The New York offices of Pimco, the massive asset manager run by Bill Gross, are being fumigated this week because of a bed bug infestation. “Our New York office is addressing an isolated issue with insects, and as a precautionary measure the firm is fumigating certain areas of the office space,” a spokesman said on Wednesday. “During this period, our employees are working remotely, and we expect to resume full on-premises staffing over the coming days.” Pimco’s New York offices, located in the Paramount Plaza on 1633 Broadway, are one of a dozen global locations. Pimco, a unit of Allianz SE, has its headquarters in Newport Beach, Calif. “This is an issue that is far from uncommon in New York City,” the spokesman said, regarding New York City’s battle with the epidemic of tiny blood-sucking insects. [Reuters, earlier]
Posts by Bess Levin
The youngest members of the House of Lloyd are said to be in for a nice little salary bump. Read more »
School is in session. Read more »
The car-service app is testing a new delivery system called Corner Store, where in addition to ordering a car to chauffeur you to and from hookups, you can also have it deliver items like tampons, toilet paper, and — yes — condoms. The convenience economy just wants to delight your sex life. [Daily Intel]
Book references aside, is that not the image you’re getting here? Read more »
Groundbreaking Research Reveals Junior Bankers “Fairly Pleased About” Not Working 100 Hour/Week AnymoreBy Bess Levin
Over the past year or so, every major bank on Wall Street has implemented policies aimed at improving the lives their youngest employees, analysts, from absolutely miserable to relatively tolerable. Citi gave Saturdays (but not Sundays) off. Credit Suisse also went for the 36-hour weekend. Bank of America said that while it did “not encourage weekend work” in the first place, its junior bankers should feel free to take “some weekends off.” JP Morgan introduced the patent-pending “protected weekend.” Goldman Sachs barred junior bankers from entering the office between 9PM Friday and 9AM Sunday (with the expectation that they would “check their blackberries on a regular basis over the weekend“).
To the outside world, these changes seemed reasonable and maybe even long overdue. But inside, there was a fear that it was possible this was all happening too fast. After years of being told to not make plans, ever, that the only personal relationships they could have would be with their desk and chair, and that they were to be reachable at all times via Blackberry, whether Pop-Pop was on his deathbed or not, how would the junior bankers take to all this freedom? Would they know how to exist in a world in which they only had to work 80 hours a week? Would they even like it? Or like prisoners who’ve adjusted to life under their captors’ regimes, or house cats that suddenly find themselves out in the jungle, would they be unable to adjust to and navigate an existence post-release, wishing to go back to comforting if confining lives they once knew?