: Archive

Jul 25, 2011

First wave of LAYOFFs @ ITG (Investment Technology Group) - Noted Research Broker and Financial Tech Firm.

ITG Taking Measures to Cut Costs

Well it seems that the first round of layoffs at ITG are finally coming into view. My people on the inside state that it appears the number is {350-300} people layed off. The Hits were across the board, but IT(Development/Systems) took the biggest hit as a group {100+}. Per my email correspondence over the weekend “Tracey, its like they took out every other MD in the shop”

Here is a little bit of background:

Investment Technology Group Inc. (ITG), a New York-based agency research broker and financial technology firm, implemented the first phase (last week) of its plans to cut costs to improve margins/enhance shareholder returns in the face of continued weakness in institutional equity trading volumes in the U.S. and Europe. The plan is expected to generate pre-tax cost savings in 2012 of more than $20 million. This was a bit of a surprise to those in NYC office especially.

From what I am hearing, there are more expected layoffs to come soon…. Whispers - not substantiated yet - are that the next round is due for late September.

Thank you for your Time and Efforts,

Tracey Greene

TechExec Inc.

Senior Vice President, Financial Risk & Compliance & Technology Division

O: (914)-235-5901

F: (914)-355 -2160

Http://www.businessinsider.com/goldman-sachs-job-sucks-2011

Jul 20, 2011

What does Goldman Sachs offer you ( "Behind the Music" Addition )

Good Day All,

So yesterday we found out what Bank of America offered potential new hires… (I feel bad for the old Merrill Lynch people still there, they are very much undervalued).

Today, we talk about Goldman Sachs again. With all the recent layoffs at Goldman Sachs, I have been receiving more and more bad buzz about the firm from my people in the industry… It seems that now GS is only entertained as a 3rd or 4th option in ones interviewing suitors. I was forwarded this link today, from someone working at Goldman Sachs… In the same email they stated how the culture was acceptable, back when it was considered prestigous and adventagous to work within the firm….. Now is not the case, read on and feel free to forward me your thoughts?

Thank you for your Time and Efforts,

Tracey Greene

TechExec Inc.

Senior Vice President, Financial Risk & Compliance & Technology Division

O: (914)-235-5901

F: (914)-355 -2160

Jul 20, 2011

Bank of America Corp posted a second-quarter net loss after an $8.5 billion settlement with mortgage bond investors.

The largest U.S. bank by assets on Tuesday reported a net loss of $8.8 billion, or 90 cents per share, compared with net income of $3.1 billion, or 27 cents per share, a year earlier. This is BofA’s 3rd posted lose in 4 quarters.

From a Professional Career Advisor’s point of view…… STAY AWAY FROM BOFA…

This is one house that hasn’t worked out all of the bugs from 2008 yet. Besides the recent posted Net Lose, BofA is still trying to work out its integration of Merrill Lynch with its banking dogma…

As Usual, if you want to talk, I am always a Phone call away!

Thank you for your Time and Efforts,

Tracey Greene

TechExec Inc.

Senior Vice President, Financial Risk & Compliance & Technology Division

O: (914)-235-5901

F: (914)-355 -2160

Jul 19, 2011

Jul 8, 2011

Goldman Sachs to lose Talent yet again this year ( Contractors and Now Employees Next week.)

As per the numerous cited reports:

Goldman Sachs, the supposed Giant of Wall Street, is indeed in the midst of layoffs. Last week many consultants were let go. As a former GS Alumni, I can vouche that the talent level of a consultant at GS is indeed high. Goldman Sachs has slated next week for the much feared “Full Time Layoffs”.

Goldman Follows the “Jack Welch: GE ‘Employee Evaluation Model’”;

Jack Welch long ago decided that every employee at General Electric should be ranked top to bottom. The top 20% were stars to be nurtured and given incentives to excel. The middle 70% were also crucial because they made up the majority. But a smart company would identify the bottom 10% and weed them out

But this year Goldman has cut to the bone… The layoffs are in addition to the company’s annual firing of workers who perform in the bottom five percent or so. So the ranking system is getting a lot tougher to overcome.

What is more troubling then the actual layoffs is that the company simply cited economic reasons for the layoffs. Goldman Sachs has about aproximately 35,000 employees worldwide. The company does not break down how many of those workers are based in New York.

Goldman Sachs in April reported that its first-quarter income fell 72 percent to $908 million. The drop was partly the result of an accounting move that reduced the income available to shareholders as a result of Goldman’s redemption of preferred shares held by Berkshire Hathaway. The investment bank also said its revenue fell 7 percent as a result of weakness in some of its core businesses, including stock and bond trading and advising clients…..

I respected the talent level of those I interacted with at GS….. I have placed many Goldman Employees in the first six months of this year alone……. Should you be concerned about your Career, Don’t play it Safe!!! Reach out to me, just because we have a discussion doesn’t mean I will harass you. But do reach out if your concerned, the time is now to be proactive….

I am always just a Phone Call away from you,

Thank you for your Time and Efforts,

Tracey Greene

TechExec Inc.

Senior Vice President, Financial Risk & Compliance & Technology Division

O: (914)-235-5901

F: (914)-355 -2160