changes

  • RBS_2448864b

    News

    RBS Is Gonna Try Something New

    For the last seven years, the bank has reported an annual loss. Unhappy with this outcome, the upper echelons of management apparently put their heads together and said, “What if every time we had an impulse to do one thing, we did the opposite?”

    / Feb 26, 2015 at 5:25 PM
  • News

    In Retrospect, Billionaire Oilman Doesn’t Think His Ex-Wife Deserves $7 Million A Month

    What was “fair and equitable” $1 billion alimony bill before oil prices hit the skids has become “erroneous and inequitable.” On this point, he and the former Mrs. Hamm can agree.

    / Jan 2, 2015 at 2:53 PM
  • point72 asset management

    News

    Steve Cohen Continues To Rid Firm Of Incentives For Employees To…Y’Know…

    Over the last several years, as nearly a dozen former SAC Capital employees have been convicted of securities violations, the firm has taken many steps to redefine its image, from one of a bastion of insider trading to one where such actions are not only frowned upon but strictly prohibited. Such steps include but are […]

    / Nov 20, 2014 at 6:26 PM
  • career counseling

    Are You More At Home Among Crossfit Enthusiasts Than Hedge Fund Professionals?

    Some signs you might be in for a career change: You call in sick to do Crossfit You wear your Crossfit clothes under your work clothes You fantasize about doing Crossfit The only time you’re happy is while doing Crossfit Jay Adams knows what we’re talking about.

    / Aug 4, 2014 at 2:09 PM
  • point72assetmanagementsign

    News

    It’s Really Happening

    [@ilovestamford via @sallypancakes, earlier]

    / Apr 7, 2014 at 3:16 PM
  • News

    Goldman Sachs Analysts Now Free To Leave The Nest Whenever Or Stay For The Ultimate Payoff

    Back in May, we reported that there was a bit of tension between some growing first year analysts and higher-ups at Goldman Sachs. The issue was that the li’l fellas, antsy to leave the nest, were making arrangements with private equity firms and hedge funds for the following year, when they still had a little more than twelve months left until their two year commitment to GS was complete. And while Mama Lloyd and Papa Gar want nothing more than to see their babies succeed, they also felt like the kiddos were jumping the gun a little bit (and were in violation of the rule that when you live under their roof, you play by their rules, namely that no analyst shall take part in recruiting until six months from the time they’ve finished the two year program). To set an example, a bunch of particularly bad analysts were kicked to the curb and while it probably did put the fear of God into the others, who’ve remained on the straight and narrow ever since, it didn’t make anyone very happy. So now this is happening:

    Goldman Sachs is doing away with two-year contracts for most analysts hired out of college, according to communications reviewed by The Wall Street Journal and confirmed by a Goldman spokesman. Analysts also won’t get bonuses for completing the program, which has been around for a quarter of a century and has been viewed as a meal ticket to a lucrative Wall Street career.

    […]

    The New York company’s decision came after executives grew frustrated that many graduates weren’t staying with the firm after completing the two years, and after Goldman fired a handful of analysts over the past year for signing on to work at other financial companies in violation of their contracts. Goldman has been reaching out to employees over the past two days to inform them of the changes, which will take effect for analysts who will start in 2013. “We think the historic two-year program is no longer the best approach for hiring and developing the careers of analysts in our banking and investment-management divisions,” said the Goldman spokesman. “Making this change allows us to emphasize the longer-term career opportunities available at the firm.”

    No more fighting, no more sneaking around, no more need for anyone to put their foot down. If you want to leave after a year (or sooner), if you think you’re grown up enough to make it out there on your own, by all means, go. That’s your call and no one’s gonna stop your or beg you to reconsider.* But if you decide you want to stay, be it for two years or twelve or twenty, Gary Cohn’s thighs appreciate your commitment to the firm and look forward to working with you one day.

    Goldman Overhauls 2-Year Entry-Level Analyst Program [WSJ]
    Earlier: Goldman Sachs Does Not Look Kindly Upon First Year Analyst Who Plan In Advance

    *It’s a mistake, of course, but it’s yours to make.

    / Sep 13, 2012 at 4:48 PM
  • The Hooters Stigma

    Hooters CEO Thinks Dark Wood Paneling Is The Reason You Don’t Bring Your Wife, Female Colleagues, HR Around

    Walk into almost any Hooters and it’s easy to see why some women might be creeped out. Wall-to-wall dark wood. Posters of bikinied Hooters girls. Titillated guys downing pitchers of beer and making cracks like: “They have great wings.” When Chief Executive Officer Terry Marks was hired last year to make over the chain, he […]

    / Sep 10, 2012 at 12:46 PM
  • News

    Layoffs Watch ’11: RBS

    RBS has a new internal motto called “Change the Bank.” What do the changes entail? Ixnaying on ealsday ikelay ABN AMRO-ay and firing a couple thousand employees.

    / Aug 3, 2011 at 6:17 PM

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