Morning Coffee Feb 23 2012

Morgan's Runaway Bankers Hiring

By julie steinberg

Times of turmoil always offer misery to some and opportunity for others.

For a group of Morgan Stanley managing directors, the straits the bank is in has driven them to leave and form their own advisory boutique, reports the Financial Times. The new group, called Dean Bradley Osborne or DBO Partners, says it plans to raid staff from Morgan Stanley and other Wall Street banks.

"There is huge dissatisfaction on Wall Street," Gordon Dean, a former Morgan vice chairman, told the FT. The group believes clients have become turned off by the leverage-trading mentality at many firms and wish for the old days when personal relationships mattered most. DBO wants to turn the clock back thirty years, says Dean.

That, of course, is easier said than done. The new Wall Street finds itself under greater regulatory scrutiny around the world and subject to general skepticism from the public. At some point, even a boutique needs capital to do business and that creates its own set of incentives and conflicts.

Another One Bites the Dust (Bloomberg)

Joining in on the parade of partners leaving Goldman Sachs is C. Howard Wietschner, chief of the firm's hedge fund industry group. He has been with the bank for 18 years.

Cease-Fire (FINS)

The generation gap in American workplaces has led to a civil war of sorts between more seasoned workers and their younger counterparts. Here are a few strategies for bridging the divide.

Bolstering the Ranks (Reuters)

Russian bank VTB Capital is continuing its hiring spree, adding five people poached from rival firms to its Middle East and African investment-banking business.

A Different Kind of Bonus (Guardian)

HSBC's U.K.-based bankers may be prematurely grumbling at the news that their cash bonuses will be capped at 50,000 pounds. According to one report, the bank, and others like it, will also hand out shares that can be turned into cash immediately.

Grim Outlook (Bloomberg)

Analysts are expecting global investment-banking revenues to drop by 4% over the year and by 13% in the first quarter alone.

A Sticky Situation (Globe & Mail)

It's never easy to list a current employer as a reference on a job application, but it's especially difficult when you lose out on the potential job and are also fired from your current one. Here are your rights if it happens to you.

Breaking the Mold (Mergers and Inquisitions)

If you didn't go to a top-tier school, you can still land a job in sales and trading -- so long as you adjust your application process accordingly.

Trimming Down (WSJ)

As part of its cost-cutting measures, French bank BNP Paribas has sold its North American energy division to Wells Fargo.

Buzz Around the Office

King for a Day (YouTube)

Will Ferrell gives his blessings at Mardi Gras.

List of the Day: Being Too Busy

If the hours seem to be slipping away from you, take stock of the situation to figure out how truly busy you are.

1. Keep a time log.

2. Be honest with yourself on how you'd like to spend your time.

3. Figure out what truly needs to get done.

(Source: WSJ)

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