The top dogs in finance are worth millions and even billions, so it's no surprise they flaunt their exorbitant pay checks on the places they call home.

We found the most expensive homes belonging to bankers, hedge funders, and the kings of finance.

From oceanfront mansions with more rooms than you could possibly know what to do with to ritzy Manhattan penthouses with panoramic skyline views, any one of these properties will make you drool. 

To estimate the approximate current market value of the houses, we looked at public assessors' records and spoke to expert realtors in these homes' markets, including Kyle Egan, licensed real estate salesperson for Nest Seekers International, and Susan Breitenbach, licensed associate real estate broker with Corcoran Group.

#17 Peter and Jill Kraus' Park Avenue residence (TIE)

Estimated value: $30 million

Title: Former Merrill Lynch executive and wife

According to Curbed, Peter and Jill Kraus purchased this Park Ave. sweet spot for nearly double what the previous owner paid. The former "Goldmanite" worked for just three months at Merrill Lynch before collecting his $25 million bonus and resigning, eventually purchasing this impressive apartment.

Nest Seekers real estate broker Kyle Egan estimated the home at $30 million, based on a similar listing on another floor of the building.

#17 Julian Robertson's luxurious full-floor apartment (TIE)

Estimated value: $30 million

Title: Founder of Tiger Management Corp.

Julian Robertson purchased an apartment at the famous Hampshire House on Central Park South for "just" $3.9 million, and later came to occupy the entire 27th floor, according to Egan. Given the high per-square-foot prices of a Park-facing unit, Roberton's five-apartment combination — totaling 8,000 square feet — is valued around $30 million.

The property was built by the grandfather of Jackie Kennedy Onassis, and has been home to numerous wealthy individuals, from David Koch to Vera Wang. Living here, however, comes with very high maintenance fees and carrying charges.

#16 Eddie Lampert's Florida mansion

Estimated value: $30.3 million

Title: Chairman of Sears Holdings Corp. and Founder, Chairman, and CEO of ESL Investments

Eddie Lampert set records for the most expensive single family home in Indian Creek Island when he purchased this property for $40 million in 2012. It's an extra-impressive feat, considering the neighborhood's affluence.

The seven-bedroom, Italian-style home is set on 2.7 acres in Biscayne Bay, and includes luxurious features like a reflecting pool at the entrance. Public assessor records estimate the home is worth $30.3 million today.

Breaking up is never easy. 

But sometimes you just gotta do what you gotta do. This is especially true if your significant other works on Wall Street — and starts to show some very telling warning signs.

We get it. Finance is a demanding job. Your boyfriend or girlfriend might be busy, stressed, stretched to the breaking point, and not be fulfilling all his or her duties as your significant other. But there's a point at which the behavior becomes unacceptable.

To help you out, we've created a list of some common indicators that you're headed for trouble. If your significant other starts exhibiting any of these signs, you'd better run for the hills. 

They start chewing tobacco.

The trading floor is a place where nasty habits go to breed and thrive. Because traders can't smoke there, sometimes they chew tobacco to get the buzz without having to go outside.

This is not OK.

They have only condiments in the refrigerator.

Ketchup is not a vegetable. This is not up for debate.

They use only Wall Street jargon.

Bankers have their own language, and it's all based on money, deals, and trading.

For example: "Upside of going to the Hamptons this weekend is that James is throwing a party at Pink Elephant, downside is that he's inviting my ex."

If your significant other talks like this about ... basically anything, let him or her go.

Over the summer Morgan Stanley, Goldman Sachs, JPMorgan, and Bank of America have announced that they will be giving junior bankers (think analysts and associates under 30) a pay raise of about 20% to 25%.

According to The Wall Street Journal, Citigroup is considering the move, too.

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If you're considering going to Wall Street, you should really know what you're getting into.

Yes, you will get paid better than average people all over the world. Yes, you will get to learn new things constantly, and yes, you will be involved in important transactions (well, hopefully) and meet interesting clients.

However, there is a downside, and it's generally all in your head.

A Wall Street veteran, who will remain anonymous, gave us a laundry list of ways working on the Street can actually ruin your life.

Wall Streeters have to deal with a distorted sense of money, questions about self-worth, arrested development and most importantly, the fact that they never ever have enough time. They can try and pay for it, but that only gets you so much.

The point is — you better love finance if you're getting into this business, because it's going to take over your life.

You'll be working 80-plus hours a week, so it's going to be hard to date.

