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Goldman $ach$ names partner$
It's not all bad news on Wall Street, at least not for those at the top of the heap.
Goldman Sachs, who pays out the most in bonuses each year, on Wednesday named 94 new members to its elite club of partner managing directors. This group of 443 men and women typically share a fifth of the firm's bonus pool, which is nothing to sneeze at, even if compensation is down this year.
Below is the memo and the list:
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October 29, 2008
Goldman Sachs Announces the Partner Class of 2008
We are pleased to announce that the following individuals have been invited to become partners as of November 29, 2008, the start of our next fiscal year. These appointments recognize the contributions and potential of some of the firm's most valued senior professionals.
Paul R. Aaron
Sean J. Gallagher
David M. Marcinek
Heather K. Shemilt
Sanggyun Ahn
Gonzalo R. Garcia
Blake W. Mather
Magid N. Shenouda
Philip S. Armstrong
Paul E. Germain
John J. McCabe
Suhail A. Sikhtian
Charles Baillie
Paul Graves
John J. McGuire Jr.
Gavin Simms
Philip R. Berlinski
E. Glenn Hadden
Milton R. Millman III
Marshall Smith
Robert A. Berry
Jonathan J. Hall
Christopher Milner
John D. Storey
Oliver R. Bolitho
Jan Hatzius
Christina P. Minnis
Patrick M. Street
Patrick T. Boyle
Martin Hintze
Takashi Murata
Ram K. Sundaram
Stephen Branton-Speak
Todd Hohman
Todd G. Owens
Robert J. Sweeney
Anne F. Brennan
James P. Houghton
Craig W. Packer
Michael J. Swenson
Samuel S. Britton
Paul J. Huchro
Gilberto Pozzi
Jeffrey M. Tomasi
Jason G. Cahilly
Hidehiro Imatsu
Lora J. Price
David G. Torrible
Martin Cher
Alan S. Kava
Lorin P. Radtke
Frederick Towfigh
Denis P. Coleman III
Dimitrios Kavvathas
Richard M. Ramsden
Greg A. Tusar
Kevin P. Connors
Larry M. Kellerman
Michael J. Richman
Andrea A. Vittorelli
James V. Covello
Hideki Kinuhata
Michael Rimland
Paul Walker
Jeffrey R. Currie
Michael E. Koester
Luigi G. Rizzo
Alasdair J. Warren
Albert F. Dombrowski
J. Christopher
A. Kojima
Scott A. Romanoff
Dominic A. Wilson
Thomas M. Dowling
Michiel P. Lap
Julian Salisbury
Steve Windsor
L. Brooks Entwistle
Brian J. Lee
Paul D. Scialla
Martin Wiwen-Nilsson
Stephan J. Feldgoise
David A. Lehman
Peter E. Scialla
Denise A. Wyllie
Benjamin W. Ferguson
Deborah R. Leone
Peter A. Seccia
Han Song Zhu*
Wolfgang Fink
John S. Lindfors
Rebecca M. Shaghalian
Timur F. Galen
H.C. Liu
Devesh P. Shah
* Employee of Goldman Sachs Gao Hua Securities Company LimitedWe congratulate all of those selected and wish them continued success in their careers. These decisions are extremely difficult and we would like to acknowledge the contributions of those who were not selected this year. We are confident that many of them will be selected in the future.
Lloyd C. Blankfein Jon Winkelried Gary D. Cohn
Is Wall Street poised for a makeover?
There’s no question Wall Street is undergoing a transformation of sorts with the recent rash of job losses and do-or-die consolidations. But once the dust has settled – what then?
It just may be the start of Wall Street’s warm and fuzzy rebirth, Forbes reports.
Job Bank – Oct. 28
The following financial services industry appointments were announced on October 28, linked where possible to personal profiles on LinkedIn. To inform us of other job changes, please e-mail moves@thomsonreuters.com.
Lazard
Lazard Ltd said Alexis de Rosnay will join the firm as a vice chairman of Lazard International and as a senior member of its global financial advisory team, starting on Nov. 12. De Rosnay, based in London, was previously at Lehman Brothers, where he was co-head of investment banking for Europe and the Middle East as well as global co-head of health-care investment banking.
The bright side of financial turmoil
Who says it’s all gloom and doom on Wall Street? Sure, job cuts are fast and furious these days, but the deepening financial crisis is bringing about some interesting unintended consquences. Time magazine reports that although the government bailout caps the salaries of top executives, it may actually prop up the bonuses of rank and file bankers.
True, those bonuses are substantially lower than they would’ve been had the markets not imploded in recent weeks — but not nearly as low as one might expect.
Job Bank – Oct.27
The following financial services industry appointments were announced on Oct. 27, linked where possible to personal profiles on LinkedIn. To inform us of other job changes, please send an e-mail to: moves@thomsonreuters.com.
Deloitte
Deloitte Financial Advisory Services (Deloitte FAS) said it elected David Williams as chief executive officer and Kerry Francis as chairman for the U.S. portion of the unit. Williams, 46, replaces Frank Piantidosi who has been CEO since 2003. Piantidosi is moving into the role of chief executive of Deloitte North America Financial Advisory. Francis, 47, will continue to hold her standing title as leader of the group’s national Corporate Investigations practice.
Bracing for the pink slip epidemic
After a seemingly endless run of job cuts this week, Chrysler’s plan to slash a whopping 25 percent of its white-collar jobs handily goes to show how quickly problems in the finance sector leak into the rest of the economy.
Taken alongside cuts at Yahoo, Xerox and others, could this be the beginning of the so-called “pink slip epidemic”?
Job Bank – Oct. 24
The following financial services industry appointments were announced on Oct. 24, linked where possible to personal profiles on LinkedIn. To inform us of other job changes, please e-mail moves@thomsonreuters.com.
CITIGROUP INC
Citigroup Inc has hired two former senior Lehman Brothers fixed income executives, according to internal memos obtained by Reuters. Andrew Morton, previously global head of fixed income at Lehman, has joined Citi as managing director and head of G10 rates, risk treasury, and fixed income finance. John Gallo, formerly global head of liquid market sales at Lehman, has joined Citi as managing director and head of North American sales across multiple asset classes.
When bad things happen to bankers
Add 3,300 people to the long list of casualties of the credit crunch. Sources say Goldman Sachs plans to slash more than 10 percent of its workforce, a sobering sign of the times for a Wall Street stalwart that has largely dodged the massive credit losses that have taken out its peers. Once heralded as “tarnished, but not broken”, the latest round of job cuts will bring the bank’s headcount to the lowest level since 2006.
“These are not the last job cuts you will see,” warned Michael Williams, dean of Pepperdine University’s Graziado School of Business.
Job Bank – Oct. 23
The following financial services industry appointments were announced on October 23, linked where possible to personal profiles on LinkedIn. To inform us of other job changes, please e-mail moves@thomsonreuters.com.
ARCH CAPITAL GROUP LTD
The reinsurance company named John Hele chief financial officer, effective April 1. Hele, who is currently the CFO of ING Group, will be based in Arch Capital’s Bermuda headquarters and will replace John Vollaro. Vollaro will continue with the company as senior advisor.
Retirement plans, interrupted
Those lucky enough to hold on to their jobs during the market meltdown are facing another conundrum as the clock ticks towards retirement: should they stay or should they go? Canada’s Globe and Mail reports that an increasing number of soon-to-be retirees are opting to stay in the workforce, at least until their retirement savings recover.
“Retirement at 65 years is now headed for retirement at 70 years,” says Mike Harvey, talent manager for Prime 50, which focuses on employment for the 50-plus set.
