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Stories of Interest
- Sarah ten Siethoff is New Associate Director of SEC Investment Management Rulemaking Office
- Catherine Keating Appointed CEO of BNY Mellon Wealth Management
- Credit Suisse to Pay $47Mn to Resolve DOJ Asia Probe
- SEC Chair Clayton Goes 'Hat in Hand' Before Congress on 2019 Budget Request
- SEC's Opening Remarks to the Elder Justice Coordinating Council
- Massachusetts Jury Convicts CA Attorney of Securities Fraud
- Deutsche Bank Says 3 Senior Investment Bankers to Leave Firm
- World’s Biggest Hedge Fund Reportedly ‘Bearish On Financial Assets’
- SEC Fines Constant Contact, Popular Email Marketer, for Overstating Subscriber Numbers
- SocGen Agrees to Pay $1.3 Billion to End Libya, Libor Probes
- Cryptocurrency Exchange Bitfinex Briefly Halts Trading After Cyber Attack
- SEC Names Valerie Szczepanik Senior Advisor for Digital Assets and Innovation
- SEC Modernizes Delivery of Fund Reports, Seeks Public Feedback on Improving Fund Disclosure
- NYSE Says SEC Plan to Limit Exchange Rebates Would Hurt Investors
- Deutsche Bank faces another challenge with Fed stress test
- Former JPMorgan Broker Files racial discrimination suit against company
- $3.3Mn Winning Bid for Lunch with Warren Buffett
- Julie Erhardt is SEC's New Acting Chief Risk Officer
- Chyhe Becker is SEC's New Acting Chief Economist, Acting Director of Economic and Risk Analysis Division
- Getting a Handle on Virtual Currencies - FINRA
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NEWSLETTERS & ALERTS
Jilting Jefferies Can Cost CS Bankers $10Mn
A talent war between Jefferies and Credit Suisse is threatening to escalate. Five Credit Suisse bankers who reneged on agreements to join Jefferies this month may face demands that they pay more than $10 million to their scorned suitor.
The latest issue emerged after the Swiss bank thwarted Jefferies’ efforts to lure away a group of 8 bankers by retaining 5 of them: (i) Jonathan Moneypenny, who was promoted to lead the U.S. loan capital markets team at Credit Suisse; (ii) Jeb Slowik, NY-based co-head of leveraged finance origination and restructuring; (iii) Dean Decker, investment banker and the head of gaming globally; (iv and v) and 2 members of his team - Michael Kamras, Teddy Swigert,.
The bankers signed contracts with Jefferies that left some of them on the hook for payments of at least $1 million - and others for much more - for backing out of the agreements, said an unidentified person.
“This is an unusual and aggressive structure.” “In hiring of individual employees it’s not very common.” -- Mark Lerner, an employment attorney with Kasowitz Benson.
The firms had already been locked in a legal battle over talent in some of the most lucrative areas of finance. Zurich-based Credit Suisse took legal action against a group of bankers hired by Jefferies in May. The hirings also sparked a FINRA case against Jefferies.