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FINAN
FIRMS
VAULT GUIDE TO THE
TOP FINANCE
FIRMS

© 2001 Vault Inc.

LICENSE: This document is considered encrypted soft-
ware and may not be reproduced or shared with any third
parties. Reproduction by any means, whether in print or
electronic form, is a violation of federal copyright law and
violation of this software license and may subject violators
to civil and criminal penalties, including but not limited to lia-
bility for the full retail price for any and all copies made or
caused to be made as a result of the violator's actions.
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FINAN
FIRMS
VAULT GUIDE TO THE
TOP FINANCE
FIRMS

CHRIS PRIOR, TYYA N. TURNER AND HANS H. CHEN

© 2001 Vault Inc.

Copyright © 2001 by Vault Inc. All rights reserved.

All information in this book is subject to change without notice. Vault makes no claims as to the accuracy
and reliability of the information contained within and disclaims all warranties. No part of this book may be
reproduced or transmitted in any form or by any means, electronic or mechanical, for any purpose, without
the express written permission of Vault Inc.

Vault, the Vault logo, and “the insider career networkTM” are trademarks of Vault Inc.

For information about permission to reproduce selections from this book, contact Vault Inc., P.O. Box 1772,
New York, New York 10011-1772, (212) 366-4212.

Library of Congress CIP Data is available.

ISBN 1-58131-127-3

Printed in the United States of America

ACKNOWLEDGEMENTS

Vault would like to take the time to acknowledge the assistance and support
of Matt Doull, Ahmad Al-Khaled, Lee Black, Eric Ober, Hollinger
Ventures, Tekbanc, New York City Investment Fund, American Lawyer
Media, Globix, Ingram, Hoover's, Glenn Fischer, Mark Hernandez, Ravi
Mhatre, Tom Phillips, Carter Weiss, Ken Cron, Ed Somekh, Isidore
Mayrock, Zahi Khouri, Sana Sabbagh, Esther Dyson and other Vault
investors, as well as our loving families and friends.

This book could not have been written without the extraordinary efforts of
Ben Adler, Alex Apelbaum, Michael Erman, Jayne Feld, Maggie Geiger,
Anita Kapadia, Tom Lott, Corrie Moore, Brook Moshan, Kathleen Pierce,
Rob Schipano, Ed Shen, Jake Wallace and Angela Williams. Thanks to
Todd Kuhlman and the helpful folks at FIRM (especially Basil Petrov and
Per Arne Moi) for providing technical support for the surveys. Thanks also
to Tom Petner, Marcy Lerner, Dan Stanco, Kristy Sisko, Jennifer Sloan and
Kate Carey for their support.

Special thanks to all of the recruiting coordinators and corporate

communications representatives who helped with this book. We appreciate
your patience with our repeated requests and tight deadlines.

The Vault Guide to the Top Finance Firms is dedicated to the finance
professionals who took time out of their busy schedules to be interviewed
or complete our survey.
 Vault Guide to the Top Finance Firms

Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1

THE VAULT PRESTIGE RANKINGS 3

Methodology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5
The Vault Top 25 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .7

OVERVIEW OF FINANCE INDUSTRIES 9

Equity and Debt . . . . . . . . . . . . . . . . . . . . . . . . . .11

Section One: Equity Markets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .11
Section Two: Debt Markets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .17

What's What? Industry Overviews . . . . . . . . . . .21

Section One: Investment Banking . . . . . . . . . . . . . . . . . . . . . . . . . . . . .21
Section Two: Investment Management . . . . . . . . . . . . . . . . . . . . . . . . .23
Section Three: Commercial Banking . . . . . . . . . . . . . . . . . . . . . . . . . .25

Trends in the Finance Industry . . . . . . . . . . . . . .27

THE JOBS 31

Investment Banking . . . . . . . . . . . . . . . . . . . . . .33

Section One: Corporate Finance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .33
Section Two: Sales and Trading . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .37
Section Three: Research . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .43
Section Four: Syndicate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .45

Investment Management . . . . . . . . . . . . . . . . . .49

Section One: Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .49
Section Two: Career Path . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .52

Visit the Vault Finance Job Board — one of the best job boards on the
Internet exclusively for finance professionals. Go to www.vault.com. ix
 Vault Guide to the Top Finance Firms

Commercial Banking . . . . . . . . . . . . . . . . . . . . . .57

Section One: Credit Analyst . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .57
Section Two: Loan Officer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .59
Section Three: Loan Review Officer/Loan Work-Out Officer . . . . . . . .61

THE VAULT TOP 25 63

1 Goldman Sachs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .64

2 Morgan Stanley . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .74
3 Credit Suisse First Boston . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .84
4 Merrill Lynch . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .92
5 J.P. Morgan Chase . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .100
6 Fidelity Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .108
7 Salomon Smith Barney . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .114
8 Putnam Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .122
9 Janus Capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .126
10 Lazard . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .132
11 Lehman Brothers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .142
12 Vanguard Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .150
13 Pequot Capital Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . .156
14 T. Rowe Price . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .160
15 Citibank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .164
16 Deutsche Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .172
17 CalPERS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .178
18 UBS Warburg . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .184
19 Charles Schwab . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .190
20 Alliance Capital Management . . . . . . . . . . . . . . . . . . . . . . . . . . . .198
21 Gabelli Asset Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .202
22 Robertson Stephens . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .206
23 Thomas Weisel Partners . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .214
24 Franklin Resources . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .222
25 Bear Stearns . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .226

x © 2001 Vault Inc.

 Vault Guide to the Top Finance Firms

BEST OF THE REST 237

Allen & Company . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .238

American Century Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .240
Banc of America Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .242
Bank of America . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .244
The Bank of New York . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .246
BlackRock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .248
Broadview International . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .250
The Capital Group Companies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .252
CIBC World Markets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .254
Dresdner Kleinwort Wasserstein . . . . . . . . . . . . . . . . . . . . . . . . . . . . .256
Federated Investors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .258
First Union . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .260
FleetBoston Financial . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .262
Houlihan Lokey Howard & Zukin . . . . . . . . . . . . . . . . . . . . . . . . . . .264
SG Cowen . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .266
TD Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .268
TIAA-CREF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .270
UBS PaineWebber . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .272
U.S. Bancorp Piper Jaffray . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .274
Waddell & Reed Financial Services . . . . . . . . . . . . . . . . . . . . . . . . . .276
Wells Fargo . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .278
Wit Soundview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .280

WHY WORK FOR US 283

Northwestern Mutual Financial Network . . . . . . . . . . . . . . . . . . . . . .284

APPENDIX 287

Alphabetical Listing of Finance Firms . . . . . . . . . . . . . . . . . . . . . . . .288

Glossary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .289
Recommended Reading . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .297

Visit the Vault Finance Job Board — one of the best job boards on the
Internet exclusively for finance professionals. Go to www.vault.com. xi
Introduction
Everyone deals with money, but few people really know what a career in
finance entails. Though virtually every adult has some contact with a
company in the finance sector — perhaps through a checking account, a loan,
a brokerage account or a mutual fund investment — many people find it difficult
to differentiate between the kinds of companies with which they do business.

This confusion hasn’t stopped careers in the finance industry from being
among the most coveted. According to the Bureau of Labor Statistics,
commercial banks employed approximately 2 million people in 1998 while
securities firms employed close to 650,000 that same year. The BLS projects
that the employment in these industries will grow by 3 and 40 percent,
respectively, through 2008, as compared to 15 percent for all industries.
That’s close to 3 million jobs before the end of this decade.

Why the stampede toward finance jobs? For one thing, the finance industry
is relatively stable. Though some areas are susceptible to economic slumps
(one example is loans, which decrease in times of recession), the finance
industry is less likely than, say, manufacturing to see significant layoffs when
the economy struggles. Though businesses and individuals may have less
cash to put away, the need for both commercial and consumer bank accounts
doesn’t abate when the economy slows. And more American households than
ever are involved in the stock or bond markets, and that number is expected
to grow. That means more brokerage accounts, more 401(k)s and more IRAs
— and, of course, more people to manage them.

But the greatest lure of the industry is its generous compensation. In

commercial banking, entry-level jobs pay base salaries that start at $45,000
— a pretty good haul, by most standards. In investment banking, college
graduates at large firms can pull down $55,000 to $65,000 in base salary, plus
thousands in signing and relocation bonuses, plus yearly bonuses equal to
approximately 60 to 70 percent of the base salary. All together, first-year
analysts (as they’re called) at Wall Street firms can make between $75,000
and $90,000. Asset management, another stable and lucrative field, isn’t too
shabby, either. Junior-level employees at investment management firms can
pull down $40,000-$50,000 per year.

Visit the Vault Finance Job Board — one of the best job boards on the
Internet exclusively for finance professionals. Go to www.vault.com. 1
 Vault Guide to the Top Finance Firms
Introduction

Because of the high demand for jobs in investment banking, asset

management and commercial banking, this guide will focus on careers in
those industries. Basically, investment banking is the business of raising
money for companies through public markets. Commercial banking is the
loaning of money to businesses. Asset management, meanwhile, involves
handling money and investments for both businesses and individuals.

If this is all a little confusing, don’t worry. What follows is a basic guide to
those industries — what they do, what separates them from the others, what
it means to work in those industries — as well as trends that affect the finance
industry in general. You’ll also know who the players are in each industry,
what their employees think about the firms and what it’s like to work at these
companies. You’ll also find the Vault Top 25, which lists the 25 most prestigious
finance firms according to Vault’s independent survey of finance professionals.

2 © 2001 Vault Inc.

FINAN
FIRMS
THE VAULT
PRESTIGE
RANKINGS

3
4 © 2001 Vault Inc.
 Vault Guide to the Top Finance Firms

The Vault Prestige Rankings

METHODOLOGY

In attempting to compile a ranking of the top 25 finance firms, Vault first decided
to focus on three core finance industries — investment banking, investment
management and commercial banking. Vault chose those sectors because
they are the most competitive industries in terms of recruiting in the finance
industry. Additionally, because companies in these industries often perform
comparable functions, the skills required of employees are often similar.

Vault invited 94 companies in these industries to participate in our employees

survey. The survey included a prestige rating and questions about life within
the firm. We chose 44 investment banks, 25 investment management firms
and 25 commercial banks. We chose these firms based on previous Vault
surveys that gauged the opinions of industry insiders as well as some factual
data, including size in terms of revenues and/or assets and standing in league
tables. Employees who took the survey were asked to rank the firms in terms
of prestige on a scale of 1 to 10. They were asked to rate only the companies
with which they were familiar and were not allowed to rate their employer.

Five companies — Robertson Stephens, Salomon Smith Barney, TD

Securities, Thomas Weisel Partners and Wit Soundview — agreed to
participate. All surveys were completely anonymous. For those companies
who refused our request, Vault sought contacts at the firm through other
sources. These finance professionals took the same survey as the employees
at firms that participated.