"You will work insane hours in your first five years meaning stable relationships are a no go." 

Expect to always be on your work BlackBerry.

"And it will be a huge problem with any significant other." 

And you'll be so tired you can't even go out when you're still young and single.

"You won't have the energy to go out on Friday nights by 30 even if you're still single." 

Married banker Julian Bharti, 27, shelled out $81,000 to plant a kiss on model/actress Elizabeth Hurley, PageSix reports.

It was for a good cause.

Bharti made the sizeable donation to the Elton John AIDS Foundation at an auction on Thursday evening so he could kiss the 49-year-old bombshell. 

Bharti is the founder of Delano Capital, a firm that provides capital raising and advisory services to companies in the natural resources sector. He's also managing director at Forbes & Manhattan — a merchant bank founded by multimillionaire mining financier Stan Bharti.

The young banker is married. His wife didn't mind, the report said. 

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In the past few days, both the International Monetary Fund and the White House have come down on Wall Street compensation, saying it was a factor in causing the financial crisis.

The IMF dedicated much of its recent Global Financial Stability Report to discussing how different compensation structures affect the amount taken by bankers. This isn't a new idea — for years regulators and politicians have been arguing that when bankers are working toward big annual bonuses, they don't think as much about the long-term effects of their actions.

From the report:

Traditionally, compensation structures for bank executives have been based on operating profitability and stock price performance metrics such as return on equity and book value per share. These metrics are short term and do not account for operational, credit, and liquidity risks. More appropriate performance measures accounting for longer-term risk could include the sensitivity of a bank’s stock to the wider stock market (beta), the credit default swap spread of a bank’s debt, or risk-adjusted economic capital (measured by market capitalization plus total debt minus risk-weighted assets).

The IMF recommended that Wall Street tie pay to longer-term performance by forcing institutions to take more ownership of themselves (through stock), and by instituting clawbacks.

So if you're a banker, and something you did years before blew up in the bank's face, the bank can take back some of your pay.

On Monday, President Barack Obama met with financial regulators and urged them to continue working on capital standards and compensation regulation as a way to curb risk-taking at banks.

From the White House:

The President acknowledged the collaborative work of the regulators, specifically recognizing their work in finalizing the Volcker Rule, and also urged participants to consider additional ways to prevent excessive risk-taking across the financial system, including as they continue to work on compensation rules and capital standards.

The Wall Street Journal reports that no specific new measures were discussed, but it sounds as if the president wants regulators to start working on them.

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Jefferies CEO Richard Handler has a new rule for dealing with market volatility. 

"We are never as brilliant as we think we are when all is going swimmingly well, and we are never as dumb as we feel when everything goes wrong pretty much all at once and we just cannot seem to catch a break," Handler wrote in an email he sent out to Jefferies employees late last week. 

During October, the financial markets have been absolutely wild. We have heard chatter about hedge fund managers sharing stories of having an uncharacteristically tough time navigating the market.

Trading this month's volatility has been challenging, but Handler sees it as a "much needed reality check." 

Here's Handler's letter: 

Subject: Neither Mensa, Nor Fool Be

How quickly and violently the markets, environment, and mood can change. During the summer and even through the often dangerous month of August, the financial markets were generally vibrant, volatility was a word we forgot how to spell, deals were moving forward readily, the global economy was improving and felt almost safe, and we and all of our clients were enjoying solid success. Boy, did many of us feel smart. 

Somehow, Labor Day rolled into September and, dare we say it, October. Extreme volatility, European slowdown fears, Ebola, ISIS, the distressed market rolling over in a crowded wave of panic, margin calls, “collapsing” oil prices, redemptions in most asset classes, and a flight to safety once again to the U.S. bond market. And now, many of us don’t feel so smart.

The point we are making here (in case it isn’t completely obvious) is that we are running in a very long and complicated marathon, serving our clients as we work to build Jefferies. Further, the arena we all work in is the most treacherous of all playing fields: the global financial markets. It is not easy to do what we do day in and day out. We believe this recent, somewhat instantaneous and fairly violent change of direction affords us a perfect time to remind each other of a very important and simple rule:

WE ARE NEVER AS BRILLIANT AS WE THINK WE ARE WHEN ALL IS GOING SWIMMINGLY WELL, AND WE ARE NEVER AS DUMB AS WE FEEL WHEN EVERYTHING GOES WRONG PRETTY MUCH ALL AT ONCE AND WE JUST CANNOT SEEM TO CATCH A BREAK.

