The Wall Street Job Report

Meeker Leaving Morgan Stanley

Susanne Craig, New York Times Dealbook, November 29, 2010

When Mary Meeker landed her first job as an analyst at Salomon Brothers in 1986, she didn’t plan to stick around.

“I wanted to work as a sell-side analyst for two years and then go manage money,” she said in an interview on Monday. “The stock analyst phase just lasted a bit longer than I thought it would.”

She now has her wish. She is leaving Morgan Stanley to join the venture capital firm Kleiner Perkins Caufield & Byers — famous for its early-stage investments in companies like Amazon.com,Google and Sun Microsystems — as a partner.

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Wall St., Though Tarnished, Still a Draw on Campus

Kevin Roose, The New York Times, November 19, 2010

College newspapers have always been home to short-tempered columnists raging against the establishment, but Tony Manfred, a history major at Cornell, struck an especially bitter tone this week.

His column, which was featured in the op-ed section of The Cornell Daily Sun, was headlined: “Throw Goldman Sachs Off Campus.”

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Michael Findlay, Former Merrill Banker, Joins Moelis

Michael Findlay

Julia Werdigier, The New York Times, November 17, 2010

The boutique investment bank Moelis & Company has added Michael Findlay, who was previously a head of corporate broking in Europe at Merrill Lynch, to its growing London office.

Mr. Findlay will join Moelis in December and will advise clients on capital markets issues, including share sales and dealings with shareholders.

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Goldman Names 110 New Partners

Susanne Craig, The New York Times, November 17, 2010

Goldman Sachs has selected 110 executives to become partners, one of the most lucrative tickets on Wall Street.

Kelvin Koh, an oil and gas analyst, and Dina Powell, head of corporate engagement at Goldman and a former official in the last Bush administration, were among the 110. Dhruv Piplani, a trader, and Daniel Wainstein, a banker, also made the list.

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Wall Street Likely to Earn $19 Billion in 2010

                          

By KATHY SHWIFF for the Wall Street Journal, November 17, 2010

Wall Street is on pace to earn $19 billion, making 2010 its fourth-best year, according to a report by New York State Comptroller Thomas DiNapoli.

But this year's earnings pale in comparison to the record $61.4 billion logged last year when trading activity was brisk. This year, interest rates have continued to fall and stock trading has been muted, resulting in sharp declines in trading earnings at some investment banks.

The industry earned $10.3 billion in the first quarter of this year, making that one of the most profitable quarters, but second-quarter profit fell to $3.8 billion.

Mr. DiNapoli's report, released Tuesday, also said Wall Street's bonus pool may decline from last year, but the average cash bonus may be larger because the pool will be shared among fewer workers.

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Morgan Stanley Said to Discuss Separating Prop-Trading Unit

James Gorman

Michael J. Moore, Bloomberg News, November 12, 2010

Morgan Stanley, the sixth-largest U.S. bank by assets, is in talks to spin its largest proprietary-trading unit into a separate company, according to two people briefed on the discussions.

The unit, known as Process Driven Trading, or PDT, has been in talks with the bank for more than a year and an agreement hasn’t been reached, said the people, who declined to be named because the matter is private. The New York Times reported the discussions yesterday.

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Barclays Profit Declines 76%, Says Capital Remains `Strong'

Robert Diamond

Jon Menon and Gavin Finch, Bloomberg News, November 9, 2010

Barclays Plc, Britain’s third-largest bank, said its capital ratio remained “strong” as quarterly profit fell 76 percent on lower revenue at the investment banking unit.

Pretax profit in the three months to Sept. 30 dropped to 327 million pounds ($527 million) from 1.36 billion pounds in the year-earlier period, the London-based company said today in a statement, missing the 797 million-pound median estimate of four analysts surveyed by Bloomberg. Barclays Capital, the investment banking unit formerly led by Chief Executive Officer- designate Robert Diamond, posted a pretax loss of 182 million pounds from a profit of 369 million pounds.

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Financial News: Citigroup Launches Hiring Push

Liam Vaughan, The Wall Street Journal, November 7, 2010

Citigroup has fired the starting gun on a recruitment drive, which will see it add hundreds of bankers and other staff to its European securities and investment banking business, as it switches back into growth mode after three years of retrenchment and restructuring.

A source familiar with the plans said the bank would publish details of several senior hires in advisory, debt capital markets and equity capital markets before the end of the year. 

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RBS Faces `Long, Hard Slog' as Hester Forecasts Reduced Loss

Stephen Hester

Gavin Finch and Jon Menon, Bloomberg News, November 5, 2010

Royal Bank of Scotland Group Plc, Britain’s biggest government-owned lender, faces a “long, hard slog” as it forecast a reduced loss in 2010.

The loss for the year will be “nominal,” Chief Executive Officer Stephen Hester, 49, said on a conference call with journalists today, following a 3.6 billion-pound ($5.8 billion) loss in 2009. The third quarter net loss narrowed by 36 percent to 1.15 billion pounds from 1.8 billion pounds in the year- earlier period as impairments fell, RBS said in a statement.

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Morgan Stanley Slowly Rebuilds Fixed Income: Analyst

Reuters, The New York Times, November 2, 2010

NEW YORK (Reuters) - Morgan Stanley is looking to revive its fixed income, currencies and credit business to boost its market share, but the plan is not likely to result in an immediate boost to earnings, according to Nomura Securities analyst Glenn Schorr.

"We think management has a credible plan to rebuild the trading franchise," wrote Schorr, after meeting with Morgan Stanley executives. But he added that the plan will take time and returns are likely to remain sluggish in the near term so Nomura remains neutral on the stock.

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Lloyd’s New Chief was Lured by the Challenge

The New York Times, November 3, 2010

There is no mystery about why Lloyd’s Banking Group wanted António Horta-Osório as its new chief executive, The Financial Times says.

Who, it asks, could have been a better pick than the banker who transformed the struggling British  lenders Abbey, Alliance & Leicester and Bradford & Bingley into profit earners for Santander?

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Societe Generale Third-Quarter Net Doubles on Fewer Provisions

Frederic Oudea

Fabio Benedetti-Valentini, Bloomberg News, November 3, 2010 

Societe Generale SA, France’s second- largest bank, said third-quarter profit more than doubled after setting aside less money for bad loans.

The shares climbed after the lender reported net income rose to 896 million euros ($1.26 billion) from 426 million euros a year earlier. That beat the 688 million-euro average estimate of nine analysts surveyed by Bloomberg.

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MOVES-FINRA, JP Morgan, Deutsche Bank, UBS

Gowri Jayakumar and Megha Mandavia, Reuters, October 22, 2010

The following financial services industry appointments were announced on Friday. To inform us of other job changes, send an email to moves@thomsonreuters.com.

UBS, U.S. TRUST, FINRA, JP MORGAN, DEUTSCHE BANK, ZURICH FINANCIAL, and BANK OF SINGAPORE have expanded their teams with new hires.

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Deutsche Bank Pays Investment Bankers More Than Goldman Sachs

Gavin Finch, Bloomberg News, October 27, 2010

Deutsche Bank AG, Germany’s biggest bank, set aside more in compensation for employees of its corporate and investment bank in the first nine months of 2010 than Goldman Sachs Group Inc.

Deutsche Bank reserved enough money to pay 285,352 euros ($394,499) to each of the 16,194 workers at the division, which includes transaction banking, company data show. That compares with personnel costs per employee of $370,706 at Goldman Sachs, where the figures include support staff and employees at units with pay that may be lower than in the investment bank. The firms didn’t provide more detailed information.

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