Morning Coffee Mar 16 2012

The Layoffs Are Here, In Case You Didn't Know

By julie steinberg

All of those layoffs banks have been warning about are finally taking hold.

Financial News reports that global head count at seven investment banks fell to 191,538 at the end of 2011, down 2.4% from the year earlier period. Banks surveyed include J.P. Morgan, UBS, Credit Suisse, RBS, Deutsche Bank, Goldman Sachs and Morgan Stanley.

Also down were compensation and benefits, by about 10% from the end of the 2010.

Many of the layoffs announced by the banks have yet to show up in public filings, which means next quarter's earnings are likely to show the thousands of jobs lost across the industry.

At one specific investment bank, changes that have been brewing for several months are finally coming to fruition. UBS paid Bob McCann, the Americas wealth management head, $9.9 million for 2011, making him the highest paid on the executive board. He outdid Carsten Kengeter, the head of the investment bank, who made 9.3 million Swiss francs in 2010 and was then the highest paid UBS executive.

If you want to know a firm's priorities, look at what it's paying top lieutenants. And at UBS, that's no longer the investment bankers.

Bonuses a No Go (FINS)

One Senate committee isn't exactly thrilled that former executives at MF Global will be getting retention bonuses.

Falling Down (Reuters)

Claims for unemployment benefits fell to the lowest point over the past four years, a sign that things may be looking up in the labor markets.

Hiring Galore (Loansafe via The News & Observer)

PNC Financial Services Group will hire more than 250 employees in North Carolina over the next year to year-and-a-half. The bank has been expanding in the Southeast over the past several months.

New Board (Deal Journal)

Private equity firm Carlyle Group nominated seven people to serve on its board, including the mother of an NBA player.

Burning Bridges (The Globe and Mail)

When quitting your job, try to refrain from publishing an op-ed about it. Especially if you want to stay in the same industry.

The Goldman Response (Fox Business Network)

Goldman Sachs isn't taking the Greg Smith saga sitting down. The firm is eager to show its culture isn't as toxic as Smith makes out.

Buzz Around the Office

Focused Gaze (Catster)

My, what big eyes you have!

List of the Day: The Informational Interview

Forget cover letters. The informational interview is your key to success.

1. It gives you more time for your personality to come across.

2. It helps to meet people in person for them to want to help you.

3. The person may turn into a mentor.

(Source: Forbes)




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