Relatedly, Goldman is looking to increase its ranks of junior mistmakers.
Financial firms in London, besieged by Europe’s sovereign-debt crisis, probably will shrink their workforce this year, snapping a hiring rebound from 2008’s credit crisis as New York’s industry ekes out job growth. Banks, insurers and other financial-services firms may eliminate about 3,000 jobs across greater London as companies in the New York region add 9,000, according to U.K.-based researcher Oxford Economics Ltd. London’s proximity to the debt crisis is undermining the city’s efforts to gain on its trans-Atlantic rival. While Wall Street also is suffering from a global slowdown in trading and deal-making, North American banks are benefiting from a surge in consumer lending…Some large banks are offsetting senior-staff reductions by recruiting less-expensive workers. New York-based Goldman Sachs, seeking to cut $500 million of costs, expects its workforce to feature a greater proportion of junior employees by year-end, Chief Financial Officer David A. Viniar, 57, said July 17. “Wall Street is tilting toward younger, up-and-coming talent,” Kahn said.
London Firings Seen Surging As Finance Firms Add Jobs In NY [Bloomberg]
not so fast tonto, NY replacements are software crunchers
I can see the Bender & Bender age discrimination commercials already…
- Oracle at Delphi Automotive
An Englishman and an American are driving head on, at night, on a twisty, dark road. Both are driving too fast for the conditions, and they collide on a sharp bend in the road. To the amazement of both, they are unscathed, though their cars are both destroyed. In celebration of their luck, both agree to put aside their dislike for the other from that moment on. The American fetches a bottle of whisky. He hands the bottle to the Brit, whom exclaims,''may the Americans and the English live together forever, in peace and harmony!'' The Englishman then tips the bottle and gulps half of the bottle down. Still flabbergasted over the whole thing, he goes to hand the bottle to the American, who replies: "No thanks, I'll just wait till the police get here."
That's what I like about these Analysts; I get older , they stay the same age
“Wall Street is tilting toward younger, up-and-coming talent,”
Yes, that is true.
G. Soros
Bess,
Is this your way of telling us Matt is leaving?
That's what I like about these analysts' comp packages; mine gets bigger, theirs stay the same, and actually sometimes get a bit smaller.
Oh, Noooo!
TRex
Jurassic Park
1585 BroadwayNew York, NY
Viniar's statement was pretty dumb. I'm surprised GS let him say it. Age discrimination actions will have that as their motto on email "signatures". Imagine the reactions here if he had said, "Wall Street is tilting toward whiter, up and coming talent…..".
Zoom-zoom-zoom
–JD
OK, I'm imagining. What was it you were talking about?
"Some large banks are offsetting senior-staff reductions by recruiting less-expensive workers. "
You know who else employs the strategy of hiring the lowest bidder – the U.S. government – and look how successful they are.
-Trader who would like to remind those doing the hiring you can't find alpha in a discount bin at TJX.
Maybe, but in the U.S. only people 40 or over are a protected class for age discrimination. For anyone 39 or younger laid off by GS, it doesn't matter.
We'll always have Nandos
Why does this have to be the ONLY relialbe source? Oh well, gj!
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Who wants a stylus. You have to get em and put em away, and you lose em. Yuck. Nobody wants a stylus.
best format
this true Wall Street is tilting toward younger, up-and-coming talent.