All told, 241 finance professionals filled out Vault’s 2001 finance employees
survey. Vault averaged the prestige scores for each firm and ranked them in
order, with the highest average prestige score being our No. 1 firm. That firm
was investment bank Goldman Sachs, which received a score of 9.721, far
outdistancing competitor Morgan Stanley, which received a 9.264.

Six of the top 10 companies were investment banks, three were investment
managers and one, J.P. Morgan Chase, has significant operations in both
investment banking and commercial banking. For the top 25 as a whole, 12
companies can be classified investment banks, 11 can be called investment
managers, one (Citibank) is a commercial bank and one is a hybrid. The
highest ranking investment manager is Fidelity Investments at No. 6 (with a
7.690 prestige score) and the highest (and only) commercial bank is Citibank
at No. 15 (with a 6.711). Profiles of all firms begin on page 63.

Visit the Vault Finance Job Board — one of the best job boards on the
Internet exclusively for finance professionals. Go to www.vault.com. 5
 Vault Guide to the Top Finance Firms

The Vault Prestige Rankings

The Vault 25 • 2001

[ The 25 most prestigious finance firms ]

RANK FIRM SCORE HEADQUARTERS

1 Goldman Sachs 9.721 New York, NY

2 Morgan Stanley 9.264 New York, NY

3 Credit Suisse First Boston 8.448 New York, NY*

4 Merrill Lynch 7.843 New York, NY

5 J.P. Morgan Chase 7.725 New York, NY

6 Fidelity Investments 7.690 Boston, MA

7 Salomon Smith Barney 7.519 New York, NY

8 Putnam Investments 7.270 Boston, MA

9 Janus Capital 7.218 Denver, CO

10 Lazard 7.084 New York, NY*

11 Lehman Brothers 7.054 New York, NY

12 Vanguard Group 6.923 Malverne, PA

13 Pequot Capital Management 6.861 Westport, CT

14 T. Rowe Price 6.800 Balitmore, MD

15 Citibank 6.711 New York, NY

16 Deutsche Bank 6.665 New York, NY*

17 CalPERS 6.225 Sacramento, CA

18 UBS Warburg 6.165 New York, NY*

19 Charles Schwab 6.144 San Francisco, CA

20 Alliance Capital Management 6.118 New York, NY

21 Gabelli Asset Management 6.029 Rye, NY

22 Robertson Stephens 6.028 San Francisco, CA

23 Thomas Weisel Partners 5.990 San Francisco, CA

24 Franklin Resources 5.815 San Mateo, CA

25 Bear Stearns 5.710 New York, NY

Source: Vault 2001 Finance Industry Survey *U.S. Headquarters

Visit the Vault Finance Job Board — one of the best job boards on the
Internet exclusively for finance professionals. Go to www.vault.com. 7
Target the quality candidates you want
with Vault’s Recruiting Solutions

Finance Job Board
Cut through the clutter by reaching the exact candidates looking to
work in your industry.

Finance VaultMatchTM Resume Database

Quickly search, screen and view the exact candidates you want
and move to hire within minutes.

Why Work for UsTM Recruitment Marketing

Appeal to potential hires by placing your online recruiting brochure
alongside Vault’s award-winning company profiles.

To request more information about our finance recruiting solutions, please

email us at recruitingsales@staff.vault.com or call 1-888-562-VAULT x257.

Vault users are a rare breed.

AMBITIOUS: 94% of Vault users visit Vault to “manage my career”
or “keep on top of options.”

EXPERIENCED: Nearly 60% have 5+ years of work experience.

SMART: 1 in 3 graduated from a top 50 university.
FINAN
FIRMS
OVERVIEW OF
THE FINANCE
INDUSTRY

9
10 © 2001 Vault Inc.
Equity and Debt
Companies seeking capital have two options: equity (selling part of their
business) and debt (borrowing money). Equity options include selling shares
of stock on the open market or agreeing to be acquired by another firm. Debt
options include the sale of bonds through an investment bank or arranging a
loan from a commercial bank.

Section 1: Equity markets

The stock market

If you’ve ever watched with bemusement as the Dow fell and rose 100 points
in a single day, or pounded your head on your desk after watching stock in
your pet dot-com shrivel into unprofitable dust, you’re familiar with the stock
market. If you’re not, suffice it to say that the stock market is where shares
of stock — pieces of ownership in companies — are traded every day. The
stocks are actually traded on exchanges, physical locations where trades take
place. The oldest and best-known exchange is the New York Stock Exchange
(NYSE). Another well-known exchange is the Nasdaq, which is a computerized
trading system. Both exchanges are headquartered in New York. There are
smaller, less-renowned exchanges all over the United States and exchanges
all over the world.

Measuring the markets

The Dow Jones Industrial Average (DJIA) is one widely known metric of
the stock market’s performance. Created in 1896 as a yardstick to
measure the performance of the U.S. stock market, the Dow Jones
originally consisted of 12 stocks and started trading at 41 points. Today,
the index consists of 30 large companies and traded over 10,000 points for
the first time in March 1999. (The DJIA exceeded 11,700 in January 2000
but has slid back since then.) The Dow Jones is picked by the editors of
The Wall Street Journal and is periodically updated to reflect changes in
the economy. For example, in November 1999, four companies
(including tech giants Microsoft and Intel) were added, while several “old

Visit the Vault Finance Job Board — one of the best job boards on the
Internet exclusively for finance professionals. Go to www.vault.com. 11
 Vault Guide to the Top Finance Firms
Equity and Debt

economy” companies like retailer Sears and chemical company Union

Carbide were unceremoniously kicked to the curb.

While the DJIA is widely quoted as an indicator of the overall stock

market, there are some flaws in tracking the index too closely. Because
the Dow Jones is made up of only 30 stocks, it’s only a small sample of
all the businesses in the world. Additionally, the index only tracks very
large companies. When gauging the health of the stock market, analysts
often factor in other indexes as well. The Standard & Poor’s 500 tracks
the 500 largest companies in the world (like the Dow, this index has its
limitations). The NYSE Composite Index measures the performance of
every stock traded on that exchange, a much broader field than the Dow
or the S&P 500. Finally, the Russell 2000 tracks 2000 small companies.

What moves the stock market?

Not surprisingly, the factors that most influence the broader stock market are
economic in nature. Among equities, Gross Domestic Product (GDP) and the
Consumer Price Index (CPI) are king.

When GDP slows substantially, market investors fear a recession. And if

economic conditions worsen and the market enters a recession, many
companies will face reduced demand for their products, company earnings
will be hurt and, hence, equity (stock) prices will decline. Thus, when the
GDP suffers, so does the stock market.

When the CPI heats up, investors fear inflation. Inflation fears trigger a
different chain of events than fears of recession. First, inflation will cause
interest rates to rise. Companies with debt will be forced to pay higher
interest rates on existing debt, thereby reducing earnings. And compounding
the problem, because inflation fears cause interest rates to rise, higher rates
will make investments other than stocks more attractive from the investor’s
perspective. Why would an investor purchase a stock that may only earn 8
percent (and carries substantial risk), when lower risk CDs and government
bonds offer similar yields with less risk? These inflation fears are known as
capital allocations in the market (whether investors are putting money into
stocks vs. bonds), which can substantially impact stock and bond prices.
Investors typically re-allocate funds from stocks to low-risk bonds when the
economy experiences a slowdown and vice versa when the opposite occurs.

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What moves individual stocks?

When it comes to individual stocks, it’s all about earnings, earnings, earnings.
No other measure even compares to earnings per share (EPS) when it comes
to an individual stock’s price. Every quarter, companies must report EPS
figures, and stockholders wait with bated breath, ready to compare the actual
EPS figure with the EPS estimates. For instance, if a company reports $1.00
EPS for a quarter, but the market had anticipated EPS of $1.20, then the stock
will be dramatically hit in the market that day. Conversely, a company that
beats its estimates will rally in the markets.

It is important to note at this point that in the frenzied Internet stock market of
1999, investors did not show the traditional focus on near-term earnings. It was
acceptable for these companies to operate at a loss for a year or more, because
these companies, investors hoped, would achieve long-term future earnings.

The market does not care about last year’s earnings. Investors maintain a
tough “what have you done for me lately” attitude and are unforgiving
towards a company that misses its numbers.

Mergers and acquisitions

In the 1980s, hostile takeovers and LBO acquisitions were trendy.
Companies sought to acquire others through aggressive stock purchases and
cared little about the target company’s concerns or long-term viability.

The 1990s were the decade of friendly mergers, dominated by a few sectors
in the economy. Today, mergers in the telecommunications, financial services
and technology industries have been commanding headlines as these sectors
go through dramatic change, both regulatory and financial. But giant mergers
have been occurring in virtually every industry. M&A business has been
consistently brisk, as demands to go global, to keep pace with the competition
and to expand earnings by any possible means have been foremost in the
minds of CEOs.

When a public company acquires another public company, the target

company’s stock often shoots through the roof, while the acquiring
company’s stock often declines. Why? One must realize that existing
shareholders must be convinced to sell their stock. Few shareholders are
willing to sell their stock to an acquirer without first being paid a premium on
the current stock price. In addition, shareholders must also capture a takeover

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premium to relinquish control over the stock. The large shareholders of the
target company typically demand such an extraction. For example, the
management of the selling company may require a substantial premium to
give up control of their firm.

M&A transactions can be roughly divided into either mergers or acquisitions.

These terms are often used interchangeably in the press, and the actual legal
difference between the two involves minutiae of accounting procedures, but
we can still draw a rough difference between the two.

Acquisition — When a larger company takes over another (smaller)

firm and clearly becomes the new owner, the purchase is called an
acquisition. Typically, the target company ceases to exist post-
transaction (from a legal corporation point of view) and the acquiring
corporation swallows the business. The stock of the acquiring company
continues to be traded.

Merger — A merger occurs when two companies, often roughly the

same size, combine to create a new company. Such a situation is often
called a merger of equals. Both companies’ stocks are tendered (or
given up), and new company stock is issued in its place. For example,
both Chrysler and Daimler-Benz ceased to exist when their firms
merged, and a new combined company, the euphoniously named
DaimlerChrysler, was created.

M&A advisory services

For an investment bank, M&A advising is highly profitable, and there are
many possibilities for types of transactions. Perhaps a small private
company’s owner/manager wishes to sell out for cash and retire. Or perhaps
a big public firm aims to buy a competitor through a stock swap. Whatever
the case, M&A advisors come directly from the corporate finance
departments of investment banks. Unlike public offerings, merger
transactions do not directly involve salespeople, traders or research analysts.
In particular, M&A advisory falls onto the laps of M&A specialists and fits
into one of either two buckets: seller representation or buyer representation
(also called target representation and acquirer representation).

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Representing the target

An I-bank that represents a potential seller has a much greater likelihood of
completing a transaction (and therefore being paid) than an I-bank that
represents a potential acquirer. Generally speaking, the work involved in
finding a buyer includes writing a selling memorandum and then contacting
potential strategic or financial buyers of the client. If the client hopes to sell
a semiconductor plant, for instance, the I-bankers will contact firms in that
industry, as well as buyout firms that focus on purchasing technology or high-
tech manufacturing operations.

