http://www.stanford.edu/group/swib/news/headlines/ Interesting business news from Stanford and around the world en Copyright 2008 Sat, 19 Apr 2008 16:16:13 -0800 http://www.sixapart.com/movabletype/ http://blogs.law.harvard.edu/tech/rss The New York Times Bear Stearns’s New Hires Become Job Seekers By: LOUISE STORY Published: April 19, 2008 Thousands of people are losing their jobs on Wall Street — some before their first day of work. Bear Stearns CompaniesThey polished résumés; they sweated interviews; they landed dream jobs. But now a small group of college and business school students are discovering that their careers at Bear Stearns ended before they began. JPMorgan Chase, which bought the beleaguered investment bank last month, rescinded many of their job offers. Yashoda Khandkar, a senior at the University of Pennsylvania, is among 250 Bear hires who now find themselves unemployed in one of the worst financial job markets in years. “The worst part about the entire situation is that it’s a really hard market for us to look for other jobs,” Ms. Khandkar said. “We probably can’t get as good of jobs as we would have had.” Ivy Leaguers like Ms. Khandkar have more options than most, of course. And for now few of them have mortgages, unlike millions of Americans who are struggling just to pay the bills. But instead of starting new jobs at Bear, these students are now hunting for work along with a growing number of bankers and brokers. Since August, the financial industry has shed more than 38,000 jobs as a result of the credit crisis and the collapse of Bear Stearns. Citigroup added to the misery on Friday, saying it would eliminate 9,000 more jobs. No one thinks the pain will end there. The angst is most acute at Bear. Many of its 14,000 employees are expected to lose their jobs in the coming months. JPMorgan is running what its chief executive, James Dimon, has called a “military operation” to decide which employees at both banks will stay and which will go. For now, many of Bear’s might-have-beens say they will keep hunting for jobs on Wall Street, where the typical new college graduate earns a starting annual salary of $80,000 or more, plus bonus. And JPMorgan is offering the student recruits consolation prizes, provided they play by its rules. They can keep hefty signing bonuses that Bear promised them — $10,000 for college seniors, and about $50,000 for M.B.A. students — if they sign contracts in which they agree not to sue the bank over their rescinded jobs. If they do not sign, JPMorgan says, they cannot keep the money, which many of the students received last fall. JPMorgan is also offering to let the students use its career counseling center, where they can hone interview skills and brush up résumés. The bank will pay students who accepted summer internships at Bear Stearns, putting some to work in its own divisions and others to work at charities. Before disaster struck, Bear Stearns — one of the most prestigious employers in campus career offices — signed on about 300 undergraduates and M.B.A.’s for full-time positions and about 300 interns for the summer. But those offers were thrown into question in March, when the 85-year-old company, undone by what amounted to a bank run, agreed to be acquired by JPMorgan in a controversial deal brokered by the federal government. The students’ fate depended on which corner of Bear they were going to join. Those who had signed on in the equities, banking and fixed-income divisions generally lost their jobs. Those who had joined in the energy, prime brokerage and merchant banking division will go to work for JPMorgan. Elsie Mbugua was one of the lucky ones. A senior at Tufts who grew up in Kenya, Ms. Mbugua will work in energy trading at JPMorgan. “I could have been where any of my friends were,” Ms. Mbugua said. “In another department, the outcome would have been different.” For the Bear analyst class that will not be, the last month has been a roller coaster. The fate of their first jobs — the culmination of years of hard work — seemed to rise and fall with news from the financial markets. The first sign of trouble came March 12, when Alan D. Schwartz, the chief executive of Bear, appeared on CNBC as rumors swirled that the bank was in trouble. After the program, a Bear human resources staff member e-mailed the clip to a group of incoming analysts and wrote a note telling them the bank was sound. Even after JPMorgan agreed to buy Bear for a fire-sale $2 a share, Bear staff members assured some students their jobs seemed safe. When JPMorgan subsequently raised its offer to $10 a share to placate angry Bear shareholders, the message turned less certain. Continue reading at: http://www.nytimes.com/2008/04/19/business/19bear.html?