tag:blogger.com,1999:blog-24980642423367793542024-02-20T09:26:15.834-08:00KVSSNRao's Handbook of Management of Securities Market IntermediariesMain focus on management of stock broking companies, investment banks and mutual funds.-----------------------------------------------------------
Compilation by Dr. K.V.S.S. Narayana Rao, Professor, National Institute of Industrial Engineering (NITIE), Mumbai- 400087, India.
Companion blog: www.kvssnrao-smis.blogspot.comKVSSNRaohttp://www.blogger.com/profile/06910963946568975568noreply@blogger.comBlogger751125tag:blogger.com,1999:blog-2498064242336779354.post-20532823658569270882010-10-22T04:01:00.000-07:002010-10-22T04:03:53.422-07:00Study of Indian Stock Broking Companies - Report by an MBA Student<a href="http://www.scribd.com/doc/31277300/Comparitive-Analysis-of-Stock-Broking-Firms">http://www.scribd.com/doc/31277300/Comparitive-Analysis-of-Stock-Broking-Firms</a><br /><br />Study of activation charges, brokerage charges and services. Report submitted in May 2010.<div class="blogger-post-footer"><script expr:src='"http://feeds.feedburner.com/~s/KvssnraosHandbookOfManagementOfSecuritiesMarketIntermediaries?i=" + data:post.url' type="text/javascript" charset="utf-8"></script></div>KVSSNRaohttp://www.blogger.com/profile/06910963946568975568noreply@blogger.com13tag:blogger.com,1999:blog-2498064242336779354.post-37703820286285409922009-05-20T23:21:00.000-07:002009-05-20T23:45:20.195-07:00Merrill Lynch - Policy - Research - Conflicts - 2004<a href="http://www.ml.com/media/43347.pdf">http://www.ml.com/media/43347.pdf</a><br /><br /><br />The above document contains the policy announced in 2004 in connection with FSA's (UK) requirements.<br /><br />Merrill Lynch’s policies and actions resolving conflicts of interest include:<br /><br />(a) the provision of internal guidance and training on the identification of<br />possible issues of conflicts of interest as and when they arise;<br /><br />(b) escalation procedures for ensuring that issues identified are referred to<br />and considered at the appropriate level within the Firm;<br /><br />(c) Merrill Lynch’s Control Room monitors potential conflicts of interest<br />arising in connection with the publication of research in the period<br />before, during and after Investment Banking transactions;<br /><br />(d) editorial guidelines and procedures for supervisory and compliance<br />review of research prior to publication;<br /><br />(e) the Research Department’s Research Recommendation Committee is<br />required to approve all investment ratings changes.<div class="blogger-post-footer"><script expr:src='"http://feeds.feedburner.com/~s/KvssnraosHandbookOfManagementOfSecuritiesMarketIntermediaries?i=" + data:post.url' type="text/javascript" charset="utf-8"></script></div>KVSSNRaohttp://www.blogger.com/profile/06910963946568975568noreply@blogger.com1tag:blogger.com,1999:blog-2498064242336779354.post-91173037359811960882009-05-20T22:36:00.000-07:002009-05-20T22:42:50.322-07:00People Management in Investment BanksAlexandre Winandy is maintaining the blog People Management in Emerging Markets.<br /><br /><a href="http://peoplemanagementinemergingmarkets.blogspot.com/">http://peoplemanagementinemergingmarkets.blogspot.com/</a><br /><br />He is working in Banking industry. Therefore his posts contain references to investment banking issues. A relevant blog for securities market professionals.<br /><br />I shall give more specific details about the posts in the blog in due course of time.<div class="blogger-post-footer"><script expr:src='"http://feeds.feedburner.com/~s/KvssnraosHandbookOfManagementOfSecuritiesMarketIntermediaries?i=" + data:post.url' type="text/javascript" charset="utf-8"></script></div>KVSSNRaohttp://www.blogger.com/profile/06910963946568975568noreply@blogger.com1tag:blogger.com,1999:blog-2498064242336779354.post-2787317128943844482009-04-23T00:43:00.001-07:002009-04-23T00:49:45.476-07:00Good Time to Invest for Long Term PortfoliosIMF forecasts the worst year post world war II will be 2009. Persons with savings can acquire equity share portfolios at probably less than fair values in this year.<br /><br />Why so?<br /><br />Because securities market intermediaries have suffered enough losses and do not have the means to acquire the securities at fair values. These intermediaries who used to buy first in both primary and secondary capital markets and then later on distribute to genuine buyers have no capacity now. The systems are broken in the markets. There is a big doubt in everybody's mind about the future. People do not park their money in assets. It is better to be in bank cash rather than to be securities.<br /><br />That gives the opportunity to people with genuine savings to acquire some assets at less than their fair values. But the volatility in markets will be there and strain you. Benjamin Graham, the most conservative value proponent said after you buy, the market may go down by 50%. Can you still believe your value calculations?<div class="blogger-post-footer"><script expr:src='"http://feeds.feedburner.com/~s/KvssnraosHandbookOfManagementOfSecuritiesMarketIntermediaries?i=" + data:post.url' type="text/javascript" charset="utf-8"></script></div>KVSSNRaohttp://www.blogger.com/profile/06910963946568975568noreply@blogger.com0tag:blogger.com,1999:blog-2498064242336779354.post-40581964036150098602009-04-23T00:34:00.000-07:002009-04-23T00:42:59.791-07:00William K. Black's Article on Mortgage FraudWilliam K. Black is Assoc. Professor, Univ. of Missouri, Kansas City; <br />He was a Senior regulator during S&L debacle<br /><br />His article "The Two Documents Everyone Should Read to Better Understand the Crisis" dated 23.4.2009 is an interesting read.<br /><br />He began his article with the statement "As a white-collar criminologist and former financial regulator much of my research studies what causes financial markets to become profoundly dysfunctional."