Representing the acquirer

When advising sellers, the I-bank’s work is complete once another party
purchases the business up for sale. Buy-side work is an entirely different
animal. The advisory work itself is straightforward: The investment bank
contacts the firm its client wishes to purchase, attempts to structure a
palatable offer for all parties and make the deal a reality.

However, sad to say, most of these proposals do not work out. Few firms or
owners are willing to sell their business just because an investment bank
thinks it’s a good idea. And because the banks primarily collect fees based
on completed transactions, their work often goes unpaid. Deals that do get
done, though, are extremely profitable for the buy-side bank. Fees depend on
the size of the deal but generally fall in the 1 percent range.

Private placements
A private placement, which involves the selling of debt or equity to private
investors, resembles both a public offering and a merger. A private placement
differs little from a public offering aside from the fact that a private placement
involves a firm selling stock or equity to private investors, rather than to
public investors. Also, a typical private placement deal is smaller than a
public transaction. Despite these differences, the primary reason for a private
placement — to raise capital — is fundamentally the same as a public offering.

Why private placements?

Firms wishing to raise capital often discover that they are unable to go public
for a number of reasons. The company may not be big enough, the markets
may not have an appetite for IPOs or the company may simply prefer not to

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have its stock publicly traded. Such firms make excellent private placement
candidates. Often, firms wishing to go public may be advised by investment
bankers to first do a private placement, as they need to gain critical mass or
size to justify an IPO.

Private placements, then, are usually the province of small companies hoping
to go public. The process of raising private equity or debt changes only
slightly from a public deal. One difference is that private placements do not
require any securities to be registered with the SEC, nor do they involve
publicly flogging the stock. In place of prospectus, I-banks draft a detailed
private placement memorandum (PPM for short), which divulges information
similar to a prospectus. Instead of a road show, companies looking to sell
private stock or debt will host potential investors as interest arises and give
presentations detailing how they will be the greatest thing since sliced bread.
The investment banker’s work involved in a private placement is quite similar
to sell-side M&A representation. The bankers attempt to find a buyer by
writing the PPM and then contacting potential strategic or financial buyers of
the client.

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Section 2: Debt Markets

What is the bond market?

The average person doesn’t follow the bond market and often doesn’t even
hear about it. Stocks are sexy. Bonds aren’t. Because of the bond market’s
low profile, it’s surprising to many people that the bond markets are
approximately the same size as the equity markets.

Until the late 1970s and early 1980s, bonds were considered non-thrilling
investments, bought by retired grandparents and insurance companies. They
traded infrequently and provided safe, steady returns. Beginning in the early
1980s, however, Michael Milken essentially created the high-stakes world of
junk bonds, making a fortune. (Junk bonds, also called high-yield bonds, are
bonds with more risk than classic government or corporate bonds.) And with
the development of mortgage-backed securities, Salomon Brothers also
transformed bonds into something exciting and extremely profitable.

To begin our discussion of the fixed-income markets, we’ll identify the main
types of securities:

• U.S. Government Treasury securities

• Agency bonds
• High-grade corporate bonds
• High-yield (junk) bonds
• Municipal bonds
• Mortgage-backed bonds
• Asset-backed securities
• Emerging market bonds

Bond market indicators

The Yield Curve
A primary measure of importance to fixed-income investors is the yield
curve. The yield curve (also called the “term structure of interest rates”)
depicts graphically the yields on different maturity U.S. government
securities. To construct a simple yield curve, investors typically look at the
yield on a 90-day U.S. T-bill and then the yield on the 30-year U.S.
government bond (called the Long Bond). Typically, the yields of shorter-
term government T-bill are lower than Long Bond’s yield, indicating what is

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called an upward sloping yield curve. (We’ve heard of the question “What is
the long bond?” being asked in finance interviews.)

Bond Indices
As with the stock market, the bond market has some widely watched indexes.
One prominent example is the Lehman Government Corporate Bond Index.
The LGC index measures the returns on mostly government securities, but
also blends in a portion of corporate bonds. The index is adjusted to reflect
the percentage of assets in government and corporate bonds. Mortgage bonds
are excluded entirely from the LGC index.

U.S. Government Bonds

Particularly important in the universe of fixed-income products are U.S.
government bonds. These bonds are the most reliable in the world, as the
U.S. government is unlikely to default on its loans (and if it ever did, the bond
market would be the least of your worries). Because they are virtually risk-
free, U.S. government bonds, also called Treasuries, offer low yields (a low
rate of interest), and are standards by which other bonds are measured.

Spreads
In the bond world, investors track spreads as carefully as any single index of
bond prices or any single bond. The spread is essentially the difference
between a bond’s yield (the amount of interest, measured in percent, paid to
bondholders) and the yield on a U.S. Treasury bond of the same time to
maturity. For instance, an investor investigating the 20-year Acme Company
bond would compare it to a U.S. Treasury bond that has 20 years remaining
until maturity.

Bond ratings for corporate and municipal bonds

A bond’s risk level, or the risk that the bond issuer will default on payments
to bondholders, is measured by bond rating agencies. Several companies rate
credit, but Standard & Poor’s and Moody’s are the two largest. The riskier a
bond, the larger the spread; low-risk bonds trade at a small spread to
Treasuries, while below-investment grade bonds trade at tremendous spreads
to Treasuries. Investors refer to company specific risk as credit risk.

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Triple-A ratings represents the highest possible corporate bond designation,

and are reserved for the best-managed, largest blue-chip companies. Triple-
A bonds trade at a yield close to the yield on a risk-free government Treasury.
Junk bonds, or bonds with a rating of BB or below, currently trade at yields
ranging from 10 to 15 percent, depending on the precise rating, the
company’s situation and the economic conditions at the time.

Companies continue to be monitored by the rating agencies as long as bonds

trade in the markets. If a company is put on credit watch, it is possible that
the rating agencies are considering raising or lowering the rating on the
company. When a bond is actually downgraded by Moody’s or S&P, the
bond’s price drops dramatically (and therefore its yield increases).

Factors affecting the bond market

What factors affect the bond market? In short, interest rates. The general
level of interest rates, as measured by many different barometers moves bond
prices up and down, in dramatic inverse fashion. In other words, if interest
rates rise, the bond markets suffer.

Think of it this way. Say you own a bond is paying you a fixed rate of 8
percent today, and that this rate represents a 1.5 percent spread over
Treasuries. An increase in rates of 1 percent means that this same bond
purchased now (as opposed to when you purchased the bond) will yield 9
percent. And as the yield goes up, the price declines. So, your bond loses
value and you are only earning 8 percent when the rest of the market is
earning 9 percent.

You could have waited, purchased the bond after the rate increase and earned
a greater yield. The opposite occurs when rates go down. If you lock in a
fixed rate of 8 percent and rates plunge by 1 percent, you now earn more than
those who purchase the bond after the rate decrease.

Why do interest rates move?

Interest rates react mostly to inflation expectations. If it is believed that
inflation will be high, interest rates rise. Think of it this way. Say inflation
is 5 percent a year. In order to make money on a loan, a bank would have to
at least charge more than 5 percent — otherwise it would essentially be

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losing money on the loan. The same is true with bonds and other fixed
income products.

In the late 1970s, interest rates topped 20 percent, as inflation began to spiral
out of control (and the market expected continued high inflation). Today,
many believe that the Federal Reserve has successfully vanquished inflation
and has all but eliminated market concerns of future inflation. This is
certainly debatable, but clearly, the sound monetary policies and remarkable
price stability in the U.S. have made it the envy of the world.

Bank loans
The most well-known form of debt is the loan. A loan, also called
commercial credit when it involves a business, is an arrangement between the
lender (for our purposes, a commercial bank) and the borrower to repay the
principal amount plus interest over a set period of time. The terms of the
arrangement are laid out in the loan commitment, a contract between the lender
and borrower.

Though loans are the more famous form of debt, companies turn to them only
when they have few or no other financing options. Interest rates on loans are
usually much higher than bonds. Only companies that have a poor credit
rating — too poor to sell bonds — will seek a bank loan, unless it’s for the
short term.

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What’s What?
Industry Overviews

Section 1: Investment Banking

Investment banking is the business of raising money for companies.
Companies need capital in order to grow their business; they turn to
investment banks to sell securities to investors — either public or private —
to raise this capital. These securities come in the form of stocks or bonds.

Generally, an investment bank is comprised of the following areas:

Corporate finance
The bread and butter of a traditional investment bank, corporate finance
generally performs two different functions: 1) mergers and acquisitions
advisory and 2) underwriting. On the mergers and acquisitions (M&A)
advising side of corporate finance, bankers assist in negotiating and
structuring a merger between two companies. If, for example, a company
wants to buy another firm, then an investment bank will help finalize the
purchase price, structure the deal and generally ensure a smooth transaction.
The underwriting function within corporate finance involves raising capital
for a client. In the investment banking world, capital can be raised by selling
either stocks or bonds to investors.

Sales
Sales is another core component of the investment bank. Salespeople take the
form of: 1) the classic retail broker, 2) the institutional salesperson or 3) the
private client service representative. Brokers develop relationships with
individual investors and sell stocks and stock advice to the average Joe.
Institutional salespeople develop business relationships with large
institutional investors. Institutional investors are those who manage large
groups of assets, for example pension funds or mutual funds. Private Client
Service (PCS) representatives lie somewhere between retail brokers and
institutional salespeople, providing brokerage and money management
services for extremely wealthy individuals. Salespeople make money
through commissions on trades made through their firms.

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Trading
Traders also provide a vital role for the investment bank. Traders facilitate
the buying and selling of stock, bonds or other securities, such as currencies,
either by carrying an inventory of securities for sale or by executing a given
trade for a client. Traders deal with transactions large and small and provide
liquidity (the ability to buy and sell securities) for the market. (This is often
called making a market.) Traders make money by purchasing securities and
selling them at a slightly higher price. This price differential is called the
“bid-ask spread.”

Research
Research analysts follow stocks and bonds and make recommendations on
whether to buy, sell or hold those securities. Stock analysts (known as equity
analysts) typically focus on one industry and will cover up to 20 companies’
stocks at any given time. Some research analysts work on the fixed-income
side and will cover a particular segment, such as high-yield bonds or U.S.
Treasury bonds. Salespeople within the I-bank utilize research published by
analysts to convince their clients to buy or sell securities through their firm.
Corporate finance bankers rely on research analysts to be experts in the
industry in which they are working. Reputable research analysts can generate
substantial corporate finance business as well as substantial trading activity
and thus are an integral part of any investment bank.

Syndicate
The hub of the investment banking wheel, syndicate provides a vital link
between salespeople and corporate finance. Syndicate exists to facilitate the
placing of securities in a public offering, a knock-down drag-out affair
between and among buyers of offerings and the investment banks managing
the process. In a corporate or municipal debt deal, syndicate also determines
the allocation of bonds.

