The boss of the Saudi National Bank abruptly resigned from his post Monday, just days after his critical comments about Credit Suisse sparked an industrywide panic that resulted in a forced rescue of the troubled lender by rival UBS.
Saudi National Bank Chairman Ammar Al Khudairy is stepping down “due to personal reasons,” a press release said without further elaboration.
He had led the bank since 2021.
Mohammed Al Ghamdi will replace Al Khudairy as chairman.
Al Khudairy’s resignation came less than two weeks after he rattled the market about Credit Suisse, whose troubles had reignited fears of a global banking meltdown.
“The SNB Chairman was a victim of giving his honest opinion at such a tense time for Credit Suisse,” Mohammed Ali Yasin, a capital markets specialist and investment advisor, told Bloomberg.
Ammar Al Khudairy had led the Saudi National Bank since 2021.Bloomberg
The outgoing chairman had declared during a Bloomberg Television appearance that the Saudi National Bank, Credit Suisse’s biggest shareholder, would not consider pouring more money into the Swiss banking giant.
“The answer is absolutely not, for many reasons outside the simplest reason, which is regulatory and statutory,” Al Khudairy said in the March 15 interview.
Al Khudairy later attempted to do damage control, telling CNBC that the panic over Credit Suisse’s potential failure was “completely unwarranted.”
Nevertheless, Credit Suisse shares plunged to record lows following Al Khudairy’s remarks.
The bank had faced a crisis of confidence among investors after top executives admitted to “material weaknesses” in its financial reporting practices over the last two years.
“In hindsight, seeing the buyout rate of CS by UBS, his answer was the right course of action: awaiting for the crisis to be clearer.”
Ammar Al Khudairy’s remarks prompted a major selloff of Credit Suisse shares.REUTERS
The Saudi National Bank is the largest commercial bank in Saudi Arabia. It formed after a merger of National Commercial Bank and Samba Financial Group.
The Credit Suisse crisis culminated in a government-brokered emergency rescue in which its Swiss banking rival UBS agreed to a $3.3 billion takeover.
The deal helped to assuage concerns among investors about the overall health of the global banking system, though it was expected to result in tens of thousands of layoffs.
UBS reached a takeover deal for Credit Suisse last week.AFP via Getty Images
Credit Suisse is one of several banks under close scrutiny after the collapses of Silicon Valley Bank and Signature Bank of New York prompted concerns about a global contagion event.
Yes, it’s true – a buyout firm called Ethical Capital Partners has bought the parent company of Pornhub – and some insiders say the deal isn’t about sex, but tech.
In a press release, Canada-based Ethical declared that the giant smut site’s parent company, MindGeek – which has spent the past few years fending off accusations of sex-trafficking and child porn – was “built upon a foundation of trust, safety, and compliance.”
But what may be still more surprising to some, according to industry insiders, is the fact that technology could be a key driver for the deal – and that tech could help solve ethical issues that have dogged porn since the beginning, even as it boosts the bottom line.
In particular, some believe that human porn stars are destined to become a relic of the past – as outdated as the mustaches and perfunctory plot lines that riddled porn flicks in the 70s and 80s – and that they’ll be replaced by computer-generated stars.
“Every major piece of technological change is mastered by porn first: from VHS tapes to DVDs to internet video—all became popularized because of porn.”
“And now the same thing is happening with generative AI and deep fakes — buying this is a great way to get into this business before most porn is computer generated and dramatically reducing the costs of content creation.”
The source adds that in a few years creating pornography could cost almost nothing — and ECP could end up with an asset that requires little investment to run and generates significant revenues.
Ethical Capital Partners has promised it will be transparent about the leadership it puts in charge of the company but is still refusing to disclose who that will be.
“We have defended sex workers and we have seen the stigma,” ECP Partner Solomon Friedman said in a press release. “There is stigma and there is shame and that means there are discussions and debates happening in the absence of those who are most affected by it.”
But some financial types think ECP’s spin is strategic — and makes the acquisition seem like it’s helping and empowering women.
“Many institutions are not allowed to invest in “sin stocks” like tobacco. Playboy had the same issue with their initial IPO. It seems that they are trying to spin this company into one that sells porn to one that protects the safety of children and sex workers,” one financial insider told The Post.
