Two very different financial titans faced off in the papers yesterday. On one side stands Lloyd Blankfein of Goldman Sachs, everyone's favorite Chairman-Everyman. On the other, Ken Lewis, the BofA champion-turned-resigned-executive.
Blankfein unabashedly claims that he is doing "God's work." (Another religious invocation in finance!) He also said that he can't argue for reduced compensation because that's tantamount to reducing ambition. (The Times)
Meanwhile, Ken Lewis looks a slightly more pathetic figure. His mother bugged him about repaying TARP funds, his suggestions for his replacement went unheeded, and continued interactions with politicians made him uncomfortable. So...he resigned.
Taken together, the two stories paint vivid portraits of just how different lives on the Street can end up. (WSJ
The Turtle Always Wins (FINS)
Financial adviser firms that stayed out of the limelight during the financial crisis (due, in part, to conservative and long term growth strategies) are the ones to track in 2009. They plan to increase hiring for the foreseeable future.
Typhoon Hiring (Reuters)
DBS Group, Southeast Asia's biggest bank, is looking to hire more relationship managers for its private banking sector.
Scaling Back (Wealth-Bulletin)
European wealth management firm hiring is set to decrease 45% this year and will be slow to recover next year.
Hot Times (DealBook)
's salary freeze has begun to thaw. An internal memo sent yesterday said that the bank will remove a salary freeze for employees earning more than $60,000 and that raises will take effect next year.
Lagging Assets (FINalternatives)
John W. Henry & Co., a Boca Raton-based managed futures firm, has laid off a quarter of its staff. Previously managing $2.5 billion in assets, it now looks after $188 million. At least the beach is nearby to help forget laid-off sorrows.
She Works Hard for the Money (Guardian)
Emerging cities Sao Paulo, Shanghai and Mumbai will contest to be the world's wealthiest cities by 2025, PwC
says, catching up to towns that traditionally held that title like New York and London.
Taxing Data (WebCPA)
The tax profession has lagged in recruiting and hiring minorities, research shows. While diversity has increased at some workplaces, not enough has been done to ensure elevation for minorities.
Really, Billionaires? (247WallSt)
A new Web site called BillionaireXchange has recently launched, a place where the wealthy can trade baubles and the like. One gem from the website reads: "Imagine trading your mansion in Beverly Hills for a Chateau in France, or your antique Rolls Royce for a new model Bentley." Damn, we just sold our Rolls or we totally would have swapped.
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