Despite its headcount reductions, Goldman Sachs made a few hundred people very happy this week, promoting 266 employees to managing director one day after naming 70 new partners.
Almost one-quarter (23%) of the newly-minted MDs are women, up front 19% a year ago, according to Bloomberg. Just 14% of this year’s partner class is women, although that’s the highest percentage since at least 2006.
The 346 Goldman employees to be named managing director or partner need not worry about reports highlighting a compensation drain on Wall Street. MDs typically make a base salary of around $500,000, with year-end bonuses that can bring their total compensation well into the millions. Partners, meanwhile, take home around a $1 million base with an even more aggressive incentive plan.
As long as you can get to the top – and stay there – it still pays to work on Wall Street.
Consolidation Looming (Bloomberg)
Trading firms will need to cut their compensation ratio from 50% to 40% and reduce their risk-weighted assets by one-third over the next few years as new regulatory requirements kick in.
Bad Credit Raters (WSJ)
Credit ratings firms like Standard & Poor's, Moody's and Fitch do a generally poor job in following their own standards and methodologies for assigning and disclosing ratings to securities.
Glen Albanese, former chief financial officer of broker dealer Needham & Co, was arrested on Thursday on charges that he stole more than $1 million from the firm over a 10-year period by submitting false invoices from vendors.
Asset Fight (WSJ)
The widow of Mark Maddoff, the son of convicted Ponzi schemer Bernie Maddoff who committed suicide in 2010, is in a heated battle with a court-appointed trustee over her husband’s remaining assets.
Tampa Adding Jobs (eFinancialCareers)
Three financial firms, including the New York-based Depository Trust & Clearing Corporation, are looking to create as many as 1,000 new jobs in and around Tampa.
Foreign Language Skills a Plus (eFinancialCareers)
Financial firms are on the lookout for CPAs and financial pros who know eXtensible Business Reporting Language (XBRL), a data-tagging language in which all filings with the Securities and Exchange Commission must now be submitted.
Co-Heads (Financial News)
HSBC has appointed to new co-heads to its U.K. corporate broking team: Simon Alexander a managing director in corporate broking at Citigroup, and Mark Dickenson, deputy head of corporate broking at Canaccord Genuity.
Uh-Oh (Business Insider)
Wall Street villain Elizabeth Warren is looking primed to be handed a seat on the Senate Banking Committee.
Buzz Around the Office
He Walked Right Into That One (MSN)
There is no better way to warn of the dangers of walking-while-texting than seeing a man saunter right into a swimming pool while typing away. LOL.
List of the Day: Experienced Job Seekers
Searching for a new job when in your later years can be difficult. Here’s how to age-proof your resume.
- Shorten your resume to the last 15 applicable years.
- Avoid using words like “seasoned” and phrases like “x-number of years of experience.”
- Learn and include skills used by Gen X or Gen Y.
(Source: AOL Jobs)