The acquisition was announced just one day after Netflix premiered a documentary about the company, “Money Shot: The Pornhub Story.” After a New York Times article accused the site of hosting child porn, the company was sued by 34 women who said the PornHub profited from videos in which they were trafficked. Visa and Mastercard temporarily suspended payment services.
Hindenburg on Thursday alleged that Block overstated its user numbers and understated its customer acquisition costs.
Shares of Block, which developed the popular Cash App mobile payment facilitator, plunged by some 20% just after the opening bell rang on Wall Street on Thursday.
The Post has sought comment from Block.
“Our 2-year investigation has concluded that Block has systematically taken advantage of the demographics it claims to be helping,” the short seller said in a note published on its website.
Hindenburg claims that Block “obfuscates” the number of customers registered on its Cash App platform by reporting misleading “transacting active” metrics filled with fake and duplicate accounts.
In January, Hindenburg released a damning report alleging fraudulent business practices by Indian billionaire Gautam Adani.REUTERS
The firm said that Block co-founders Dorsey and James McKelvey collectively sold over $1 billion of stock during the pandemic as the company’s share price soared.
Other executives including finance chief Amrita Ahuja and the lead manager for Cash App Brian Grassadonia also dumped millions of dollars in stock, the report added.
Before releasing its findings on Thursday morning, Hindenburg teased that it would be issuing a “new report soon — another big one.”
The tweet on Wednesday went viral, generating more than 31,000 likes and 6 million views as of Thursday morning.
About 5.2% of Block’s free float shares were in short position as of March 22, according to Ortex data.
The company’s ticker was third most trending on retail investor focused forum StockTwits.
Last month, Block said it is “meaningfully slowing” the pace of hiring this year to control costs.
Founded in 2017 by Nathan Anderson, Hindenburg is a forensic financial research firm that analyses equity, credit and derivatives.
Shares of Block sank by some 20% after the opening bell on Wall Street on Thursday.Getty Images Hindenburg on Wednesday teased that it would be releasing a “big” report.Christopher Sadowski
Hindenburg invests its own capital and takes short-positions against companies. After finding potential wrongdoings, the company usually publishes a report explaining the case and bets against the target company, hoping to make a profit.
The rarest sighting in this bleak office-leasing season is a deal for more space than a large area rug would cover.
But here’s a substantial one: public relations firm Joele Frank is taking 78,353 square feet at Milstein’s 22 Vanderbilt, aka 335 Madison Ave.
Joele Frank, which specializes in strategic corporate representation, will leave 50,000 square feet at Charles S. Cohen’s 622 Third Ave. by year’s end.
The new lease is for 16 years with an asking rent of $95 a square foot.
The rose-colored marble tower at Madison and East 43rd Street is wrapping up a years-long, under-the-radar repositioning spearheaded by Michael Milstein, son of Milstein Properties founder Howard Milstein.
The quarter-billion-dollar project includes a new, public-friendly lobby with eatery options — not a “food court” — under the overall name of Melangerie, overseen by accomplished New York chef Graceanne Jordan; a richly appointed bar/lounge called Bergamo’s; and nearly 80,000 square feet of tenants’ amenities including conference and wellness centers.
I had wonderful, hearty matzo ball soup (called “Schmaltz”) and tangy soba noodle salad at Chef’s Counter, the first of several eateries to open in the lobby. More are due later this year.
The quarter-billion-dollar project features nearly 80,000 square feet of tenants’ amenities including conference and wellness centers.photo credit: CBRE
“There are obviously not a lot of large deals now,” said Paul Amrich, leader of the CBRE team that represented Milstein.
After a year-long search for a new home, he said, “The entire Joele Frank partnership fell in love with 22 Vanderbilt.”
The 27-story, 1.19 million square-foot tower is 68% leased. It has two large availabilities right now — 300,000 square feet in the tower and 120,000 square feet in the base.
The Milsteins demolished the former Biltmore Hotel at the site in the 1980s and built a new headquarters for Bank of America, which later moved to One Bryant Park.
The famous Biltmore lobby clock, which also stood for some years in the BofA lobby before disappearing into storage, is to be restored and installed in Bergamo’s.
When the bank left, the Milsteins leased the property out on a floor-by-floor basis, including to Giorgio Armani’s North American headquarters.
Now they’re touting the building, which stands across the street from SL Green’s One Vanderbilt, as an integral part of the fast-revitalizing Grand Central Terminal area.
