dozens of recently launched e-commerce fashion start-ups are hungry for top MBA talent to help their companies grow to the next level.

University of Virginia MBA students are offered a trip to New York to visit fashion companies. Last year, three students participated; this year, 25.

 

Other News:

Goldman last week laid off 50, including managing directors. [DealBook]

Compensation rose by an average of 20.4 percent last year among 50 chief executives of the biggest financial companies by market capitalization. [Bloomberg]

A group of five banks including Deutsche and Barclays are launching a currency system to rival EBS. [WSJ]

Deloitte committed to spend $160 million in China. [WSJ]

The share of global private equity deals done in Asia doubled over the last four years to 21 percent. [Reuters]

Vulture funds lick their chops over Spanish assets. [Reuters]

J.P. Morgan’s trading loss is expected to be $4.2 billion. [Bloomberg]

Fortress Investment Group and Nomura Real Estate Holdings are eyeing Japanese real estate. [Businessweek]

Regulators are targeting conflict-of-interest among bankers who work in debt offerings. [WSJ]

The World Bank is publishing the names of companies that bribe government officials. [Businessweek]

Tips for recent grads to land jobs. [CNN Money]