By Julia La Roche and Joe Weisenthal
Sometimes we get forwarded applications for summer internships on Wall Street that are extremely embarrassing because the applicant is totally full of themselves or completely clueless. What happens is the letters go viral and the Street passes them around in long email... Read More »
Planned layoffs at U.S. firms rose for the third month in a row in November, partly driven by the bankruptcy of Hostess Brands, a report showed on Thursday.
Employers announced 57,081 job cuts last month, the highest level since May and up nearly 20 percent from 47,724 in October, according to the report from... Read More »
Most people couldn't pull off the feat of leaving a stable career to pursue a passion and develop it into a $1 billion company. But that's the experience of Alexis Maybank, the founder and chief strategy officer of Gilt Groupe Inc., the members-only online shopping website. Read More »
GENEVA -- Swiss banking giant UBS AG is to cut as many as 10,000 employees, or some 15 percent of its staff, to drastically shrink its ailing investment bank.
The news of the layoffs came as Switzerland's biggest bank posted another big loss for the third quarter. It said Tuesday that the job cuts are part... Read More »
By Linette Lopez
Ask an investment banker to tell you what they think their bonus will look like, and you're really asking about the health of their corner of Wall Street.
That's why eFinancial Careers' survey on Wall Street bonus expectations is so fascinating. Between September 25th and October 3rd, they... Read More »
By Lauren Tara LaCapra
If the ancient Greek philosopher Diogenes were to go out with his lantern in search of an honest many today, a survey of Wall Street executives on workplace conduct suggests he might have to look elsewhere. Read More »
By Lauren Tara LaCapra
(Reuters) - Wall Street bankers are bracing for another round of job cuts as a downturn in the global economy cuts into earnings from dealmaking, capital raising and lending.
Investors, consultants and analysts say that the big banks are just not bringing in the revenue needed to keep... Read More »
By Stephen Gandel
Perhaps the only thing more broken than Wall Street's business model is its staffing strategy.
After adding thousands bankers in the past two years, financial firms again appear to be on the verge of cutting that many positions and then some. Consultants and Wall Street recruiters say... Read More »
Wall Street is facing a crisis even worse than the financial meltdown of 2008, reports New York magazine in a sweeping cover story. As pieces of the Dodd-Frank financial-reform act come into effect, revenues are plummeting, bonuses are getting slashed, and firms are selling off chunks of office space.
"If... Read More »
By Pan Pylas
LONDON (AP) -- Optimism over upcoming U.S. jobs figures helped stocks and the euro to rally on Friday despite further evidence that the 17-nation eurozone is heading for recession.
Following a run of fairly strong U.S. economic data, investors are increasingly confident that the world's... Read More »
Workers who routinely track the balances of their 401(k) savings know that 2011 was a pretty dismal year for investing in stocks. The S&P 500, a broad stock index that includes about 75 percent of publicly traded U.S. companies, finished 2011 statistically where it began, meaning many investors ended the... Read More »
One of the secrets of finance is that the banking world has a history of working in a lot of ways like a basketball league. You may be a star, but your killer jump shot barely matters if your team is in last place. Or to put in actual terms, what bank you work at is as important as your analyst skills. So if... Read More »
They have the noble goal of making a better world, and they're still paying the bills in the interim.
When the Canadian anti-consumerist group Adbusters put out a call for the Occupy Wall Street resistance movement to commence in New York on Sept. 17, it seemed to be the launch of yet another... Read More »
China is taking American jobs, labor unions, politicians and economists, have accused for some time. The logic is simple. While a manufacturing job in the U.S. may pay $50 an hour, when salary and benefits are factored in, Chinese factory laborers make little more than a few hundred dollars a month. Read More »
By Douglas A. McIntyre
Some companies become so badly damaged because of changes in the competitive markets or due to poor management decisions that their employees lose hope. This may result from the belief that the corporations they work for have little future, or that they will be laid off as their... Read More »
Six digits on Wall Street usually has a very different meaning. This fall, the country's financial firms could lay off more than 100,000 workers in a wave of belt-tightening, reports say. Leading the charge have been the widely noted cuts to be put in place at Bank of America. The bank is set to implement the... Read More »