Goldman Sachs is closing two trading units that made bets with the firm’s own capital. [Bloomberg] UBS has reshuffled its senior management team - again. [FT] Kohlberg Kravis Roberts hired a York Capital Management managing director as it expands its European special situations business. [Finalternatives] Milwaukee-based Robert W. Baird & Co. has pushed further into energy coverage and is adding bankers in this area. [Milwaukee Business Times] JPMorgan is the top energy dealer in... Read more

When heading into an interview for an IB asset management position, you have to understand the markets and be able to prove it. How? We asked Jack Bloom, a professor at Pace University's school and head of its IB Career Path, which offers training and career coaching to young professionals. He says you should be ready for these questions: Where do you see the market heading? Your answer should show that... Read more

No matter the vagaries of the market, demand for institutional sales positions has stayed steady. During the past year senior level spots were being filled at global investment banks as they ramped up operations. Now, mid-career professionals are the big push - those with a strong client base and an even better track record of revenue generation. Fixed income and FX institutional sales pros are in the best positions. Look to... Read more

UBS executives are concerned that pending bonuses will be inadequate to retain top talent . [Reuters] More traders are set to join hedge funds as compensation on Wall Street tightens and new rules take shape. [Reuters] Blackstone may start to raise a new $ 10 billion real estate fund this year. [Financial News] Harvard Business School is changing its curriculum to reflect a greater focus on coursework stressing ethics and teamwork. [WSJ]... Read more

Boutique firms such as Lazard and Evercore are gaining ground on bulge bracket investment banks in lieu of the financial crisis. [WSJ] Former New Jersey Governor Jon Corzine is seeking to transform MF Global Holdings into a mini-Goldman Sachs. [WSJ] The SEC will soon propose new rules for swaps trading to increase transparency in derivatives markets. [Financial News] PensionsFirst, a UK-based pension risk management firm, has moved into North America and will now... Read more

Investment advisory firms are rebuilding their staffs after an enormously painful two years. Still, just as before the recession, they still want competent money managers who can bring in clients, says Sam Levine, the managing partner of the Buttonwood Group, an investment management executive search firm. Planning on interviewing for one of these jobs? Here are five questions you can expect. Tell me how you manage clients' money. This is a... Read more

Compensation at publicly traded Wall Street banks and securities firms hit a record last year. [WSJ] Do you smoke? It could hurt your career on Wall Street. [Dealbreaker] A nasty new bonus reality dawns at Nomura [eFC UK] Hedge fund launches raised more money in 2010 as new managers entered the fray. [Marketwatch] UBS established a wealth management team in Charlotte by adding formr U.S. Trust employees. [<a href=http://online.wsj.com/article/... Read more

Citigroup is using more stock in bonuses paid to employees, including investment bankers and traders. [Bloomberg] Hedge fund Highbridge Capital has eliminated its event-driven team. [Finalternatives] The SEC is recommending that brokers be required to act as fiduciaries, or put their client’s interests before their own. [NY Times] Bank of America replaced HSBC Holdings as the world’s most valuable banking brand. [Bloomberg] Compensation for U.K.... Read more

Morgan Stanley, coming off a strong year, paid its employees cumulatively more in 2010 than the poster child for top compensation, Goldman Sachs. The firm paid $16 billion in bonuses and fees to employees for the year, up from $14.4 billion in 2009, and topping Goldman’s $15.3 billion in 2010. Morgan Stanley's compensation to net revenue ratio was 51 percent for the year, down from 62 percent in 2009 but far... Read more

George Wilbanks, a managing director with Russell Reynolds in New York, is looking for candidates who can handle both product development and product management for a mutual fund firm. The ideal recruit has a strong background in retirement solutions and experience with wealth management and annuities. Such people are needed to design products that will respond to the needs of soon-to-be retirees and the employers sponsoring their retirement plans. They need... Read more