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Section 2: Investment Management

Investment management, also known as asset management, is a
straightforward business. A client entrusts his money to an asset manager,
who then invests it to meet the client’s objectives. Still, outside of the
relatively small circle of money managers, the profession is little understood.

The potential employers of an asset manager can vary widely. Asset managers
who work for mutual funds, for example, manage money for retail clients,
while asset managers at investment banks often invest money for institutional
investors, like companies or municipalities. Asset managers can also work
for hedge funds, which combine outside capital with capital contributed by
the partners of the fund, and invest the money (using complex and sometimes
risky techniques) with the goal of receiving extraordinary gains.

Insiders say that investment management is a misunderstood field. “So many

people think it’s investment banking; they think it’s capital markets,” says
Michael Weinstock, a recruiter with Manhattan-based Advisors Search
Group. Essentially, says Weinstock, “The industry is built around people who
would like to have their money managed, whether it’s for pension funds,
401(k) plans, endowments, foundations, high-worth individuals, families or
trusts.” Investment management relies on customers who feel comfortable
“giving money to a professional and saying, ‘You’re on the pulse of the
market. Watch my money for me. Manage it for me.’ We have the autonomy
to do this without clearing every trade with our clients.”

Buy side versus sell side

To manage the assets under their purview, investment managers buy stocks,
bonds and other financial products from salespeople at investment banks,
who are on what is called the “sell side.” Because sell-siders earn
commissions on every trade they facilitate, they provide research and ideas to
the buy side — along with perks like prime seats to sporting events, sold-out
concerts and expensive dinners at fancy restaurants — in hopes of making
their securities look especially appealing. “In general, if the sell-side person
is with you, there’s no limit on what he can spend,” says an insider at Lazard,
an international investment bank and money manager.

Back on the “buy side,” asset management firms build their business around
supporting the people who manage portfolios, including analysts,

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administrative support staff and marketers who drum up the business and
educate clients about their investments.

Although asset management firms exist virtually anywhere there’s money to

invest, New York and Boston are buy-side centers. The largest firms employ
several hundred professionals to manage total assets upwards of hundreds of
billions of dollars, covering both institutional and individual clients. Smaller
mom-and-pop shops may employ three of four professionals to handle $300
to $800 million in institutional money. Firms serving high-wealth clients use
about the same number of people to manage slightly less money. Major firms
also have roots in Los Angeles, San Francisco and Chicago. Other cities
considered up-and-coming include Baltimore, Minneapolis, Atlanta, Denver,
Dallas, Fort Worth and San Diego.

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Section 3: Commercial Banking

“Neither a borrower nor a lender be,” Polonius advises Laertes in Hamlet.
Good thing commercial banks haven’t taken Shakespearean bromides to
heart. (It didn’t get Polonius anywhere either.) Commercial banks, unlike
investment banks, generally act as lenders, putting forth their own money to
support businesses, as opposed to investment advisors who rely on other folks
— buyers of stocks and bonds — to pony up cash. This distinction, enshrined
by fundamental banking laws in place since the 1930s, has led to noticeable
cultural differences (exaggerated by stereotype) between commercial and
investment bankers.

Commercial bankers (deservedly or not) have a reputation for being less

aggressive, more risk-averse and simply not as mean as investment bankers.
Commercial bankers also don’t command the eye-popping salaries and elite
prestige that I-bankers receive.

There is a basis for the stereotype. Commercial banks must carefully screen
borrowers, since the banks are investing huge sums of their own money in
companies that must remain healthy enough to make regular loan payments
for decades. Investment bankers, on the other hand, can make their fortunes
in one day by skimming off some of the money raised in a stock offering or
invested into an acquisition. While a borrower’s subsequent business decline
can damage a commercial bank’s bottom line, a stock that plummets after an
offering has no effect on the investment bank that managed that IPO.

We’ll take your money

Commercial bankers, who far outnumber any other type of financial service
professionals, make money by their legal charter to take deposits from
businesses and consumers. To gain the confidence of these depositors,
commercial banks offer government-sponsored guarantees on these deposits
on amounts up to $100,000. But to get FDIC guarantees, commercial banks
must follow a myriad of regulations (and hire regulators to manage them).
Many of these guidelines were set up in the Glass-Steagall Act of 1933, which
was meant to separate the activities of commercial and investment banks.
Glass-Steagall included a restriction on the sale of stocks and bonds (investment
banks, which could not take deposits, were exempt from banking laws and free
to offer more speculative securities offerings). Deregulation — especially the
Financial Services Modernication Act of 1999 — and consolidation in the

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banking industry over the past decade have significantly weakened these
traditional barriers, however.

The lending train

The typical commercial banking process is fairly straightforward. Since
commercial bankers typically work alongside retail bankers, the lending
cycle starts with consumers depositing savings or businesses depositing sales
proceeds at the bank. The bank, in turn, puts aside a relatively small portion
of the money for withdrawals and to pay for possible loan defaults and then
loans the rest of the money to companies in need of capital to pay for, say, a
new factory or an overseas venture. A commercial bank’s customers can
range from the dry cleaner on the corner to a multinational conglomerate. For
very large clients, several commercial banks may band together to issue
“syndicated loans” of truly staggering size.

Commercial banks lend out money at interest rates that are largely
determined by the Federal Reserve Board (currently governed by the
bespectacled Alan Greenspan). Along with lending money that they have on
deposit from clients, commercial banks lend out money that they have
received from the Fed. The Fed loans out money to commercial banks, that
in turn lend it to bank customers in a variety of forms — standard loans,
mortgages, and so on. Besides its ability to set a baseline interest rate for all
loans, the Fed also uses its lending power to equalize the economy. To prevent
inflation, it raises the interest rate it charges for the money it loans to banks,
slowing down the circulation of money and the growth of the economy. To
encourage growth, it will lower the interest rate it charges banks.

Making money by moving money

Take a moment to consider how a bank makes its money. Commercial banks
in the U.S. earn 5 to 14 percent interest on most of their loans. Since
commercial banks typically only pay depositors 1 percent — if anything —
on checking accounts and 2 to 3 percent on savings accounts, they make a
tremendous amount of money in the difference between the cost of their funds
(1 percent for checking account deposits) and the return on the funds they
loan (5 to 14 percent).

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Trends in the
Finance Industry

Glass-Steagall reform
By far, the biggest change in the finance industry has been consolidation. The
last decade has seen an unprecedented wave of mergers both within
individual industries and across several industries. The most glaring example
of merger prowess is Citigroup, the financial services giant that includes a
large commercial bank (Citibank), insurance company (Travelers) and
investment bank (Salomon Smith Barney). The behemoth was formed in
1998 when Travelers, which had purchased Salomon Brothers and combined
it with its own Smith Barney unit in 1997, agreed to merge with Citibank.
The new company has not slowed the acquisition juggernaut. Salomon Smith
Barney announced the acquisition of London-based Schroders plc in January
2000 and Citibank added consumer loan specialist Associates First Capital in
September 2000.

The Citigroup story is especially interesting, as it reflects a fundamental

change in how the U.S. government has viewed the finance industry. During
the Great Depression, Congress passed the Glass-Steagall Act, which was
designed to prevent the kind of collapse in the financial services industry that
was such a large factor in the Depression. In the late 1980s and early 1990s,
regulators chipped away at the regulation and finally repealed it in 1999.

The history of Glass-Steagall

The Glass-Steagall Act, enacted in 1933, erected barriers between
commercial banking and the securities industry. Glass-Steagall was created
in the aftermath of the stock market crash of 1929 and the subsequent
collapse of many commercial banks. At the time, many blamed the securities
activities of commercial banks for the banks instability. Dealings in
securities, critics claimed, upset the soundness of the banking community,
caused banks to fail and crippled the stock markets. Therefore, separating
securities businesses and commercial banking seemed the best solution to
provide solidity to the U.S. banking and securities system.

In later years, a different truth seemed evident. The framers of Glass-Steagall

argued that a conflict of interest existed between commercial and investment

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banks. The conflict of interest argument ran something like this. A bank that
made a bad loan might try to reduce its risk of defaulting by underwriting a
public offering and selling stock in that company. The proceeds from the IPO
would be used to pay off the bad loan. Consequently, the bank would shift
risk from its own balance sheet to new investors via the initial public offering.

Academic research and common sense, however, have convinced many that
this conflict of interest isn’t valid. A bank that consistently sells ill-fated
stock would quickly lose its reputation and ability to sell IPOs to new investors.

Walking on broken Glass

In the late 1990s, before legislation officially eradicated the Glass-Steagall
Act’s restrictions, the investment and commercial banking industries
witnessed many intrepid commercial banking firms making forays into the I-
banking world. The mania reached its height in the spring of 1998 when
NationsBank bought Montgomery Securities, Societe Generale bought
Cowen & Co., First Union purchased Wheat First and Bowles Hollowell
Connor, Bank of America acquired Robertson Stephens (and then sold it to
BankBoston), Deutsche Bank bought Bankers Trust (which had bought Alex.
Brown months before) and Citigroup was created in a merger of Travelers
Insurance and Citibank.

What took so long?

So why did it take so long to enact a repeal of Glass-Steagall? There were
several logistical and political issues to address in undoing Glass-Steagall.
Remember that the FDIC and the Federal Reserve regulate commercial
banks, while the SEC regulates securities firms. A debate emerged as to who
would regulate the new “universal” financial services firms. The Fed
eventually won, with Alan Greenspan defining his office’s role as that of an
“umbrella supervisor.” A second factor was the Community Reinvestment
Act of 1977 — an act that requires commercial banks to re-invest a portion
of their earnings back into their community. Senator Phil Gramm (R-Tex.),
Chairman of the Senate Banking Committee, was a strong opponent of this
legislation, while then-President Bill Clinton was in favor of keeping and
even expanding the CRA. The two sides finally agreed on a compromise in
which CRA requirements were lessened for small banks.

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In November 1999, President Clinton signed the Gramm-Leach-Bliley Act

(also known as the Financial Services Modernization Act of 1999), which
repealed restrictions contained in Glass-Steagall that prevent banks from
affiliating with securities firms. The new law allows banks, securities firms
and insurance companies to affiliate within a financial holding company
(FHC) structure. Under the new system, insurance, banking and securities
activities are “functionally regulated.” Incidentally, the players in the
Citibank/Travelers merger were active in the passage of the Financial
Services Modernization Act. John Reed, former Citibank CEO and Sanford
Weill, former Travelers CEO and current head of Citigroup, lobbied President
Clinton for change while the merger was being negotiated. According to
Crain’s New York Business, Weill has as a memento the pen Clinton used to
sign the Act into law.

One-stop shopping? Not so fast

When Glass-Steagall fell, many predicted a flood of financial services
combinations like Citigroup. Though there has been some cross-industry
consolidation, to date there has been no deluge of financial service
supermarkets. Why? For one thing, companies in different sectors of the
financial services sector aren’t similar. An insurance company has little in
common with an investment bank. The two companies have different
management styles, different kinds of investors and, in some ways, different
goals (though both companies are trying to make a profit). Therefore,
investors and management aren’t always eager to pair up.

