Union Bancaire Privee, the Swiss hedge fund of funds that stacked a sizable chunk of change in Big Bernie's Ponzi pyramid, is decimating its workforce.
The firm had 1,372 employees at the beginning of the year and is aiming to be under 1,240 by 2010. Union Bancaire hopes pink slips will be a last resort, banking on retirements and open positions.
It's the Madoff Effect still playing out.
Union Bancaire Privee had about $700 million in clients' assets in Madoff's funds when the Ponzi scheme was revealed. The company's assets under management fell 19% in the first half of the year to $77 billion. A lot of cash came out of UBP accounts after clients heard about the connection.
Two burgeoning boutique banks are spreading out in Manhattan. Moelis & Co.
has just inked a deal to double its Midtown digs, while Mission Capital Advisors signed a seven-year deal to triple its footprint in Tribeca. There are two take-home messages here: Commercial real estate is hurting and boutiques are hiring. (NY Observer
French President Nicolas Sarkozy has been talking tough on compensation and Wall Street doesn't like it. The French President said his country won't hire finance shops unless they agree to a three-year deferral on two-thirds of bonuses. Bankers are hoping Obama doesn't back him up. (Bloomberg
Warming up for Winter
Slightly more than half of companies plan to hire in the next 12 months and they are still struggling to find good candidates. HR folks said 44% of resumes they receive are from unqualified applicants. (Workforce Management
Exchanges Look Down Under
Australia has opened the door for stock exchanges to compete with Australian Securities Exchange, the Big Board down under. The government is bringing under its roof some regulatory powers historically handled by the exchange. Three would-be competitors have already applied to get in the game, including U.S.-based Liquidnet Holdings Inc. (Securities Industry News
So you've survived the layoffs; how do go about winning a promotion? For starters, don't ask until you've done something spectacular. (SmartMoney
) Another tip: Find a mentor within the company and consult with them before making any moves. (FINS
PINK magazine has announced its list of top companies for women, a roster that it compiles, in part, by counting the percentage of women in the top offices. This year's list includes American Express
, Capital One
, Grant Thornton
"This Is How I'm Going to die"
Todd Harrison's trading memoirs recounts that brilliant, dark day in September. (MarketWatch
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