This rule is unbreakable and is one of the cornerstones of creating long term wealth and happiness. Arrogance and hubris can easily become quick friends whenever one is on a winning streak. People often stop listening to those who disagree with them or, even worse, start surrounding themselves with people whose job priority is to reinforce the sheer level of permeated brilliance. Risk taking increases, because: “why not, I’m really good and smart, damn it!” Elbows become a little sharper because why should someone so brilliant suffer someone who is not? Attitudes towards co-workers, both upward and downward can take an embarrassing turn for the worse. Basically, this is the moment when the wheels just start to fall off the bus. Fortunately, this behavior is rarely seen at Jefferies, but who are we to say it is non-existent?

When you are down in the dumps, it is easy to just want to blame everyone but the person in the mirror. It is easy to get demoralized and question all the things that just a few weeks prior you accepted as known truths. The thought of throwing in the towel is an extreme and rare reaction, but it is easy to just start going through the motions in a demoralized manner, which only serves to lay the foundation for future mediocrity, and then the eventual move back up occurs and by then you never know how or why it happened.

We do not want to be melodramatic here. The financial markets did not just suffer a 2008 systemic crisis moment. They just had a nice stretch when it was perhaps almost too easy that has just been interrupted by a much needed reality check. As unwanted and painful as this all is, we believe it can be a good thing and can renew our opportunity. 

We are building Jefferies and our careers for the long haul. We have some clients who have felt real pain. We have some beaten up individuals around the firm. Everyone is with you when you are on top of the world. True leaders and partners, though, are there to help pick up our clients, our own people, our family and our friends when they are down. We might not all have been geniuses in August, but none of us are fools today in October. Let’s help our clients, support each other, attack the rest of this month and the month of November with a nice bounce in our step, and finish our fiscal year strong.

Moving forward with the confidence of all of us working together,

Rich and Brian

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So this is apparently a thing... 

Swedish sex toy company LELO is marketing a new product "exclusively for bankers."

That's right, it's for bankers only.

Here's why, from the company:

"Many bankers want more from their profession and their investments; they also want more from their intimate investments. The new PINO™ will be the first sex toy in history that can satisfy the hedonistic sexual cravings and excesses exhibited by members of the financial world." 

We're not sure what exactly makes this product so special for the investment banker, aside from the fact that, according to this description, the PINO gift set comes with a pair of silver cufflinks and a money clip. 

We don't know what the cufflinks look like, but wouldn't that be embarrassing if you were wearing them and someone else at your firm recognized where they came from?

The PINO launches on November 4th and it retails for $159.

Right now, they're offering sign ups to win a free PINO gift set on their website. It looks like you don't really have to be a banker... 

SEE ALSO: 16 perfect gifts for anyone who loves whiskey

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It sounds like something straight out of "The Wolf of Wall Street."

Investment banker Sage Kelly — the global head of healthcare investment banking at Jefferies — is involved in a divorce and custody battle with his estranged wife Christina Di Mauro Kelly, and a recent affidavit she filed about their marriage alleges a lifestyle of rampant drug abuse and extramarital sex.

A top Wall Streeter told Business Insider that tons of folks in the finance community have been passing the affidavit around. And even in a place where messy divorces sometimes happen, it's an astonishing read.

Perhaps the worst part of all this is that the affidavit also accuses and names a handful of investment bankers and company executives of using drugs themselves.

Christina Kelly alleges Sage Kelly has abused cocaine, alcohol, and other illicit substances such as ecstasy, molly, and mushrooms while their two daughters, now ages 10 and 6, were present in their NYC apartment and Hamptons home.

She also alleges that Kelly has been using cocaine for more than a decade and allegedly has a "special" relationship with his dealer.

Christina, who was charged with a DWI in the Hamptons back in 2010 that injured her kids, says that she was first introduced to cocaine on her first date with Sage back in 2000. She alleges that it became a central part of their relationship.

Sage, who makes $7 million per year, filed for divorce earlier this year. Initially, they were seeking joint custody of the kids. 

But since August, Sage has had custody of the children, according to a complaint filed last week by Christina's attorney William Beslow. This was granted to Sage after he says he caught Christina using cocaine in the family apartment with hidden cameras during the last two weeks of July. 

