Trading Places

Inside views on the jobs market

Executive payout: confused yet?

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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.

Now banks are grappling with how to retain and attract top talent without setting off a storm of criticism by angry taxpayers and regulators alike.

Most recently, Rep. Barney Frank issued a dire warning on banks’ use of government money, saying: “Any use of the these funds for any purpose other than lending — for bonuses, for severance pay, for dividends, for acquisitions of other institutions, etc. — is a violation of the terms of the Act.”

Job Bank – Oct. 31

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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 moves@thomsonreuters.com.

LINKLATERS
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.

Job Bank – Oct. 30

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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 moves@thomsonreuters.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.

Job Bank – Oct. 29

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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 moves@thomsonreuters.com.

Goldman Sachs
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.

Is Wall Street poised for a makeover?

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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

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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

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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

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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.

Job Bank – Oct. 24

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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.

Job Bank – Oct. 23

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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.

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