As China slowly loosens its control over financial operations, there are predictions of a flurry of jobs opening up in banking and investment services on both the mainland and Hong Kong. Wall Street and a number of UK and Swiss banks have made inroads, but state control has tempered their success. Nonetheless, expectations remain high. A PricewaterhouseCoopers survey notes that by 2013, foreign banks in China expect to increase jobs... Read more

Investment bankers at Goldman Sachs are sitting pretty once again as the bank reemphasizes deal making. [WSJ] Rothschild and SocGen are expanding in North America with new offices and strong deal-making activity in the oil and gas sector. [Financial News] A growing number of investors believe hedge funds have become too conservative and boring. [Reuters] Lawrence Clark, a top manager at embattled Harbinger Capital Partners, has left to start his own fund. [Dealbook] Miami... Read more

Wall Street could be poised for a hiring upswing, pushed by demand for rainmakers and mergers and acquisitions bankers. [FierceFinance] Goldman Sachs's last big proprietary trading team has begun raising money to start a its own independent hedge fund. [FT] Large private banks are recruiting heavily in Russia, the Middle East, Africa and Asia says the head of private wealth management at an executive search firm. [Financial News] BlackRock Vice Chairman Blake Grossman... Read more

Goldman Sachs may soon grant bonuses based on future earnings and the bank's stock performance. [Bloomberg] An improving economy and competition among asset managers is creating higher demand for top defined contribution money managers. [Pensions and Investments] Banks are waging war to attract money from the wealthy and top talent for their wealth management businesses. [WSJ] Regulators are quickly writing new rules that will reshape the ways in which derivatives traders operate.[FT] JPM... Read more

As banks look to save money on staffing and generally run leaner, one firm is experimenting with a new model: project to project hiring of junior to mid-level analysts. [WSJ] While compensation is sluggish, hiring is up in wealth management, with technology executives playing a bigger role in the business. [Wall Street & Technology] Goldman Sachs hired former Federal Reserve Bank of New York official Theo Lubke to help it w navigate... Read more

Goldman Sachs has spun a private equity group focused on inner city-based middle-market companies. [Financial News] Recruitment by UK investment banks surged in the third quarter, as hiring in capital markets and advisory services rose. [Reuters] UBS wants to regain the top spot in equities trading and become a bigger player in fixed-income. [Reuters] JPMorgan, Deutsche Bank, and Citigroup are hiring wealth management bankers as new rules cut into investment banking revenues. [Bloomberg] Investment... Read more

Despite a flurry of deals over the past few months, investment banking compensation could slip between 4 and 10 percent compared with last year. [CNBC] Bank of America's shares were hammered yesterday as rumors spread that the bank would be a target of a "megaleak" from whistleblower website WikiLeaks. [NY Post] Fidelity is aiming to overtake Charles Schwab in the custody business, and sees growth in RIAs. [Investment News] Toronto's finance leaders are... Read more

Some survivors of the hedge fund shakeout are using cash to fund business growth and hire investment and institutional marketing talent. [Investment News] Asset management compensation levels, with firms ditching bonuses and finding new ways to pay for top talent. [Investment News] UBS is marketing a structured product backed by credit derivatives, a welcome sign for the securitization market. [Financial News] HSBC's incoming CEO Stuart Gulliver is expanding the bank's wealth management business... Read more

Morgan Stanley, JPMorgan, and Bank of America aren't holding holiday parties this year. For some banks, this is the third straight year they'll take a pass on year-end festivities. [TheStreet.com] Spending at expensive restaurants in New York is up as traders and executives are feeling more secure. [NY Times] Flush with extra funds, investment managers are spending it on technology executives who can cut costs. [InvestmentNews] Crédit Agricole is seeking to capitalize on... Read more

IT budgets are soaring as banks prepare to meet new compliance requirements, with one technology executive saying his budget is up 30 percent this year. [Financial News] Goldman Sachs is preparing to launch an exchange-like trading platform to increase transparency in equities trading, joining others such as Nomura and UBS who have done the same thing. [Financial News] Spanish banks Santander and BBVA are moving into new products and markets such as... Read more