<br /><br />The two documents that he is referring to are<br /><br /><a href="http://oversight.house.gov/story.asp?ID=2250">http://oversight.house.gov/story.asp?ID=2250</a><br /><br />and<br /><br /><a href="http://big.assets.huffingtonpost.com/FraudReport8Nov07Fitch.pdf">http://big.assets.huffingtonpost.com/FraudReport8Nov07Fitch.pdf</a><br /><br />Both these documents talk of possible risks and problems in mortgage investing.<br /><br /><br /><br /><br /><br /><a href="http://www.huffingtonpost.com/william-k-black/the-two-documents-everyon_b_169813.html">http://www.huffingtonpost.com/william-k-black/the-two-documents-everyon_b_169813.html</a><div class="blogger-post-footer"><script expr:src='"http://feeds.feedburner.com/~s/KvssnraosHandbookOfManagementOfSecuritiesMarketIntermediaries?i=" + data:post.url' type="text/javascript" charset="utf-8"></script></div>KVSSNRaohttp://www.blogger.com/profile/06910963946568975568noreply@blogger.com0tag:blogger.com,1999:blog-2498064242336779354.post-48625489847335997202009-02-16T03:15:00.000-08:002009-02-16T03:16:41.344-08:00Goldman Sachs Hiring Process for IndiaHiring Process<br />Goldman Sachs has been recruiting in India at an accelerated pace. Because positions in the Bangalore and Mumbai offices require a range of skills and experience, India can be a launch pad to working in other offices around the world. As with all of our employees, you will have access to career mobility within your division or in another division or location. And our India offices provide the opportunity to take on more responsibility early in your career so your success can grow alongside the firm’s. <br /><br />While the interview process may seem lengthy, it has many advantages. It helps us to determine if you are a good fit with Goldman Sachs. It is also your opportunity to see if Goldman Sachs is right for you, and we encourage you to ask questions of us. The benefit is that once you start, you know you’re working in the right place. <br /><br />For Interns, New Analysts and New Associates: <br />We offer student internships as well as full-time positions across a majority of our divisions in India. Goldman Sachs is committed to helping graduates prepare for a successful financial career. We encourage students to intern with us based on their area of interest, and summer interns are frequently offered full-time jobs. We also visit a large number of colleges across the country, looking to hire students for various divisions across the firm. <br /><br />Goldman Sachs looks for candidates with well-rounded résumés that include a strong academic background, extracurricular activities and community work. During the interview process, we look for candidates who display excellent communication skills, maturity and a take-charge attitude – team players with a passion for excellence. Full-time positions are offered a year in advance; therefore, we assign a Goldman Sachs buddy to each graduate who accepts a position. This buddy stays in touch throughout the year and is available to answer questions. We also invite new hires and their families to visit our offices on Parents Day and to meet with alumni and senior management. <br /><br />The process: <br />• Goldman Sachs occasionally gives campus presentations prior to the scheduled recruitment day. These are good opportunities to learn about the firm and see what areas interest you. <br />• On recruitment day, visit the Goldman Sachs presentation at your campus and bring your résumé. <br />• Interviews and any necessary tests are conducted on campus. <br />• Offers for internships and full-time positions are extended the same day. <br /><br />For Experienced Professionals: <br />Goldman Sachs finds qualified candidates through recruitment agencies, employee referrals and internal and external online job databases. <br /><br />The process involves multiple rounds of interviews with the hiring managers and their teams. <br /><br /><a href="http://www2.goldmansachs.com/careers/our-firm/locations/india/hiring-process.html">http://www2.goldmansachs.com/careers/our-firm/locations/india/hiring-process.html</a><div class="blogger-post-footer"><script expr:src='"http://feeds.feedburner.com/~s/KvssnraosHandbookOfManagementOfSecuritiesMarketIntermediaries?i=" + data:post.url' type="text/javascript" charset="utf-8"></script></div>KVSSNRaohttp://www.blogger.com/profile/06910963946568975568noreply@blogger.com0tag:blogger.com,1999:blog-2498064242336779354.post-3973849269119980452009-02-16T03:07:00.000-08:002009-02-16T03:09:28.357-08:00Some Information on UK Financial Jobs 2009 Queens University Belfast34 page guide note<br /><br /><a href="http://www.qub.ac.uk/directorates/sgc/careers/FileStore/Filetoupload,125582,en.pdf">http://www.qub.ac.uk/directorates/sgc/careers/FileStore/Filetoupload,125582,en.pdf</a><div class="blogger-post-footer"><script expr:src='"http://feeds.feedburner.com/~s/KvssnraosHandbookOfManagementOfSecuritiesMarketIntermediaries?i=" + data:post.url' type="text/javascript" charset="utf-8"></script></div>KVSSNRaohttp://www.blogger.com/profile/06910963946568975568noreply@blogger.com0tag:blogger.com,1999:blog-2498064242336779354.post-61861833872449847332009-02-08T02:47:00.000-08:002009-02-08T02:53:47.539-08:00The A.G. Edwards and Wachovia Securities account integration16 February 2009<br /><br />The A.G. Edwards and Wachovia Securities account integration is complete.<br />If you have converted your A.G. Edwards online access to Wachovia Securities' Access Online, you will be able to log in to Access Online to view all of your account balances and positions. <br /><br /><br />29/1/2009<br />New enrollments into former A.G. Edwards client account access service and online bill pay will no longer be accepted.