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Retrenchment, or reorganization? A popular financial gossip site says many Deloitte employees in the securitization transaction group will be laid off, relocated or transferred in the next several weeks. Down, But Not Out at Deloitte?: Wall Street gossip site DealBreaker.com reported that Deloitte was reorganizing its mortgage, asset-backed and CDO transaction practice group. A company spokesman acknowledged that securitizations business has slowed, but said they were just moving folks around. Deloitte’s Web site lists more than 6,000 current openings nationwide for experienced hires, including over 450 positions in New York City.
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You Could Be the Next Compliance Star: Banks and thrifts are meeting rising compliance demands by raising headcounts rather than relying on increased technology resources, says a new report from Deloitte & Touche USA. The report also cites needless duplication of functions, and concludes that compliance costs as a percentage of net income rose from 2.83 percent in 2002 to 3.69 percent in 2006. Sounds to us like a case for you being in charge of a visibility-raising, across-the-business-lines committee.
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Does Virtual Connection Lead to Real Life Connection?: Opening a new channel for campus recruiting, KPMG is seeking to connect with professors via a new Web portal. It's offering help in creating courses, keeping up with accounting news and accessing KPMG research and resources. Three academics we spoke with offered guarded support for the idea, but noted that other accounting firms already offer somewhat similar sites.
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Roundup: Rising Pay in S.F. Bay Area: Pay pressures in San Francisco, promotions - and psychological health - in the East. Here's our roundup for the week. See our weekly roundup, and be sure to let us know if you hear word of mergers, promotions, or personnel moves.
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