If you were Vice President Would you risk it all for a fraction of your annual salary at an investment bank with a brilliant career on the buyer’s side ahead of you? Brijesh Goel says his name has been unfairly tarnished, but the SEC accuses him of insider trading.
Goel, now 37, worked for Goldman Sachs between the ages of 28 and 36. He ended up as Vice President, a role that alone pays up to $275K in New York, according to H1B visa data. Last year Goel moved to Apollo Global Management as a manager in structured finance and will likely earn even more – Apollo paid its partners in the first year $550,000 in 2021.
Today, however, Goel is on indefinite leave from Apollo pending investigation into insider trading charges. The SEC claims to have relayed information about it for two years. possible mergers He told an old friend who is a trader at Barclays Capital that his friend traded with this information and they shared the earnings. The earnings were minimal: the two men made a combined $292k, mostly from a single trade; others won them nothing or just $600. The two men played squash together and were accused of using code language such as: “Have you arranged the court?” to refer to his alleged nefarious activities.
Goel’s lawyer, Financial Times He said he was looking forward to demonstrating his innocence: “Unfortunately, the government has rushed to impeach Brijesh over the open remark about a supposed person years before Brijesh’s current post – tarnishing his name unjustly, without giving Brijesh a chance to speak to them.”
Separately, after a year of high salary and bitter complaints working hard small bankers may soon have to absorb it. as income capital markets shows no signs of improvement and Merger and acquisition revenues Join the record, longtime banking watchers say the balance of power has shifted.
“The power has passed from employee to employer,” said Mike Mayo, Wells Fargo’s lead banking analyst. Financial Times. “What happened in the last few years was when employees said they worked very long hours and wanted extra benefits, and this was an exception . . . it was a memory. [that has] came and went.”
However, calibrating the cuts is not easy, Mayo added: “Cut too deep and you have to pay later to get them back while playing catch. The other risk is that you don’t make the necessary moves and you get stuck with a bloated load.”
Meanwhile…
Small bankers still want to work from home and people are leaving the bank big four because the big banks are coming back because they don’t want to be in the office. “People don’t want to work like that anymore. There have been a few people who left and came back for investment banks in the last 12 months. They said it was ridiculous to work as expected of them.” (Financial News)
Goldman Sachs bankers finished selling their business £5bn worth of bonds and loans backing private equity firm Clayton, Dubilier & Rice’s £10bn takeover of grocer Morrisons “Project Magnum” but it didn’t bode well. Sixteen insurers working on the deal have already made a deal. £200 million lost and there’s another £400m loss when debt hits the market. “It doesn’t suit Goldman very well. They’re usually ahead when the tide starts to turn.” (Fiscal Times)
Drew Goldman Deutsche Bank’s head of global investment banking coverage and consultancy is stepping down after 23 years. Dealogic said Deutsche’s deal fees have dropped 46% this year. (Financial News)
Drew Goldman agrees As head of real estate investment, Abu Dhabi Investment Authority. (Bloomberg)
Moelis & Co is establishing a new blockchain group under John Momtazee, global head of media investment banking. “We like timing. We think it’s less candid to save up the good days and say, ‘Here we are, ready to help’ than when there is a challenge. Any disruptive technology will have volatility.” (Bloomberg)
Bank of Montreal’s wealth management arm hires 13 equity portfolio managers in Toronto against healthcare, technology, industries, finance and consumer stocks. (Bloomberg)
Julius Baer wrote some big losses from historic IT investments. (inside Paradeplatz)
Julius Baer has made the decision to freeze hiring for non-relationship executive positions. (Fiscal Times)
Barclays will start to take it back $17.6 billion in securities after accidentally selling too many. Buybacks will take place from August 1 to September 12. Barclays has already filed $651 million in charges in the matter, and costs are likely to rise. (Bloomberg)
Burnout comes from doing all the little things you weren’t actually hired to do. (WSJ)
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