_r=1&scp=2&sq=bear+stearns&st=nyt&oref=slogin ]]> http://www.stanford.edu/group/swib/news/headlines/2008/04/keep_walking_on_wall_street.html http://www.stanford.edu/group/swib/news/headlines/2008/04/keep_walking_on_wall_street.html Sat, 19 Apr 2008 16:16:13 -0800 The Table of Contents SWIB Overview Letter from SWIB Co-Presidents Leadership Flow Chart SWIB Programs and Events Associate Program Overview Finding a Job Resume Prep Cover Letter Prep Interview Tips On the Job Internship Best Practices Powerpoint Shortcuts Excel Shortcuts Learning More In the News Stanford GSB Case Study Finance Classes at Stanford Reference Material ]]> http://www.stanford.edu/group/swib/news/headlines/2008/01/use_your_associate_packages_re.html http://www.stanford.edu/group/swib/news/headlines/2008/01/use_your_associate_packages_re.html Career Sun, 20 Jan 2008 01:53:58 -0800 The New York Times How Will Wall Street Weather the Storm? January 18, 2008, 10:42 am The financial carnage isn’t over yet. The Federal Reserve chairman, Ben S. Bernanke, may not use the “R” word, but more and more analysts and investors are. For Wall Street firms recovering from last year’s huge losses, that means there may be even fewer sources of new business to give earnings a much-needed boost in 2008. So how will financial firms make up the difference? Aleksandrs Rozens of Investment Dealers’ Digest has rounded up a few ideas. Mr. Rozens questioned an array of financial experts to get the lay of the land for Wall Street’s business prospects in 2008. Some predictions sound hauntingly familiar: Banks will look to sovereign wealth funds for infusions of capital, while the megamergers of yesteryear will be replaced by smaller deals among middle-market companies. Other trends to look out for: larger firms such as Morgan Stanley, JPMorgan Chase and Goldman Sachs may expand further into markets outside the United States. Meanwhile, layoffs on the home front are generally considered a good bet. And if consumer spending declines — as it usually does in hard economic times — corporate restructurings within the retail sector could prove to be a healthy source of advisory work. In addition, some predicted that financial firms’ fees from commodities trades, which should stay active given the high prices of oil and precious metals, will most likely increase. Mr. Rozens’s story, published Monday, came before Citigroup and Merrill Lynch announced their gaping fourth-quarter losses. But the gist of the story is unchanged: Wall Street firms have a tough year ahead. ]]> http://www.stanford.edu/group/swib/news/headlines/2008/01/speechless_during_recruitment.html http://www.stanford.edu/group/swib/news/headlines/2008/01/speechless_during_recruitment.html Sun, 20 Jan 2008 01:17:07 -0800 The Dow Toll: Down 507 Points in 5 Days By JEFF SOMMER Published: January 20, 2008 The stock market fell every day last week, despite statements by Ben S. Bernanke, the Federal Reserve chairman, and by President Bush, aimed in part at reassuring investors. Separately, the Fed chairman and the president said that they would support tax rebates and other measures intended to stimulate the economy. And Mr. Bernanke hinted that the Fed was on the verge of cutting short-term interest rates again. The markets are predicting a cut of at least half a percentage point by Jan. 30. But reports showing that the economy has been slowing, and enormous write-downs of assets by big financial institutions, including Citigroup and Merrill Lynch, deepened the gloom. For the week, the Dow Jones industrial average lost 507 points, or 4 percent, to close at 12,099.30. The Standard & Poor’s 500-stock index fell 75.83 points, or 5.4 percent, to close at 1,325.19. The Nasdaq composite index dropped 99.92 points, or 4.1 percent, to close at 2,340.02. The yield on the 10-year Treasury note fell to 3.63 percent, from 3.78 percent the previous week. JEFF SOMMER http://www.stanford.edu/group/swib/news/headlines/2008/01/keeping_track_of_the_market_th.html http://www.stanford.edu/group/swib/news/headlines/2008/01/keeping_track_of_the_market_th.html Businesswomen Sun, 20 Jan 2008 01:12:06 -0800 The presence of mentors have been a recognized source in inspiring young females to venture into the business world, although studies show that MBA students want to see more role models who they can learn from in balancing a growing career with a growing family. [Newsweek Magazine]--A graduate of Brown University, Rachel Hochheiser says she was out to heal the world when she first joined the workforce in the nonprofit sector. In her wildest dreams, she never imagined she would set foot inside a