DB junior bankers are reportedly accepting opportunities elsewhere en-masse. Read more »
A whole bunch of mini Moynihans are said to have left the building. Read more »
Today’s big day of bank earnings calls starts kind of small with Greenhill’s first-ever quarterly results call. The M&A boutique put out results early after some worries about managing director departures.
Turns out that was no problem. CEO Scott Bok explained that there are four reasons MDs leave Greenhill:
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Let’s not jump to any conclusions just yet here. Read more »
Bloomberg reports that Dipak Patel, who ran a five-man tech team at SAC’s Sigma Capital unit, “is winding down his portfolio and is transitioning out of the firm.” Let us not suggest this has anything to do with anything. He might just be looking for a little “me” time.
Staff Departures At Millennium Have Nothing To Do With Shrinking Assets, Were In Fact Employees Who Were Thrown Out On Their Asses, Says MilleniumBy Bess Levin
Since 2008, Millennium Management’s assets have fallen from $13 billion to $7 billion. Given the shrinkage, one might attribute the departures of a whole bunch of portfolio managers to a cost-cutting initiative on the fund’s part. Such is not the case says people “familiar with” the firm’s thinking. Everything is just peachy over there, none of this has anything to do with a shrinking asset base, and if you must know, despite the fact that several of the former employees’ exits appear to be voluntary in nature (Matthew Karchmer, for instance, “left last month for a job as a portfolio manager at D.E. Shaw”), Millennium will have you know the so-called cuts were apparently founder Izzy Englander taking a hard line with some bum staffers.
The decision to cut a portfolio manager is based only upon his or her performance, said a person familiar with Englander’s thinking. “If you’re not performing, you’re gone,” he said. “You perform, you stay.”