Why you shouldn’t complain (too much) about the cost of working in New York
Perhaps we should all stop grumbling about $14 gin and tonics and $30 cab rides uptown. While it may be hard to believe, there are more expensive cities to live in than New York. In fact, there are 25 of them.
In the Economist’s most recent cost of living calculation, New York ranked just 26th overall, trailing cities in Asia and continental Europe, mostly. The cost of living in Singapore, which topped the list, is 30% higher than in New York. Other cities rounding out the top five include Paris, Oslo, Zurich and Sydney. Tokyo, deemed the most expensive city in which to live in 2013, fell to sixth on the list. London ranked 15th.
The study is rather exhaustive — including 160 products and services like food, drinks, clothing, utility bills and transportation — but it doesn’t include income taxes or real estate. Rent is included, however.
Interestingly, the contents of the report will have more effect on those planning to relocate to Wall Street – or to financial centers in other cities – than on those who already live and work there. Human resource departments use the data to calculate cost-of-living allowances and compensation packages for expatriates. Salaries for Western expats moving to Tokyo, for example, may drop slightly after the city has become a less expensive locale in which to reside. But you’ll get more bang for the buck, unless of course you’re more interested in buying than renting.
Ever wonder what consultants really do? Here’s an hour-by-hour day in the life of a mid-level consultant and Bain & Company.
John Lefevre, the now-unmasked man behind the Goldman Sachs Elevator Twitter account, was actually outed seven months ago. The problem was the man who broke the news, an actual Goldman Sachs banker, tweeted it to his 39 followers, so no one found out.
Fabrice Tourre, the former Goldman trader recently found liable of defrauding investors, will not be an educator. The University of Chicago has pulled its offer to make him one of their new economics professors.
Hedge funds are clamoring to hire marketing professionals who can help them raise ‘sticky’ capital after a year when a number of underperforming strategies struggled to stem investor outflows.
How do you keep employees from leaving when you’re SAC Capital? Entice them with lots of non-deferred compensation.
Enrico Gaglioti, Goldman Sachs’ global head of equity sales, is retiring at age 42. Gaglioti is the third partner from Goldman’s trading division to leave the firm this year.
The ever-predicted surge in M&A activity may actually be upon us. Firms are hiring bankers and M&A lawyers as their pipelines continue to fill.
Buzz Around the Office
Dove soap owner Unilever was forced to backtrack on a New Jersey marketing plan after residents threatened a boycott. The company was planning a billboard in which it referred to the Garden State as the “Armpit of America.” Ironically, Unilever is headquartered in New Jersey.
Quote of the Day: “Even if you are on the right track, you will get run over if you just sit there.” – Will Rogers