Not every aspiring private equity executive can be as lucky as the guy married to Estee Lauder's granddaughter and get to start their own firm, particularly in a tricky environment for raising capital.
Thus private equity executives will probably stay with the firms they're with. While there's "always a degree of angst among senior professionals, at the end of the day, the job is very attractive and the golden handcuffs are significant," Eric Zinterhofer, the husband of Aerin Lauder and a former partner at Apollo Global Management, a New York-based PE firm, said at a conference last week.
Zinterhofer himself co-founded Searchlight Capital Partners in 2010 with two others and now has offices in London, New York and Toronto. For those who intent on starting anew, it's imperative to have a differentiated strategy, Zinterhofer said, as well as actual office space and things you wouldn't necessarily think about, like a coffee maker.
"Plan as much as you can beforehand," Zinterhofer advised.
MF Global will lay off 175 people among its human resources, communications, finance, IT and legal staff. The cuts will take place before the end of next week, leaving 25 remaining in the unit.
Goldman Sachs named 261 managing directors for its class of 2012. It's the smallest number of MDs since 2008, no surprise as the bank lays off staff and contends with a sluggish environment.
Bank of America said it's been eliminating positions in technology and operations as part of its plan to streamline units and pare down costs.
For a top business degree, you may have thought you'd "only" have to fork over around $175,000 for tuition and room and board. But the total cost is closer to $300,000 when factoring in the salary you give up to get the degree.
Cooperation Appreciated (Bloomberg)
New life lesson: If during your time at UBS you helped Americans avoid paying taxes, you won't have to go to jail if you cough up information and names. Or you could just refrain from facilitating tax evasion, generally.
Now is the time to bring your A-game and show up in nifty threads. Studies show you're perceived as more professional and trustworthy (and thus more likely to keep your job) if you look sharp.
Buzz Around the Office
Spacing Out (YouTube)
Tim Burton at his finest.
List of the Day: Knowing Your Elders
Having a good relationship with your boss is crucial for career advancement, but it's also good to know their boss, too.
1. Come up with ways to interact with them, like sending them notes from time to time.
2. Gain visibility by volunteering for projects not specific to your team.
3. Forward any compliments you get to your boss, who will send them up the chain.
(Source: Forbes)
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