Additionally, there’s no evidence that individuals or businesses are desperate

to get all of their finance products from the same company. For example, a
business gets some benefit from buying insurance, having bank accounts and
raising capital from one source, but competition and the ease with which
many transactions can be handled minimize the benefit of one-stop shopping.
Some companies are unwilling to put all their eggs in one basket, worrying
that having too much business with one financial services firm takes away the
incentive to give them the best prices and service.

The dot-bust
In early 2000, it seemed dot-coms could do no wrong. Professionals at
established companies — especially analysts and associates at investment

Visit the Vault Finance Job Board — one of the best job boards on the
Internet exclusively for finance professionals. Go to www.vault.com. 29
 Vault Guide to the Top Finance Firms
Trends in the Finance Industry

banks — were rushing to Internet companies for finance and business

development positions. Finance companies recruiting at undergraduate and
MBA schools faced stiff competition from dot-coms.

The Internet crash of April 2000 changed that. As the prices of Internet stock
plummeted and dot-coms went dot-gone, jobs at dot-coms looked less and
less enticing. Suddenly, banks were having an easier time recruiting on
campus. Bankers who had left the industry fled dot-coms and headed back to
the finance sector.

One positive side effect of the Internet bubble: an improvement in working

conditions at finance firms, which raised salaries to compete with the dot-
coms and relaxed their dress codes. While dot-coms are no longer fierce
competitors for top finance candidates, it’s safe to say that some Internet-
inspired perks will remain a permanent fixture at finance firms.

Pink slip party

As the New Economy tumbled, the old economy slumped. The end of 2000
saw a torrent of bad economic news and falling corporate profits. Those
dropping profits, along with a handful of mergers among large firms, led to a
number of layoffs. For example, in commercial banking, First Union cut
approximately 2,300 workers in June 2000 when it closed the Money Store,
a consumer lending unit. In August 2000, Bank of America announced the
elimination of 10,000 jobs, and Wachovia Corp. trimmed 1,800 from its
payroll. (Bank of America cut approximately 60 investment bankers in January
2001, 6 percent of the investment banking staff at its Banc of America
Securities unit.)

In investment banking, J.P. Morgan Chase laid off 5,000 workers after the
September 2000 union of J.P. Morgan and Chase Manhattan. Credit Suisse
First Boston also slashed staff, cutting 2,000 jobs after it purchased
Donaldson, Lufkin & Jenrette. On a smaller scale, Prudential Securities
virtually eliminated its investment banking operations, putting more than 150
I-bankers out of work, while Bear Stearns and Merrill Lynch cut a handful of
staff members. The investment management industry didn’t escape
unscathed, either. Janus Capital laid off more than 500 workers in early 2001.

30 © 2001 Vault Inc.

FINAN
FIRMS
THE JOBS

31
32 © 2001 Vault Inc.
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348, 349, 350, 351, 352, 353, 358, 368, 396, 446, 451, 485, 540,
621, 662, 794, 806, 813, 820, 821, 841, 848, 871.
Ruggiero I, duca di Puglia, III, 22, 146, 165, 178, 183, 184, 185,
186, 187, 239, 271, 272, 274, 343, 813.
Ruggiero, figliuolo di Guglielmo I, di Sicilia, III, 485.
Ruggiero Guiscardo, personaggio supposto, II, 412.
Ruggiero Nanainà, II, 416.
Ruggiero, re di Sicilia, xxxix, xli, xliii, xlv, xlvii, l, liii; 236, 466, 469,
470, 488, 492, 494; II, 414, 429, 445; III. 48, 58, 153, 190, 195,
196, 198, 200, 215, 223, 226, 228, 234, 252, 255, 262, 267, 275,
276, 277, 284, 290, 294, 295, 296, 308, 309, 314, 323, 326, 332,
333, 339, 343, 344, 345, 346, 348, 350, 351, 359, 360, 362, 363,
364, 365, 366, 368, 369, 370, 371, 372, 373, 376, 378, 379, 380,
381, 383, 387, 388, 389, 390, 391, 392, 393, 394, 395, 396, 397,
398, 399, 400, 402, 403, 404, 405, 406, 411, 412, 413, 414, 415,
417, 420, 421, 422, 423, 424, 425, 426, 428, 430, 431, 432, 433,
434, 433, 437, 438, 439, 440, 441, 442, 443, 444, 445, 446, 447,
448, 449, 450, 451, 452, 453, 454, 456, 458, 459, 460, 461, 462,
463, 464, 465, 468, 474, 491, 493, 494, 504, 552, 557, 621, 655,
657, 660, 661, 662, 663, 665, 669, 670, 673, 677, 678, 679, 680,
681, 682, 684, 685, 689, 691, 693, 699, 700, 719, 746, 752, 754,
755, 758, 759, 760, 762, 769, 771, 772, 773, 775, 778, 780, 781,
784, 786, 787, 798, 799, 801, 805, 806, 808, 811, 813, 814, 818,
819, 841, 842, 846, 848, 849, 855, 888.
Ruggiero Schiavo, III, 223, 226, 448.
Ruggiero, di Traina, III, 290, 291.
Ruggiero, vescovo di Siracusa, III, 307.
Rûm, 86, 104, 206, 247, 329; II, 73, 194, 242, 251, 269, 273, 310,
362, 439, 501, 532; III, 6, 218, 325, 366, 367, 382, 386, 418, 472,
490, 830, 860.
Rûm-Afarika, II, 6.
Rumâniùn, III, 366.
Ruzabeh, III, 826.
Ruzaik-ibn-Abd-Allah, II, 541.
 S

Saba, 359.
Sabatier Francesco, III, 861.
Sabato, III, 209.
Sabbatio, 491.
Sabbioneta (da) Gerardo, III, 695.
Sâber, v. Sareb, II, 179.
Sabii, III, 703, 764.
Saccano Iacopo, III, 57.
Sa’d, tribù arabica, II, 33; III, 766.
Sa’d-ibn-abi-Wakkâs, 60.
Sa’d-ibn-Zeid-Monat, tribù, II, 505.
Sadr-ed-dîn, Kunewi, II, 493.
Safadino, v. Malek-Adel.
Safi, capitano, II, 341.
Sahl-ibn-Mohammed, Segestani (Abu-Hâtim), xxv.
Sa’îd-ibn..., II, 299.
Sa’îd-ibn-Heddâd, II, 217.
Sa’îd-ibn-Fethûn-ibn-Mokram, da Cordova, II, 472.
Sa’îd-ibn-Jûsuf, da Calatayud, II, 481.
Sa’îd-ibn-Hosein, v. Obeid-Allah, II, 118, 120, 132.
Sa’îd-ibn-Othman, II, 222, 225.
Sâih, xlvi.

Sâin, v. Saber e Sareb, II, 176, 177, 178, 179.

Sakhr, tribù arabica, III, 384.
Saklab, II, 433.
Saladino, xlv, xlvi, xlvii, xlviii, xlix, li; 267, 396; II, 240; III, 264, 412,
505, 506, 507, 508, 509, 510, 511, 512, 513, 515, 519, 521, 522,
523, 524, 526, 527, 528, 529, 530, 536, 634, 637, 638, 649.
Sâlem, 340.
Sâlem-ibn-Ased-ibn-Râscid-el-Kenâni (Kotami?), II, 160, 170, 181,
182, 183, 184, 185, 186, 187, 188, 189, 191, 195, 204.
Sâlem-ibn-Râscid, v. Sâlem-ibn-Ased, ec., II, 160.
Salinas Antonio, III, 129, 795, 856.
Salisbury (da) Giovanni, III, 496.
Salomone, 125.
Salomone Marino, III, 887.
Sallustio, 105.
Sambucino (abate di), III, 574.
Sammartino (duca di), xxxv.

Samuele, maestro, III, 868.

Samuele-ibn-Tibbon, III, 706.
Sanâb o Sebâb, II, 362.
Sant’Adriano (cardinale di), III, 571.
Sant’Agatone, 29.
Sant’Agrippina, 279.
Sant’Agrippino, II, 253.
Sant’Ambrogio, II, 389.
Sant’Anseimo, arcivescovo di Canterbury, III, 187, 188.
Sant’Antonio, siciliano, II, 409.
Sant’Antonio, eremita, II, 317.
San Bartolommeo, 356, 503.
San Benedetto, 101, 366.
San Bernardo, III, 395, 413, 432.
San Brandano, III, 679.
Sant’Elia, da Castrogiovanni, II, 70, 80, 81, 96, 441.
Sant’Elia, da Reggio, II, 410.
San Fantino, 230, 231.
San Filareto, 293, 487, 490.
San Filippo, 45.
San Gennaro, II, 253.
San Gerlando, III, 210, 339.
San Geronimo, 75.
San Giacomo, vescovo, 220.
San Giorgio, II, 385; III, 99.
San Giorgio (principe di), v. Spinelli Domenico, III, 812.
San Giovanni Damasceno, 177.
San Giovanni Therista, II, 346, 412.
San Giuseppe Innografo, 30, 219, 221, 231, 502, 503, 505, 521.
San Gregorio, 12, 18, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 85,
196, 202, 203, 204, 205, 207, 291, 293, 482, 520; II, 403, 433, 490.
Sanhâgia, Senhâgia e Sinhâgia, tribù berbera, viii, xxx; II, 36, 202,
287, 288, 355, 358; III, 92, 373, 478.
Sant’Ignazio, patriarca di Costantinopoli, 420; II, 385.
Sant’Ilarione, II, 317.
San Leoluca, 519.
San Leone, di Ravenna, 218, 219, 220.
San Luca, 492, II, 92.
San Luca, di Demona, II, 346, 403, 407, 408, 409, 410, 412.
San Marciano, 15, 16.
San Massimo, 91, 96.
San Niccolò, di Bari, III, 812.
San Niceforo, vescovo, II, 213, 214.
San Nilo il Giovane, II, 313, 317, 318, 319, 320, 321, 346.
Santa Oliva, 520.
San Pancrazio, 15, 18, 493; II, 80.
San Pantaleone, 494.
San Paolo, 15, 16; II, 167.
San Pietro, 15; II, 90, 95, 167.
San Placido, 101, 103.
San Procopio, vescovo di Taormina, 520; II, 59, 402.
San Quintino (Giulio, dei conti di), III, 197.
San Ranieri, III, 796.
San Saba, abate, II, 410; III, 258.
Sari Severino, II, 91, 92, 95.
San Simeone, II, 412, 413.
San Teodoro, siciliano, III, 409.
San Teodoro (cardinale di), III, 571.
San Vitale, di Castronovo, II, 403, 406, 407, 412.
Sant’Agata, 17, 508.
Santa Lucia, 17; II, 391.
Santa Lucia (abate di), III, 309.
Santa Ninfa, 17.
Santa Venera, da Gala, 520.
Saluti Pietro, II, 205, 875.
Sara, 75.
Saraceni, 75, 76, 84, 85; II, 87, 88, 153, 165, 170, 171, 181, 215,
312, 319, 321, 322, 328, 329, 338, 342, 343, 385, 408; III, 2, 8, 13,
41, 58, 65, 83, 102, 105, 108, 120, 123, 132, 138, 142, 145, 159,
184, 185, 186, 192, 194, 206, 251, 264, 266, 296, 321, 326, 344,
368, 388, 389, 397, 398, 489, 498, 530, 538, 543, 545, 574, 575,
577, 580, 585, 586, 587, 588, 592, 593, 594, 595, 596, 601, 602,
603, 604, 607, 609, 611, 612, 613, 614, 616, 618, 620, 632, 641,
688, 712, 713, 788, 792, 870, 891.
Sardegna (giudici di), III, 7.
Sâreb, v. Sâin e Saber, II, 179.
Sassanidi, 40, 76, 142; II, 109, 110; III, 732, 825, 837.
Sassoni, II, 322, 372; III, 40.
Sato (Sa’îd?), II, 342.
Saudan (sultano), 436.
Savoia (casa di), III, 803.
Savonarola, II, 485.
Scaldi, II, 380.
Scandinavi, II, 380; III, 15, 16, 17, 20.
Sceaboddino, v. Abmed-ibn-Iehia.
Scedîd, III, 572.
Scehâb-ed-dîn-ibn-Abi-l-Damm, liii.

