UBS may or may not be moving back to the big city, but New York is definitely getting its groove back with banks and brokerages, according to a slew of recruiters and real estate folks I talked to last week.
Robert Sammons, a vice president with real estate giant Cassidy Turley, noted that the city is cleaner and safer than ever and the shadow of 9/11 has grown substantially shorter in the almost 10 years that have passed.
When the recent crisis launched a wave of startup hedge funds and boutique advisory shops, the accidental entrepreneurs planted their startups in Manhattan, not Greenwich or Jersey City.
"They wanted to stay here where the talent pool is and the energy is," Sammons said. "There's this kind of momentum building for Lower Manhattan."
The talent issue is more paramount than ever. Being able to hire and shed employees quickly is critical these days, when firms are less able and willing to simply dangle opulent pay packages to get what they want.
And if you think of the New York labor market as a three-legged stool -- with Connecticut, Long Island and New Jersey as the legs -- the big island in the middle is arguably the only place that can draw commuters from all three.
Toughest Interviews (FINS)
Glassdoor has ranked the 20 toughest companies to interview at and the results may surprise you. Finance honorees included Jane Street Capital (No. 2) and Bridgewater Associates (No. 16).
From Russia, With Love (Bloomberg)
Russia is rolling out the red carpet for Wall Street's top bosses at an economic forum in St. Petersburg. The government is unveiling a $10 billion sovereign private-equity fund and plans to sell $30 billion in state assets.
Senior Move (Financial News)
Edgar Senior, the global co-head of capital services at Credit Suisse, has taken a job with a hedge fund. With a name like that, you'd figure he's destined to move up.
South of the Border (Bloomberg)
RBC is reportedly close to selling its U.S. bank to PNC. The deal would give the Pittsburgh-based lender about 420 branches in the Southeast where the Canadian bank has its U.S. HQ.
Hopping the Pond (Bloomberg)
Pablo Salame, one of four sales and trading chiefs and a partner at Goldman Sachs, is reportedly moving from London to New York. A new assignment may be in the offing.
Airborne Indicator (WSJ)
The FAA is dropping a privacy program in August that has allowed corporate jets to stay off of the public's radar. Investors hope that the flight-paths will give them a lead on pending M&A deals.
Weiner's Nice Package (SmartMoney)
Retirement package, that is. After 12 years in politics, the disgraced congressman, 46, has some attractive payouts to look forward to.
Moneyball Trailer (Kottke.org)
If you liked Michael Lewis's classic book on how some finance sensibilities changed baseball, stay tuned for the movie, featuring Brad Pitt as Billy Beane.
Buzz Around the Office
I Love Cheeseburgers (YouTube)
"This is my first attempt at an eHarmony video...and I love cheeseburgers." I think you see where this is going.
List of the Day: Industries on the Endangered Species List
1. Video postproduction services.
2. Newspaper publishing.
3. Apparel manufacturing.
(Source: BNet)
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