The Journal reports that JWM Partners will “lose” four (out of seven) partners, and will also misplace ten other employees, reducing the staff to twenty five in the coming months. This news was all laid out for investors in the firm’s November correspondence, which also contained the information that JWM’s flagship, the Relative Value Opportunity Portfolio, fell 42.78% YTD, to a net asset value of $554.8 million. Fun fact: all JWM letters are branded with a unique watermark bearing Mr. Meriwether’s face in various stages of distress during the whole LTCM sitch, which you’d think would serve as a sort of skull and cross bones warning of danger ahead, but apparently, not so much.
Earlier: Exits At JWM
— Advertisement —
Comments (13)
Leave a comment
You can log in with your account or comment as a guest below.
- Use the Bloomberg command
NH BLG_DEALBREAKER <GO>
to access Dealbreaker
Are any of the investment banks hiring bankers or equity research right now? (this is actually a serious question)
2 Also serious: anyone have any insight into those ads in the Sunday NY Times business section that Goldman runs, looking for assorted analysts. There are always three or four of them, inviting people to apply on line.
@2 To give the illusion of normality. That or HR needs to spend the advertising budget because they haven’t looked out the bubble yet.
is DB hiring?
bess i have some writing samples for you. really.
misplace employees?
I think you’re onto something here. Maybe instead of declaring losses for the year, all these funds can simply declare a misplacement of assets. Could Madoff use this as a valid defense?
Add another to the list of this year’s “winners”
http://www.bloomberg.com/apps/news?pid=20601087&sid=aZ7dIOL5QL5E&refer=home
Down 77% is the new “killing it”
Meriwether has style,doesn’t he?His investors have to be the easiest marks around.
magnetar, citadel…chicago will never be the same
@2 – Those ads are probably placed due to requirements during sponsorship for greencards. GS needs to show the govt that they cannot find equivalent skills in the US, therefore they are asking for a greencard for a current employee.
One of the wrinkles in this process is that if an applicant to the position meets the requirements, GS is obligated to hire them instead. Of course, with lawyers involved this never happens in practice!
New Book Idea Bess!
When Genius Failed, Again.
Misplace 10 employees? WTF!
@9&2: GS not the only kids fiddling in the grey re immigration. A certain swiss bank appears to be applying for the G-card for later “displaced” (and a bit too quickly) employees. Guess they are not irreplaceable after all.
For @1-2-3, @9 is absolutely correct. Foreigners can’t get the H1-b work visa until after the job is advertised and a nominal search conducted.
GS and others go through the motions to legitimize staff they already know they want to bring into the country, and act shocked if a real American responds to the ad. The employers are obliged to go through the interview shuffle and write a memo to file explaining why none of the citizen applicants came close to filling the bill.
DB readers should respond to all suitable ads in WSJ, etc! It is a great way to network with a captive audience, and the views from the conference rooms are sometimes quite splendid.
Persist if the employer does not respond within 5 biz days, then contact Bureau of Labor with details regarding the specific ad to which you responded.
Hey, you’ll be surprised by who you get to meet once HR realizes you are not going away quietly.