ghco...yes or no?

Discussion in 'Prop Firms' started by ebayuser, May 18, 2006.

  1. Iliad

    Iliad

    They are in the process of giving up prop.trading. In London, they have got rid of almost all their traders (fired three graduate intakes at once) and have just fired their elderly risk manager. The partner who runs the London office is way beyond his bus-pass and will soon want to retire to count his shekels.
     
    #21     Jul 26, 2006
  2. FITENOB

    FITENOB

    when I left there were two risk managers in the NYC office, one decent family guy, second one good guy but more of a trader.

    they dumped(2005) a training class right before I left, haven't heard much about NYC office since
     
    #22     Jul 26, 2006
  3. bsmeter

    bsmeter



    Is'nt that an un truth? Do you actually think people believe you?
     
    #23     Jul 27, 2006
  4. Can you please name these other places.
     
    #24     Jul 27, 2006
  5. why don't you belive me? and why would i make it up?

    everybody knows how litigious ghco are. i am talking from first hand experience here.

    unfortunately the thread i am talking about from a couple of years ago has been deleted...suffice to say it was a pretty accurate description of ghco...which they took offence to and had ET remove it. the two main protagonists of the thread...one an ex-risk manager who was sacked for gross misconduct and later became one of the only people i know to successfully sue ghco, and the other a former ghco trader, both received letters from ghco solicitors.

    i saw the letter. it was hilarious. And if the thread was still on ET, I would direct you to it, as the trader copied his response to ghco onto the thread...and got absolutely destroyed by the rest of us at our new company for folding so easily!!!!!

    believe me now bsmeter? or are you a ghco lackey per chance?
     
    #25     Jul 27, 2006
  6. any other firm will give you at least a 75% split in london now....most more than that.

    brokerage will be cheaper as well at some other places. you will not get a salary though.

    the salary at ghco has now been capped at 50k - whereas before it was capped at 100k.

    other places in london...think schneider, sigma, elite (a curvalue offshoot), ghf, pyne.
     
    #26     Jul 27, 2006
  7. Iliad

    Iliad

    You must view your relationship with your clearer/employer as a key business relationship, and decide whether it makes sense to associate yourself with that company. You need to look at GHCO's track record in its treatment of people who work for it and decide whether you wish to enter into a contractual relationship with them. The trader's contract is very onerous on the trader, and is skewed heavily in GHCO's favour: they can keep you for five years; if you walk out they can stop you working for six months. Yet they can fire you with a week's notice. They use the threat of litigation and the fear of the costs that defending against the company's actions to keep their staff in line. A contract trader once sued them for breach of contract: in the High Court the judge perceptively asked Goldenberg whether his lawyers were his HR department. You should think very carefully and take legal advice before entering into a contractual relationship with an organisation like GHCO. Personally I would trust an Iraqi street vendor with a remote control device in his hand before I would trust GHCO.
     
    #27     Jul 27, 2006
  8. Absolutely love it Iliad! Genius.
     
    #28     Jul 27, 2006
  9. FITENOB

    FITENOB

    there were some good traders in the nyc office, i would be interested where they would be trading if ghco is slowly getting out of the prop game. My take that is they'll become customers .

    I'm also looking at when the bond volume is going to pick up since ghco traders accounted for a good portion of the intraday volume. Overall ghco was a place where you had to take it for what it was, good & bad
     
    #29     Jul 27, 2006
  10. Iliad

    Iliad

    They are offering contract deals to those they want to keep. Most of the cash traders have gone, as the autospreaders took the edge out of the trade.
     
    #30     Jul 27, 2006