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Katya Wachtel, Business Insider, December 9, 2010
Beginning at the end of next year, Merrill Lynch advisors with ten or more years experience, who fail to produce at least $250,000 in annual client commissions and fees, will be demoted, Financial Advisor reported.
Those who don't make the cut will either be told to leave entirely, or ousted to a lower-ranking position such as a client associate.
Peter Orszag
Bradley Keoun, Bloomberg, December 9, 2010
Citigroup Inc., the biggest bailout recipient among U.S. banks during the financial crisis, hired former White House Budget Director Peter Orszag to be vice chairman of its investment-banking division.
Orszag, 41, who left President Barack Obama’s cabinet in July, will report to John Havens, chief executive officer of the firm’s institutional client group, the New York-based lender said in a statement today. To comply with “applicable ethics rules,” Orszag’s work at Citigroup won’t involve contact with U.S. federal government officials.
Tara Lachapelle and Tom Keene, December 2, 2010
Billionaire investor Michael Price said Goldman Sachs Group Inc. should divide its company into three separate entities because the investment bank may be getting too large.
“Goldman should split up into three parts,” Price said today during a television interview on “Bloomberg Surveillance” with Tom Keene. “A banking business, a trading business and a money management business.”
Carlos Gutierrez
Thomas Kaplan and Eric Dash, DealBook, December 3, 2010
Citigroup announced on Friday that it has hired Carlos M. Gutierrez, the former Kellogg chief executive who served as commerce secretary for President George W. Bush.
Mr. Gutierrez will serve as a vice chairman of Citi’s Institutional Clients Group and will also be a member of the bank’s Senior Strategic Advisory Group.
Thomas C. Narati
Julia Werdigier, DealBook, December 3, 2010
UBS, Switzerland’s largest bank, appointed an executive at its American wealth management unit as the bank’s next chief financial officer, the company said Friday.
The executive, Thomas C. Naratil, will succeed John Cryan, who will leave UBS in May after nearly three years in the job. Mr. Cryan is leaving “for personal reasons and to pursue other interests outside UBS,” the bank said in a statement.
New York Times Dealbook, December 1, 2010
Skadden, Arps, Slate, Meagher & Flom has hired Allen Ruby, a trial lawyer known for his work on commercial and intellectual property cases as well as white-collar criminal trials. Mr. Ruby is to work as a litigation partner in Skadden’s office in Palo Alto, Calif.
Judge Jed Rakoff
Susanne Craig, New York Times Dealbook, November 30, 2010
Goldman Sachs made its bed. Now Judge Jed S. Rakoff says the Wall Street firm has got to lie in it.
In 2008, Goldman chose to fight a case in arbitration rather than court. On Tuesday, in a sharply worded attack on the system, Judge Rakoff of the United States District Court in Manhattan said that Goldman would have to live with the findings of the arbitration panel. In this instance, those consequences could amount more than $20 million.
