Inside views on the jobs market
The following financial services industry appointments were announced on Nov. 5, linked where possible to personal profiles on LinkedIn. To inform us of other job changes, please e-mail firstname.lastname@example.org.
Lehman Brothers Holdings Chief Executive Richard Fuld will step down from that post by year’s end, a spokesman for the bankrupt financial firm said. Fuld will continue as nonmanagement chairman of the board after leaving. A new CEO was not named.
The private equity firm appointed James Fraser as head of financial services. Prior to joining Permira, Fraser was at L.E.K. Consulting in the U.K., U.S. and Australia, most recently co-head of L.E.K’s global financial services practice.
Citigroup has recruited Lehman Brothers Holdings’ former European head of equities technology, Rick Seidenstein, as global head of equities institutional sales and trading technology, the Wall Street Journal reports.
The Federal Reserve Bank of New York has hired the former chief risk officer of Bear Stearns Cos, Michael Alix, to advise on bank supervision. Alix, whose appointment was effective Nov 3, will serve as a senior adviser to William Rutledge in the Bank Supervision Group.Alix was at Merrill Lynch & Co before joining Bear Stearns in 2006. OCTOPUS INVESTMENTS LTD
The investment company said it appointed Karl Jentoft as marketing director, with immediate effect. Prior to joining Octopus, Jentoft was chief executive and founder of City Living Ventures, a Washington DC real estate development company. BNY MELLON ASSET MANAGEMENT
The global asset management arm of The Bank of New York Mellon Corp said it appointed Thomas Connolly as managing director, head of asset management for the Middle East region. Connolly joins from the Abu Dhabi Investment Authority.
Looking for a kinder, gentler work environment? If you’re in North America, you might consider heading east. Human resource experts say cultural differences could be the difference between taking a hefty pay cut and losing your job entirely.
During a downturn in the East, ”the right thing to do is to share the burden. There’s that sense of collective responsibility. Whereas in the West, it’s more about individual survival,” says Michael Benoliel, associate professor of organizational behavior at Singapore Management University.
The following financial services industry appointments were announced on November 3, linked where possible to personal profiles on LinkedIn. To inform us of other job changes, please email email@example.com.
NEEDHAM & CO
The investment bank said Jim Apostolides has joined the firm as a managing director in the mergers and acquisitions group based in New York. He reports to Rick deNey. Most recently, Apostolides was a managing director at Citigroup Inc. STANDARD LIFE INVESTMENTS
The global fund manager named Virginia Holmes as a nonexecutive director. Holmes was previously chief executive of AXA Investment Managers in the United Kingdom. UBS AG The Swiss investment bank named former Lehman Brothers banker Jeff Ren as an executive director for its China investment banking team, according to an internal memo obtained by Reuters on Monday. PENSION CORP
The provider and underwriter of pension solutions named Louise Inward as its general counsel. Inward was formerly head of pensions practice at PricewaterhouseCoopers Legal. GLOBAL PAYMENTS INC
The online credit card transactions processor promoted James Kelly to president and chief operating officer and also named David Mangum as chief financial officer. Joseph Hyde, currently chief financial officer, has been named to the position of president for its international division.
Anyone scratching their heads over executive compensation can be forgiven for being a bit puzzled. These days, it’s hard to keep track of who owes what, which executives are getting a fat bonus, and what might happen if government bailout money reaches bankers’ pockets.
The Wall Street Journal sparked more debate today in a report outlining that the same financial giants getting cash infusions contractually owe executives more than $40 billion in deferred pay, including bonuses.
The following financial services industry appointments were announced on Oct. 31, linked where possible to personal profiles on LinkedIn. To inform us of other job changes, please e-mail firstname.lastname@example.org.
Law firm Linklaters elected Alberto Luzarraga as a partner in its corporate/mergers and acquisitions practice group in New York. Luzarraga joins from Shearman & Sterling.
The extent of the shrinking economy became abundantly clear today to American Express employees, a whopping 7,000 of whom will be laid off in a massive restructuring plan. Similarly, Legg Mason Capital Management says it will cut up to one-third of its workforce in a move described by one analyst as “inevitable”. The downsizing amounts to only about 50 employees, but more importantly marks the asset manager’s first job cuts in 26 years.
Is any sector or company safe? The short answer is no, although some industries are safer than others.
The following financial services industry appointments were announced on Oct. 30, linked where possible to personal profiles on LinkedIn. To inform us of other job changes, please email email@example.com.
LONDON STOCK EXCHANGE
London Stock Exchange on Thursday appointed former Lehman banker John Wilson as chief executive of Baikal and promised to announce a revised plan for the pan-European nondisplay, or ‘dark pool’ platform in a few weeks.
In yet another sign of tough times on Wall Street, dejected financial professionals were among those lined up yesterday for a shot to work for none other than the IRS, the New York Times reports. It’s a curious career move until you look at the circumstances: the battered banking sector has been cutthroat in its downsizing, leaving virtually no job safe. But can anyone remember the last time the IRS downsized?
“You could get a lucrative job in the financial market right now, but how long can you keep it?” says ex-Lehman Brothers staffer Jean Delice. “Everywhere I look, I see layoffs. If I take a $10,000 or $20,000 pay cut, in the long run, I’m ahead. The government is not in the trading business. It will be around.”
The following financial services industry appointment was announced on October 29, linked where possible to personal profiles on LinkedIn. To inform us of other job changes, please e-mail firstname.lastname@example.org.
Goldman Sachs Group Inc on Wednesday promoted 94 employees to partner, the firm’s highest rank and one offering lucrative bonuses. Every two years, Goldman names a class of managing directors to the exclusive rank of “partner managing director.” The system offers about 400 employees the chance to share a fifth of the firm’s total compensation pool.