Tuesday, February 17, 2009
Wall Street Headhunting
"The new guidelines on executive pay--which technically would only apply to top officers at those firms requiring still more capital--were seen as an evisceration of a professional culture rooted at the likes of J.P. Morgan Chase & Co., Goldman Sachs Group Inc., Morgan Stanley and Citigroup Inc. ... They are sending out resumes and making calls to smaller investment banks--often called 'boutiques' for their smaller size--and European banks that haven't taken government money, such as Credit Suisse Group AG and Deutsche Bank AG. Many who left boutiques to seek their fortunes at larger firms are returning. ... Citing the wave of negative coverage of plane trips and junkets, one executive of a boutique groused, ' ... Who knows? Next week, we may have to shoot every third employee. I just look out my window and look for the guillotine'," Heidi Moore at the WSJ, 5 February 2009.
I wonder how many of these people are traders as opposed to investment bankers. See my 16 February and 16 April 2008 and 13 January 2009 posts:
A third, I'll take it! What's going on? Why is he still waiting for the guillotine? It must be busy. We'll just wait list him for it. Alternatively, sell limited partnership units and use the proceeds to build a second guillotine.