“Could you imagine giving up all this? Of course not. The combination of this being who I am and what I do and having absolutely no other interests makes me think I want to be doing this for a while,” Blankfein, 58, told Stephanie Ruhle on Bloomberg Television today from the sidelines of Goldman Sachs’s technology conference in San Francisco. [Bloomberg]
Your Lloyd Will Never Leave You (To Perform Revolutionary War Reenactments Or Take A Macramé-ing Hobby To The Next Level)By Bess Levin
Why do people work on Wall Street? Some do it for the money. Some the love of the game. And some to put enough in the bank that they can one day leave the industry and finance their true passion. And, as a comprehensive survey shows, for many, that passion is dolls. Barbie dolls, cabbage patch dolls, celebrity dolls, dolls with creepy painted faces. Whether or not you’re ready to admit that to your colleagues, friends and, most importantly, to yourselves, I don’t care. What I do care about is you remembering all the accumulated wisdom you picked up on Wall Street and applying it to your new gig. And not making the same mistakes at this guy. Read more »
Bank of America has no plans to fully sever strategic ties with BlackRock, the world’s largest asset manager, Chief Executive Officer Brian Moynihan told analysts in Boston on Thursday, [despite] BlackRock’s announcement on Wednesday it planned to sell 34.5 million shares owned by Bank of America, in a secondary offering that could cut BofA’s ownership from 33.9 percent to 12.6 percent. Moynihan said the relationship between the two companies will extend beyond his and BlackRock Chief Executive Laurence, or Larry, Fink’s tenures. “We’ll be together for the duration of Larry and mine’s career and beyond,” Moynihan said. [Reuters]
James Gorman Promises Morgan Stanley Employees They Get To Keep Their Jobs For At Least Another 10 WeeksBy Bess Levin
As you may have heard, Morgan Stanley didn’t have the “best” third quarter. Inside the bank employees have been girding their loins for what that will mean for bonuses and in some cases, what it will mean for their jobs, period. At the same time, Meredith Whitney has been on tour saying that everyone is getting fired (she ball parks it at 80,000 “just in the US”). But these fears are apparently unfounded, according to CEO James Gorman, who shared some great news with the group earlier this week. Read more »
Robert Benmosche has a vineyard in Croatia take care of and the finest bathroom fixtures money can buy. And it would be nice to tend to his grapes and enjoy some time on the can without having to worry about the company he’s been tasked with turning around, and the government breathing down his neck. He’s threatened to leave before and if he did now, people probably woudln’t give him too much shit, since it’s what every AIG CEO does anyway. Tradition and whatnot. But he’s promised his little workers that despite the fact that he honestly cannot take Ken Feinberg being such a god damn nag, and he’d be a lot happier just taking off, Daddy’s no deadbeat. Today he reaffirmed that commitment. Read more »
Not because the bank was finally able to turn a profit– obviously it didn’t– but because it made remarkable strides to suck less than it did the year prior (witness a mere $1.6 billion loss for 2009 versus $27.7 billion), all thanks to Uncle Vikula. Unfortunately our Pandito is a man of his word, and when he pledged last February to only accept $1/year, wear a hair shirt and flirt with Meredith Whitney until he righted this bitch, he meant it. That doesn’t mean the board can’t let everyone know just how proud they are of their little Vickles, though.
“Mr. Pandit’s performance in 2009 merited an incentive award, but the committee respected Mr. Pandit’s commitment,” compensation committee members led by Alain Belda, the chairman of Alcoa Inc., said in the letter. “The committee took into account the substantial progress made against Citi’s strategic priorities.”
Don’t go feeling too bad for VP just yet: in lieu of any cash money, he did have a lunch thrown in his honor by the Prince over the weekend. You can’t buy shit with it, but nothing says ‘thanks’ like finger sandwiches cut in the shape of your face.