Stop me if you've heard this one before: A futures firm with a large Chicago office runs through customer money and as it's being liquidated, is forced to lay off its employees.
It's not MF Global, but a smaller futures merchant this time around. Cedar Falls, Iowa-based Peregrine Financial Group, which conducted business under the name PFGBest, is liquidating its operations after federal agencies sued it for allegedly falsifying bank statements and mishandling customer funds.
Like last November, when MF Global failed, employees are currently at risk of losing their jobs, a spokesperson told Dow Jones. Unlike at MF Global, there are only 200 of them across the U.S., as opposed to 1,300.
A spokesperson couldn't be reached for an updated comment on how quickly layoffs might occur.
It's been a tough year for Chicago's financial industry, and it's only going to get tougher for the impacted employees. As of May, hundreds of former MF Global employees hadn't yet found new employment, FINS reported. The situation probably won't be too different for the PFGBesters.
Here's what happens when your employees engage in some insider trading: You lose out on plum deals that could have vaulted you to the top of the league tables. Just ask Nomura.
Bob Diamond knows how the game is played, or has a very good financial crisis communications firm advising him. He's giving up $30 million in bonuses in the wake of the Libor rigging scandal.
Sinking investment banking fees means less revenue, and less revenue means more need to cut costs. Bankers in Europe are preparing for a wave of pink slips.
Energy Expansion (Economic Times)
Citigroup is fueling is energy coverage with four new hires from Bank of America and Credit Suisse.
Behind in Asia (The Economist)
Women in Asia are very behind the West when it comes to nabbing spots in upper management ranks or on company boards. The problem stems from fewer women in the workplace to begin with.
Get out of your seat right now. No, really. Sitting there is literally killing you.
Buzz Around the Office
Former Duke Energy CEO Bill Johnson, who spent just one day on the job before being forced out by the company's board, is eligible to receive exit payments worth as much as $44.4 million for his 24 hours of service.
List of the Day: Oldies but Goodies
It never hurts to revisit some fundamentals for advancing your career.
1. Reach out to two or three people a week to build relationships.
2. Figure out your added value and tell people about it.
3. Consider the big picture and how you can contribute to it.
(Source: Glassdoor.com)
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- FINS.com: Finance jobs, research and career news by FINS from The Wall Street Journal