This affidavit was filed, in part, to show that Sage does not deserve full custody of the kids. Christina says that she hasn't used the drug since July, has been seeing a psychiatrist and is attending Alcoholics Anonymous meetings. More importantly, Sage, she says, was just as abusive with drugs as she was.

She also claims high-level Wall Streeters who belonged to their social group abused drugs.

Specifically, Christina accused Jefferies executive Ben Lorello — the global head of investment banking and global markets — of using drugs with her husband.

A Jefferies rep told the New York Post that Lorello "categorically denies all the allegations."

Christina Kelly also accused Marc Beer, the CEO of publicly traded pharmaceutical company Aegerion, of using cocaine.

In the affidavit, she detailed a night in the spring of 2012 at the Ritz Carlton Hotel in Massachusetts where a group was allegedly drinking and using cocaine. She alleges that Beer and his girlfriend came back to her and Sage's room. 

She claims that each pair began having sex in their respective beds. She also alleges that Beer suggested that they switch partners. She also alleges that she had sexual contact with Beer's girlfriend, while the two men watched.

"Mindful of his goal of securing business from Marc, I felt responsible not to disappoint Marc," Christina says in her affidavit. 

"Ms. Kelly’s accusations as to me are categorically false and baseless.  I do not use cocaine or any other illegal substance.  All of the allegations which Ms. Kelly has made regarding me and my girlfriend are ridiculous, baseless and grossly irresponsible," Beer said in an emailed statement to Business Insider. 

Aegerion Pharmaceuticals also said that the board supports Beer.

"Marc categorically denies the allegations. The board fully supports Marc, and has confidence in his leadership and his character. The board takes its governance responsibilities very seriously, but does not comment publically on internal governance matters," Aegerion said in a statement to Business Insider.

There was another instance where Christina alleges that she, Sage, his Jefferies colleague Dung Nguyen and his wife Jessica used cocaine and alcohol and went for a nude swim at the Sag Harbor home. According to her affidavit, Dung went to his bedroom and Sage allegedly had sex with Jessica in the pool, which is located outside one of their daughters' bedrooms.

A Jefferies rep for Nguyen told the New York Post that he "categorically denied the allegations made about him by Ms. Kelly."

Sage Kelly acknowledged in an August court filing that he and his wife both used recreational drugs in the past, but "the 'Wolf of Wall Street' tale she tells this court is a work of fiction," the New York Post reports.

She alleges that were instances where Sage allegedly "passed out at the marital residence — sometimes having defecated in our bed or on the floor next to the bed or having urinated on a bedroom wall." 

She also claims that in the summer of 2011 Sage was tripping on mushrooms at their Sag Harbor home during a so-called "Mushroom Day." She said that around 11 a.m. he had so many mushrooms that his friends and business associates hid the bag from Sage.

"We were all stunned, therefore, at the sight of Sage — with his own blood purposefully smeared on his face in several long lines — walking towards us outside the home. After exclaiming, 'I found the bag!,' Sage popped yet another mushroom into his mouth," according to her affidavit. 

A few years before that alleged incident, Christina claims that during another party at the Sag Harbor home Sage ingested Ketamine (a.k.a. "Special K").

"... Sage started to act crazily. At one point, Sage exclaimed, 'Help, help me; I'm dying,'" the affidavit states.

"[Our daughter] was very upset. She said, 'Daddy, what is wrong?' Sage held [our daughter] and said that holding her was the only thing that could make him feel better. So, he held [our daughter] for about an hour. Then, thankfully, Sage emerged from the 'K-Hole,'" the affidavit states. 

She also alleged that one of Sage's friends left a bag of cocaine on the pool table in the basement of the Sag Harbor home and their daughter put her finger in it.

Here's the complaint:

Complaint by Adam Leverone

NOW WATCH: Why People Are Unfaithful

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Bloomberg News' Stephanie Ruhle and Zeke Faux are reporting that Sage Kelly, the Jefferies investment banker embroiled in a messy divorce, has taken a leave of absence according to a memo from Jefferies CEO Richard Handler. 

Kelly is Jefferies Global Head of Healthcare Investment Banking at Jefferies.

His estranged wife, Christina Di Mauro Kelly, filed an affidavit last week as part of a divorce proceeding and custody battle that contained allegations of drug abuse and extramarital sex. She also accused some Jefferies managing directors and bank clients of using drugs.

"We cannot express how deeply we regret the agony and distraction that this has caused all of us, not to mention our clients, each of whom has categorically denied the allegations,” Handler wrote in the memo cited in the Bloomberg report.

