When you ask Wall Street execs who they’re voting for in the upcoming presidential election, more often than not you’ll receive a quizzical look rather than a verbal response. Romney, obviously, say most of the faces.
The reasons vary, but most center around President Obama, ranging from his personal attacks on their character, to tax hikes on the wealthy, to the regulations he supports, like the Volcker Rule, that limit risk and in turn lower their firm’s profit ceiling.
But perhaps the real reason could be more fundamental. The “fat cat bankers,” as Obama has often called Wall Street execs, may fear his presence in the Oval Office will result in a smaller paycheck. And now Obama is starting to feel the prejudice in his own wallet. Wall Streeters, who were big supporters of Obama in 2008, have closed their purse strings, channeling the majority of their donations to Romney.
Goldman Sachs employees, who four years ago donated more than $1 million to Obama’s campaign, have contributed a paltry $136,000 this time around, according to The Wall Street Journal. Employees at most other big banks have followed suit.
MetLife Bulking Up (eFinancialCareers)
Insurer MetLife plans to hire about 20 people, mostly in marketing, over the next 12 months as it launches its third-party asset management business.
Making a Change (Business Insider)
J.P. Morgan Chase, still reeling from its nearly $6 billion trading loss, appears on the verge of making yet another personnel move. Chief Financial Officer Douglas Braunstein is expected to be moved into a new role at the bank within the next two quarters.
Caps Needed (WSJ)
Federal Reserve governor Daniel Tarullo is the latest regulatory official to call for new rules that would cap the size of the nation’s largest banks. His recommendation: limit the size of their nondeposit liabilities.
Cash Back (WSJ)
Peregrine Financial founder Russell Wasendorf Sr., who last month pleaded guilty to embezzling client funds, believes his former investors will receive much of their money back after all of the company’s assets are sold off.
Unemployment Claims Falling (Bloomberg)
First-time jobless claims dropped 30,000 to 339,000 for the week ended Oct. 6, surpassing analyst expectations and marking the lowest weekly number of claims in more than 4 years. But the numbers may have been fouled up.
In Cahoots (CNBC)
Four buyout firms – Blackstone Group, KKR, Bain Capital and Carlyle Group – agreed to limit competition amongst each other in an effort to keep prices reasonable, according to newly released emails.
Becoming an FA (eFinancialCareers)
When considering getting into wealth management – one of the few areas in financial services that is growing – know this: it’s a sales job.
Buzz Around the Office
Getting Chewed Out (Yahoo)
Not often do employees get publicly reprimanded by their boss for quitting a bad habit. But that’s exactly what happened to Texas Rangers outfield Josh Hamilton, who was scolded by the club’s president, former big leaguer Nolan Ryan, for quitting chewing tobacco during the season.
List of the Day: Living at C-Level
Breaking into the executive level from middle management is no easy task. Here are some easy ways to increase your chances.
- Find a mentor in a C-level position.
- Make your aspirations known; your boss isn’t a mind reader.
- Draw attention to yourself through articles, blog posts and speaking engagements.