This week marks a coming-out party of sorts for 22 Vanderbilt. It will host a press briefing called “Grand Central Reimagined” at 12:30 p.m. on March 22, where speakers are to include MTA chairman Janno Lieber and Grand Central Partnership president Fred Cerullo.
CBRE’s Amrich, Neil King, Sacha Zarba, Jeff Fischer, and Meghan Allen represented Milstein. Newmark’s Andrew Sachs and Ben Shapiro repped Joele Frank.
It’s a funny but sad spectacle that Joe Biden & Co. are trying to turn the mess at Silicon Valley Bank — and the crisis engulfing the banking system — into a political win.
Funny because the BS is working about as well as their spinning of the transitory nature of inflation, or how well they handled the alarmingly chaotic pullout from Afghanistan.
Of course, the final word has yet to be written on the collapse of SVB, Signature Bank, the near-collapse of First Republic Bank, and whatever else implodes by the time this column is in the paper.
But one thing I know for sure is that banking crises demand leadership from Washington — stuff that’s so obviously lacking at a time when it’s so desperately needed.
Back in 2008 we had Treasury Secretary Hank Paulson working day and night putting out multiple fires and leveling with Congress and the American people about the severity of the situation. Today we have Sleepy Joe Biden, his equally asleep Treasury Secretary Janet Yellen announcing that bank bailouts aren’t really bailouts because taxpayers aren’t involved.
Really?
Treasury Secretary Janet Yellen reportedly said that bank bailouts aren’t really bailouts because taxpayers aren’t involved.AFP via Getty Images
The government just handed SVB a blank check to cover all its depositors, mainly lefty Bay Area venture capitalists. That means all accounts are covered with FDIC insurance, even those above the limit of $250,000.
He says with a straight face the money is coming from the big banks who contribute to the FDIC insurance pool. OK, but if the banks are financing the fund, they will pass on those costs to depositors. That means everyone with a bank account, which means just about every American taxpayer, will be making whole those wealthy VC dudes.
Duh.
Not very ‘stress’ful
Biden and Yellen then say the watering down of the banking law known as Dodd-Frank meant that midsized banks like SVB were spared the so-called stress tests that would have uncovered its weaknesses. They appear to ignore (or most likely have no clue) the dirty little secret that such exams are known derisively in banking circles as “feather tests” because even big risk-management-challenged basket cases like Citigroup seem to pass them.
Another whopper: Biden and Yellen want us to believe that the San Francisco Fed had no idea what was happening in its backyard with a bank that grew exponentially in three years before it sank.
Again, don’t believe it. SVB’s CEO was on the board of his local Fed bank. Everyone who should have known what SVB was up to did. And by many accounts they were too busy making sure the banks they regulated lived up to ESG standards and embraced so-called social-justice remedies to care about SVB’s obvious risk taking. One of my sources worked at SVB until about a year ago, and here’s how he described the bank’s business model: “Loans to VC-backed companies that made no money, asset-based credit lines to PE funds and little else. It should never have been given FDIC insurance. This wasn’t a place that made loans to construction companies and took deposits from your aunt.”
Biden said the watering down of Dodd-Frank meant that SVB were spared the so-called stress tests that would have uncovered its weaknesses. Bloomberg via Getty Images
Yes, FDIC insurance was supposed to protect smallish depositors like your aunt, not dice-rolling tech millionaires who banked at SVB and knew it was a risky business. Those tech millionaires (like the SF Fed) either knew or should have known that a hiccup in the economy like rising rates could doom this bank and maybe others.
As I first reported last week, the big banks are now freaking out about another midsized bank also in San Francisco about to succumb to market forces named First Republic. (See a pattern here?) They chipped in with $30 billion to stabilize the bank at least for the time being.
Stay On the Money
Essential weekly read to fuel business lunches.
That’s because I also hear the bank could be sold in the coming days to one of the bailout participants. The reason they’re doing this is not necessarily because they think First Republic is a great business — rather they’re seriously worried about economic contagion that policy makers have no clue how to handle.
Remember 2008?
The bill is coming due for the unserious economic policies of the past two-plus years: The wildly unprecedented spending by the Biden administration to turn the US into a quasi-socialist European welfare state and money printing by the Fed to make that happen.
