Another one bites the dust.
Citigroup plans to shut down its proprietary trading group, with most staff exiting on Feb. 6, according to an internal memo obtained by Bloomberg. Citi is shutting down the business, it said, because of new rules that will restrict banks' ability to trade for their own account. Sutesh Sharma, the group's current head and pal of Citi Chief Executive Vikram Pandit, plans to form a hedge fund.
Citi is just the latest bank to decide prop trading isn't any longer worth the risk or the regulatory hassle. The move also illustrates how Wall Street is changing in ways that may mean jobs in the finance industry will never be the same. With bonus rules looming in the U.S. and Europe, they probably also will never be as lucrative.
The new kings of Wall Street may be those in less glamorous positions: the accountants, the compliance folks, and the financial advisers. The power is shifting geographically as well, from developed markets in Europe and the U.S. to Asia and emerging markets.
To find out more about who's getting jobs and where, check out the latest Finance Jobs Outlook on FINS.
Take this Job and (Mergers & Inquisitions)
If you're not sure you really want to work at a hedge fund, here's how to blow that interview.
Getting In (Poets & Quants)
Here's how to get into your MBA school of choice and make a million dollars after getting that hallowed degree. Well, maybe not a million.
Not Scottish (WSJ.com)
The Scots are known for their parsimony, but that apparently doesn't apply to the chief executive of Royal Bank of Scotland. Stephen Hester is getting a 963,000 pound bonus on top of 1.2 million pounds in basic pay.
Honesty in Hedge Funds (Gawker)
Here's one way to ensure you won't get that second date with the woman of your dreams.
Davos Catches On (WSJ.com)
Amazingly enough, the bigshots hobnobbing at the Swiss ski resort last week have finally figured it out: Unemployment will remain near 9% for the foreseeable future.
French Moves (Risk.net)
Arnaud Sarfati, co-global head of cross-asset solutions, is parting ways with Societe Generale.
Facebook Venture (WSJ)
The high profile world of venture capital is getting a boost of interest from the social network's planned IPO. But finding a job isn't as easy as making friends.
Buzz Around the Office
Somebody send this kid to the Mets!
List of the Day: What You May Be Ignoring In Your Follow Up
Don't forget the little things that often get overlooked.
1. Do it soon.
2. Reiterate your qualifications.
3. Ditch the keyboard and write a letter.
(Source: Glassdoor.com)