Inside views on the jobs market
The following financial services industry appointments were announced on November 20, linked where possible to personal profiles on LinkedIn. To inform us of other job changes, please e-mail email@example.com.
LEHMAN BROTHERS HOLDINGS
Bryan Marsal will take over as Chief Executive of Lehman Brother’s Holdings, Inc at close of business December 31, 2008 according to court testimony by Harvey Miller, an attorney representing the firm. At a U.S. bankruptcy court hearing in Manhattan today, Miller said the firm’s board of directors had approved the appointment. Marsal, who is currently the chief restructuring officer of the firm, will replace Richard Fuld as company CEO.
ONTARIO TEACHERS’ PENSION PLAN
Neil Petroff has been named Executive Vice-President, Investments and Chief Investment Officer of the Toronto-based Ontario Teachers’ Pension Plan (Teachers’), replacing the retiring Robert Bertram, effective by year’s end. He is currently group senior vice-president of investments. Prior to joining Teachers’ in 1990, Bertram spent 18 years at Telus Corporation, formerly Alberta Government Telephone.
FIRST NATIONAL BANK
David B. Yates has been named Senior Vice President, Corporate Strategies Coordinator at the Hermitage, Pa-based First National Bank. Yates is also tapped to lead the bank’s private banking business segment. He will report to Vincent J. Delie, Jr., president of the banking group.
It’s bound to happen in every industry, especially in the days and weeks that follow historic layoffs like yesterday’s at Citigroup: young up-and-comers eager to snap up top jobs come to the painful realization that they couldn’t have chosen a worse time to enter their chosen career field. And so the re-thinking, re-jigging and re-planning begins.
Just ask any MBA grad, who’s likely eying the carnage on Wall Street with a mix of dread and disbelief. Analyst jobs are among the newest batch of casualties, experts says, as an ongoing flurry of consolidation is threatening to obliterate thousands of positions that are unlikely to return.
Goldman Sachs sent the business media abuzz this weekend with news that its top executives were voluntarily giving up their annual bonus in a gesture they hope will spread to the rest of the Street. The decision immediately won the praise of New York Attorney General Andrew Cuomo, who hailed the move as a “step in the right direction”, while the firm’s spokesperson said, “They believe it’s the right thing to do.”
But don’t expect any applause just yet, at least not from Main Street. Taxpayers around the globe are still fuming about their respective government’s multibillion dollar bank rescue schemes, prompting no shortage of snarky editorials pointing to bloated paycheques and bankers’ cavalier actions for the financial meltdown.
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 New York Times’ Dealbook takes a look at some of Wall Street’s biggest movers and shakers as they have played musical chairs in the last few months:
Days after Lehman Brothers’ bankruptcy, it emerged that Mr. Shafir, a global cohead of mergers and acquisitions, was leaving for Citigroup. Mr. Shafir stayed long enough to help sell Lehman’s United States capital-markets business to Barclays.