Morning Coffee Apr 17 2012

Financial Firms to Reveal Who In Fact Works For Them

By julie steinberg

Goldman Sachs and MetLife Inc. are about to break it down.

"It" being data that tracks the race and gender of their employees, that is. The companies came to an agreement with New York City Comptroller John C. Liu and the New York City Pension Funds to reveal such information, The Wall Street Journal reports.

The firms will disclose the race and gender of employees, including senior management, across business lines. The comptroller has been trying to push transparency as part of an initiative to bring more women and minorities into the workforce.

MetLife is scheduled to beat Goldman to the transparency gate, publishing its data later this spring. Goldman will wait until June.

The disclosures may force an issue that's long been a thorn in the financial industry's side: how to ensure women and minorities don't get lost in a sector that's dominated by white men.

Revealing the numbers may make the matter of hiring more women and minorities more pressing for human resources teams. So far the government hasn't imposed quotas for such categories at the firms, so the data may act as an informal nudge toward more inclusion.

Accountants Wanted (FINS)

Maybe more people are paying their taxes this year. The number of openings for accountants and auditors was up 46% over last year.

More Cuts (Citigroup)

Total employee headcount at Citigroup decreased by 3,000 to 260,000 at the end of the first quarter, part of a plan to reduce expenses by $2.5 billion to $3 billion this year.

Coming Together (Reuters)

The prime brokerage industry is consolidating as it gets new regulation. That spells trouble for smaller shops that may have to close.

Trouble Brewing (MENAFN)

Native Kuwaitis are annoyed that expats are flooding the country and taking over jobs at banks. (You may want to renew your passport now and check out some opportunities over there.)

Trimming Payroll (Reuters)

Credit Suisse may announce the shedding of 5,000 jobs in its investment banking unit when it reports first quarter earnings on April 25. Looks like the turbulent Swiss ride isn't quite over.

Leadership Material (Bloomberg)

William Cohan alleges that Morgan Stanley chief James Gorman is the bigwig on the Street who really gets it -- unlike his bulge-bracket counterparts.

End of the Day (The Juggle)

Depending on what sector of finance you're in, you may not leave work until 9 p.m. or later. For some, leaving at 5:30 p.m. is simply non-negotiable.

Buzz Around the Office

Attack Mode (YouTube)

Take that, windshield wipers!

List of the Day: Interview Must-Dos

Don't forget about these interview basics.

1. There's no such thing as being too enthusiastic.

2. Set up Google alerts on the company so you're prepared with every bit of news.

3. Practice, practice, practice.

(Source: Great on the Job)




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