<br /><br /><br />Conversion From A.G. Edwards' Client Account Access to Access Online<br /><br />Clients who currently use A.G. Edwards client account access service will convert to Wachovia Securities' Access Online ("Access Online"). From Feb. 10 - April 30, when you log in to client account access, you will be given the opportunity to go through an easy, online conversion process that will establish your user ID (user name) and password for Access Online. <br /><br /><br />2/10/2009 to 4/30/2009<br />Take Action:<br />Convert your A.G. Edwards online access and online bill pay account(s) to Wachovia Securities' Access Online. <br /><br />2/18/2009 to 4/30/2009<br /><br />Take Action: <br />If you use personal financial management software, such as Quicken® or Microsoft® Money, you will need to transition your importing capabilities from A.G. Edwards to Wachovia Securities. <br /><br />3/31/2009 to 4/30/2009<br /><br />You will no longer be able to go to client account access, although you will still be able to convert your A.G. Edwards online access to Access Online. In addition, you will still be able to import former A.G. Edwards account data into Quicken®, Microsoft® Money and TurboTax®.<br /><br /><a href="http://www.wachoviasecurities.com/ws/changes.html">http://www.wachoviasecurities.com/ws/changes.html</a><div class="blogger-post-footer"><script expr:src='"http://feeds.feedburner.com/~s/KvssnraosHandbookOfManagementOfSecuritiesMarketIntermediaries?i=" + data:post.url' type="text/javascript" charset="utf-8"></script></div>KVSSNRaohttp://www.blogger.com/profile/06910963946568975568noreply@blogger.com0tag:blogger.com,1999:blog-2498064242336779354.post-16377270781558283722009-02-08T02:34:00.000-08:002009-02-08T02:42:49.842-08:00Layoffs by Goldman Sachs - 20097 February 2009<br /><br />According to an insider, Goldman partners are drawing up plans for the next round of cuts, but added that a decision on specific numbers has yet to be taken. The percentage could be around 10%.<br /><br />Around 6,000 of Goldman's 30,067 staff are employed in the UK.<br /><br /><a href="http://layofftracker.blogspot.com/2009/02/goldman-sachs-to-cut-10-of-workforce.html">http://layofftracker.blogspot.com/2009/02/goldman-sachs-to-cut-10-of-workforce.html</a><br /><br /><br /><br /><br />2 December 2008<br /><br />Goldman Sachs Group Inc. has cut its Dubai-based work force, a bank official told the Gulf Times. <br /><br />http://www.thedeal.com/dealscape/2008/12/bank_layoffs.php<div class="blogger-post-footer"><script expr:src='"http://feeds.feedburner.com/~s/KvssnraosHandbookOfManagementOfSecuritiesMarketIntermediaries?i=" + data:post.url' type="text/javascript" charset="utf-8"></script></div>KVSSNRaohttp://www.blogger.com/profile/06910963946568975568noreply@blogger.com0tag:blogger.com,1999:blog-2498064242336779354.post-33786636443192441722009-02-08T02:27:00.000-08:002009-02-08T02:33:28.631-08:00IMF Raising ResourcesIMF wants to double its lending ability from $250 billion to $500 billion. To achieve that, IMF is finalzing a $100 billion loan from Japan and is planning to issue bonds.<br /><br />The Japanese loan would be structured in a way similar to two IMF programmes called the General Arrangements to Borrow and the New Arrangments to Borrow, which provide $50 billion in additional funding if the IMF runs through its $200 billion core financing.<br /><br />Mint, 31 January 2009<br />www.livemint.com<div class="blogger-post-footer"><script expr:src='"http://feeds.feedburner.com/~s/KvssnraosHandbookOfManagementOfSecuritiesMarketIntermediaries?i=" + data:post.url' type="text/javascript" charset="utf-8"></script></div>KVSSNRaohttp://www.blogger.com/profile/06910963946568975568noreply@blogger.com0tag:blogger.com,1999:blog-2498064242336779354.post-88108708865769541822009-02-06T19:50:00.000-08:002009-02-06T20:00:55.609-08:00Madoff Clients List and Case Related Dockets<a href="http://madoffsearch.com">http://madoffsearch.com</a><br /><br />You can search the site for various clients of Madoff. It has addresses of the clients.<br /><br />According to some financial advisors, it is a very good prospecting iist. Lawyers also can find people whom then can represent. <br /><br />This type of information is routinely released during bankruptcy proceedings.<br /><br />Dockets related to the case<br /><br /><a href="http://dockets.justia.com/docket/court-nysdce/case_no-1:2008cv10791/case_id-336993/">http://dockets.justia.com/docket/court-nysdce/case_no-1:2008cv10791/case_id-336993/</a><br /><br /><br />Securities and Exchange Commission v. Madoff et al<br />EasyEdit <br />(What's this?) What is the EasyEdit button? This website gets better when people like you add to it. Just click the EasyEdit button to start. (help) <br />Last update: No updates (content history | content tools) (help) <br />Keyword tags: None <br />Plaintiff: Securities and Exchange Commission <br />Defendant: Bernard L. Madoff and Bernard L. Madoff Investment Securities, LLC <br />Receiver: Lee Richards <br /> <br />Case Number: 1:2008cv10791 <br />Filed: December 11, 2008 <br /> <br />Court: New York Southern District Court <br />Office: Securities/Commodities Office [ Court Info ] <br />County: NewYork <br />Presiding Judge: Judge Louis L. Stanton <br /> <br />Nature of Suit: Other Statutes - Securities/Commodities/Exchanges <br />Cause: U.S. Government Plaintiff <br />Jurisdiction: U.S. Government Plaintiff <br />Jury Demanded By: 15:77 Securities Fraud <br /><br /><br /><br />Access this case on the New York Southern District Court's Electronic Court Filings (ECF) System<br /><br /><a href="https://ecf.nysd.uscourts.gov/cgi-bin/iqquerymenu.pl?336993">https://ecf.nysd.uscourts.gov/cgi-bin/iqquerymenu.pl?336993</a><br /><br />This is a Restricted Web Site for Official Court Business only. Unauthorized entry is prohibited and subject to prosecution under Title 18 of the U.S. Code. All activities and access attempts are logged. <br /><br />Search for Party Aliases <br />Associated Cases <br />Attorneys <br />Case File Location <br />Case Summary <br />Docket Report <br />History/Documents <br />Parties <br />Related Transactions <br />Check Status<div class="blogger-post-footer"><script expr:src='"http://feeds.feedburner.com/~s/KvssnraosHandbookOfManagementOfSecuritiesMarketIntermediaries?i=" + data:post.url' type="text/javascript" charset="utf-8"></script></div>KVSSNRaohttp://www.blogger.com/profile/06910963946568975568noreply@blogger.com0tag:blogger.com,1999:blog-2498064242336779354.post-64819999148748221582009-02-06T03:30:00.000-08:002009-02-06T03:34:13.394-08:00CitiGroup Restructuring 2009 JanuaryJanuary 16, 2009<br /><br />Citi (NYSE: C) today announced it will realign into two businesses, Citicorp and Citi Holdings, to optimize the company's global businesses for future profitable growth and opportunities. This structure will enable Citi to focus on driving the performance of its core businesses and, separately, on realizing value from non-core assets.