Connecticut hedge fund Bridgewater Associates announced plans to build its new corporate headquarters in Stamford, where it plans to add as many as 1,000 new jobs over the next decade.
This news is more than welcome in a part of the country that's been hemorrhaging finance jobs for the last year.
One of the world's largest hedge fund managers, Bridgewater is leveraging help from the state of Connecticut to build its new dream home. Governor Dannel Malloy has agreed to sign off on a $25 million "forgivable" 10-year loan, at just 1% interest, as well $10 million for job training and alternative energy systems. The hedge fund will also receive $80 million in state tax credits.
Bridgewater founder Raymond Dalio has a lot of work to do over the next decade if he expects to hit the governor's goal of creating 1,000 jobs. Founded in 1975, Bridgewater currently employs roughly 1,200 people at its Westport facility.
No word yet as to the type of positions that will be created, other than that they will be "high level" roles. Bridgewater currently manages about $130 billion in global investments.
Standard Chartered may end up forking over north of $1 billion to settle accusations that it covered up transactions with the Iranians, say analysts. The U.K. bank agreed to pay New York regulators $340 million on Tuesday but has yet to settle with the U.S. Treasury, the Federal Reserve, the Justice Department and the Manhattan District Attorney's Office.
Goldman Trims Staff (Bloomberg)
Goldman Sachs cut as many as 30 U.S. salespeople and traders this week as part of its plan to pare down annual expenses. The bank recently reported its lowest first-half revenue in seven years.
Carlyle Exec Walks (Financial News)
Brett Wyard, a managing director at the Carlyle Group, is leaving the firm after seven years. Wyard helped lead a group focused on investments in distressed companies, a role that will be taken over by Michael Stewart, a veteran of Carlyle's distressed-debt team. The parting was said to be mutual.
Seeking to reach a settlement with U.S. regulators over a long-running tax evasion investigation, HSBC has voluntarily handed over additional documents detailing business travel reports, emails and other correspondence from current and former employees. All employees named in the documents have been alerted.
In a recent review of publicly traded companies by 24/7 Wall St., Bank of New York Mellon was found to be the 11th worst company to work for, at least according to Glassdoor.com reviews. The biggest complaints were low salaries and limited job advancement opportunities. Bank of New York Mellon was the only financial company named in the report.
A U.S. district judge has dismissed a shareholder lawsuit against a group of high-ranking Goldman Sachs execs, including Chief Executive Lloyd Blankfein, who were accused of allowing the bank's mortgage services business to run with "broken controls," among other allegations.
Didn't receive a promotion this year? Get in line. American wages didn't move an inch last month, and with inflation at a standstill, things may not change any time soon.
Buzz Around the Office
It Still Beats Cleveland (Scotsman)
The list of the most unfortunate town names in the U.K. has been revealed, and it's equally childish and hilarious. The lovely town of Shitterton took first prize, with Scratchy Bottom and Brokenwind rounding out the top three.
List of the Day: Resume Mistakes
When updating your resume, keep these tips in mind
1. Use keyword-heavy language from the job description.
2. Demonstrate flexibility.
3. Incorporates up-to-date language and modern skills.
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