Opportunistic Bankers Head Off To Ply Trade In Sunny Climate
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The New York Times reports that, fuelled by the commodities boom, there's a lot going on over in Sydney, and native Australian's are returning home in droves to take advantage. Non-Australian investment bankers, too, are applying for Visas likes there's no tomorrow (some think that there actually won't be a tomorrow in investment banking in London and New York, of course). And far from laying off bankers in Sydney, so the newspaper claims, firms like UBS and Lehman Brothers are actually hiring folks (and in fixed income too!). So, if things get really tight, you could always follow the Yellow Brick Road..........
The Wall Street Journal reports that Bear Stearns withdrew coverage of all stocks on Friday, and that only 22 Bear analysts out of 108 managed to secure employment with JPMorgan Chase.
Dealbreaker reports that Geoffrey Raymond's portrait of former Bear CEO Jimmy Cayne (The Annotated Bear), has been sold. The painting is said to have gone to a former Bear employee, who paid $12,000 for it (Ed's note - must be someone who bagged a job at JPMorgan, then).
Bloomberg reports that Deutsche Bank is looking at acquisitions in the wealth space in Europe, as it attempts to offset the slowdown in investment banking earnings.
Finally, The New York Post reports that executives at Bank of New York Mellon have sold some $25m in company stock over the last 3 months. Executive chairman Thomas Renyi sold $14m worth of stock, Vice chairman Elliott Steven unloaded over $7m, and President Gerald Hassell sold $2.8m worth.
