Wall Street may be experiencing a paradigm shift when it comes to profit generation in the coming years, but for MBAs, there's nothing but the status quo: continued hiring.
Banks, hedge funds and other financial institutions hired 39% of 2011 Harvard Business School graduates, 36% at the Stanford Graduate School of Business and a whopping 51% at Columbia Business School, the highest percentages since the financial crisis. Those numbers indicate that even if their fathers and mothers at the vice president level are getting laid off, there will always be room for some associate-level hires, no matter how terrible the economy. Especially since associates command fractions of what executive-level hires get paid.
With compensation starting at $130,000 the first year out of business school, banks are still dangling carrots to get MBAs to become part of the 1%.
And even if Wall Street were to start scaling back associate hiring, chances are that MBA students would still be lined up trying to get a foot in the door. It's a good time to be young and educated.
Heading to Asia (FINS)
Can't find a job in the U.S. or Europe? You're not alone. Maybe it's time to join the hordes of job seekers trying their luck in the East.
FICC-le Fortunes (Financial News)
Now that the spotlight is on the fixed income, currencies and commodities units at UBS, analysts are making their own predictions about job reductions. One suggests cutting almost 2,000 jobs in the unit, 40% from the front office and 60% from the back office.
Commodities Appointments (Bloomberg)
Jeffrey Resnick, global head of commodities trading at Goldman Sachs, will retire at the end of this year after 18 years. He'll be replaced by Greg Agra and Magid Shenouda, the heads of various trading products.
Second Chapter (DealBook)
Even if you drive your bank into the ground, you can still resurface after the dust has settled. The New York Times tracked down five former British banking executives who have managed to have OK lives.
New No. 2 (Real Time Economics)
The White House has nominated Thomas Hoenig as the new vice chairman of the FDIC, replacing Martin Gruenberg, who's been nominated to become chairman.
The CEO's Family (Dealbreaker)
Did you know that Bank of America Chief Executive Brian Moynihan has a brother who runs a Catholic boarding school in Haiti? Blackstone head Stephen Schwarzman joked last week that, like his brother, Moynihan is "running an underfunded, nonprofit organization."
Pot, Kettle (WSJ)
L. Dennis Kozlowski, the former chief executive of Tyco International who got more than $105 million in 2000, said it's "indefensible" for finance firms to dole out big bonuses after being bailed out by taxpayers. We're sure he's going to join Occupy Wall Street the minute he gets out of jail.
Buzz Around the Office
Watch out for the trees.
List of the Day: Be Less Polite
If you want your boss's job one day, becoming more disagreeable can earn you respect from your colleagues.
1.Stop apologizing for every little thing
2.Stop signing off with "Thanks!"
3.Still be a nice person, just less eager to please.
(Source: Daily Beast)