Wednesday, July 24, 2024

32-year-old Goldman Sachs vice president allegedly risked his career for $145,000


if I were vice president In an investment bank with a great buy-side career ahead of you, would you risk everything for a fraction of your annual salary? Brijesh Goel says his name has been unfairly misrepresented, but the SEC has accused him of insider trading.

Joel, now 37, worked at Goldman Sachs between 28 and 36 years. He ended up as vice president, a role that pays his salary alone in New York as high as $275,000 according to H1B visa data. Last year, Goel moved to Apollo Global Management as Chief Structured Finance Officer, and is likely to earn more – Apollo has paid its partners in the first year. $550,000 in 2021.

Today, however, Goel is on indefinite leave of absence from Apollo pending an investigation into insider trading charges. The Securities and Exchange Commission claims that for two years he transmitted information about her potential mergers To an old friend who was a trader at Barclays Capital, the friend traded based on this information, and they split their profits. The gains were meager: the two men made $292,000 in total, mostly from a single deal; Others get them nothing at all or only get $600. The two men played squash together and were accused of using symbolic language like “Have you booked the court?” To refer to their alleged nefarious activities.

Joel’s lawyer told financial times He looks to prove his innocence: “Unfortunately, the government was quick to indict Brigsch for apparently having said one person about something that supposedly happened years ago before Brigsch’s current job – without giving Brigsch the opportunity to speak with them, unfairly smearing his name. “

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Separately, after a year of rising wages and bitter complaints about it Exhaustion which the banks have had to deal with, small bankers may soon have to simply weed out. as revenue in money markets Show no sign of recovery and Proceeds from mergers and acquisitions Join the slide, longtime bank watchers say the balance of power is shifting.

“The power has shifted from employee to employer,” said Mike Mayo, senior banking analyst at Wells Fargo. financial times. “What happened over the last two years when employees said they were working too long hours, that they wanted extra benefits and this and that, was an exception . . . that was a moment [that has] Come and go.”

However, calibrating the cuts is not easy, Mayo added: “Cut deep and you then have to push to get it back while playing catch-up. The other danger is that you don’t make the required moves and you’re stuck with overhead.”


Junior bankers still want to work from home and people are leaving The Big Four For the big banks are dating because they don’t want to be in the office. “People don’t want to work like that anymore. A lot of people have left for investment banks over the past 12 months and come back. They said the way they were expected to work was ridiculous.” (financial news)

Goldman Sachs bankers called their business to sell The £5 billion worth of bonds and loans backing private equity firm Clayton & Dobellier & Rice’s £10 billion takeover of Morrisons grocery Project Magnum, but it wasn’t very impressive. Sixteen underwriters working on the deal have already done work 200 million pounds is a loss and there is another £400m in losses when debt is flagged in the market. “It’s just unrelated to Goldman. They’re usually ahead when the tide starts to turn.” (financial times)

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Drew Goldman, The global head of coverage and investment banking advisory at Deutsche Bank is stepping down after 23 years. Dealogic says dealmaking fees for Deutsche are down 46% this year. (financial news)

Drew Goldman joins Abu Dhabi Investment Authority, Chairman of Real Estate Investment. (Bloomberg)

Moelis & Co is creating a new blockchain group under John Mumtaz, Global Head of Media Investment Banking. “We love timing. We think piling on the good days and saying, ‘We’re here, ready to help’ sounds less true than when there’s a challenge. Any disruptive technology will have its ups and downs.” (Bloomberg)

The asset management arm of Banque Montreal has appointed 13 equity portfolio managers inside toronto Next to Healthcare, Technology, Industry, Finance and Consumer Equity. (Bloomberg)

Julius Baer has made some big write-offs for his historic IT investments. (Inside Paradeplatz)

Julius Baer introduced a decision to freeze appointments to non-relationship director positions. (financial times)

Barclays will start buying again $17.6 billion in securities after she accidentally sold a lot of them. Repurchases will take place between August 1 and September 12. Barclays has already charged $651 million in fees in connection with the matter, and the costs will only rise. (Bloomberg)

Burnout comes from doing all the little jobs you weren’t assigned to do. (The Wall Street Journal)

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