by Pamela Weinsaft (New York City)

Cynthia Meyn, the Senior Operations Manager at PIMCO’s New York Office, spent her childhood on the move, living in three states and a European country, all before the tender age of twelve. And while some might have viewed this as a negative experience, Meyn actually sees it as one that had a wholly positive impact on her. “I think it helped me be at ease meeting new people,” she explained, “and helped me be comfortable trying new things,” a skill which has allowed her to fearlessly take on new challenges in her life and career.

When it came time for college, Meyn moved again, this time from Ohio back to Massachusetts to study math, computer science and philosophy at Smith College. While her senior level research fieldwork was in cognitive science and artificial intelligence, she decided not to pursue it as a career once she realized that artificial intelligence “was just too academic.” Instead, she chose to pursue finance and business, an area she became interested in via a sophomore year internship with Smith College’s Summer Women in Business Mini MBA program, an executive education seminar for women. Meyn said, “My role was to set up, monitor, and staff the computer center. I also got to take the classes with the executive women because I had to help them do the LOTUS spreadsheets. That summer was formative because I met executive women from places like General Motors and AT&T, and they encouraged me to pursue a career in business. They also told me about some internship and training programs that I would be able to get into if I tried. So, because of them, I sought out an internship at Morgan Stanley.”

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Contributed by Silvana Carpanelli Hayes of IvyExecBusinessteam wrapping up a meeting with handshake

Thanks to the stalled economy, and what seemed to be a chronic freeze in the recruiting world, 2008 and Q1 of 2009 was a tough time for executive job seekers. Woeful economic indicators, soaring unemployment rates and seemingly endless waves of executive firings did little to improve the mood. But now we are finally seeing the little light at the end of the tunnel.

And so while 81% of highly qualified professionals still think the crisis is far from over, this recruiter has some good news to share: the job market is defrosting and coming back to life. The first signs of this new spring came around in August when many boutique firms started researching new hiring sources for newly created positions. VCs looking for research analysts in specific industries such as energy and healthcare gave new opportunities to several top tier candidates with investment banking backgrounds. These boutique firms are a haven for talented professionals making their way into corporate America. Los Angeles and San Francisco are two newer hotspots for opportunities in finance these days, as opposed to the traditional New York-based finance gig.

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jobsearchContributed by Caroline Ceniza-Levine of SixFigureStart

A job interview is a two-way street. Employers are checking you out, and you hope they pick you. But you are also checking them out, and you want your next move to be the best one for both of you. So don’t just answer the questions they happen to ask. Here are 3 key items you absolutely need to know:

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by Barbara Stcherbatcheff, author of “Confessions of a City Girl” (Virgin Books)citygirl11

Since I revealed my identity as The London Paper’s “City Girl” on August 3rd, I have been besieged by media requests to share my opinion on what must be the year’s hottest City-related story: whether or not to cap banker bonuses. Politicians have this idea that, if they can remove the upside reaped by the financial masters of the universe, they can remove the downside they’re capable of digging as well. As a result, new ideas on pay structures, including deferrals, clawbacks, and even the elimination of guaranteed bonuses, are being tossed around to ensure City compensation practices are aligned with long-term financial stability.

These ideas, while well intentioned, are problematic in several ways. First and foremost, common sense tells us that the eradication of the City’s bonus culture seems about as likely as the eradication of futures or options. When I was a derivatives trader in the City, our year-end bonus was such an integral part of our lives, it became an obsession. I listened to my colleagues describe precisely how they would spend their bonuses on the finer things in life— champagne, sex, gadgets, or an endearing mixture of the three. Like most bankers, we aspired to make as much money as possible in the shortest period of time. And like most bankers, many of us actually did.
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By Elizabeth Harrin (London)AlexandraBasirov[1]

“One of the first pieces of advice I was given was never tell your age to anyone as they could perceive you differently,” says Alexandra Basirov, Head of Sovereigns, Supranationals and Agencies for Debt Capital Markets at BNP Paribas. I won’t tell you her age, but suffice to say that Alexandra has leapt up through the hierarchies of banking to her position before most women have managed to make much of a mark on the corporate world.

