Wall Street’s Engines Of Profit Are Slowing Down (NYT)
While the numbers will not be known until after the third quarter ends and financial companies begin reporting earnings in October, the pace of trading this summer was slow even by normal summer standards. Trading in shares listed on the New York Stock Exchange was down by 11 percent in July from 2009 levels, and August volume was off nearly 30 percent. “What’s happened in the third quarter is that after a very slow summer, people expected things to come back,” said Meredith Whitney. “But they haven’t, and the inactivity is really squeezing everyone.” Keith Horowitz, a bank analyst at Citigroup, said he expected Goldman Sachs to earn $7.8 billion in 2010, a 35 percent decline from the $12.1 billion it made last year. Mr. Horowitz had predicted Goldman would make $1.75 billion in the third quarter, or $3 a share; he now expects Goldman’s profit to total $1.34 billion, or $2.30 a share. For Morgan Stanley, his revision was even steeper, with earnings expectations revised downward to $140 million, or 10 cents a share, from $726 million, or 53 cents a share.

Ranks Of Women On Wall Street Thin (WSJ)
In the past 10 years, 141,000 women, or 2.6% of female workers in finance, left the industry. The ranks of men grew by 389,000 in that period, or 9.6%, according to a review of data provided by the federal Bureau of Labor Statistics. The difference is pronounced at brokerage firms, investment banks and asset-management companies. The figures suggest that women bore the brunt of the layoffs in the recent recession. But other forces are at play. Across the economy, computers have replaced junior, back-office workers, jobs that were largely filled by women. Since 2000, the number of women between the ages of 20 and 35 working in finance has dropped by 315,000, or 16.5%, while the number of men in that age range grew by 93,000, or 7.3%. The losses are steepest for the youngest women, including those just out of college. The number of women entering finance-industry jobs at age 20 to 24 fell 21.8% over the past decade. For jobs across all industries, the overall number of women in the work force was unchanged over the same period.

FBR’s Miller Discusses Elizabeth Warren, Consumer Board (Bloomberg)
Banks are apparently “afraid” of Liz.

Elizabeth Warren Rides In (NYP)
Warren phoned a number of banking bosses, including Jamie Dimon, Vikram Pandit and John Stumpf, in an effort to ease tensions. “Vikram Pandit and Elizabeth Warren had a good conversation when they spoke on the phone [on Friday],” said a spokeswoman, in a statement to The Post. “Citi is very focused on helping consumers in our country and Vikram looks forward to working with Ms. Warren as she guides the development of this important new agency.” A spokesman at JPMorgan confirmed that Warren caught up with Dimon in Russia, where he is attending a conference. Dimon is said to have described the conversation as a “constructive first move.”

Hockey, Hooters May Mix (LVRJ)
Phil Falcone may not have to choose.

Goldman Casts Its Partnership Pool Wider (Telegraph)
The Brits’ term for “de-partnering” is so much better: “defanging”. Also: Although the number of new partners appointed is expected to be in the region of 100 – similar to 2008′s intake of 94 people – the current 370-strong club of “partner managing directors” is expected to swell to the upper 400s.

Donald Trump Cut From Wall Street 2 (NYP)
“It’ll be on the DVD,” director Oliver Stone says. “I only cut it because it was distracting. He was at the end of the movie and all of sudden, ‘Hey, there’s Donald Trump!’ Structurally, I think we put him in too late.” Continue reading »

$$$ Is Shia LaBeouf an Immortal, Shapeshifting Clone? [Gawker]

$$$ Wall Street Profits Off Madoff Misery [FBN]

$$$ Goldman’s Woman Problem [TDB] Continue reading »

There are people, let’s just call them ingrates, who were Citadel investors during the annus motherfucking horribilis that shall not speak its name who would like you to think that Ken Griffin doesn’t care about his clients. There are other people, let’s just call them schmucks, who were not Citadel investors at that time and nor have they ever been, who would like to stick their noses where they don’t belong and tell you, “Investors will never forget how Citadel acted in 2008.” You should listen to neither of them– they know not of which they speak. Ken Griffin loves his investors. In fact, he doesn’t even think of them as “investors” but as members of the family. A family he’d like to grow. So let Ken Griffin show that love. Let him show it up and down the eastern seabord. Continue reading »