A few recent clippings from the press. And this article is worth a quick gander for some timely tips on career management.
UBS restructuring compensation. A “phantom equity” scheme would reward employees according to the performance of their unit within the firm. And the firm’s budget for employee compensation will shrink by one-third this year.
Investment banking jobs outsourced to India. “How much of Wall St.’s work force could be shipped overseas for pennies on the dollar?” A consultant in this blog report claims, “as much as 40%, mostly from the investment bank and trading divisions.”
Merrill Lynch freezes hiring through 2008. Here is The City reproduces an internal memo.
Hedge funds continue hiring. Citadel, SAC Capital and others, despite ongoing fund closures.