Goldman Appoints New Partners
Goldmans Appoints New Partners
Goldman Sachs has just completed its biennial partnership round leading to 95 new appointees. This is the highest number since 2010 and reflects optimism with the promise of less regulation in the new Trump era and more M&A business. Goldmans shares were up 13 per cent. Partners represent 400 out of 46,000 employees. In terms of diversity, 27 per cent of the new cohort are women, 18 Asian and 4 per cent Black. In terms of location, 69 per cent work in the Americas, 22 in Europe and 8 in Asia. These guys can look forward to a guaranteed salary of $1 million plus bonus and much much more.
Citi Incentivizes Investment Products
Citi is in the process of amending its scorecards for its wealth management bankers. In the past the emphasis was on the promotion of loan products to high-net-worth individuals. The amendment will see bankers rewarded more highly for selling investment products.
CME’s Major Conflict of Interest
In a bizarre development, the Chicago Mercantile Exchange has been given permission to act as a “Futures Commission Merchant”. In basic terms this means that the provider of independent exchange services can compete against its own clients and act as a futures broker!
SFO Receives More Cash
The UK’s Serious Fraud Office has been handed £ 9.3 million to help it improve the way it handles cases. At present the average case takes 4 years to prosecute and involves 5 million documents. Rich criminals frequently escape conviction due to this time lag. The money will also be used to set a “confiscation team” to improve the seizure of criminal assets.