Yesterday was a big, fairly encouraging day for earnings.
GE Capital helped push its parent to a 77% boost in first-quarter profit. The company won't reveal whether it added or trimmed workers in the period, but GE Capital profit more than tripled. It's safe to say the division is no longer the puny, troublemaking little brother in the family.
Meanwhile, the big boys -- BlackRock Inc. and Blackstone Group -- also flexed their muscles. BlackRock ticked profits up more than a third and added about 200 workers to bring headcount to 9,300. It set aside an additional $38 million to cover new salaries and an extra $26 million for incentive compensation.
Blackstone swung to a first-quarter profit with its best earnings in its four years as a public company. It kept its workforce level around 1,500, according to spokesman Peter Rose. But Blackstone also said it would retain rather than distribute gains -- consider that "dry powder" that can be aimed at finance talent.
Nice Gals Finish Last (FINS)
Six ways women can get ahead in the office by acting like men.
Also in Earnings (FINS)
Morgan Stanley posted a 46% profit drop and still managed to top expectations. But it cut pay and some 1,318 positions from year-end.
Na Zdrovia (Bloomberg)
TPG Capital's recent push into Russia is requiring muscle – literally. The private equity shop has hired bodyguards and is trying to end-run oligarchs to succeed where Carlyle has twice retreated.
Mining Talent (DealBook)
UBS dug up a new chief for its metals and mining i-banking group. It has tapped Paul Knight, its Canadian CEO, in the wake of two major defections from the unit.
Priming the Job Pump (FINS)
Record inflows to hedge funds will lead to outflows of offers, according to a new survey of fund managers. Three-quarters of respondents expect a wave of funds to launch this year.
Next to the Corner Office (DealBook)
Turns out a chief of staff position at Goldman Sachs is a pretty good gig, the Wall Street equivalent of a bullpen catcher. John F.W. Rogers, the current holder of the office, has survived two CEO transitions.
BarCut (FINS)
Barclays plans to cut hundreds of jobs in its 11,000 worker corporate banking unit. But first it's offering voluntary buyouts, which, I suppose, is better than a straight pink-slip.
Snowed Out (Bloomberg)
Home sales in the Hamptons fell 22% in the first quarter, because of heavy snowfalls. How ridiculous is that? Was four-wheel drive a casualty of the crisis as well?
List of the Day
Optimize your LinkedIn profile with news someone can use:
1. Link to a newsworthy web post
2. Offer advice relevant to your specialty
3. Link to articles you were quoted in
(Source: ibt Blogs)
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