Apparently CTO Jonathan Zhukovsky will be leaving the firm (CFO Christopher Hayward will now take on both roles), “along with a handful of people from other departments.”
Archive for January 2011
BofA Posts Quarterly Loss (MarketWatch)
The bank reported a fourth-quarter loss of $1.2 billion, or 16 cents a share, including a previously announced goodwill impairment charge of $2 billion related to its home loans and insurance business. Excluding the charge, the company saw profit of $756 million, or 4 cents a share. Analysts polled by FactSet Research had forecast quarterly net income of 18 cents a share, on average. In the year-ago quarter, Bank of America posted a loss of $194 million, or 60 cents a share.
Goldman Pay Still Tops JPMorgan’s as Bonus Season Begins (Bloomberg)
JPMorgan’s investment bank set aside enough money to pay an average of $369,651 to each employee for 2010, or 2.4 percent less than in 2009, according to the company’s year-end financial statements. Goldman Sachs’s pool equates to an average of $430,700, a reduction of 14 percent.
Buffett Stock Picker Simpson Opens Florida Firm After Retiring From Geico (Bloomberg)
Louis Simpson, the investor who picked stocks on behalf of billionaire Warren Buffett’s Berkshire Hathaway Inc. for more than a decade before stepping down, is going into business for himself. The 74-year-old Illinois native is starting an investment- advisory firm with his wife Kimberly Querrey in Naples, Florida, according to documents filed Dec. 20 with the U.S. Securities and Exchange Commission. The company, SQ Advisors LLC, is preparing to manage money later this year for Simpson’s family and friends, as well as outside charities, he said in an interview.
RBS In Talks To Quit State Protection Plan (FT)
Executives at Royal Bank of Scotland and officials at the Treasury are examining ways in which the part-nationalised bank could secure an early exit from the costly Asset Protection Scheme – an insurance structure designed to provide a government backstop for an original portfolio of £280bn ($445bn) of bad or risky assets.
California Declares Fiscal Emergency (CNBC)
Jerry Brown, California’s governor, declared a state of fiscal emergency on Thursday for the government of the most populous US state to press lawmakers to tackle its $25.4 billion budget gap. Continue reading »
$$$ Goldman Sachs Loses Top Bond Trader Edward Glenn Hadden to Morgan Stanley [CNBC]
$$$ Google Reports Big Profit Jump; Larry Page New CEO [Reuters]
$$$ Man Group Sinks as Investor Pulls $1 Billion, Analysts Question Fee Growth [Bloomberg]
$$$ “I’m sitting in my office, working, on my baby’s due date. Am I crazy?” [WSJ] Continue reading »
James Woolery, a partner at Cravath, has been named co-head of North American mergers and acquisitions, alongside Chris Ventresca. [Bloomberg]
Morgan Stanley is scheduled to hear about bonuses tomorrow. Ahead of the numbers, management has been telling employees to manage their expectations, ’cause they’re not getting much. To that end, today the bank has announced that when people do get an exact figure, to take that number and then think about what forty percent of it is– that’s how much you’re actually getting now. Continue reading »
Steve Eisman To Threaten Proxy Battles Over The Phone From His Perch At FrontPoint For Years To Come
By Bess Levin
Earlier today, it was suggested that Steve Eisman was “weighing” leaving FrontPoint Partners, after he told the Journal, “At this point in my career, I want to have more control over my destiny.” Apparently the speculation was way off base, forcing Steve-o to clarify his statement. Continue reading »
Insider Trader Danielle Chiesi Worried Feds Were Going To Charge Her With Deadly Pussy Possession
By Bess Levin
Early in the morning of Oct. 16, 2009, agents from the Federal Bureau of Investigation knocked on Ms. Chiesi’s door, confronting her with the evidence they had gathered. She walked into the hallway of her Manhattan apartment, worried about letting the agents in because they might find a marijuana joint in the apartment from a party the night before, according to a person familiar with the matter. When the agents asked her if she had a weapon, she told them she had a fish and a cat, the person says. [WSJ via Daily Intel]
Take it away, William Arnuk. Continue reading »
If you haven’t noticed, things haven’t been going so hot for Goldman Sachs of late. In just this week alone, the bank reported that fourth quarter earnings fell 52 percent to $2.4 billion, the ire of many a client was provoked when they were informed that only those outside the US could participate in the Facebook investment and the New York Times exposed the highly-guarded secret that partners at the firm make a lot of money. Today, however, brought some incredibly positive news for the Masters of the Universe, which will no doubt be cheered by management, rank and file employees, shareholders, Wall Street analysts and even the mainstream media. Continue reading »
Tux twins Jamie Dimon and Lloyd Blankfein at last night’s State Dinner. [Politico]
As you may have heard, the Feds are currently hoping to nail a not insignificant number of people for insider trading. Whether you’ve merely dabbled in the hot tips game or traded on material non-public information so many times you’ve lost count, the question ‘Would I survive in the big house?’ may have crossed your mind. It’s a legitimate worry but today you can unclench your fear-stricken ass. Continue reading »
