The Securities and Exchange Commission is busy handling a deluge of whistleblower tips. An average of 7 tips per day has forced the SEC to triage the tips. Whistleblowers stand to receive substantial monetary awards for tips that lead to successful SEC action (“SEC Enforcement Division Buried in Whistleblower Tips,” by Ian Thoms, Law360). In […]
It is widely known that Wall Street firms have been cutting jobs since the financial crisis. Recently, Goldman Sachs began laying off upper middle-tier personnel, such as managing directors. Managing directors are compensated at levels below “partnership managing directors” at Goldman (the equivalent of “senior managing directors” at other firms), but above the junior vice […]
Wall Street banks could soon cut as many as 21,000 jobs in New York alone, say Wall Street consultants and recruiters. Worldwide cuts could be even larger (“Large layoffs loom on Wall Street,” Stephen Gandel, CNN Money). While the stock market is up this year, and many smaller investment banks have been hiring, and the […]
The Wall Street Journal and others are reporting that Merrill Lynch has upped its recruiting package for top-40 percent advisers by offering an upfront cash bonus of 150 percent of the fees and commissions they generate from clients. In addition, they are eligible to receive back-end awards, including 25 percent of production at their prior […]
Wall Street firms apparently like arbitration when they are being sued by customers but prefer court when they want to sue their former employees. This disconnect speaks volumes.
Financial advisers are winning large arbitration awards against their former firms. During the past three months at least three arbitration panels have ordered financial services firms to pay millions of dollars to financial advisers formerly employed by the firms.
It’s getting rough and rowdy as Occupy Wall Street protesters attempt to shut Wall Street down and police try to clear them out. Protesters marched from their former home in Zuccotti Park and blocked intersections near the New York Stock Exchange. Police hit and shoved some of them, and reporters saw one woman pinned to […]
Citigroup plans to cut 3,000 or more jobs, about 1 percent of employees, and BNP Paribas plans to cut about 1,400 jobs, or 7 percent of its employees, according to the New York Times (“Citi to Shed 1% of Its Workers; BNP Paribas Plans to Cut 7%”). The NY Times was told unofficially that one […]
Nassim Taleb, author of “The Black Swan: The Impact of the Highly Improbable,” says the solution to the problem of bankers who take risks that threaten the general public is simple: Eliminate bonuses. (“End Bonuses for Bankers,” New York Times). He cites as the latest example of the excessive risk taking problem MF Global and […]
A USAToday poll shows that American blame both Wall Street and Washington politicians for the nation’s economic woes. 87% of those polled said Washington bears a great deal to a fair amount of the blame, and 78% said the same of Wall Street.
