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华尔街人士跳槽意愿变淡

2013-11-15    来源:WSJ    【      美国外教 在线口语培训
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On Wall Street, No Place Like Home

On Wall Street, greener pastures are disappearing.

At least, that is the message coming from Goldman Sachs Group Inc. Long seen as one of the toughest places to work in the financial sector because of its hard-charging, competitive culture, Goldman this week said its senior cadre is sticking with the company longer than it has in years.

The average tenure for senior employees at the company stands at more than nine years. In 2001, Goldman's employees with the rank of vice president, managing director or partner stayed for an average 7.6 years.

Across Wall Street, bankers, traders and other employees are finding fewer reasons -- or opportunities -- to leave. Waves of consolidations and layoffs, both before and since the financial crisis, have left people with fewer places to go. Muted economic growth, a rise in the amount of bonuses that are paid after a few years and stiffer rules on risk-taking have given Wall Street firms little incentive to hire aggressively.

And while hedge funds and private-equity firms have long taken in Wall Street refuges, they aren't hiring as much as they used to, experts said.

'It's not that easy to go,' said Michael Karp, chief executive of financial-recruiting firm Options Group, about bank moves in general. 'You don't have the opportunity you had before the crisis.' Mr. Karp says his firm handles 25% fewer banking-job transfers a year than it did before the financial crisis.

Other large banks, including Bank of America Corp., also have seen lengthening tenures for senior employees in the past five years, according to a person familiar with the matter.

Goldman says its employees stay longer because the company works to keep them. Their loyalty, Goldman says, brings experience and stability to an industry in transition and under scrutiny by regulators for the risks it takes.

'Given the cyclical nature of our industry, experience matters,' Lloyd Blankfein, Goldman's chairman and chief executive, said Tuesday during a presentation to investors.

Goldman also touts the longevity of its senior officials. The company's management committee, which includes Mr. Blankfein and President Gary Cohn, has worked for Goldman for an average of 22 years, the firm said in its presentation.

Goldman's personnel disclosures come after a slip in its usually steady fixed-income, commodities and currencies businesses. Credit insurance on Goldman debt, a proxy for investor jitters, recently moved above rival Morgan Stanley's, though the price of such insurance is still far below its high.

Goldman on Wednesday announced on Twitter that it named 280 new managing directors, which is a senior role one level below partner, about 5% more than last year. Ninety-four members of the latest crop work at the company's securities division, Goldman's biggest business. They are joined by 51 new MDs in investment banking and 39 in investment management.

Women comprise 20% of the group, down from 23% last year. Some 56% of the group is based in the Americas, with 27% from Europe, the Middle East and Africa, 15% from Asia-Pacific and 2% from India.

The New York-based company recently changed how often it appoints MDs. Starting this year, Goldman will mint a new class every two years.

Goldman made the change to give its executives more time to evaluate candidates. In the past, the company had to choose both managing directors and partners in the same year. Partners already are picked every other year, and a new class will be unveiled in 2014.

But the change also reflects that employees are less willing to leave the nest. 'If you keep bringing in new MDs, but don't have the old ones leaving, those ranks can swell more than they'd like,' said Jeffrey Harte, an analyst with Sandler O'Neill + Partners. 'You don't want to become too MD or too partner-heavy in your employee mix because that goes a bit against the concept of trying to keep costs down.'

Mr. Cohn led the selection process for this year's managing director class, along with Michael Sherwood. Mr. Sherwood, a vice chairman, is chairman of the partnership committee.

Goldman managing directors typically earn a base salary of about $500,000, though many will collect more than that in annual bonuses. The latest class will get their new titles at the new year.


在华尔街,“更绿的草场”越来越少。

至少这是高盛集团(Goldman Sachs Group Inc.)发出的信息。高盛由于高要求和竞争性的公司文化,一直以来都被视为金融领域最艰难的工作场所。本周该公司说,其高层管理人员留在公司任职的时间比多年来更长。

高盛高层职员平均任职时间超过九年。2001年,拥有副总裁、董事总经理或合伙人头衔的员工平均任职时间为7.6年。

在华尔街,银行家、交易员和其他员工离职的理由(或者说机会)更少了。金融危机前后的众多整合与裁员浪潮让人们没有太多的地方可去。经济增长缓慢、几年后需要支付更多的奖金,再加上风险承担面临更严格的规定,这些都令华尔街公司没什么动力大举招聘。

专家说,虽然对冲基金和私募股权公司一直以来都在吸纳华尔街人士,但如今招聘力度也不及以往。

金融行业招聘公司Options Group的首席执行长卡普(Michael Karp)谈到银行业整体上的动态时说,现在要跳槽不是那么容易,没有像危机前那样的机会了。卡普说,现在他的公司经手的银行业跳槽数量比金融危机前减少了25%。

据一名知情人士说,美国银行(Bank of America Corp.)等其他大银行在过去五年中也出现了高层职员任职时间更长的情况。

高盛说其员工任职时间延长是由于公司努力留住他们,并说这些员工的忠诚为处于转型期并因所承担风险而受到监管者严查的金融行业带来了经验和稳定性。

高盛董事长兼首席执行长布兰克费恩(Lloyd Blankfein)周二在向投资者介绍情况时说,考虑到我们这个行业的周期性特点,经验十分重要。

高盛还大力宣扬其高管团队任职时间长这一点。该公司在介绍情况时说,包括布兰克费恩和总裁科恩(Gary Cohn)在内的公司管理委员会成员在高盛的平均任职时间为22年。

在高盛披露员工任职时间这一信息之前,其通常保持稳定的固定收益、大宗商品和外汇业务出现了下滑。高盛债券的信用违约保险价格——投资者紧张状况的晴雨表——近期上升到了高于竞争对手摩根士丹利(Morgan Stanley)的水平,不过此类保险的价格仍远低于历史高点。

高盛周三通过推特(Twitter)宣布,任命了280名新的董事总经理,这是比合伙人低一级的资深职位,比去年多了大约5%。这280人中有94人在公司的证券部门工作,证券业务是高盛规模最大的一块业务。另外有51名新董事总经理来自投行部门,39名来自投资管理部门。

这280人中,女性占了20%,同去年的23%相比有所下降。其中约有56%的人驻美国,27%的人驻欧洲、中东和非洲,15%驻亚太地区,2%驻印度。

这家总部位于纽约的公司近来改变了任命董事总经理的频率。从今年开始,高盛将每两年任命一批董事总经理。

高盛之所以进行这种改变,目的是要给高管更多的时间对候选人进行评估。过去,该公司必须要在同一年选出董事总经理和合伙人。现在合伙人已经是每两年任命一批,2014年将任命最新一批合伙人。

但这一变化也反映出员工更不愿意“离巢”了。Sandler O'Neill + Partners的分析师哈特(Jeffrey Harte)说,如果不断有新的董事总经理加入进来,但原有的又不离开,那么这个群体的规模可能就会大到公司不喜欢的地步;公司不希望董事总经理或是合伙人占的比重过大,因为这有些违背压低成本的理念。

科恩牵头今年董事总经理的遴选过程,同时负责的还有舍伍德(Michael Sherwood)。舍伍德是董事会副主席,也是公司合伙人委员会的主席。

高盛的董事总经理的基本薪酬一般为50万美元左右,不过很多人的年终奖都会高于基本薪酬。最新任命的这一批董事总经理将于明年开始拥有这一新职衔。



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