<br /><br />The strategic restructuring creates:<br /><br />Citicorp, which will focus on leveraging the competitive advantages of the company's global universal bank in more than 100 countries, and, <br />Citi Holdings, which will be made up of brokerage and retail asset management, local consumer finance and a special asset pool – whose management will focus on tightly managing risks and losses, and maximizing the value of these assets. <br /><br /><br />Citicorp<br /><br />Citicorp will be a relationship-focused global bank to businesses and consumers. It will include "core" Citi properties and have a presence in high-growth emerging markets around the world. Citicorp will have worldwide deposit-taking capabilities that can be put to work with consumer and institutional customers in a diversified way to produce the highest returns, giving it a unique ability to deliver global capabilities locally and serve local clients globally. <br /><br />Citicorp's Global Institutional Bank will consist of: <br /><br />Global Transaction Services: an industry-leading business with a global network in about 140 countries. <br />Corporate and Investment Bank: world-class relationship banking offering full range of advisory, underwriting, lending and market-making services; now re-focused with a lower risk profile. <br />Citi Private Bank: global banking serving high-net-worth individuals, including about 30 percent of the world's billionaires. <br />Citicorp's Retail Bank will consist of:<br /><br />Branded card businesses globally. <br />Regional consumer and commercial banking franchises in the U.S., Asia, Latin America, Central and Eastern Europe, and the Middle East. <br />We anticipate that Citicorp will have assets of approximately $1.1 trillion and will be approximately 65 percent deposit funded. <br /><br />Citi Holdings<br /><br />Citi Holdings will be a group of non-core businesses that include attractive long-term businesses with strong market positions. However, they do not sufficiently enhance the capabilities of Citi's core business, and in many ways compete for its resources. <br /><br />The Citi Holdings management team will seek to maximize the value of these businesses by running them well, restructuring and managing them through this tough economic cycle, and taking advantage of value-enhancing disposition and combination opportunities as they emerge. These businesses and assets will initially include:<br /><br />Brokerage and asset management: including the 49 percent stake in Morgan Stanley Smith Barney, as well as Nikko Cordial Securities, Nikko Asset Management and Primerica Financial Services. <br />Local consumer finance: including CitiFinancial and CitiMortgage in the U.S., and consumer finance operations in Western Europe, Japan, India, Mexico, Brazil, Thailand and Hong Kong. <br />Special asset pool: will manage the assets covered by the loss-sharing agreement with the U.S. government parties in the ring-fenced portfolio; and other non-strategic assets. <br /><br />Source: Press Release Citi<br /><br /><a href="http://www.citigroup.com/citi/press/2009/090116b.htm">http://www.citigroup.com/citi/press/2009/090116b.htm</a><div class="blogger-post-footer"><script expr:src='"http://feeds.feedburner.com/~s/KvssnraosHandbookOfManagementOfSecuritiesMarketIntermediaries?i=" + data:post.url' type="text/javascript" charset="utf-8"></script></div>KVSSNRaohttp://www.blogger.com/profile/06910963946568975568noreply@blogger.com0tag:blogger.com,1999:blog-2498064242336779354.post-22770601660037525552009-02-06T03:09:00.000-08:002009-02-06T03:15:43.840-08:00Citi Morgan Joint VentureSimth Barney Brokerage of Citigroup and Morgan Stanley's Wealth management unit will be merged into a Joint venture (JV)<br /><br />James Morgan will be the chairman of the JV.<br /><br />Charles Johnston, president of Citigroup's global wealth management business in the United States and Canada will be the venture's president.<br /><br />Morgan Stanley will pay citigroup $2.7 billion in cash for an initial 51% stake in the venture. This stake can grow to 100% in five years.<div class="blogger-post-footer"><script expr:src='"http://feeds.feedburner.com/~s/KvssnraosHandbookOfManagementOfSecuritiesMarketIntermediaries?i=" + data:post.url' type="text/javascript" charset="utf-8"></script></div>KVSSNRaohttp://www.blogger.com/profile/06910963946568975568noreply@blogger.com0tag:blogger.com,1999:blog-2498064242336779354.post-17009071348779927022009-02-05T01:32:00.000-08:002009-02-05T01:38:05.049-08:00Your Leadership Legacy - Book Information and ReviewYour Leadership Legacy: Why Looking Toward the Future Will Make You a Better Leader Today<br />By Robert M. Galford, Regina Fazio Maruca<br />Edition: illustrated<br />Published by Harvard Business Press, 2006<br />194 pages<br /><br />Contents<br /><br />What Kind of Impact Are You Having? 25 <br />Sally Green, Film Producer, Federal Reserve Bank <br />What Role Are You Playing? 51 <br />truth seeker, natural roles, breaking glass <br />Your Intentional Legacy 69 <br />legacy statement, George Washington Bridge, desired legacy <br />Are You Doing the Right Thing? 119 <br />photomosaic, legacy statement, EXHIBIT 6-2 <br />The Need for Judgment 145 <br />Michael Milken, Jeff Nelson, Wendy's <br />Legacies and the Responsibilities of Leadership 165 <br />centipede, PrintFilmedia, SUCCESSION PLAN <br />Notes 183 <br />Regina Maruca, Harvard Business Review, Robert Galford <br />About the Authors 193 <br />GALFORD, Harvard Business Review, Columbia University <br /><br /><br /><br /><strong>Things of interest</strong><br /><br />Looking forward, people want to achieve success in organizational or performance terms. But looking back, they would like their their efforts to be seen--and felt--in a positive way by the individuals they worked with directly and indirectly." <br /><br />Legacy thinking allows leaders to put their personal values to work in ways that have long-term impacts on their colleagues and employees--and hence the organization--as well as to assess how their own decisions and actions measure up to their values. The goal is to leave behind you a set of positive and empowering values embedded in the organization.