"We are not happy to be in this unfair position." 

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One story has dominated Wall Street this week — the sad divorce and custody battle between Jefferies global head of healthcare, Sage Kelly, and his ex-wife Christina. 

In an incredibly detailed deposition, Christina alleged that she and her ex-husband used drugs and engaged in extramarital sex. What's more, she said they routinely did so with business associates, naming the names of high-powered Jefferies staff. Kelly is now on a leave of absence.

On Friday Jefferies CEO Richard Handler and Chairman Brian Friedman responded to all of this in a memo supporting his employees and condemning the media circus surrounding Kelly's private matter.

As the week progressed, the media and some of our major competitors have piled on, using categorically denied allegations made by one individual as the basis to launch a judgment of everything Jefferies. While we would like to ignore the tabloids, the blogs and whoever is feeding them, we know they continue to scrounge around for more random tidbits to string together, and we just cannot sit by silently. We are proud that the one thing that has allowed Jefferies to persevere and, more often than not, prosper, is our attitude.

Handler and Friedman said that they met with each of the individuals named in the deposition and maintained their belief that they represented the culture of the firm. They also said that the Jefferies healthcare team had volunteered to take drug tests.

"The two of us can of course attest that all tests came back drug-free," they wrote.

Their words for the rest of Wall Street weren't as warm.

One reporter publicly confirmed that a CEO of a top 5 bank personally emailed him the lurid details of the lawsuit, and we also have heard directly from other reporters that they also are getting information and encouragement to pile on from some of our competitors. When Jefferies competes, we do it in the financial markets by trying our best to help our clients succeed, not by spreading baseless rumors and lies in order to damage our peers. We expect you will hear more lies about us and even hear from reporters who would like to dredge up old news because, at this point, there is absolutely nothing new to write about the unfortunate custody proceeding. We are aware that there is an ongoing campaign that includes calling former employees to get “dirt” to string together fabricated themes of “bad people” and a “broken culture.” 

Read the full memo below:

To Our Clients and Friends:

The two of us have worked at Jefferies for a combined 39 years. We have survived challenging times and direct assaults, but that is what happens when you are working with partners to build a business that will endure. We have always met challenges honestly and directly, and we will not stop or back down now.

We are not devoid of issues or problems at Jefferies, and we believe even one example of bad behavior or the smallest of fines, lawsuits, or penalties is one too many. However, we would gladly put our track record of compliance and regulatory focus up against the record of any one of our major competitors.

This past week has been beyond painful for us, as a child-custody case has led to groundless questions about the integrity of our firm. As you may have read, our partner who is in the middle of all this has taken a voluntary leave to focus on his personal life and the best interests of his two children. This is a terribly sad situation and our hearts go out to him and his family.

As the week progressed, the media and some of our major competitors have piled on, using categorically denied allegations made by one individual as the basis to launch a judgment of everything Jefferies. While we would like to ignore the tabloids, the blogs and whoever is feeding them, we know they continue to scrounge around for more random tidbits to string together, and we just cannot sit by silently. We are proud that the one thing that has allowed Jefferies to persevere and, more often than not, prosper, is our attitude. Jefferies’ culture is based on integrity, putting our clients first, a truly entrepreneurial spirit, transparency, tenacity and humility. It is the driving force that enabled Jefferies to grow from a firm with $7 million of net income in 1990 to a firm that today has a $45 billion balance sheet, north of $3 billion in annual net revenues (with over half from Investment Banking), and a global full service platform with 3,850 employee-partners.

Although if other companies found themselves in this unfortunate current predicament, they might step back and just send in the lawyers, we did something different, in keeping with who we are and the quality of the people who are our partners. The two of us sat down with each person named in the custody case documents and talked it all through. We then had similar discussions with other folks on our healthcare team and in other parts of our firm. We wanted to know what they all thought. We wanted to gauge for ourselves whether any of our own understanding of our culture was inaccurate. What we found was exactly what we expected – hard-working people doing their best for clients and for Jefferies.

With that confirmation, we went to our partners in healthcare investment banking yesterday afternoon and said, “The two of us are going to go take a drug test, and do you want to join us?” Our Global Head of Investment Banking and the three other investment bankers mentioned in the custody-case papers as alleged serial drug abusers stood up and each said, “I do.” They were deeply offended by the allegations and were eager to have the opportunity to set the record straight. Every one of our other healthcare Managing Directors then volunteered to come with us. They were not even mentioned in any document, but they chose to do this to show solidarity with their partners and also prove that suggestions of rampant drug use are pure fabrication. The two of us can of course attest that all tests came back drug-free.

