bummers

  • 10 Dec 2014 at 10:15 AM

Layoffs Watch ’14: Deutsche Bank

deutsche-bank1The Germans are said to have asked a number of employees to clean our their desks. Read more »

golfAcademics Lee Bickerstaff (Miami University), David C. Cicero (Univ. of Alabama) and Andy Puckett (Univ. of Tennessee, Knoxville) analyzed data from a variety of sources to demonstrate that “CEOs that golf frequently (i.e., those in the top quartile of golf play, who play at least 22 rounds per year) are associated with firms that have lower operating performance and firm values. Numerous tests accounting for the possible endogenous nature of these relations support a conclusion that CEO shirking causes lower firm performance. We find that boards are more likely to replace CEOs who shirk, but CEOs with longer tenures or weaker governance environments appear to avoid disciplinary consequences.” […] James Cayne, the former CEO of Bear Stearns, is a classic example of the golf-shirking CEO. The Wall Street Journal reported that Cayne played golf or bridge on 10 of 21 working days in July 200, which was the month that two Bear Sterns hedge funds collapsed (Kelly, 2007) and the financial crisis began in earnest. [ValueWalk]

  • 08 Sep 2014 at 11:56 AM

Layoffs Watch ’14: HSBC

A whole bunch of bankers and various other members of Team Hongkong and Shanghai Banking Corporation were said to come back from Labor Day to an unfortunate surprise. Read more »

  • 14 Apr 2014 at 10:13 AM

Layoffs Watch ’14: Citi

The House of Corbat has asked a few employees to turn in their ID badges and not come back, unless they’re looking to open a checking account, in which case, mi casa es su casa. Read more »

  • 19 Feb 2014 at 9:45 AM

Layoffs Watch ’14: BNP Paribas

Cuts are expected to go down at the French bank this week. Read more »

  • 28 Jan 2014 at 12:57 PM

Layoffs Watch ’14: Barclays

If you’re a junior mistmaker at the bank, consider passing it on to your MD that he/she might want to gird his/her loins. Read more »

  • 06 Nov 2013 at 2:03 PM

Layoffs Watch ’13: Citi

Cuts are said to have gone down at the House of Corbat. Read more »

  • 22 Oct 2013 at 11:50 AM

Layoff Watch ’13: Knight Capital Group

Cut are said to have gone down at the kingdom. Read more »