investment bankers

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Financial Crisis a Joke at Secret Wall Street Party

Excerpt from Kevin Roose's 'Young Money' shows how the 1% gets down

(Newser) - Having ruined the global economy, why not celebrate with a party featuring homophobic jokes and music acts in drag? That's what reporter Kevin Roose discovered when he sneaked into the 2012 annual black-tie induction ceremony of Kappa Beta Phi, a secret Wall Street fraternity that's been around since... More »

Goldman Shares Dive After Exec's Attack

Scathing op-ed costs shareholders $2.2B

(Newser) - Goldman Sachs shareholders had a bad day yesterday thanks to departing exec Greg Smith, who slammed the firm's " toxic and destructive " culture in a New York Times op-ed . The investment bank's shares dived 3.4% in trading yesterday, wiping $2.2 billion off its market value—... More »

Quitting Exec Rips Goldman Sachs for Screwing Clients

Ex-executive director Greg Smith has choice words for Blankfein's Goldman

(Newser) - Goldman Sachs executive director Greg Smith resigns today, and he's not going quietly. In a scorching New York Times op-ed, Smith says that after almost 12 years at Goldman, "the environment now is as toxic and destructive as I have ever seen it." Goldman's culture once... More »

Investment Banking Hazardous to Your Health

Long hours, stress take a toll on just about all in the field: Study

(Newser) - Becoming an investment banker might be great for your wallet but it's terrible for your health, a comprehensive new study makes clear. Think addictions, insomnia, heart trouble, eating disorders, depression, and rage. A University of Southern California researcher trailed two dozen investment bakers through their first decade on the... More »

Psychopaths More Cautious Than Stockbrokers

Stock traders prove more reckless, ruthless in simulations, tests

(Newser) - Don’t call rogue traders like Kweku Adoboli a psycho—because that may not be fair to psychos. A new study from the University of St. Gallen in Switzerland pitted a group of stockbrokers against a group of actual psychopaths in various computer simulations and intelligence tests, and found that... More »

Rogue UBS Trader Loses $2B

Swiss bank's shares dive after unauthorized trading revealed

(Newser) - A rogue trader at UBS has lost around $2 billion, the Swiss banking giant says. The unauthorized trades by a trader in its investment banking unit "could lead UBS to report a loss for the third quarter of 2011," but "no client positions were affected," the... More »

Madoff: I'm a 'Human Piñata'

Thinks he doesn't deserve to die in prison

(Newser) - There are probably at least a few former investors who wish this was literal: Bernie Madoff says the judge in his Ponzi scheme trial made him the "human piñata of Wall Street" when he dished out a 150-year sentence. Madoff tells the New York Times Judge Denny Chin'... More »

Buffett's Heir Apparent Resigns Under Cloud

David Sokol steps down amid questions over stock buy

(Newser) - A Berkshire Hathaway executive once seen as the likeliest successor to billionaire investor Warren Buffett has abruptly resigned. David Sokol—who ran Berkshire subsidiaries including MidAmerican Energy and NetJets—says he is quitting to devote more time to philanthropy. His resignation, however, comes amid controversy over Sokol's acquisition of thousands... More »

BofA Doles Out $4B in Bonuses

Year-end payout breaks down to $300-$500K per employee

(Newser) - Bank of America will pay a total of $4 billion to its traders and investment bankers for their work in 2009—or something between $300,000 and $500,000 per employee. That means those responsible for the bank’s $23 billion haul in those sectors will receive about 19% of... More »

Goldman Is Greedier, Riskier Than Ever

No more Mr. Nice Goldman, partners say, in Lloyd Blankfein era

(Newser) - Goldman Sachs is making plenty of money, but that’s in part because CEO Lloyd Blankfein’s abandoned the bank’s old customer-first ethos and long-term outlook, insiders say. The New York Times spoke with nearly 20 former and current Goldman partners, and found many uncomfortable with the current regime.... More »

Volcker to Bankers: 'Wake Up, Gentlemen'

Former Fed chief blasts them on pay, 'innovation'

(Newser) - Former Fed chair Paul Volcker had some harsh words for international bankers and regulators about the poor practices that led to the global financial crisis—and continue to this day. Volcker, who advises President Obama, surprised a forum in Britain with this broadside on pay: “Has there been one... More »

Wasserstein's Death Triggers $188M Payout

Lazard chief to go down as one of history's richest bankers

(Newser) - It'll take more than just death to stop legendary Wall Street dealmaker Bruce Wasserstein making money. The Lazard chief's death on Wednesday triggered the vesting of $188 million in stock options, swelling a fortune recently estimated at $2.2 billion and cementing his status as one of the highest-paid bankers... More »

Wall St. Dealmaker Wasserstein Dead at 61

(Newser) - Bruce Wasserstein, the CEO of Lazard Ltd. and one of Wall Street's most prominent dealmakers, is dead at 61. He had been hospitalized with an irregular heartbeat on Sunday. Wasserstein had been a fixture on Wall Street since the 1980s. He worked on such landmark deals as Kohlberg Kravis Roberts'... More »

Palin to Make First Trip to Asia

Former gov will speak at Hong Kong investment conference

(Newser) - Once pilloried for her lack of foreign policy experience—except for Russia, which she said she could see from Alaska—Sarah Palin will make her first trip to Asia in September. The former Alaska governor will visit Hong Kong to address the CLSA Investors Forum, a prominent conference of global... More »

In Lieu of Bonuses, Citi Gives I-Bankers 50% Raises

(Newser) - Citigroup will raise salaries for investment bankers and traders as much as 50% to offset a steep falloff in bonus pay and keep the company’s compensation package competitive, Bloomberg reports. Other employees, like those in the consumer banking section, will receive smaller raises. Citi, which took $45 billion in... More »

CIA Wants You, I-Banker

(Newser) - The CIA is looking for a few good bankers to track down millionaire bad guys and stymie financial terrorism, the New York Post reports. Ads on Bloomberg Radio ask money whizzes to use their “intelligence for the work of a nation.” The $160,000 salary will probably be... More »

Livid Wall Streeters See Themselves as Victims

(Newser) - Main Street doesn’t hold a monopoly on victimhood, Gabriel Sherman writes in New York. From AIG execs and their disappearing bonuses to Wall Street bankers who get dirty looks, the once-privileged feel like they’re shouldering too much blame. “It is difficult to sympathize with these people,”... More »

Wall Street Loses Sex Appeal as Big Guns Struggle

Talented people risk little by trying out academia, government

(Newser) - The gravitational pull of Wall Street on the nation's best and brightest students has weakened dramatically, Andrew Ross Sorkin writes in the New York Times, as ridiculous pay packages and the thrill of risk-taking give way to layoffs and anxiety. "The whole cult and ethos of Wall Street, which... More »

Stockbrokers in High Demand on Back-to-Basics Wall St.

Some, unlike disgraced investment bankers and traders, even command bonuses

(Newser) - With investment bankers and trading desks disgraced by crippling losses, the everyday stockbroker is enjoying a renaissance as Wall Street firms look to stay relevant to customers and investors, the Wall Street Journal reports. The likely deal between Morgan Stanley and Citigroup that would create the world’s largest brokerage... More »

Jobs to Ditch Before the Recession Does It for You

Auto industry, real estate among worst fields

(Newser) - Want to keep your job this year? Steer clear of these professions, which a new study says will be hard-hit by the recession, Australia's News Network reports:
  • Car salesperson
  • Real estate agent
  • Investment banker
  • Prawn fisherman
More »

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