Wall Street Bonus Outlook Is Mixed Bag (WSJ)
Year-end bonuses among 18 large banks, securities firms and asset managers could rise 5% to 10% this year, paced by higher payouts for asset-management and wealth-management employees, according to an analysis by compensation consultant Johnson Associates Inc. The mood may be more subdued on bond-, currency- and commodities-trading desks and within merger-and-acquisition departments—two of Wall Street’s traditional power bases. Johnson forecasts a 5% to 10% drop in the bonuses paid to merger bankers, while fixed-income traders could see payouts fall more than 15%.
Twitter Raises $1.82 Billion Pricing IPO Above Offer Range (Bloomberg)
The sale, the largest IPO by a technology company since Facebook Inc.’s debut in May 2012, values the short-messaging website at $14.2 billion. Twitter sold 70 million shares at $26 each, after offering them for $23 to $25, the San Francisco-based company said in a tweet. Goldman Sachs Group Inc. led the sale, working with Morgan Stanley and JPMorgan Chase & Co.
BofA Chief Says Fed Will Keep Pace (WSJ)
Speaking at a Wall Street Journal event Wednesday in New York, Mr. Moynihan said he thinks the Federal Reserve will continue its current bond-buying program to keep interest rates low. He said the bank expects the U.S. economy to grow by about 2.5% over the next year, and the world economy to expand by 3.5%.
Goldman staff flustered over make-or-break promotions (NYP)
Hundreds of mid-level bankers at the gold-plated Wall Street firm will be sweating out the next few days, wondering if they will make the cut next week and be named a managing director. The promotion, one step below becoming a partner, is worth millions of dollars of added income over several years. But not getting named a managing director, or MD, could spell the end of a promising Goldman career. It’s one of the more excruciatingly tense weeks at Goldman — and this year the pressure is ratcheted higher than ever because it is the last annual set of MD promotions. CEO Lloyd Blankfein and the rest of the management team decided last year to make future MD promotions every two years.
Couple create gruesome wedding cake made of their own bloody severed heads (NYDN)
A film buff couple had a gruesome wedding cake made of their own severed heads. Natalie Sideserf, 28, a cake artist spent forty hours creating the cake to match her movie-themed wedding. Both heads are lifelike, with blank soulless eyes, hair matted with blood and bleeding severed necks. They were placed on a white board, with a banner draped on the base aptly reading: ‘Til Death Do Us Part.’ She said they chose it because her husband David Sideserf, 30, is a fan of scary movies. ‘We were watching a horror movie, and I was always interested in sculpting lifelike cakes, especially in the face, so I thought, “How neat would it be if I did our severed heads?’” Mrs Sideserf said. ‘And Dave was like, “That would be amazing,”‘ she told ABC. Read more »