<div class="blogger-post-footer"><script expr:src='"http://feeds.feedburner.com/~s/KvssnraosHandbookOfManagementOfSecuritiesMarketIntermediaries?i=" + data:post.url' type="text/javascript" charset="utf-8"></script></div>KVSSNRaohttp://www.blogger.com/profile/06910963946568975568noreply@blogger.com1tag:blogger.com,1999:blog-2498064242336779354.post-67901135086243809882009-02-05T01:07:00.000-08:002009-02-05T01:32:32.748-08:00Thain Compared to FuldHow Not To Lose Everything<br />Merrill Lynch miraculously avoids the fate of Lehman Brothers.<br />By Henry Blodget<br /><br /><a href="http://www.slate.com/id/2200149/">http://www.slate.com/id/2200149/</a><br /><br />When Thain arrived at Merrill, he did what almost every incoming CEO does in a crisis situation.<br /><br />he started with a massive write-off and raised billions of dollars of new capital to replace the money the company had lost. When he finished with this housecleaning, Thain pronounced his new firm is in solid shape. <br /><br />Over the next few quarters, however, as the real-estate and credit markets slid toward the worst financial crisis since the Great Depression, the value of Merrill's assets continued to deteriorate. Stock price plummeted. Instead of blaming skeptics and short-sellers for Merrill's sagging stock price, several times over the next few quarters, he swallowed his pride, took more enormous write-offs, and raised even more capital. When Lehman failed, Thain played his weak cards wisely: Instead of wasting another precious day explaining to investors why the market was wrong and the firm's balance sheet was strong, Thain acted. And this time, he fixed Merrill's problem once and for all.<br /><br />Over at Lehman, CEO Dick Fuld was dealing with the same problems but could not implent the same solution that easily. It could be bcause of reluctance to own up to his own mistakes because he was responsible for the strategies that brought Lehman to the crisis strategy. Are Fuld must have failed to recognize how rapidly the markets were deteriorating. Regardless, toward the end, when Fuld finally realized how far up a creek he and Lehman were, it was too late.<div class="blogger-post-footer"><script expr:src='"http://feeds.feedburner.com/~s/KvssnraosHandbookOfManagementOfSecuritiesMarketIntermediaries?i=" + data:post.url' type="text/javascript" charset="utf-8"></script></div>KVSSNRaohttp://www.blogger.com/profile/06910963946568975568noreply@blogger.com0tag:blogger.com,1999:blog-2498064242336779354.post-8217784500862936022009-01-23T00:49:00.000-08:002009-01-23T00:55:12.068-08:002008 Financial and Economic Crisis - CEOs AffectedJohn Thain<br /><br />Joined Merrill Lynch as CEO after the major crisis. Merged the company with Bank of America.<br /><br />But agreed to leave Merrill after Merrill had a unexpectedly large $15.4 billion fourther quarter loss.<div class="blogger-post-footer"><script expr:src='"http://feeds.feedburner.com/~s/KvssnraosHandbookOfManagementOfSecuritiesMarketIntermediaries?i=" + data:post.url' type="text/javascript" charset="utf-8"></script></div>KVSSNRaohttp://www.blogger.com/profile/06910963946568975568noreply@blogger.com0tag:blogger.com,1999:blog-2498064242336779354.post-46056454924878984672008-12-28T08:25:00.000-08:002008-12-28T08:35:59.261-08:00Edward Jones Growth Plan on Track - December 2008Edward Jones continues an aggressive expansion plan here and nationwide.<br /><br />"We base our expansion on total liquid investable assets," said Jim Koinis, the area's regional leader and a financial adviser in Punta Gorda. "The industry knows how many dollars are available and what percentage of that business we have, and we know how well we can expand in an area.<br /><br /><br /><br />"In the beginning, I knocked on doors all day long," "It sounds so old-fashioned, but you realize why you are doing it. You really want to get to know people before you can give them any kind of advice." (financial adviser with Edward Jones, C.J. Bannister). Cold calling remains the primary way she and other Edward Jones advisers build their offices.<br /><br />St. Louis-based Edward Jones operates 9,200 offices in the United States, plus nearly 600 in Canada and 230 in the United Kingdom. Its 11,000 advisers work with more than 7 million clients. Today ranks first in number of offices, third in brokers and 30th in capital.<br /><br />New financial advisers go through a detailed training process. Continuing education is important -- "We never stop going to school," according to Koinis. <br /><br />"Our investment philosophy is buy quality, hold for the long term, and diversify," Koinis said.<br /><br />Favored are a mix of municipal, government and corporate bonds, mutual funds, common stocks and tax-advantaged securities.<br /><br />Its model stock portfolio includes financial services, health care, technology, consumer staples, consumer cyclicals, capital goods and energy.<br /><br />SmartMoney magazine this year named Edward Jones the No. 2 full-service brokerage firm, behind Raymond James. <br /><br /><strong>Adviser Profiles at Edward</strong><br /><br />Some advisers join Edward Jones right out of college, but many had previous careers.<br /><br />Koinis<br /><br />Koinis was a teacher, school administrator and restaurant owner before moving to Punta Gorda and opening his office in 2000.<br /><br />John Tucker<br /><br />For John Tucker, Edward Jones is a family affair.<br /><br />He has been a financial adviser with the firm in Bradenton for 20 years. His wife, Diane, has her own Edward Jones office, also in Bradenton. His sister and her husband, and one of their children, operate offices in Kentucky and Tennessee.