Jobs Available: Wall Street Scrambles to Hire Next Gen BrokerDealers

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BrokerDealer.com blog post courtesy of extract from July 5 story from The New York Times

nytimes logoA battle is raging on Wall Street as never before, with powerful factions scrambling for control of a precious resource.

On one side are the giant investment banks and broker-dealers, with names like Morgan Stanley and Goldman Sachs. Lined up against them, but also warring among themselves, are the giants of private equity — Kohlberg Kravis Roberts, Apollo Global Management and the Blackstone Group, to name just three. And the private-equity firms just happen to be the banks’ clients.

The prize they are fighting for is young talent.

This summer, dozens of junior bankers in their early to mid-20s will start jobs in private equity after spending their first two years out of college working at investment banks. Private-equity firms use billions of dollars of cash and plenty of debt to buy entire companies. They are seen by many young strivers as the next rung on an elite career ladder, promising higher status and more pay — around $300,000 a year, including salary and bonus, roughly double what a second-year banker might earn at Goldman.

But for junior bankers, who are known as analysts, securing such a job means stepping into the middle of a Wall Street struggle that has intensified since the financial crisis.

For the full story, please click here.

GoDaddy to Tap Public Markets for IPO

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BrokerDealer.com blog extends thanks to NYT DealBook for below news extract.

GoDaddy, the domain name registration giant, plans to sell its shares to investors in an initial public offering.

Courtesy of NYT DealBook

Courtesy of NYT DealBook

The company, which filed a prospectus with regulators on Monday, is preparing to tap the public markets about two-and-a-half years after it was bought by a group led by the private equity firms Kohlberg Kravis Roberts and Silver Lake. GoDaddy previously sought to go public in 2006, but a deal never materialized at that time.

GoDaddy allows individuals and small businesses to set up Internet domain names, offering services like website building, hosting and security. The company had 57 million domains under management as of Dec. 31. It generates the majority of what it calls bookings — gross sales before refunds — from sales of domain names.

K.K.R. and Silver Lake, along with the venture capital firm Technology Crossover Ventures, paid about $2.25 billion for GoDaddy in December 2011. The company plans to use some of the money raised in the I.P.O. to reduce its debt.

It also plans to make a $25 million payment to its private equity and venture capital owners, to terminate an agreement under which the owners have collected fees.

For the full story, please visit NYT DealBook article.