Bulge-bracket bankers are singing the blues
The most prestigious banks to work for tend to be the big guys: Goldman Sachs, J.P. Morgan and Morgan Stanley to name a few. But, as a recent study proves, grandeur doesn’t always equal happiness.
More than three-quarters (76%) of executives at financial services firms with fewer than 1,000 employees reported enjoying their jobs, according to research from Financial News. The figure is similar for mid-sized banks and financial firms, with 75% of respondents saying they are happy with their careers.
Then there are the firms with more than 10,000 employees. Less than half of employees working at large financial institutions said they enjoy their work, with 28% saying they either don’t like their job or flat hate them. Just 11% and 13% of employees working at medium- and small-sized firms said the same.
Survey respondents cited the obvious when asked for their reasoning behind the dichotomy: at a smaller firm you are a face, not a number. And then there are the regulations. Big banks deal with much more red tape than smaller firms, and that frustration certainly trickles down to employees. Roughly 70% of those employed at smaller institutions are pleased with office morale, compared to just 32% for respondents from large organizations.
Still, when you ask Wall Streeters about where they’d love to work, the bigger names come up time and time again. The top 10 most prestigious banks on Wall Street, as ranked by executives, include all the big names.
Networking and online research can be a big help, but then you’ll only be eyeing the company culture through someone else’s lens. The best way to identify cultural problems at a potential employer is by using your own judgment.
Commodity Futures Trading Commission Chairman Gary Gensler’s tumultuous tenure is coming to an end. Gensler reportedly plans to step down at the end of the year.
Citigroup agreed to pay a $30 million fine after a research analyst employed by one of the bank’s affiliates released unpublished research data on Apple one day before the information was to become public. The employee, Kevin Chang, was fired in September. He released the non-public information to firms including SAC Capital, T. Rowe Price, Citadel and GLG Partners.
Anthony Noto, the former chief financial officer for the NFL, likely won’t have time to watch any of the games this weekend. Noto is back at Goldman Sachs and leading Twitter’s initial public offering.
As we reported earlier this year, Barclays is dressing down on Fridays. The decision apparently isn’t going over very well with the firm’s buttoned-up investment banking division.
SEC Commissioner Mary Jo White isn’t afraid to mix things up. In her latest pronouncement, White suggested that it may no longer be in the best interest of the markets to have U.S. exchanges police their own trading activities. The dozen or so gaffes that exchanges have been responsible for this year likely helped her reach that conclusion.
CNBC’s Maria Bartiromo may be called as a witness in the divorce proceedings involving Todd Thomson, the former CEO of Citigroup's Global Wealth Management Division. Rumors of an affair between the two have been floating for years, although Thomson, now founder of private equity firm Headwaters Capital, has denied having an inappropriate relationship with the anchor.
Buzz Around the Office
A local Washington man was arrested this week for eating a birthday cake that was left unattended outside of a courtroom. It sounds more like entrapment, although he probably didn’t need to use his bare hands.
List of the Day: Rules to Break
These job search rules no longer apply today. Forget about them.
- Include an objective on your resume.
- Use formal language in a traditional format on your cover letter.
- Write handwritten thank you notes.