business school, let alone graduate from one. But she did just that in May, 2005, when she received her MBA from the Olin School of Business at Washington University in St. Louis. What changed her mind about B-school? Her role model, Rhoda Weisman Uziel, the executive director of The Professional Leaders Project, a group that cultivates young leaders in the Jewish community. Uziel, by example, showed Hochheiser that applying for-profit skills to nonprofit work would help her make even more of a difference. Recent research suggests that showcasing the achievements of women in business would attract women to MBA programs. For years now, B-schools have been struggling to understand why the share of women students pursuing an MBA plateaus at about 30%, while increasing percentages of women seek medical and legal degrees (see BW Online, 12/1/04, "Breaking B-School Gender Barriers"). http://www.stanford.edu/group/swib/news/headlines/2007/12/the_significance_of_role_model.html http://www.stanford.edu/group/swib/news/headlines/2007/12/the_significance_of_role_model.html Career Careers Role Models Fri, 28 Dec 2007 08:04:56 -0800 Fortune's Carol Loomis examines the executive gender gap in conjunction with the release of Fortune's Most Powerful Women issue. The gender gap gains over the past decade are overshadowed by tremendous lack of parity still to be overcome. DANA POINT, Calif. (Fortune) -- The good news for women is that they have gained ground in the corporate hierarchy. According to Catalyst, a New York organization that works to expand corporate opportunities for women, in 1995 women held only 9.6% of the Fortune 500's board seats. Today, their share is significantly higher, 14.6%. But the really bad news is that at this rate of gain - about a half of a percentage point per year - it will take women 73 years to achieve what Catalyst's president, Ilene Lang, calls "parity" (boards divided 50-50 between men and women)... http://www.stanford.edu/group/swib/news/headlines/2007/12/getting_women_to_the_highest_l.html http://www.stanford.edu/group/swib/news/headlines/2007/12/getting_women_to_the_highest_l.html Career careers women Wed, 26 Dec 2007 11:41:45 -0800 Why Few Women Seek Angel Investment]]> http://www.stanford.edu/group/swib/news/headlines/2007/06/why_few_women_seek_angel_inves.html http://www.stanford.edu/group/swib/news/headlines/2007/06/why_few_women_seek_angel_inves.html Businesswomen entrepreneur women Sun, 10 Jun 2007 21:52:41 -0800 Rethinking How Women Build Businesses]]> http://www.stanford.edu/group/swib/news/headlines/2007/06/rethinking_how_women_build_bus.html http://www.stanford.edu/group/swib/news/headlines/2007/06/rethinking_how_women_build_bus.html Businesswomen entrepreneur leadership women Tue, 05 Jun 2007 00:50:34 -0800 Equal Pay Debate ]]> http://www.stanford.edu/group/swib/news/headlines/2007/05/for_women_equal_pay_no_way.html http://www.stanford.edu/group/swib/news/headlines/2007/05/for_women_equal_pay_no_way.html Career Thu, 24 May 2007 07:36:11 -0800 The Diversity Delusion]]> http://www.stanford.edu/group/swib/news/headlines/2007/05/the_diversity_delusion.html http://www.stanford.edu/group/swib/news/headlines/2007/05/the_diversity_delusion.html Career Thu, 24 May 2007 07:30:14 -0800 Middle Eastern Businesswomen Discuss Challenges]]> http://www.stanford.edu/group/swib/news/headlines/2007/05/middle_easter_businesswomen_di.html http://www.stanford.edu/group/swib/news/headlines/2007/05/middle_easter_businesswomen_di.html Businesswomen international women Wed, 16 May 2007 21:28:03 -0800 Attracting the twentysomething worker]]> http://www.stanford.edu/group/swib/news/headlines/2007/05/attracting_the_twentysomething.html http://www.stanford.edu/group/swib/news/headlines/2007/05/attracting_the_twentysomething.html Career careers employment new grad Wed, 16 May 2007 13:17:08 -0800 5 big mistakes new grads make]]> http://www.stanford.edu/group/swib/news/headlines/2007/05/5_big_mistakes_new_grads_make.html http://www.stanford.edu/group/swib/news/headlines/2007/05/5_big_mistakes_new_grads_make.html Career Wed, 16 May 2007 13:08:23 -0800 The Daily Article reporting on the Stanford Student Awards Dinner]]> http://www.stanford.edu/group/swib/news/headlines/2007/05/stanford_campus_groups_and_lea.html http://www.stanford.edu/group/swib/news/headlines/2007/05/stanford_campus_groups_and_lea.html Stanford Wed, 16 May 2007 09:56:50 -0800 Undergrads' 25 Most Wanted Employers]]> http://www.stanford.edu/group/swib/news/headlines/2007/05/undergrads_25_most_wanted_empl.html http://www.stanford.edu/group/swib/news/headlines/2007/05/undergrads_25_most_wanted_empl.html Career careers employment Sat, 12 May 2007 15:22:05 -0800