Although the jury is still out on whether the job market in investment banking and other areas of finance will be as hot as it was in 2006, the early signs are that there's to be no let up in 2007. Despite many firms putting in financial and other incentives to retain key staff, many employees, it seems, are determined to look for another position once their bonus cheque clears.
The Wall Street Journal reports that Societe Generale and Calyon Financial have entered into exclusive talks to merge their brokerage activities. According to the newspaper, the new entity will be jointly controlled and may seek a separate listing. Although the deal, which will see the merger of Fimat and Calyon Financial, has been agreed in broad terms, it will take at least another 3 months before the due diligence is completed and the green light is given.
Reuters reports that shares in Lazard jumped over 8% Tuesday after an analyst at Goldman Sachs said that the firm's shares were undervalued. Analyst William Tanona says that Lazard's near-record investment banking pipeline should translate into better profits for the firm this year.
Reuters reports that the cause of the gas-like odor which swept across a large part of Manhattan earlier this week still remains something of a mystery. At least 19 people were taken to hospital, and New York city schools and hospitals were evacuated as the nauseous pong pervaded the air. Rail services were briefly halted.
Fortune magazine has just released it's 2007 list of the '100 Best Companies to Work For' in the US. Here's the Top 20 and a few other interesting entries:
Here's a real gem to start off the New Year. The story was fed to us by a mole present when the events detailed below occurred. He has asked to remain anonymous, and for us to withhold the name of his firm, as he fears for his job.
The Sunday Times 'Prufrock' column had an interesting little story this weekend.
Reuters has reported that Edward Sullivan, a former Managing Director at Morgan Stanley, has filed a lawsuit against the Wall Street firm in New York, seeking some $30m in actual and punitive damages as he claims he was fired after two of the firm's HR department 'made up' a 'poison-pen critique' and passed it off as his peformance appraisal. He says that he was axed simply because of his age.
The Wall Street Journal reports that Nick Maounis, the founder of failed hedge fund Amaranth (yes, the firm which lost $6.4bn of its value in a few days last year because of losing bets on the direction of the gas market) is looking to start up a new business. The newspaper quotes unnamed people 'close to the situation', who have said that Maounis is thinking of starting a new fund with a few ex-colleagues.
The Daily Telegraph reports that there have been 'a number of recent departures' from Barclays private broking unit Gerrard, both in the City at the firm's Ipswich office.