To be sure, there are many interesting positions to be had at SAC that most boys and girls would kill for. There’s Steve’s, which is a pretty good gig. There’s IR, which is fun. There’s president Cohnheeney’s, though few are good looking enough. There’s SC’s bodyguard, which is exciting and involves a gun. And of course there are the trading slots. They all come with great money, fleece apparel and of course prestige.
But unless you also want serious stress and pressure hanging over your head hour to hour day to day month to month, none of them are for you. You want the job where it is possible to utter the words “I’m gonna take off for a few hours, hit the links, maybe grab a sandwich” during the course of a trading session without fear of having a sand wedge shoved up your ass. You want the job that belongs to Sam Evans, SAC Capital golf pro in residence. Read more »
As discussed yesterday, three former employees of Goldman Sachs have filed suit against the bank alleging that it discriminates against females when it comes to pay, promotions and other opportunities within the firm. They also noted that there just generally seem to be a lack of respect for women there. And not just a lack of respect as it relates to their ability to make money but also their skills at golfers. Read more »
Many women report that sexism is still rife on Wall Street, albeit less overt. Sexual discrimination charges by women at finance companies dropped 28% from 2000 to 2009, according to data from the Equal Employment Opportunity Commission. But the number of charges per woman in the industry climbed during the recession in 2008 and 2009. Monica Murphy…an entrepreneur who worked at Goldman for six years, said the social aspect of the job was awkward. “I always was invited out, as were the other younger women, but oftentimes you didn’t want to go,” she said. “It was a strange thing to be 24 and to be going to drinks with 45-year-old men.” Muntean said that many of her female coworkers got smaller bonuses because they didn’t golf or pal around with male managing directors. “There were a couple that tried to be buddy-buddy with the guys, but it never really worked,” she said. “It wasn’t like the ’60s, getting slapped on the butt all the time. It was very subtle.” [FINS]
Of course, there are exceptions.
Congrats to all those who made it through yesterday employment intact. Having said that… Read more »
Re: the previously rumored cuts at BarCap, expected to supposedly affect 7% of the global headcount: Read more »
I’m not promoting alcoholism, but like so many things in life, there are some activities many of you are better at while under the influence. Sadly, in London, one guy had to ruin it for the whole group. Steve Perkins, the oil trader who bought 7.13 million barrels of crude oil on behalf of his firm after “a drunken golf weekend” has been fined £72,000 and banned from the industry for a minimum of 5 years.
The 34-year-old, who lives in Brentwood, was a senior trader for PVM in the West End when he went on his spree last June. Working from a laptop at home after a weekend playing golf, he was able to move the oil market by engaging in huge amounts of speculative buying at ever-higher prices. In a statement, the FSA said: “Mr Perkins’ explanation for his trading on 29 and 30 June is that he was drunk. He says that he drank heavily throughout the weekend and continued drinking from around mid-day on Monday 29 June. He claims to have limited recollection of events.”
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What do we know about Fabrice Tourre, the only Goldman employee named-checked in Friday’s suit against Goldman? Save for the fact that he refers to himself as “Fabulous Fab” in emails to friends, not much, though the Daily Mail did uncover this photo of Mr. Fantabulous, I don’t know, jumping out of a plane? And a few more details on the man about to be placed a burlap sack and beaten with reeds by Lloyd Blankfein (if it hasn’t happened already):
* Ecole Centrale Paris graduate
* Masters from Stanford
* Apparently tells people he’s from a “very refined family”
* Earned £1.5million a year while working for GS in New York, where he lived in a £3,000-a-month apartment Read more »
Jimmy Cayne may have taken a billion-dollar bath on the collapse of Bear Stearns, but that hasn’t kept him from continuing to hack up fairways from Jersey to Florida.
A quick check on GHIN.com shows his highness has entered six scores in the first seven days of April. (We’re not sure if he’s playing on his home turf at the Jersey Shore or at the Boca Rio.) Read more »
In the former category: almost everyone. No specific numbers yet, but Barclays is expected to announce next week that only about 38% of revenue generated will go towards payouts (one of the lowest levels in the firm’s history). In the latter category: Bob Diamond. The Barclays Capital chief’s take home will be clocking in at about £20m, though it’s going to be deferred for three years so, you know, it’s not that great. Certainly nothing to be envious about, unless you’re this li’l fella, who’s making less than everyone this year. But lest any of the Barclettes think Bobby’s not worth every penny, let us remind you, he works hard for the money.
[Bob] has a habit of taking off his suit jacket and slinging it over his shoulder before sitting on the edge of one of the trading desks — a habit that his traders describe as his move, as in, “he has this thing he does with his jacket, when he wants to talk to us, it’s his move…”