Obviously, none of us anticipated the events of the last week or volunteering to take a drug test, so this was truly a random drug test. To be frank, we are embarrassed that we even have to discuss these matters, but this should put to rest the heart of the allegations about our firm. Sometimes truth does come in a jar.

As for the “media,” we must carefully and respectfully question whether this past week was approached with objectivity and balance. One reporter publicly confirmed that a CEO of a top 5 bank personally emailed him the lurid details of the lawsuit, and we also have heard directly from other reporters that they also are getting information and encouragement to pile on from some of our competitors. When Jefferies competes, we do it in the financial markets by trying our best to help our clients succeed, not by spreading baseless rumors and lies in order to damage our peers. We expect you will hear more lies about us and even hear from reporters who would like to dredge up old news because, at this point, there is absolutely nothing new to write about the unfortunate custody proceeding. We are aware that there is an ongoing campaign that includes calling former employees to get “dirt” to string together fabricated themes of “bad people” and a “broken culture.” Nobody wants to hear from the hard-working Jefferies people who deliver for our clients every day across our firm, our thousands of satisfied and loyal clients, or the thousands of us at Jefferies who are proud of our firm and our culture. Good news does not sell newspapers, but you, our clients, know us and know how we do business. We believe our work for each of you, our results over time and our enviable regulatory record speak louder than any of this titillating nonsense.

Honesty, Integrity, and Humility — we have tried to live by these guideposts and will continue to do so, regardless of what distorted old stories or made up new ones are slung at Jefferies. We will focus on doing the best job possible for the considerable business you have entrusted us with. In closing, let us extend our sincere apologies for the distraction of this past week. The two of us are available to meet or speak with any of you at any time. We look forward to getting back to what we do – putting our clients first, always.

Respectfully,
Rich and Brian

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It sounds like something straight out of "The Wolf of Wall Street."

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A drug-using investment banker has allegedly murdered two prostitutes in Hong Kong. It’s a pretty jarring headline – a real-life American Psycho. But most bankers I know aren’t really all that surprised.

People have been calling him Patrick Bateman. Perhaps he has an alibi and was out returning video tapes. But instead I see Colonel Kurtz. What happens when you take the “Best of the West,” presumably well-raised, Cambridge-educated, and well-paid, and you throw him into an alternate reality, a world largely without societal restraints and an industry with its set of deviant moral benchmarks? For some people, and maybe for Rurik Jutting, things fall apart.

Hong Kong is a tropical island masquerading as a legitimate city.

To a large extent, expat bankers in Asia can do whatever they want. As an overhang of colonialism, they tend to get treated better than locals. They can start food fights at The Mandarin Grill, flee the scene of a car crash, or take their pants off and run around Lan Kwai Fong. And if they get so out-of-control that they get banned from 3 bars in one night, the cops will just take them home.

Many of my Chinese friends will speak English when they make dinner reservations or if they walk into a Gucci store, because even acting like an ABC (American Born Chinese) gets them better treatment.

My sense of reality and entitlement got so warped in Hong Kong that when I would come back to the US to visit family, my mother suggested I walk around Wal-Mart just to re-acclimate myself and “be less of an a------.”

The alleged murderer, Rurik Jutting, lived in the J-Residence building in Wan Chai, one of Hong Kong’s seedier and less prestigious areas. At around US$ 4,000 a month, the building is popular with young bankers and (poor) expats who like to be close to Central but cant afford to live in the Mid-Levels or on The Peak.

Rurik lived two blocks away from Lockhart Road, the aorta of Hong Kong’s red light district. He couldn’t walk home at night without getting propositioned by street walking freelancers and the pros standing in front of the velvet curtain bars. “You very handsome man” and “Just one drink okay la.”

It’s an entire street filled with bars like Cockeyes, where we once hosted intern drinks (The Princelings loved it), and the now-closed Fenwicks, where we once staked out our regional head of sales, "Dirty Sanchez," until we caught him walking out at 3am on Tuesday with a love monkey on each arm.

Before moving to Asia, I highly doubt Rurik Jutting was ever called handsome by anyone other than his mom. He’s what we call a “Twelve” – the term used in Asia to describe an ugly white guy with a young, attractive, usually paid-for Asian girl. He’s a two and she’s a ten.

