Like Goldman Sachs, JP Morgan, Bank of America, Credit Suisse, Bank of Montreal, and Citigroup before it, Barclays has decided that all work and no play make for grumpy junior mistmakers. Unlike the “protected weekend” adopted by JPMorgan and Citi, and the 36-hour weekend favored by Goldman Sachs and Credit Suisse, the Brits are taking a three-pronged approach to unshackling its little workers bees from their desks by: making sure they take their vacations, not letting anyone work more than 12 days straight without a break to catch their breath, and forbidding the assigning of projects after 12 on a Friday, unless it’s really important in which case, settle in. Read more »
Like JP Morgan, Citi’s junior bankers will now have one weekend a month to spend as they please (though keep those Blackberries on), according to a memo sent out today. Read more »
Following moves by Goldman Sachs and JP Morgan to give junior bankers 36 hours off each weekend and one whole weekend off a month, respectively, Bank of America has announced that its young worker bees should go ahead and think about taking a couple Saturdays or Sundays off every now and again. Read more »
Well, technically they can, but it generally backfires after the brokers tell them to “check out the scoreboard– this is my world now, sweet cheeks, and you’re just livin’ in it.” Read more »
There Will Be No More Of This ‘Without Admitting Or Denying Guilt’ Business On New SEC Chief’s WatchBy Bess Levin
Well, technically there’ll be some, but a lot fewer instances than in the past. Don’t do the crime if you can’t do the can’t do the time and admit publicly to [circle all that apply] insider trading/running a fake hedge fund/blowing investor money at T.G.I. Friday’s. Read more »
Of all the hedge funds affected by the government’s crackdown on insider trading, SAC Capital has topped the field in both fines paid and traders charged (can’t give you an exact figure at the moment but it’s “requires spreadsheets to keep track of all the cases” big). And while recognition of peerless achievement is always nice, Steve Cohen has gotten a little tired of waking up to find out another one of his employees chopped up evidence of wrongdoing and scattered it through Manhattan, or (allegedly!) sold stock based on material, non-public information passed on by friends in the medical profession.
Although one would have thought a simple “cool it with the securities fraud, you idiots” or a diagram of a foot in an ass would have sufficed re: sending a message that SAC has had it up to here with people trading in the sort of way the SEC frowns upon, apparently some hard and fast policy changes were necessary. They include:
1. Compensation clawbacks for employees “facing criminal or civil cases,” for whom the possibly of prison is not enough of a deterrent.
2. Requiring portfolio managers to get permission from compliance before taking calls with expert network analysts, after the first four freebies. Read more »