Scehâb-ed-din ’Omari, v. Ahmed-ibn-Iehia.

Sceikh-ed-dawla, v. Abd-er-Rahman-ibn-Lûlû.
Scekr, detto il Siciliano, II, 228.
Scems-ed-dîn, da Ormeia, III, 641.
Scerf-ed-dawla, 359.
Scerf-ed-dîn-Ahmed, Zenkeluni, xxvi.

Scherif-Elidris, v. Edrîsi.
Schiavi, 4, 5, 10, 28.
Schiavo Domenico, xliv; III, 286.
Schiavoni, 380; II, 88, 129, 158, 169, 297, 298, 299, 362.
Scolaro, prete, II, 400; III, 234, 257, 258, 338, 656.
Schultens, xlviii.

Sciabtai Donolo, II, 319.

Sciafe’i, 474; II, 507.
Sciahuan, III, 368, 371.
Sciami, III, 211.
Scî’i, v. Sciiti.
Sciiti o Scî’i, II, 102, 105, 108, 115, 119, 124, 125, 128, 131, 136,
359, 360, 361; III, 719.
Scilitze, viii.

Scinà Domenico, xii, li; 15.

Scipione, 60; II, 80.
Sclavi, II, 174, v. Slavi.
Scorso, 488, 489.
Scoto Michele, III, 696, 697, 707.
Scrofani Saverio, xv.

Sedicto (Siddik?), gaito, III, 263, 500.

Sédillot, 57.
Seduikisc, tribù berbera, III, 495.
Sefedi, lii; 154; III, 699.
Sefetiti, II, 99.
Sehnûn, v. Abd-es-Selâm-ibn-Sa’îd.
Sehnûn-ibn-Kâdim, 264.
Seif-ed-dawla, della dinastia di Hamadan, II, 365.
Seif-ed-dawla, v. Jûsuf-abu-l-Fotûh
Seif-el-islam, principe aiubita, III, 264.
Sekhawi, xxxvii.

Selâh-ed-din, di Arbela, III, 641, 642.

Seleuro, 8.
Sema’ûn?, 404.
Sementari, II, 482, 490, 491, 493.
Semiti, II, 496.
Semnoen v. Sema’ûn, 403.
Semoul (di) Gualtiero, III, 105.
Seneca, 199.
Senhâgi, xxxviii, xli.

Senhâgia, v. Sanhâgia.
Serbi, II, 169.
Sergio, da Castronovo, II, 406.
Sergio, consolare, 213.
Sergio, console di Napoli, 364.
Sergio, duca di Napoli, 448, 450.
Sergio, monaco, 505, 521.
Sergio, papa, 29, 195.
Sergio, patrizio di Sicilia, 213, 217, 250.
Serlone, III, 64, 95, 98, 99, 101, 133, 134, 135, 136, 300.
Serradifalco (duca di), xxxiv, xliii; III, 819.
Serrâg-ibn-Ahmed-ibn-Regiâ (Abu-d-Dhaw), III, 752, 753.
Settimello (da) Arrigo, III, 700.
Sewâda, II, 56.
Sewâda-ibn-Mohammed-ibn-Khafagia, 423, 424, 425, 428.
Sibilla Eritrea, xxx; III, 460, 461, 660.
Sibilla, regina, III, 559, 560.
Sicani, II, 31.
Sicardi, vescovo di Cremona, III, 352.
Sicardo, 312, 354, 355, 357.
Sichaimo, v. Soheim, 456.
Sichelgaita, III, 146.
Sicilia (di) Giovanni, III, 690, 691, 693.
Siciliani a Damasco, 84.
Siciliani, appellazione di coloni musulmani, 429.
Siconolfo, 354, 357, 360, 361, 362, 369, 370.
Siculi, 194, 196.
Sid-es-Sarkusi, soprannominato Ibn-es-Susi, III, 213.
Sifanto, III, 526.
Sifriti, 127, 133; II, 287.
Sikilli, casato, III, 212.
Silefi, tradizionista, II, 476, 489.
Silvestro II, papa, III, 3.
Silvestro, conte di Marsico, III, 784.
Silvia, 23.
Simeone, re dei Bulgari, II, 173, 174.
Simmaco, 12.
Simone, maestro, 242, 243, 249.
Simone, figliuolo d’Arrigo, dei marchesi Aleramidi, III, 226, 488.
Simone, figliuolo del conte Ruggiero, III, 183, 195, 345, 346, 347,
806.
Simsàm-ed-dawla, v. Hasan-ibn-Jûsuf.
Sinagia, v. Sanhâgia.
Sinan, detto il Vecchio della Montagna, III, 649.
Sind-ed-dawla, v. Abu-l-Fotûh-ibn-Bodeir.
Sinhagia, v. Sanhâgia.
Sinimmar, III, 825.
Siracusa (Leopoldo, conte di), xxxiv, xxxv, xliii; II, 522.
Siracusa (vescovo di), III, 304, 574.
Sicelioli, 196.
Sisinnio, 350; II, 184.
Sisto V, papa, 101, 103.
Sittelkiul, figlia del Kaid-Se’ûd, III, 256.
Slavi, II, 50, 169, 170, 176, 177, 179, 199, 217, 218, 292, 366; III,
15, 157.
Smagardo, II, 340, 342; III, 25.
So’àd. III, 758, 759.
Società Orientale di Germania, xxii.

Socrate, 509; III, 703.

Socrate, legato bizantino, II, 253.
Sofian-ibu-Sewàda, 340, 427.
Sofronio, 403.
Soheim?, 456.
Soiûti, xxvi, xxxvii, lv; III, 716.
Soleim, tribù arabica, 135; II, 547.
Soleiman-ibn-Afia, 288.
Soleiman-ibn-Amran, 230, 260.
Soleiman(Abu-Dàwûd), II, 479.
Soleiman-ibn-Hasan, II, 116.
Soleiman, Kurdi, II, 484.
Soleiman-ibn-Iehia-ibn-Othmàn-ibn-Abi-Duma, II, 487.
Soleiman-ibn-Mohammed, da Trapani, II, 535.
Solimano, califo omeiade, 125; II, 28.
Sordavalle (di) Guglielmo, III, 221.
Sordavalle (di) Roberto, III, 162, 221.
Sordavalle (di) Sansone, III, 389.
Soret, xxiv.

Soweika (fazione della), III, 429.

Spedalieri, frati. III, 646.
Spelecte (Sant’Elia, di Reggio), v. Sant’Elia.
Spinelli Domenico, xvii, xxiv; III, 343, 344, 812 a 815.
Spinola Niccolò, III, 357, 359, 629, 632.
Spinola Oberto, III, 379.
Spoto, barone. III, 605.
Sprenger, xl.

Springer, III, 858, 862, 879.

Stabile Mariano, xxxv.

Stefano, ammiraglio greco, II, 379, 391, 392, 393.

Stefano, ammiraglio, figliuolo di Majone, III, 356.
Stefano Aniciese, 102.
Stefano Bizantino, 9.
Stefano, consolare, 213.
Stefano, dei conti di Perche, III, 215, 216, 493.
Stefano, figliuolo di Niccolò, d’Eugenio, ammiraglio, III, 353.
Stefano, fratello di Majone, III, 356, 480.
Stefano Massenzio, 440.
Stefano IV, papa, 29.
Stefano V, papa, 517.
Stefano IX, papa, III, 45.
Stefano, patrizio, II, 366.
Stefano, di Siria, II, 218.
Stefano, vescovo, II, 90.
Steinschneider, III, 706.
Stesicoro, III, 542.
Strabone, 7, 8, 9; III, 684.
Strambo, cognome, III, 206, 875.
Strato, cognome, III, 221.
Struppa Salvatore, III, 816.
Subula, casato, III, 205.
Sufiti, II, 492, 536.
Sultano, supposto nome proprio, 359, 360.
Sultano o Soldano di Bari, v. Moferreg-ibn-Sàlem, 372, 380, 382,
383, 436.
Sultano di Sicilia, II, 233, 240.
Sunniti, II, 98, 108, 131, 136; II, 719, 727.
Svevi (dinastia), xxxi; II, 300; III, 406, 530, 889.
Symeon, magister, 164.

Tabat, abate, III, 246.

Tabari, xxxix, xli; 60.
Tacito, 73; III, 557.
Tafuri Michele, II, 459; III, 344.
Tag-ed-dawla, v. Gia’far-ibn-Jûsuf.
Tag-ed-dîn, Abu-Abd-Allah-es-Singiàri, III, 734.
Tag-ed-dîn, el-Kendi, III, 730.
Taghleb, tribù arabica II, 511.
Tàher-ibn-Mohammed-ibn-Rokbâni, II, 511, 342
Taheriti, dinastia, II, 4.
Taki-ed-dîn, III, 698.
Tamerlano, liii.

Tarmîm, v. Temîm.
Tancredi, conte di Lecce, III, 509.
Tancredi, conte di Siracusa, II, 396.
Tancredi, di Hauteville, III, 38, 39, 42, 45, 49, 112, 451, 813, 814,
815.
Tancredi, re di Sicilia, III, 342, 503, 521, 531, 544, 546, 548, 550,
555, 558, 560, 562, 566, 568, 592, 594, 802.
Tantawi, xlvi.

Taormina (di) Timeo, III, 671.

