Banks

brianmoynihanbofa2It’s a great day in Moynihan Land. Read more »

Goldman Sachs Is Smart

Come to give thanks. Not smart enough to avoid almost certain death without that government lifeline in 2008, but smart enough to realize that said lifeline, coupled with the 1999 banking deregulation that helped lead to the financial crisis of which that almost certain death was a part, gave it (and Morgan Stanley) a tremendously unfair advantage over everyone else vis-à-vis commodities, one that’s still printing money for the bank. Read more »

ubs (3)Like their brethren at Citigroup, UBS’s junior mistmakers are mighty miffed and have a right mind to tell management where it can go. Read more »

The design intends for no one to have an assigned desk and there are only 150 spaces for 200 people. For those who were initially resistant to losing their assigned space, Catalano says, “it was hard to argue with real data that the old space was underutilized.” Employees have a locker where they put their personal belongings, and then they set up in the morning where they want to work. There are sanitized wipes on every desk so that the shared workstations are left clean [HBR via Matt Levine]

  • 17 Nov 2014 at 10:00 AM
  • Banks

Bonus Watch ’15: Morgan Stanley

Not gonna be happy with this shit.Need a new car? New house? New lung? New wife? Brokers, be warned: You might want to spend your whole bonus next year in one place, but you will not be able to. Read more »

Strip-steakKnown inside Merrill as the “wellness initiative,” Thiel has been advocating his employees embrace a New Age cultural lifestyle that includes meditation and drinking wheatgrass and cucumber juice during firm gathering…But at the meeting on Tuesday night, without Thiel present, the old Thundering Herd, as Merrill’s brokers are known, was back on display. Speeches from management included testimonials about veteran brokers, and remarks about financial markets. Also noticeably absent: Any trace of wheatgrass or cucumber juice on the menu, or any of the so-called wellness gurus or new age lifestyle experts Thiel featured at past events. Instead, brokers feasted on “meat, potatoes and booze,” according to one person who was present. “It’s the way you’re supposed to feed the Thundering Herd.” [FBN, related, related]

  • 13 Nov 2014 at 1:26 PM

Bonus Watch ’14: James Gorman Is Proud Of Y’All

James GormanIn late January, in the year of 2012, Morgan Stanley had a lot of unhappy employees on its hands. Bonuses had just been announced, and the majority of the team was displeased. But while some bank CEOs might’ve paid lip service to the group, telling them how important they are despite what their bonus might suggest, or promised the slight would be made up next year, or simply ignored the grumbling and gone about their merry way, Morgan Stanley chief James Gorman was having none of it. “STFU or GTFO,” he essentially told MS employees, during an appearance on BloombergTV, “and don’t let the door hit your ass on the way out.” (Actual words: “You’re naive, read the newspaper, No. 1, No. 2, if you put your compensation in a one-year context to define your overall level of happiness, you have a problem which is much bigger than the job. And No. 3, if you’re really unhappy, just leave. I mean, life’s too short.”)

Now, nearly three years later, with what was no doubt a tear in his eye, Gorman had this to say: Read more »

  • 13 Nov 2014 at 10:00 AM

Bonus Watch ’14: UBS

ubsairshipIt’s going to be a cold, dark bonus season at the Swiss bank, thanks to the foreign currency double-teamers who had to ruin things for the whole group. Read more »