Every top bank executive I speak to says the current troubles in the financial system could lead to something on the scale of what went down in 2008. They’re also seriously worried the banking tumult is yet another example of Sleepy Joe & Co. not being up for the job.
Or as one remarked to me: “Where’s Hank Paulson when you need him?”
Credit Suisse on Thursday said it would borrow up to $54 billion from the Swiss central bank to shore up liquidity and investor confidence after a slump in its shares intensified fears about a global financial crisis.
The Swiss bank’s announcement helped stem heavy selling in financial markets in Asian morning trade on Thursday, following torrid sessions in Europe and the United States overnight as investors fretted about potential runs on global bank deposits.
In its statement early Thursday, Credit Suisse said it would exercise an option to borrow from the central bank up to 54 billion dollars. That followed assurances from Swiss authorities on Wednesday that Credit Suisse met “the capital and liquidity requirements imposed on systemically important banks” and that it could access central bank liquidity if needed.
The Credit Suisse logo on one of the buildings at the North Carolina campus on March 15, 2023.REUTERS
Credit Suisse is the first major global bank to be given an emergency lifeline since the 2008 financial crisis and its problems have raised serious doubts over whether central banks will be able to sustain their fight against inflation with aggressive interest rate hikes.
Asian stocks followed Wall Street’s tumble on Thursday and investors bought gold, bonds and the dollar. While the bank’s announcement helped trim some of those losses, trade was volatile and sentiment fragile.
“It does help. It removes an immediate risk. But it confronts us with another choice. The more we do this, the more we blunt monetary policy, the more we have to live with higher inflation — and what is it going to be?” said Damien Boey, chief equity strategist at Barrenjoey in Sydney.
“Do bailouts make things better? On the one hand, you are removing a source of risk to the markets which is a clear and present danger. On the other hand we are feeding into this paradigm of monetary policy bucking within itself.”
Credit Suisse’s borrowing will be made under the covered loan facility and a short-term liquidity facility, fully collateralised by high quality assets. It also announced offers for senior debt securities for cash of up to 3.2 billion dollars.
“This additional liquidity would support Credit Suisse’s core businesses and clients as Credit Suisse takes the necessary steps to create a simpler and more focused bank built around client needs,” the bank said.
Credit Suisse Chief Executive Ulrich Koerner had earlier on Wednesday sought to reassure investors about the lender’s strong liquidity.
“Our capital, our liquidity basis is very, very strong,” Koerner told media. “We fulfill and overshoot basically all regulatory requirements.”
Credit Suisse Group AG, CEO Ulrich Koerner at an interview in London on March 14, 2023Bloomberg via Getty Images
EUROPEAN EPICENTER
The 167-year-old bank’s problems have shifted the focus for investors and regulators from the United States to Europe, where Credit Suisse led a selloff in bank shares after its largest investor said it could not provide more financial assistance because of regulatory constraints.
Investor focus is also on any action by central banks and other regulators elsewhere to restore confidence in the banking system as well as any exposure businesses may have to Credit Suisse.
Silicon Valley Bank’s demise last week, followed by that of Signature Bank two days later, sent global bank stocks on a roller-coaster ride this week, with investors discounting assurances from U.S. President Joe Biden and emergency steps giving banks access to more funding.
On Wednesday, Credit Suisse shares led a 7% fall in the European banking index, while five-year credit default swaps for the flagship Swiss bank hit a new record high.
The investor exit for the doors raised fears of a broader threat to the financial system, and two supervisory sources told Reuters that the European Central Bank had contacted banks on its watch to quiz them about their exposures to Credit Suisse.
The U.S. Treasury also said it is monitoring the situation around Credit Suisse and is in touch with global counterparts, a Treasury spokesperson said.
‘FLIGHT TO SAFETY’
Rapid rises in interest rates have made it harder for some businesses to pay back or service loans, increasing the chances of losses for lenders who are also worried about a recession.
Traders are now betting that the Federal Reserve, which just last week was expected to accelerate its interest-rate-hike campaign in the face of persistent inflation, may be forced to hit pause and even reverse course.
Bets on a large European Central Bank interest-rate hike at Thursday’s meeting also evaporated quickly on growing fears about the health of Europe’s banking sector. Money market pricing suggested traders now saw less than a 20% chance of a 50 basis point rate hike at the ECB meeting.
The Credit Suisse campus in Research Triangle Park in Morrisville, North Carolina. REUTERS
Unease sparked by SVB’s demise has also prompted depositors to seek out new homes for their cash.