“Economics had always fascinated me from a very young age,” she explains. “I had the first opportunity to study it at A-level while being educated in England after moving from Australia. I went on to study at the London School of Economics.” During the holidays, she sought out internships, and it became clear that a career in the banking industry was what she wanted to do. “There was something about the working environment coupled with being able to follow markets and applying my studies that excited me,” she says.

Basirov continues: “I have always been a firm believer that you have to love what you do to succeed. Like any job, and in particular on the trading floor, work can get very stressful. Banking is an industry that requires you to give it all, and unless you are devoted and have a passion for what you do, it’s unlikely you will last for the duration or climb the ladder.”

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martin1Contributed by Martin Mitchell of the Corporate Training Group

The meeting of finance ministers of the G20 called for much bigger and better capital buffers to be held by banks. US Treasury secretary Tim Geithner declared that he is taking the first step towards unwinding policies that have propped up the US financial system. The UK’s monetary policy committee voted to keep interest rates at 0.5%. These are but a few highlights of important market events that we’ve gathered to help you start the week well informed.

Economic Backdrop

  • As expected, the meeting of finance ministers of the G20 called for much bigger and better capital buffers to be held by banks. The details to be finalised before the full G20 gathering in Pittsburgh on the 24th and 25th of September will include stricter rules about what is acceptable as a capital buffer, plus the requirement for complex institutions to develop ‘living wills’ to plan for their unwinding.
  • US Treasury secretary Tim Geithner declared that he is taking the first step towards unwinding policies that have propped up the US financial system by allowing the guarantee for the $2,500bn money market mutual fund industry to expire on schedule at the end of the month. He said it was time to move from crisis response to recovery.
  • The UK’s monetary policy committee voted to keep interest rates at 0.5%, and made no changes to its £175bn programme of quantitative easing.

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By Andrea Newell (Grand Rapids. Michigan)books

Companies are struggling with how to facilitate true accountability within their organizations, seeing it as a path to recovery from the current economic crisis and an important component in a plan to stave off future disasters. In their new book, How Did That Happen? Holding People Accountable for Results the Positive, Principled Way, workplace accountability experts Roger Connors and Tom Smith build upon the concepts in their two previous books—The Oz Principle, which focused on personal accountability, and The Journey to the Emerald City, which addressed how to create an accountable culture— to show how accountability within an organization is essential to its success.

The first half of the book shines a spotlight on the importance of the leadership role. Whether supervisor or CEO, the reader is asked to take an honest look at her leadership style, relationships with the people on whom she depends for results, and her effectiveness in achieving the results she wants. The authors emphasize that, before a manager can promote personal accountability in her organization, she has to embrace it herself, and that the whole group, including leadership, shares responsibility for not achieving the desired results.

Two Steps for Defining Accountability Expectations in Your Organization

Defining expectations is crucial to fostering personal accountability in subordinates and other colleagues. The authors have created the Accountability Sequence, a systematic approach to establishing accountability in an organization. The Sequence is divided into two components: the Outer Ring, which zeroes in on leadership behavior and the importance of establishing clear expectations, and the Inner Ring, which addresses unmet expectations and defines the four main causes (poor motivation, inadequate training, too little personal accountability, ineffective culture) and the four solutions (motivation, training, culture, accountability). The authors also advise that one needs to step back and look at accountability not just within one’s organization, but also of all the stakeholders in your “Expectations Chain,” beginning with vendors and continuing all the way down to customers.

Using examples from their twenty years in accountability consulting, events in history, and even the varied responses to natural disasters, Connors and Smith show how unmet expectations, poor assumptions, and a lack of accountability lead to failure time and time again. On the other side, Connors and Smith have an equal number of success stories that illustrate the power of positive accountability throughout an organization. Although most of the client names have been changed, readers will recognize companies like Sprint, figures such as Henry Kissinger and Jack Welch, and events such as Hurricane Katrina, Apollo 13 and the Mars Orbiter in the examples put forth by the authors. Read more

Kathleen Weslockby Pamela Weinsaft (New York)

“A career isn’t just climbing straight up a ladder – it is more like a garden lattice. There are many steps along the way and at each juncture, a chance to learn a lot about yourself and your profession,” said Kathleen Weslock, the head of Human Resources at leading software and IT services company, SunGard Data Systems.