<br /><br />Tucker,presently 62, owned a drug store with his wife in Blackfoot, Idaho, before deciding to make a change. He had a master's of business administration degree, and after checking out a recently opened Edward Jones office in his town, he felt it would work for him and relocated to Bradenton.<br /><br />"When you first start out, you go door to door, introducing yourself to people and telling them you plan to open an office," Tucker said. "From there you visit with those people you met, and over time some of them become clients, and some don't become clients. You get referrals, and that's how you grow the business."<br /><br />After 20 years, Tucker does not have to cold call any more, but he still networks at Chamber of Commerce meetings, social functions and the like.<br /><br />His day is a mixture of talking to clients on the telephone, visiting with them here in the office, or going to see clients if they can't come to see him. <br /><br />Source<br />http://www.heraldtribune.com/article/20081215/ARTICLE/812150302/2055/NEWS?Title=Edward_Jones__growth_plans_on_track<br /><br /><br /><br /><a href="http://www.heraldtribune.com/article/20081215/ARTICLE/812150302/2055/NEWS?Title=Edward_Jones__growth_plans_on_track"></a><div class="blogger-post-footer"><script expr:src='"http://feeds.feedburner.com/~s/KvssnraosHandbookOfManagementOfSecuritiesMarketIntermediaries?i=" + data:post.url' type="text/javascript" charset="utf-8"></script></div>KVSSNRaohttp://www.blogger.com/profile/06910963946568975568noreply@blogger.com0tag:blogger.com,1999:blog-2498064242336779354.post-4105379145667274492008-12-28T08:15:00.001-08:002008-12-28T08:25:35.535-08:00Edward Jones - Still Recruiting and Expanding December 2008Posted Dec 23, 2008 on<br /><a href="http://www.workopolis.com/EN/job/9796927">http://www.workopolis.com/EN/job/9796927</a><br /><br />Financial Advisor, EDWARD JONESPosted Dec 23, 2008<br />Full Time<br />London, ON, CANADA; Sudbury, ON, CANADA; Vaughan, ON, CANADA; Windsor, ON, CANADA<br /><br />Relevant Work Experience: All<br />Job Category:Financial Advisor<br />Industry:Banking; Insurance; Project Management<br />Company Url: <a href="http://www.careers.edwardjones.com ">http://www.careers.edwardjones.com</a> <br /><br />Financial Advisor *<br /><br /><br /><br /> <br /><br />Individuals from a variety of occupational backgrounds including sales people, I.T. professionals, and corporate managers have found new success at Edward Jones. By becoming an Edward Jones Financial Advisor, you can run your business, determine your compensation, and redefine your future. <br /><br /> <br /><br />We take a personal approach to business that starts with a face-to-face meeting between a Financial Advisor and an individual investor. As we continue to grow in Canada, the United States, and the United Kingdom, we are looking for individuals who are self-managers, sales-oriented and highly driven. <br /><br /> <br /><br />What leads to success as a Financial Advisor?<br /><br />Edward Jones believes in doing business the old fashioned way, face to face. When starting out, our Financial Advisors spend most of their time in the communities they serve, making face-to-face contacts in neighbourhoods and with businesses, introducing themselves and Edward Jones. They spend time getting to know their clients, their investment needs and their objectives. Then they recommend the appropriate investments and services on an individual and personal basis. A strong sales and/or management background compliments the Edward Jones business model. We frequently find that individuals with a solid sales or management history thrive as Financial Advisors because they understand the commitment and relationship building skills that are crucial to establishing long-term clients.<br /><br /> <br /><br />As an Edward Jones Financial Advisor you will:<br /><br />- Work autonomously from your own neighbourhood office while being supported by an international financial services leader<br /><br />- Build your business by identifying and cultivating prospective clients<br /><br />- Help clients to determine financial and investment needs, and utilize sales skills to effectively recommend suitable financial products<br /><br />- Become knowledgeable in an array of financial products to suit a variety of objectives and risk levels<br /><br />- Enjoy early financial support. We know that building a business takes time. For this reason, you'll have a compensation package during your first eighteen months including training pay that takes into account your experience and geographic location. You'll also have opportunities to earn new account bonuses and milestone bonuses based on your production while you build your client base.<br /><br /> <br /><br /> <br /><br />Secure your future:<br /><br />- Earn commissions, bonuses, and incentive travel based on your production<br /><br />- Receive world-class financial and business development training<br /><br />- Apply a proven business model<br /><br />- Earn a full-time branch office assistant who manages client service and marketing activities <br /><br />- Participate in profit sharing<br /><br />- Have the opportunity to become a partner in the firm<br /><br />- Work for one of the best companies to work for in Canada*** <br /><br /> <br /><br />This is a unique and exciting opportunity for the right type of person. The financial gains can be great - but it takes a dedicated individual to capitalize on the potential. Visit the Edward Jones career site now to apply online and read success stories of current Financial Advisors Edward Jones - Achieve Well-earned Success<br /><br />www.careers.edwardjones.com <br /><br />*In Quebec, our advisors are known as Investment Advisors. <br /><br />**Edward Jones received the highest numerical score among full service brokerage firms in the proprietary <strong>J.D. Power and Associates 2006-2008 </strong>Canadian Full Service Investor Satisfaction StudiesSM. 