Ralph Hammers, CEO of Credit Suisse rival UBS said market turmoil has steered more money its way and Deutsche Bank CEO Christian Sewing said that the German lender has also seen incoming deposits.
The billionaire mogul apologized for mocking a fired Twitter employee who suffers from muscular dystrophy and uses a wheelchair.
Musk had accused Haraldur Thorleifsson of using his disability as an “excuse” to do “no actual work” after the Iceland-based software engineer complained that he had not heard about his job status for nine days.
“I would like to apologize to Halli for my misunderstanding of his situation,” Musk tweeted late Tuesday night to his 130 million followers, referring to Thorleifsson by his nickname.
“It was based on things I was told that were untrue or, in some cases, true, but not meaningful.”
The Twitter boss also revealed he spoke with Thorleifsson on a video call about a possible return to the beleaguered social media platform.
“He is considering remaining at Twitter,” Musk tweeted, adding it is “better to talk to people than communicate via tweet.’”
The Post has sought comment from Thorleifsson and Musk.
Elon Musk apologized to Haraldur Thorleifsson on Tuesday.AP
Thorleifsson, 45, was among several high-profile individuals who were apparently let go as part of the Twitter’s latest round of job cuts. He had tweeted at Musk on Monday after logging in to his computer to do some work — only to find himself locked out, along with 200 others.
“Dear @ElonMusk, 9 days ago the access to my work computer was cut, along with about 200 other Twitter employees. However your head of HR is not able to confirm if I am an employee or not. You’ve not answered my emails. Maybe if enough people retweet you’ll answer me here?” Thorleifsson tweeted.
“What work have you been doing?” Musk replied.
Thorleifsson, who has muscular dystrophy, learned he was laid off from Twitter more than a week after the company locked him out of the computer system.iamharaldur/Twitter
Thorleifsson responded with a list of accomplishments during his tenure at Twitter.
His personal website notes that he “led an innovation team” that “spearheaded” the Twitter Communities project and helped to develop an edit button on the platform.
But Musk was skeptical. At one point he responded with a pair of laughing emojis, insisting that he post “pics or it didn’t happen.”
Thorleifsson fired back by noting the company had “locked [his] computer.”
Musk eventually replied with a scene from the 1999 comedy “Office Space,” in which two outside consultants ask a soon-to-be-fired employee, “What would you say you do here?”
“Would you say that you’re a people person?” Musk tweeted.
Musk was slammed online for his mocking reaction to Thorleifsson.iamharaldur/Twitter
Thorleifsson noted during his back-and-forth with Musk that Twitter’s human resources department reached out to him and informed him that he was no longer employed by the San Francisco-based company.
Musk then tweeted that Thorleifsson “did no actual work, claimed as his excuse that he had a disability that prevented him from typing, yet was simultaneously tweeting up a storm.”
Musk’s criticisms of Thorleifsson ignited pushback from Twitter users who are ordinarily sympathetic to the tech mogul, who acquired Twitter for $44 billion last October.
When a Twitter user claimed to have worked with Thorleifsson and vouched for his “next level” work ethic, Musk replied that he gave him a video call “to figure out what’s real vs what I was told.”
Thorleifsson was among some 200 programmers and software engineers who were recently laid off by Twitter.AP
Thorleifsson is a noted tech entrepreneur. He joined Twitter in 2021, when the company, under the prior management, acquired his startup Ueno.
He has been hailed in Icelandic media for insisting on being paid in wages as part of the acquisition of Twitter.
Instead of opting to be paid in shares or other financial instruments which would be categorized as capital gains and would thus be taxed at a lower rate, Thorleifsson chose to accept the proceeds in the form of a regular wage so that he would pay a higher rate of tax.
There are some newfangled distractions, too: Chinese spy balloons, anyone? The noise signals we are, in fact, in the middle of a genuine bull market.
It’s part of a routine behavioral phenomenon I have long called the “Pessimism of Disbelief.” It forms bull markets’ very ramp upward – parallel to but different from the “wall of worry” that bull markets climb.
Let me explain.
Bear markets brutalize with depth, length, or, as in 2022, the sheer magnitude of fears grinding on investors’ nerves.
The resulting scars create a hyperfocus on negatives and dismiss emerging positives as fleeting or illusory.
