Top MBA graduates are shunning banking for jobs in tech (FT)
According to Harvard Business School, tech employed 7 per cent of its graduates in 2008. By 2014, that figure had increased to 17 per cent. Seven per cent of its graduates went on to internet services, a category that had not even existed in 2008... Analysis by the Financial Times shows that graduates from the world’s top 10 MBA schools are 40 per cent less likely to go into investment banking now than they were before the financial crisis. Pay and lifestyle are the two biggest deterrents. Alan Johnson, managing director of Johnson Associates, a Wall Street pay consultant, estimates that the total pay pool across Wall Street banks will be down by about 10 per cent this year. “It’s less pay, more hassle,” said Mr Johnson.
In-N-Out sues startup for delivering its burgers (CNBC)
Popular West Coast burger chain In-N-Out has filed a lawsuit against delivery startup DoorDash for delivering its burgers, claiming it has asked the delivery startup repeatedly to cease selling its dishes. "We have asked DoorDash several times to stop using our trademarks and to stop selling our food," the restaurant's general counsel Arnie Wensinger told CNBC, in an email. "Unfortunately, they have continued to prominently use our trademarks and serve our food to customers who believe that we are responsible for their delivery. Prior to filing the lawsuit, we tried contacting them several more times but they never responded to our phone calls or letters."
Bad bankers are like shoplifters, says George Osborne (Telegraph)
Bankers who received taxpayer money during the financial crisis are not unlike shoplifters, Chancellor George Osborne has said. Speaking at the Bank of England, he said that at the time of the financial crisis, and in the years that followed, there were no laws in place to allow regulators and lawmakers to punish offenders in the financial services sector or bring criminal charges against them...Mr Osborne compared the scandals that have plagued the financial services industry since the crisis to other forms of law breaking. "If you go and shoplift at the local WH Smiths you go to prison," he said. "But if you’re the market trader on the trading floor of a big investment bank, and you rip off people to the tunes of millions of pounds, there are no criminal offences to deal with you."
Rich, Chinese and moving to the US? This bank wants you (CNBC)
Sun Pacific Bank, which is still in the regulatory approval process in the U.S., hopes to cater specifically to high-net-worth mainlanders heading to sunny California.
N.J. woman who provided fatal silicone penis enlargement procedure gets five years in prison (NYDN)
A New Jersey woman who caused a man’s death by injecting silicone into his penis has been sentenced to five years in state prison...The 38-year-old East Orange woman had pleaded guilty in September to reckless manslaughter, shortly before her trial was to start. She admitted delivering the silicone injection that killed Justin Street in 2011. Authorities say the 22-year-old East Orange man went to Rivera’s home so she could inject his penis with silicone, which he hoped would enlarge it. But the silicone she used wasn’t the kind used for medical procedures, and it caused an embolism which killed him.
Former Societe Generale Traders Said to Start New Hedge Fund (WSJ)
The Three Stones Asian Multi-strategy Fund is scheduled to start trading on Nov. 30, said the people who asked not to be identified as the information is private. Kim, chief investment officer of Hong Kong-based Three Stones Capital, will manage it with Sebastien Cerbourg. Another fund manager, Alexandre Avanian, will join later. All three worked for the French bank. As global banks have dismantled or shrunk proprietary trading desks, former managers have struck out on their own in Asia, broadening an industry traditionally dominated by stock pickers who have struggled to manage volatile markets.
Square Sticks to Script as It Prepares for Market Debut (Dealbook)
Responding to concerns about his dual role, Mr. Dorsey explained that he split his time equally between Square (NYSE: SQ) and Twitter (NYSE: TWTR) a few days a week and balanced the rest of his time based on need, said the person, who spoke on condition of anonymity because the meeting was private. Mr. Dorsey, 38, also emphasized the power of his team, saying that any of its members could step in and be chief executive, the person said. Square’s efforts to ease concerns about Mr. Dorsey’s ability to run two big companies at once were evident in the public roadshow video on Square’s website. Mr. Dorsey’s face time represented a mere five minutes of the 35-minute video, which featured other executives, like Sarah Friar, the chief financial officer.
Fantasy-Sports Site FanDuel Fights Order to Shut Down (WSJ)
The chief executive of fantasy-sports operator FanDuel Inc. said Wednesday the company will continue to allow New Yorkers to play despite a demand by the state attorney general to shut down in the state. “New Yorkers can certainly play on FanDuel,” Nigel Eccles, the company’s co-founder and CEO, told reporters. “We’re going to use every avenue we can to stay open.”
Senior Stashed Drug-Filled Kinder Egg In Vagina For Jailed Son (HP)
A Spanish senior tried to smuggle drugs to her jailed son - by stashing them inside a Kinder Surprise's plastic casing, which she then hid in her vagina. The 73-year-old retiree, who has not been named, was busted as she passed through security at Fontcalent prison in Alicante. She was standing in line waiting to be frisked when she became anxious and decided to remove the package, reports ABC. It was handed over to guards and found to contain small doses of cocaine and heroin, some tranquilizer pills and 20 Euros (around $21) in cash. She’d swapped out the traditional toy for the illicit items, which had a net worth of roughly $88. The mother had reportedly previously wrapped the plastic Kinder Egg casing in a condom before inserting it into her body, according to Antena 3 Noticias.