The Crooked Career Path

A Spanish and psychology double major at Hood College in Maryland, Weslock started her career as a switchboard operator at the Pan American Health Organization. Because she was fluent in Spanish, less than six months later, she was “promoted” to secretary in the human resources department. The head of employee relations needed someone who could keep information confidential and who could translate for her. “While this job may seem menial to many, I learned a lot from this position and from Mariko; she taught me the importance of having a solid work ethic at an early stage in my career. I learned so much, from basic level employee relations to discretion to the proper code of conduct. She was a marvelous woman,” explained Weslock.

She then went to work as a secretary in the HR and training department of the US Chamber of Commerce and worked her way up to the assistant director, where she ran training programs that taught business executives how to lobby in Washington, DC. “But I was still typing,” laughed Weslock.

She then went to work as a secretary in the training department of the U.S. Chamber of Commerce and worked her way up to teaching business executives how to lobby in Washington, D.C. She was also rubbing elbows with business leaders, top columnists, and powerful business executives. “But I was still typing,” laughed Weslock.

At one of the labor relation sessions she organized, some of the influential executives encouraged her to go to grad school or law school and pursue labor relations as a career. “At that point I wasn’t really sure what I was going to do with my career. I didn’t think I wanted to be a lawyer, but I did find the thought of a career in labor relations interesting. So it was really a chance meeting with individuals who really cared about helping young people with their careers that gave me the impetus to decide to go back to graduate school.”

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By Elizabeth Harrin (London)Wall St

It’s been a long time coming, but asset management firms are finally winning back market share in the transition services arena. As banks and brokers drop out of the marketplace, asset management firms are moving back in.

The Move Away from Transition Managers

Transition services is a business area which helps institutional investors transition from one fund manager to another, switch global pension deals, rebalance their portfolios or shift into a new asset class. It always involves a lot of funds, and it’s always complicated. A year on since Lehman Brothers Holdings – a major player in transition services – collapsed, other global banks have also cut out or scaled back their transition divisions, including Citi­group, Royal Bank of Scotland Group and UBS.

It’s not always the banks that are pushing investors away as they reduce their involvement in this area. There are signs that investors are also losing confidence in the bigger names, and turning to specialist or smaller firms – firms that can provide the certainty that their transition services business is a key market distinguisher. The shift in market share has also been helped by the fact that technology and trading venues that were once only available to broker/dealers are now much more widely accessible and firms choosing to put transition services at the heart of their business have the technology skills and budgets to put them on a level playing field.

That said, transition managers themselves are expensive people to have around: they have a highly skilled role, often with a broad background in finance and excellent risk management ability. They also have to be great at managing the relationships with clients and keep a lot of balls in the air at the same time. No investor wants to start a massive portfolio shift and build a relationship with someone in a firm where transitions are an ancillary part of the business and could get cut in the next round of cost-saving measures. Read more

iStock_000001735577XSmall[1]by Liz O’Donnell (Boston)

Green mutual funds might seem like the hottest new trends on Wall Street but women in this industry are adamant that green investing is not a passing fad. According to the Social Investment Forum, an association of socially responsible investing firms and professionals, socially responsible investing represents an estimated $2.71 trillion. From 2005 to 2007, this segment of the market grew at a rate of 18 percent.

“Green business is not a trend,” says Vicki Radden, Managing Director of the Capital Markets Partnership. “It’s a new way of approaching business that is not an option. It is a requirement.” The Capital Markets Partnership (“CMP”) is a nonpartisan, nonprofit coalition of investors, investment banks, insurers, city, state and federal government, countries, and NGOs creating a market shift toward sustainable investment. Says Radden, “The Capital Market Partnership provides advocacy for various financial products and pushes forward the agenda within the capital markets to drive financial entities to develop, support, invest and promote.”

Radden likens the so-called trend in sustainable investing to the dot com era in the early nineties. Back then, companies viewed adding a dot com to their names and creating an Internet presence as a “hot” idea and key differentiator. However, a few years later, it was standard operating procedure; a requirement for doing business.

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