This Pessimism of Disbelief – or PoD for short – starts with each new bull market, lasting about a third of its full duration. At this juncture, PoD has infected most investors.
This Pessimism of Disbelief – or PoD for short – starts with each new bull market, lasting about a third of its full duration.AFP via Getty Images
A survey of eurozone investor expectations is similarly dour.
The American Association of Individual Investors’ weekly poll shows bullishness up some, but still well below long-term averages.
PoD’s real tell is the “Yeah, but” objection. Yeah, inflation slowed again in January – but less than December.
Yes, economic data look resilient and stocks rose, but that just brings more inflation and the Fed. Sure, improved supply chains cooled freight rates, but increased inventory means rising warehouse costs. Yeah, China reopened, but it’s pushing oil prices skyward.
Disbelief is the first step of psychological denial and a form of grief. While the classic “wall of worry” is simple pessimism about the future, PoD goes a bit further – it’s an anchoring in the past and a form of what behavioralists call confirmation bias – an outright denial of manifest progress and better-than-expected results.
Meanwhile, in this column on Christmas Day, I told you perfection isn’t necessary for rising stocks. They simply need reality to exceed pre-priced expectations. If bad news isn’t bad enough, stocks rise. Happens in every new bull market ever.
Remember 2020? Stocks’ bottomed March 23. Then PoD began.
Most dubbed the subsequent rally a Fed-driven sugar high soon to be killed by new COVID flareups, government interference, supply-chain chaos or a debt implosion.
Remember 2009’s bottom and the ensuing double-dip talk, the fear of Alt-A mortgage defaults and muni bond wipeouts?
Oldsters like me recall when rising unemployment, recession and automaker layoffs dogged spirits long after October 1974’s bottom. Or late 1982’s worries over tax hikes and weak profits. Stocks didn’t just rise in those bull markets’ gloomy early months – they soared.
Since 1925, median S&P 500 returns six months after bear market lows is 22.8%.
Twelve months? 38.0%. Those early gains are crucial. They compound throughout a bull market’s lifespan —averaging about five years.
Be careful with any “Yeah, but” – yours or anyone else’s. Be sure it’s about fresh concerns and not rehashing old, pre-priced ones.
Instead, heed the wisdom of market legend Sir John Templeton: “Bull markets are born on pessimism, grow on skepticism, mature on optimism and die on euphoria.”
A veteran JPMorgan Chase banker fumed over the financial giant’s policy requiring staffers to give six months notice before being allowed to leave for another job.
The Wall Street worker, who claims to earn around $400,000 annually in total compensation after accumulating 15 years of experience, griped that the lengthy notice period likely means a lucrative job offer from another company will be rescinded.
Taking to the social media platform Blind — which allows career professionals anonymity so that they can freely post without concern about retribution from their bosses — the worker in the e-trade division lamented over the policy.
“So I had made up my mind to resign from JPM (New York) and look for a new role,” the Blind poster wrote in an item titled, “Notice period blues.”
“When I looked into the resignation process, I see that my notice period is 6 bloody months!!”
A JPMorgan employee wrote on the Blind social media app that the lengthy notice period will likely mean a job offer from another company will be rescinded.
“I was in disbelief, I checked my offer letter and ‘Whoops there it is,’” the post continued.
“Assuming I get the new offer (very likely), what are my options?” the employee wrote. “Thinking of giving a reasonable notice (1-2 months) and saying peace.”
“However, I am worried about any legal repercussions,” the worker wrote.
The Post has sought comment from JPMorgan Chase as to their notice policy.
The Blind note went on to say the worker was amenable to staying through the notice period, “but I am pretty sure the new employer will rescind the offer and not wait 6 months.”
JPMorgan Chase has a reputation for requiring lengthy notice periods from outgoing employees.
JPMorgan Chase, Wall Street’s largest financial institution, has $2.76 trillion in assets under management.REUTERS
Workers at its India corporate offices said last year that the Wall Street giant was raising its notice period from 30 days for vice president and below to 60 days, according to eFinancialCareer.com.
Meanwhile, bankers at the executive director level saw their notice period bumped up to 90 days.
Online bulletin boards and websites that cater to the financial sector include posts from Wall Street professionals who say it is common for banks and hedge funds to include noncompete clauses in employees contracts that bar them from being hired by a competitor for a period of up to six months.
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