Taranto (arcivescovo di), III, 579.
Tardia, x, xvii, xliv; III, 203.
Tarik, 125.
Tâwâli, 429.
Teaîd-ed-dawla, v. Ahmed-ibn-Jûsuf, II, 364.
Tedeschi, 247, 248, 282; II, 322, 348; III, 43, 46, 298, 413, 543,
544, 548, 552, 557, 558, 563, 564, 567.
Teja, martire, 15.
Telemsen (re di), III, 379.
Telese (abate di), III, 347, 440.
Temîm-ibn-Mo’ezz-ibn-Badîs, principe Zirita, xxxviii; II, 92, 93; III,
92, 93, 94, 109, 110, 136, 150, 158, 167, 168, 169, 170, 172, 173,
189, 361, 362, 366, 368.
Temîm (tribù di), II, 480, 488, 504, 505, 506; III, 211, 409.
Temistocle, II, 272.
Temmâm, 145.
Templari, III, 645, 646.
Teobaldo, priore di Crepy, III, 498.
Teocrito, II, 542.
Teoctisto, 190, 193.
Teodicio, figliuolo d’Eugenio, ammiraglio, III, 353.
Teodora, 492.
Teodora, di Roma, II, 160.
Teodora, imperatrice, 315, 338, 498, 510.
Teodorico, 12, 211.
Teodoro, ammiraglio, figliuolo di Niccolò, d’Eugenio, ammiraglio, III,
353, 356.
Teodoro, consigliere in Roma, 203.
Teodoro, consolare, 213.
Teodoro Crethino, 298.
Teodoro, filosofo, III, 692, 693, 694, 695.
Teodoro, spatario e cartulario, 213.
Teodoro, patrizio, 180, 188, 189.
Teodosio, 17, 200.
Teodosio, monaco, 394, 398, 401, 403, 404, 405, 406, 408, 409,
521; II, 32.
Teodosio, patrizio, 357.
Teodoto, 185, 188, 248, 282, 283, 285, 288, 289, 290.
Teofane, abate, 29.
Teofane Cerameo, 486, 487, 488, 489, 490, 491, 493, 495, 496, 503,
521; II, 439.
Teofane, discepolo di San Giuseppe Innografo, 505.
Teofane, istorico, 21, 84, 86, 91, 93, 96, 98, 121, 223.
Teofania, imperatrice, moglie di Ottone II, II, 326, 327.
Teofano, principessa greca, II, 311, 312.
Teofilatto, 462.
Teofilo, imperatore, 220, 291, 297, 298, 315, 357, 492, 494, 497,
498, 503, 505.
Teofilo, prefetto imperiale, 213, 287, 288.
Teognosto, 241, 242, 244.
Teopisto, 229.
Tessaracontarii, 164.
Thâbit il Siciliano, II, 487.
Tharec, 170, v. Tarik.
Thâbit-ibn-Hathîm, 172.
Thedibia, II, 408.
Thelgi, II, 111.
Thierry, vescovo di Metz, II, 326.
Thiket-ed-dawla, II, 332, 336, v. Jûsuf-ibn-Abd-Allah.
Tiberio, 9.
Tiberio II, imperatore, 121.
Tiberio, usurpatore, 217.
Tigiani, xxvii, l.
Togibiti, II, 472.
Tolomeo, xxx; 9, 10, 75; II, 432, 433, 437, 469; III, 178, 657, 658,
669, 670, 671, 679, 707.
Tolunidi, II, 4, 50, 76, 77; III, 847.
Tommaso, schiavo di San Gregorio, 202.
Tommaso, conte d’Acerra, III, 641.
Tommaso, di Cappadocia, 164, 193, 240, 242, 250.
Tommaso, conte di Savoia, III, 810.
Tonûkh, tribù arabica, II, 220, 335.
Torceto (de) Rogerius Acquinus, III, 221, 223.
Tornberg, xlvii, l, li, liii.

Toscana (marchese di), II, 2.

Toscana (granduchi di), III, 681, 682.
Traina (vescovo e Chiesa di), III, 341, 349, 353.
Traina Antonino, III, 884, 887.
Traina (da) Viviano, III, 288.
Traci (di) Pietro, III, 116.
Trani (conte di), III, 123.
Trasimondo, marchese di Spoleto, II, 312.
Tribellio Pollione, 10.
Tricari Basilio, III, 281.
Troia (vescovo di), III, 582.
Trostaino, III, 29.
Troysi, xxxv.

Tunis (re di), III, 630.

Tûra, supposto re di Taormina, II, 439.
Turan-Sciah, fratello di Saladino, III, 506.
Turchi, 123; II, 371, 462; III, 282, 506.
Turcopoli, III, 508.
Turungi, III, 212.
Tusculani, III, 550, 558.
Tychsen, x, xxiv; 283, 296, 321; II, 6; III, 342.
 U

Ugo I, re di Cipro, III, 643.

Ula, III, 258.
Ulf-Ospaksson, II, 386.
Umberto, di Savoia, III, 199.
Umberto, monaco, III, 402.
Unfredo, conte di Puglia, III, 38, 39, 40, 43, 45, 46, 47, 48, 142.
Unfredo, signore di Thoron, III, 643.
Unger Fr. W., III, 862, 879.
Ungheri, II, 161.
Unitarii, II, 98; III, 626, 627.
Urbano II, II, 414; III, 22, 177, 185, 187, 191, 192, 193, 194, 274,
304, 305, 306, 567.
Urdin, tribù berbera, III, 212.
Ursperg (abate di), III, 523.

Vadiperto, II, 325.

Valentino, imperatore, 210.
Vallachi, II, 365.
Vandali, 11, 104, 121, 519, 520; II, 357, 365.
Varangi, II, 365, 380, 383, 384, 385, 386; III, 34.
Vasto (marchesi del), III, 199.
Vecchio della Montagna, III, 647, 648, 649, v. Sinan.
Vella, abate, x, xxxviii, li; 284, 297; III, 202, 342.
Venere Ericina, 17.
Venezia (congresso di), III, 504.
Veneziani, II, 169, 341; III, 144, 172, 260, 434, 513, 522, 625, 629,
774.
Venuti Vincenzo, III, 176.
Vernese Lorenzo, III, 376.
Verre, 7.
Vico Giovan Battista, liv; II, 270.
Vigo Leonardo, III, 878, 887.
Vigo Salvatore, xxxv.

Vinisauf, III, 107.

Virgilio, III, 461.
Visconti Pietro, III, 677.
Visigoti, III, 852.
Vitale Odorico, III, 85.
Vitaliano, papa, 102.
Vittore III, papa, III, 169.
Vlatto, arcivescovo, II, 320.
Vulcano, catapano, II, 366.

Waldemaro, re di Danimarca, III, 603.

Wahabiti, III, 626, 627.
Wakîdi (falso), xlv; 84 e segg.
Waldeck (conti di), II, 328.
Walîd I, califo omeiade, II, 110; III, 824, 828, 829, 830, 832, 840.
Walla, 227.
Waring, III, 845.
Wasâmâ, II, 191.
Wâsil (Abu-Sari), II, 226.
Weil, xxxiv, xli; III, 4.
Welf, duca, III, 431.
Wenrich, xii, xviii, xix, xxviii, xxx, xli, xlviii, liii; 90, 100, 233; III, 884.
Werner, abate di Fulda, II, 325.
Werrû, tribù berbera, III, 212.
Wezdâgia, tribù berbera, II, 36.
Weberto, arcidiacono di Toul, III, 44.
Wiccardo, famigliare, III, 792.
Wilmans Ruggiero, III, 22.
Witiza, 476.
Wright William, xxxiv, xlvi, lv.

Wuezdâgia, tribù berbera, II, 52.

Wüstenfeld Ferdinando, xlvi, xlix, l.

Wüstenfeld Teodoro, III, 197, 224, 227.

Ximenes, cardinale, vi.

Z
Zaccaria, condottiero, II, 313.
Zaccaria, papa, II, 169.
Zaccaria, vescovo, 499.
Zàhir, v. Daher.
Zakaria (Abu-Iehia), emir hafsita, l.
Zanetti, xxviii.

Zefedino, v. Nazardino.
Zegawa, tribù berbera, III, 211.
Zeid, liberto di Maometto, 55.
Zeid, tribù arabica, III, 384.
Zeidân, II, 357.
Zeinab-bent-Abd-Allah-Ansari, III, 256, 325.
Zenata, tribù berbera, 36, 39, 198; II, 287, 293, 355, 358; III, 92,
211.
Zengui, padre di Norandino, III, 408, 462.
Zenobia, 31.
Zerkesci, lv.

Ziâd..., III, 827, 855.

Ziâd-ibn-Sahl-ibn-es-Sikillîa (o Sakalîba), 155.
Ziadet-Allah, emir aghlabita d’Affrica, 115, 153, 154, 155, 156, 231,
254, 255, 256, 257, 259, 260, 261, 262, 276, 278, 284, 287, 288,
295, 300, 301, 309, 337; III, 829, 831.
Ziadet-Allah II, emir aghlabita, 345.
Ziadet-Allah-ibn-Abd-Allah (Abu-Modhar), ultimo emir aghlabita
d’Affrica, II, 77, 85, 126, 127, 128, 129, 130, 134, 140, 141, 142,
456.
Ziân (Abu-l-Feth) il Siciliano, II, 228.
Ziero, III, 209.
Zimisce, II, 312, 313.
Zîri-ibn-Menâd, II, 202; III, 417.
Ziriti, dinastia, xxxvii, xxxviii; II, 238, 241, 287, 288, 289, 355, 358,
360, 362, 363, 372, 378, 379, 421, 448, 529, 550; III, 73, 80, 81,
92, 93, 109, 150, 158, 169, 332, 366, 367, 368, 371, 373, 400, 404,
405, 414, 416, 423, 621, 622, 780, 808.
Zobeir, II, 524; III, 506.
Zoe, figliuola di Teodicio, d’Eugenio, ammiraglio, III, 353.
Zoe, imperatrice, 245, 250, 518; II, 153, 166, 174, 379, 384, 385,
386, 393, 394.
Zogba, tribù arabica, III, 212.
Zoheir-ibn-Ghauth, 285; II, 32.
Zoheir-ibn-Kais, 118.
Zohri, liv.

Zonara, 242.
Zoroastro, 139.
Zotico e Zotica, casato, III, 205.
Zowâwa-ibn-Ne’am-el-Half, 264.
Zupano, II, 176.
Zuzeni (Mohammed-ibn-Ali), xlviii.
 INDICE TOPOGRAFICO.

Abal, III, 664.

