Not Many Wall Street Chicks in Fortune’s Top 50 Picks
Fortune’s list of the 50 most powerful women in business just came out--and Wall Street is poorly represented. The only banker in the Top 10 is Citigroup’s Sallie Krawcheck at #7 (the same as last year). After that, the list is pretty thin: Morgan Stanley’s Zoe Cruz (#20), Bank of America’s Amy Woods Brinkley (#25) and Prudential’s Vivian Banta (#44).
Most Powerful Women in Business [Fortune]
Morgan Stanley Upping “Gardening Leave” Ante
Acknowledging that prestige alone is no longer enough to retain employees, Morgan Stanley has opted to insert “gardening leave” clauses into several top managers’ new contracts. Under the new provisions, managing directors will have to sit on the sidelines for three months while members of the management committee will have six months to hone their golf game before getting a new logo on their business card. And if the senior folk refuse to sign? They lose the stock portions of their bonuses--which, as we all know, usually represents half of all their comp or more. Sucks for them.
MS Stars Must Sign Anti-Poaching Contracts [NY Times]
Shitty at Citi: Senior Exec Sues for Discrimination
The head of Citigroup’s U.S. structured products group, Ramesh Menon, has sued his employer for racial and sex (huh?) discrimination. Menon, 43, was demoted last February despite his claim that he was “instrumental” in creating the a 20-fold increase in the U.S. group’s revenues over the past seven years. Over that time, his pay increased from $650,000 to only $2.25 million, which is “well below industry norms” according to the suit. Anyone have any details on the situation? We get the racial part but what’s the deal with the sex discrimination?
Exec Accuses Citigroup of Discrimination [Washington Post]
