Archive for May 2012

Write-Offs: 05.31.12

$$$ Spain reveals €100bn capital flight [FT]

$$$ Spain Says It Has Months to Raise Bank-Bailout Funds [WSJ]

$$$ Market Braces for What Could Be Another Weak Jobs Report [CNBC]

$$$ Goldman’s Cohn Warns Of Poaching Risks From Further Cuts [Bloomberg]

$$$ Larry Fink’s hedge-fund-manager son Josh isn’t having a great time of it [AR-Alpha]

$$$ “T. Boone Pickens, who apparently follows Drake on Twitter, sure isn’t [impressed], replying ‘The first billion is a helluva lot harder’ with a mic-drop retweet.” [Gizmodo]
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  • 31 May 2012 at 6:05 PM

Layoffs Watch ’12? Deutsche Bank?

Mr. Jain, 49 years old, played a central role in building Deutsche Bank’s investment-banking business over nearly two decades as it reached beyond its staid commercial-banking roots. Investment banking now generates about 70% of the overall bank’s profits most quarters. He takes the [CEO] post at a time when many analysts consider the lender one of the least well capitalized among its investment-banking peers. The bank also faces a litany of legal problems on both sides of the Atlantic. Those who know Mr. Jain say he will cut the fat at the banking giant, sell businesses that don’t meet profit goals and shutter others. [WSJ]

  • 31 May 2012 at 6:02 PM

Germans Still Not So Sure About This Anshu Jain Guy

Tomorrow morning, Anshu Jain will start his new job as co-CEO of Deutsche Bank. Despite having previously overseen operations that produce 90 percent of the firm’s profits in any given quarter, sitting on the management committee, and generally being considered a “star” both within the company and among those who follow his work, chief executive officer is a title no one thought AJ would be given if he remained at DB, because 1) people back in Germany don’t like that he’s an investment banker and 2) “In Germany, no one can imagine an Indian working in London who does not speak German being CEO of Deutsche Bank.” To the haters’ chagrin, though, that’s exactly what’s about to happen. And if they want to continue bitching about it, they can be Jain’s guest– their insults go in one ear and out the other. Read more »

  • 31 May 2012 at 4:20 PM

Housekeeping: Dealbreaker Is Looking For Columnists

Do you want to write things on Dealbreaker? We are looking for a few more regular columnists to write regularly on the areas of their expertise and interest. Topics could include private equity, hedge funds, b-school, stripping one’s way through b-school, or something that has absolutely nothing to do with any of those things but which you are particularly passionate about. Topics like “what I am thinking about this week” or “finance!” will probably be less successful. Read more »

Are you among the people who mistakenly believe working for Goldman Sachs has lost its luster? That the youth of America no longer spend nights dreaming about what it’d be like to bask in the glow of Lloyd Blankfein? That a guy who couldn’t tie his shoes ’til he was 22 was able to ruin the picture they had their minds of what it would be like to one day, if they worked really hard, have Gary Cohn hike up one leg, plant his foot on a their desk, his thigh close to their face, and ask how markets were doing? Then you don’t have a clue. Read more »

CFA 2012: Good Luck To All

As those of you who took the week off to study are well-aware, Saturday is CFA exam day, for all levels. And while we have complete confidence in each and every one of your abilities, some people have expressed feeling a bit jittery about the test. For the vast majority, those fears, while normal, are unwarranted. You just need to talk it out and should consider this space a safe place to do so. For a smaller group of people, though, your fears are totally founded because, statistically speaking, you will fail. Having said that… Read more »

Just a quick update re: yesterday’s story about the group of Piedmont Driving Club golfers one member wanted to see shamed for various offenses committed during a tournament that included (but was not limited to) slapping people in the face with appendages other than their hands: Read more »