Abbâsia, 146, 147, 156.
Abissinia, 40, 46, 58; III, 825, 831, 832.
Abragia, III, 311.
Abu-’l-Feth (torre di), II, 49, 50.
Abu-Himâz (contrada di), II, 297.
Acaba, 122.
Acarnania, III, 434.
Acerenza, III, 178.
Achareth, 469, v. Alcara.
Aci, II, 73, 85, 86, 433; III, 205, 208, 212, 213, 238, 245, 261, 311,
320, 326, 782, 783, 787, 811.
Acireale, II, 86; III, 309.
Acquaviva, II, 35; III, 219.
Acradina, II, 258.
Acri, 269, 270, 272; III, 529, 530, 639, 641, 644, 645, 646, 712.
Adana, 401.
Aden, III, 506.
Aderbaigian, II, 110, 113, 488.
Adernò, II, 431; III, 96, 285, 311, 312, 774.
Adgabia, corr. Agdabia, II, 290.
Adîna, II, 503, 504.
Adramito, II, 368.
Adrano (bosco di), II, 443.
Adria, 358.
Adriatico, 315, 328, 354, 357, 358, 378, 436; II, 164, 169, 170, 179,
263, 341; III, 162, 232, 315, 439, 467, 675.
’Adwa, III, 458.
Affrica propria, Affricani, xxxi, xxxix, xli, xlii, xliv, xlv, xlvi, xlix, l, li, lii,
liii, lvi; 12, 79, 85, 86, 88, 91, 94, 95, 98, 103, 104, 109, 112, 118,
119, 120, 121, 122, 123, 126, 136, 137, 138, 143, 144, 148, 157,
158, 161, 162, 165, 168, 174, 175, 176, 205, 206, 218, 224, 225,
227, 229, 232, 234, 240, 241, 248, 252, 253, 258, 261, 264, 272,
273, 274, 276, 287, 291, 296, 304, 309, 321, 322, 332, 337, 340,
343, 351, 352, 353, 359, 364, 365, 366, 379, 383, 384, 390, 391,
392, 397, 412, 413, 415, 427, 513, 514; II, 4, 6, 10, 12, 21, 22, 31,
32, 36, 37, 38, 39, 43, 45, 48, 51, 61, 62, 63, 64, 66, 67, 72, 74, 75,
77, 78, 86, 92, 105, 108, 120, 121, 126, 127, 128, 131, 132, 133,
134, 135, 137, 139, 141, 142, 147, 150, 151, 152, 159, 161, 165,
168, 170, 173, 175, 176, 177, 182, 183, 184, 188, 191, 194, 195,
198, 200, 201, 202, 203, 204, 205, 206, 207, 210, 216, 217, 218,
220, 221, 223, 225, 226, 227, 228, 229, 233, 235, 236, 237, 238,
240, 241, 246, 247, 248, 249, 250, 251, 255, 257, 259, 263, 267,
272, 275, 282, 283, 286, 287, 288, 289, 290, 292, 293, 295, 320,
322, 332, 335, 338, 343, 348, 349, 351, 355, 356, 358, 359, 360,
361, 362, 363, 366, 367, 368, 369, 370, 371, 372, 373, 377, 383,
384, 385, 387, 388, 391, 405, 418, 419, 420, 424, 427, 428, 432,
444, 445, 446, 448, 450, 453, 465, 477, 478, 479, 484, 486, 488,
495, 496, 499, 513, 519, 525, 526, 527, 528, 530, 533, 534, 535,
540, 547, 548; III, 2, 3, 6, 12, 13, 14, 72, 73, 80, 82, 92, 93, 94, 95,
104, 109, 110, 111, 122, 124, 125, 136, 150, 151, 158, 167, 173,
177, 188, 189, 190, 196, 211, 212, 213, 260, 261, 303, 310, 332,
333, 334, 337, 352, 359, 362, 363, 366, 367, 369, 374, 378, 379,
380, 381, 382, 385, 388, 399, 402, 403, 406, 407, 409, 410, 414,
417, 419, 420, 421, 422, 424, 430, 431, 434, 436, 438, 439, 461,
464, 465, 467, 468, 474, 475, 476, 478, 483, 484, 486, 489, 490,
495, 504, 515, 516, 517, 518, 520, 533, 538, 539, 548, 553, 573,
589, 598, 599, 600, 613, 617, 622, 624, 625, 626, 627, 632, 633,
651, 662, 663, 664, 665, 668, 676, 678, 681, 682, 684, 711, 716,
735, 740, 751, 759, 763, 771, 783, 785, 787, 799, 810, 811, 825,
831, 836, 844, 867, 868, 879, 892.
Affrica, città, 379, 387, v. Mehdia.
Affricano, mare, 417.
Agdabia, II, 290, 362.
Aghmat, II, 528, 665.
Agiàs, II, 356.
Agosta, III, 166, 213, 338.
Agri, II, 408.
Agrigento, 8; III, 210, v. Girgenti.
Agropoli, 457, 459, 465, 463; II, 161, 344.
Aguglia, III, 264.
Ahâsi, v. Le Sorelle.
Ahmar, monte, III, 865.
Ahwàz, II, 114; III, 827.
Aidone, III, 224, 225, 227, 269.
’Ain-el-Bottiah, III, 820.
’Ain-el-Farkh, III, 820.
’Ain-Liel, III, 312.
’Ain-el-Meginuna, III, 844.
’Ain-el-Menâni, III, 820.
’Ain-Abi-Sa’îd, II, 300.
’Ain-Scindi, II, 33, Dannisinni, cf. Ainisindi.
Ainisindi, III, 554, 555, 870, cf. Ain-Scindi.
Ainuni, III, 212.
’Akabet-et-Tûr, III, 869.
Akdam (moschea dell’), II, 522.
Alamût, II, 117.
Alba (porto di), III, 315.
Albenga, III, 199, 519.
Albergaria (quartiere dell’), III, 495.
Albergo de’ Poveri in Palermo, III, 555.
Alcamo, 234, 235; II, 278, 431, 432, 434; III, 159, 312, 536, 780,
791.
Alcantara, II, 387.
Alcara di Val Demone, o delli Fusi, 270, 469; III, 208, 286, 288, 295,
v. Acharet e Alcharet.
Alcharet, 270.
Al-Chila, III, 369.
Aleppo, xlvi, xlviii; II, 279, 441, 487; III, 455, 691, 716, 718, 719.
Alesa, 8, 485; II, 402.
Alessandretta, 515.
Alessandria d’Egitto, Alessandrini, xliii, xlix; 56, 81, 96, 98, 99, 112,
122, 162, 163, 164, 396, 515; II, 48, 182, 250, 276, 325, 402, 474,
485, 486, 488, 489, 522; III, 352, 406, 426, 467, 505, 507, 508,
509, 510, 511, 512, 513, 514, 520, 527, 531, 538, 639, 650, 651,
652, 688, 716, 809, 810, 845.
Alga, v. Halka.
Algeri, liv; 116; II, 190, 292, 358; III, 423, 424, 426, 455.
Algeria, 104; II, 38, 292, 535; III, 373.
Algeziras, xliii; II, 517, 529; III, 173, 662.
Alhambra, II, 452, 794, 795.
Alicante, II, 186.
Alife, 374; II, 164.
Alimena, 315.
Alitea, III, 616.
Almadia, III, 172, v. Mehdia.
Almeria, II, 250, 535; III, 377, 379, 414.
Alpi, 287; II, 167, 278, 394, 408; III, 25, 27, 28, 34, 214, 433, 608,
654, 708, 742.
Alsazia, III, 696.
Altarello di Baida, v. Menani.
Altavilla, III, 219.
Alunzio o Calacta, III, 77.
Alvernia, III, 672.
Amalfi, Amalfitani, 183, 212, 227, 312, 354, 356, 357, 364, 367, 376,
396, 435, 437, 444, 449, 450, 451, 453, 455, 518; II, 81, 96, 163,
175, 227, 338, 449, 450, 458, 459; III, 51, 52, 140, 142, 158, 169,
182, 185, 211, 232, 277, 289, 297, 810, 863, 864.
Amalfitani (vico degli), in Palermo, III, 218, 801, 810.
Amantea, 377, 440; II, 42.
Amendolara, II, 347.
Amenano, fiume, II, 437; III, 771.
Ammiraglio (ponte dell’), III, 118, 843.
Amorium, III, 665.
Amru (moschea di), II, 476; III, 832.
Anapo, III, 180.
Anatolia, 440.
Anattor, III, 95.
Ancona, 358.
Andalusia, III, 483.
Angoulême, III, 672.
Annisinni, v. Ainisindi.
Annunziata de’ Catalani (chiesa dell’), III, 792, 817, 818.
Antigono (isolotto di), 497.
Antiochia, 15, 29, 197, 515; II, 279, 495; III, 188, 361, 523, 526,
784, 839.
Anversa, III, 235.
Appennini, 465, 468; II, 339; III, 50, 55, 97, 147, 158, 433, 612.
Aquino, 368.
Aquisgrana, 190; III, 16.
Arabia, Arabi, xliii, xlv, xlvii, liv; 30, 31, 32, 36, 37, 38, 39, 41, 44,
45, 49, 50, 53, 54, 56, 57, 58, 59, 60, 61, 63, 66, 68, 71, 72, 73, 75,
76, 79, 80, 82, 88, 92, 93, 94, 96, 97, 98, 112, 125, 128, 130, 131,
141, 142, 143, 264, 288, 363, 369, 408, 424, 431, 432, 480; II, 10,
16, 26, 32, 34, 35, 37, 38, 40, 41, 42, 43, 44, 45, 47, 48, 52, 53, 59,
62, 63, 65, 68, 75, 85, 92, 98, 99, 101, 106, 112, 113, 114, 115,
116, 118, 123, 126, 127, 128, 130, 131, 132, 136, 138, 139, 141,
142, 143, 144, 146, 148, 149, 150, 151, 154, 160, 168, 173, 184,
192, 193, 200, 207, 217, 221, 233, 246, 256, 260, 265, 266, 267,
268, 272, 275, 278, 282, 287, 292, 299, 345, 349, 355, 357, 361,
362, 371, 372, 383, 404, 418, 420, 427, 430, 431, 432, 434, 437,
438, 439, 441, 442, 443, 445, 446, 449, 450, 451, 452, 459, 460,
461, 462, 463, 465, 466, 468, 469, 470, 471, 472, 473, 477, 478,
483, 491, 496, 500, 503, 504, 505, 506, 510, 512, 513, 514, 515,
517, 521, 527, 530, 531, 532, 533, 536, 542, 544, 547, 548; III, 73,
80, 81, 82, 92, 93, 94, 95, 100, 104, 109, 111, 122, 171, 172, 231,
320, 324, 330, 332, 349, 355, 363, 366, 367, 368, 369, 371, 380,
381, 383, 384, 386, 387, 399, 405, 406, 409, 412, 413, 418, 419,
420, 424, 425, 428, 458, 472, 473, 474, 475, 478, 490, 599, 644,
646, 657, 667, 668, 669, 672, 675, 679, 685, 686, 699, 701, 715,
718, 724, 729, 732, 738, 739, 741, 742, 746, 770, 784, 805, 809,
812, 824, 826.
Arabi cristiani, 40, 43; II, 291, 292.
Arado, isola, 81, 85, 87.
Arafat, monte, II, 245.
Aragigun, III, 212.
Arbela, L.
Arce, 368.
Arcipelago, 91; II, 364, 384, 413.
Arcuraci, III, 614.
Arena, fiume, II, 445.
Arezzo, 443.
Argira, II, 399, 403, 406; III, 286.
Argo, II, 133.
Arîn (cupola di), II, 437.
Arles, III, 16.
Armeni (castello degli), 195, 343.
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