2008 study based on 6,240 total responses measuring 16 brokerage firms and measures opinions of investors who used full-service investment institutions. Proprietary study results are based on experiences and perceptions of consumers surveyed May 2008. Your experiences may vary. Visit jdpower.com. <br /><br />***For the sixth consecutive year, the financial-services firm Edward Jones was named <strong>one of the best companies to work for in Canada </strong>by the <strong>Globe and Mail's Report On Business magazine</strong> and in La Presse in the annual listing of the "50 Best Employers in Canada." This year the firm ranked No. 5. <br /><br />Edward Jones is an equal opportunity, committed to developing an inclusive culture. We believe that diverse ideas, opinions and perspectives are good for building business.<div class="blogger-post-footer"><script expr:src='"http://feeds.feedburner.com/~s/KvssnraosHandbookOfManagementOfSecuritiesMarketIntermediaries?i=" + data:post.url' type="text/javascript" charset="utf-8"></script></div>KVSSNRaohttp://www.blogger.com/profile/06910963946568975568noreply@blogger.com0tag:blogger.com,1999:blog-2498064242336779354.post-86790375184331432462008-12-28T08:01:00.000-08:002008-12-28T08:11:57.635-08:00Total Job Losses in USA 2008The government reported that nearly 2 million jobs have been lost in 2008 till November end. In total, it reported job cuts of 1.9 million for 2008, through November.Those losses exceed the 1.5 million job cuts that occurred in a 12-month span from 1990 to 1991, according to information from David Wyss, chief economist for Standard & Poor's.<br /><br />On Friday, the Labor Department said that employers hemorrhaged 533,000 jobs in November, the largest monthly loss since December 1974. <br /><br />The annual unemployment rate also increased to 6.7% in November, from 6.5% the prior month. In 1982, the rate was nearly 11%. Hence it is certainly the worst recession since 1982.<br /><br />The total layoffs announced in the first week of December: 33,914.<br /><br />Source:<br /><a href="money.cnn.com/2008/12/04/news/companies/ATNT/ ">money.cnn.com/2008/12/04/news/companies/ATNT/ </a><br /><br />11th December 2008<br /><br />Bank of America said that it planned to cut 30,000 to 35,000 positions — among the largest layoffs ever — over the next three years as it digests its acquisition of Merrill Lynch. That could amount to more than 11 percent of the combined firms’ global work force of 308,000.<br /><br />As of last week, banks have cut 186,439 jobs since the onset of the financial crisis in July 2007, according to data from Bloomberg News.<br /><br />James Dimon, CEO of Bank of Americal said that housing prices could fall another 20 percent.<br /><br />The New York City comptroller, William C. Thompson Jr., raised his estimates of Wall Street job losses over the next two years to 170,000. <br /><br />Source<br /><a href="http://www.nytimes.com/2008/12/12/business/12bank.html">http://www.nytimes.com/2008/12/12/business/12bank.html</a><div class="blogger-post-footer"><script expr:src='"http://feeds.feedburner.com/~s/KvssnraosHandbookOfManagementOfSecuritiesMarketIntermediaries?i=" + data:post.url' type="text/javascript" charset="utf-8"></script></div>KVSSNRaohttp://www.blogger.com/profile/06910963946568975568noreply@blogger.com0tag:blogger.com,1999:blog-2498064242336779354.post-70424901064916328282008-12-28T07:56:00.000-08:002008-12-28T07:58:59.119-08:00Investment Banking Job Losses - 2008Main financial services job losses since beginning of September<br /><br /><br /><br />Sep 1: Commerzbank 9,000 <br /><br />Sep 13: GMAC 5,000 <br /><br />Sep 26: HSBC 1,100 <br /><br />Oct 3: UBS 2,000 <br /><br />Oct 10: Barclays 3,000 <br /><br />Oct 21: National City Corp 4,000 <br /><br />Oct 23: Goldman Sachs 3,300 <br /><br />Oct 28: Credit Suisse 500 <br /><br />Oct 30: American Express 7,000 <br /><br />Nov 7: DBS Group 900 <br /><br />Nov 14: Fidelity 1,700 <br /><br />Nov 14: Royal Bank of Scotland 3,000 <br /><br />Nov 17: Citigroup 52,000 <br /><br />Nov 20: Bank of New York Mellon Corp 1,800 <br /><br />Dec 1: J P Morgan Chase 9,200; HSBC 500; Bayern LB 5,600 <br /><br />Dec 4: Credit Suisse 5,300; Nomura 1,000<br /><br /><a href="http://www.guardian.co.uk/business/2008/dec/04/bank-job-losses">http://www.guardian.co.uk/business/2008/dec/04/bank-job-losses</a><div class="blogger-post-footer"><script expr:src='"http://feeds.feedburner.com/~s/KvssnraosHandbookOfManagementOfSecuritiesMarketIntermediaries?i=" + data:post.url' type="text/javascript" charset="utf-8"></script></div>KVSSNRaohttp://www.blogger.com/profile/06910963946568975568noreply@blogger.com0tag:blogger.com,1999:blog-2498064242336779354.post-3758641209955915752008-12-10T01:05:00.000-08:002009-01-23T00:49:11.228-08:00Edward Jones pays up in mutual fund case - September 2008September 10, 2008<br /><br />Edward Jones & Co. will pay the state $7.5 million to settle a 4-year-old case involving the firm’s "revenue sharing" agreements with mutual fund companies.<br /><br /><br />Then-attorney-general Bill Lockyer sued Jones in 2004, alleging that it had failed to tell its customers about fee-splitting arrangements it had with various fund companies. Investors didn’t know about the incentive Jones brokers had to pitch some funds and not others.<br /><br />For more details<br /><a href="http://latimesblogs.latimes.com/money_co/2008/09/edward-jones-fu.html">http://latimesblogs.latimes.com/money_co/2008/09/edward-jones-fu.html</a><div class="blogger-post-footer"><script expr:src='"http://feeds.feedburner.com/~s/KvssnraosHandbookOfManagementOfSecuritiesMarketIntermediaries?i=" + data:post.url' type="text/javascript" charset="utf-8"></script></div>KVSSNRaohttp://www.blogger.com/profile/06910963946568975568noreply@blogger.com0tag:blogger.com,1999:blog-2498064242336779354.post-49493341915320802362008-12-10T00:57:00.000-08:002008-12-10T01:05:32.843-08:00Goldman Sachs Laid Off Thousands in 1st week of November 2008Goldman Sachs notified roughly 3,200 employees this week that they have been laid off. It was part of previously announced and reported plans to slash 10 percent of the firm’s global work force. <br /><br />Goldman has quietly and slowly cut jobs all year. The bank laid off hundreds of M&A support staff and junior bankers in June due to slowing markets, following a round of leveraged lending and mortgage securities cuts in April.<br /><br />Early this year, Goldman cut 1,500 people, or 5 percent of its staff, following 2007 performance reviews.<br /><br /><strong>A typical commnet by a GS employee</strong><br /><br />As someone who was let go from GS on Wednesday, I can tell you that the process was not very pleasant. They came in the morning, took us out, processed our paperwork and that was it. No goodbyes, no thanks for your contribution, no ability to go back to get our belongings. To make matters worse, no bonus will be given (assuming one is given to those still working there) even though we accrued the bonus for 11 of the 12 months. Makes me think that they wanted to keep the bonus pool high for existing employees, so they get rid of those who would be getting a bonus in 3 weeks - that is what truly sucks. <br /><br />— Posted by Jessop<br /><br />For more comments by GS employees<br /><br />Visit <br /><a href="http://dealbook.blogs.nytimes.com/2008/11/06/goldman-sachs-laid-off-thousands-this-week-report-says/">http://dealbook.blogs.nytimes.com/2008/11/06/goldman-sachs-laid-off-thousands-this-week-report-says/</a><div class="blogger-post-footer"><script expr:src='"http://feeds.feedburner.com/~s/KvssnraosHandbookOfManagementOfSecuritiesMarketIntermediaries?i=" + data:post.url' type="text/javascript" charset="utf-8"></script></div>KVSSNRaohttp://www.blogger.com/profile/06910963946568975568noreply@blogger.com0tag:blogger.com,1999:blog-2498064242336779354.post-18115403285380551732008-10-31T01:07:00.000-07:002008-10-31T01:18:19.935-07:00Lehman - Managing BankruptcyOn October 24, 2008, Lehman stated that its workforce was comprised of about 140 employees and a team of about 125 from restructuring firm Alvarez & Marsal. One of the firm's (Alvarez & Marsal) founders, Bryan Marsal, is serving as chief restructuring officer of Lehman. <br /><br />Barclays PLC, which bought the company's core US assets last month, has continued the employment of more than 9,000 Lehman workers. Barclays and Lehman have a transition services agreement whereby former employees of the investment bank will help it wind down its business. <br /><br />But Lehman said in court documents on Thursday that those employees are unable to devote the time and resources necessary to help Lehman wind-down its businesses. Lehman wants permission from the court to hire additional workers quickly to avoid the risk of losing information that would help it unwind thousands of complex derivative transactions. Lehman said it was seeking to hire former Lehman workers because the tasks to unwind the business require specialized knowledge.<br /><br />Lehman's lead bankruptcy attorney Harvey Miller informed the court that it may request higher payment schemes for these employees than bankruptcy courts are used to. The "transactions involved necessitate the employment of individuals with very specific skill sets, and preferably, former Lehman employees who possess the expertise and experience necessary to efficiently administer and wind-down the Debtors' businesses and the subject transactions," <br /><br />The estimate for the total base salary for 620 employees, including an additional 480,is $96 million. The employees would be eligible to earn a bonus. Lehman said the total amount of bonuses to be issued would not exceed $110 million. <br /><br />Lehman also asked for approval to set aside severance benefits of $22.5 million for employees that are involuntarily let go. It said employment contracts would have initial commitment periods ranging from three to 24 months. <br /><br />References<br /> <br />http://<a href="http://economictimes.indiatimes.com/articleshow/3656684.cms">economictimes.indiatimes.com/articleshow/3656684.cms</a><div class="blogger-post-footer"><script expr:src='"http://feeds.feedburner.com/~s/KvssnraosHandbookOfManagementOfSecuritiesMarketIntermediaries?i=" + data:post.url' type="text/javascript" charset="utf-8"></script></div>KVSSNRaohttp://www.blogger.com/profile/06910963946568975568noreply@blogger.com0tag:blogger.com,1999:blog-2498064242336779354.post-39361073827921328682008-09-29T01:15:00.000-07:002008-09-29T01:17:56.364-07:00Subprime crisis related litigationAccording to Navigant Consulting’s most recent report on this topic, of the 607 subprime-related cases filed in federal courts over the 18 monthe ended June 30, 2008, 310 were filed in just the first six months of 2008 — more than the 297 filed during all of2007.<br /><br /> Jeff Nielsen leads Navigant Consulting’s Financial Services Disputes & Investigations group and is actively advising clients in a number of subprime-related matters. He comments “We are now more than a year into the credit crisis, and the litigation continues to pile up.”<br /><br />http://<a href="http://www.shopfloor.org/tag/goldman-sachs/">www.shopfloor.org/tag/goldman-sachs/</a><div class="blogger-post-footer"><script expr:src='"http://feeds.feedburner.com/~s/KvssnraosHandbookOfManagementOfSecuritiesMarketIntermediaries?i=" + data:post.url' type="text/javascript" charset="utf-8"></script></div>KVSSNRaohttp://www.blogger.com/profile/06910963946568975568noreply@blogger.com0tag:blogger.com,1999:blog-2498064242336779354.post-22708181155759863652008-09-29T01:13:00.000-07:002008-09-29T01:15:19.956-07:00Financial system rescue plan in America (USA)Every man, woman and child have to commit $2,300 to rescue the financial system.<br />$700 billion is a lot of money.<br /><br />http://<a href="http://www.shopfloor.org/tag/goldman-sachs/">www.shopfloor.org/tag/goldman-sachs/</a><div class="blogger-post-footer"><script expr:src='"http://feeds.feedburner.com/~s/KvssnraosHandbookOfManagementOfSecuritiesMarketIntermediaries?i=" + data:post.url' type="text/javascript" charset="utf-8"></script></div>KVSSNRaohttp://www.blogger.com/profile/06910963946568975568noreply@blogger.com0