It’s also been reported that the police also found a small amount of cocaine in his apartment. Now, I have no idea what kind of person Rurik is, but I do know that investment banking is a culture of pervasive deviance, particularly in Asia.

When I first moved to Hong Kong, the first thing one of the outgoing (repatriated) hedge fund sales guys gave me was the number of his drug dealer. “Look, I don’t really know you, but trust me, you’ll need this for your clients.” And everyone knew it when Drug Dealer Joe’s not-too-subtle Toyota Supra would show up in front of Cheung Kong Center or ICBC Tower (where Merrill Lynch is) for a delivery.

It’s often not even a function of choice. I had a colleague get chastised by our boss for not attending an important client’s bachelor party trip to Manila. “You have a pregnant wife at home, so what?” I think it was the non-forwardable Bloomberg message itinerary titled “A Weekend of Debauchery” that scared him off. And he paid a price for not indulging – getting fewer trades than his more willingly deviant counterparts at other banks.

One time I went to a dinner at Ruth’s Chris Steakhouse where an investment banking colleague showed up with two prostitutes and proceeded to hold a contest to see which of them could keep their hand on the famously-hot plates the longest.

Even formal closing dinners - a global banking tradition, where the bookrunners an clients celebrate the success of a deal in the private room of some fancy restaurant, get drunk, and hand out tombstones (Lucite deal trophies) and (in the good old days) inscribed Mont Blanc pens as mementos of their greatness – are not immune.

My first closing dinner in Hong Kong was slightly different from those that I have experienced in New York or London. Toward the end of dinner, a senior banker quietly made it known that the CEO wanted the party to continue at a karaoke bar. To avoid creating an embarrassing or awkward scene for the client, the female bankers were asked to discreetly excuse themselves from dinner. The young analyst next to me got a Blackberry message from her boss, “Hey, maybe you should go home now.”

One of my counterparts on the deal team – a pretty square, happily married guy – also tried to excuse himself from the evolving festivities. But, the CEO was having none of it. “Where the f--- do you think you’re going? I don’t think so.” And that was it – he knew that future business from this client (and therefore his bonus) depended on it.

To be clear about what karaoke means – it’s a large private room where we sit around on couches, singing karaoke, drinking whiskey with iced green tie, and playing a dice version of Liar’s Poker. And then, the mama-san parades in at least thirty or forty girls in skimpy dresses, each one wearing a nametag with a number on it. From there, it doesn’t take long for the process to get started. “I’ll take number 12 and number 34.” Or “Dibs on 11.” And “Don’t be greedy; just get two.”

The mama-san also provides drugs, but it’s like buying beer at Yankee Stadium, so it’s better to bring your own.

At the end of the night, a bill is presented that says something like “Tokyo Otoro Sushi,” which is convenient when it comes to expensing it. After all, the tab can be astronomical, especially if people get “take-out.”

There are plenty of bankers, especially sales guys who cover hedge funds (which are heavily populated by expats), who conduct regular meetings at massage parlors (during lunchtime) and karaoke joints (at night).

So, Rurik Jutting, depending on how things play out for you, don’t forget – Jefferies is still hiring for equities in Asia, although you might be better off in Dallas.

John LeFevre is the creator of the @GSElevator Twitter feed and the author of the soon-to-be-released Straight To Hell: True Tales of Deviance, Debauchery, and Billion-Dollar Deals.

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NEW YORK (Reuters) - A number of high-profile brokers have left Bank of America Corp's Merrill Lynch wealth management unit in recent weeks, and top executives at the company have grown concerned enough to ask business head John Thiel to explain the departures, three sources familiar with the matter told Reuters.

Among those who have exited are top-producing brokers like Brian and Tim Brice, who oversaw around $4.5 billion in client assets in a suburb of Detroit, and whose father had also worked for Merrill. The brothers had been with Merrill Lynch for decades, before joining Morgan Stanley in September.

Raymond George, a 23-year veteran of Merrill Lynch, has also left. George joined Morgan Stanley’s office in Garden City, New York in October. Eugene Montoya, who had been at Merrill for more than 40 years, decamped in September for Wells Fargo Advisors’ office in Miami.

The Brice brothers declined to comment through a Morgan Stanley spokesman. George did not return a call seeking comment, and a spokeswoman for Morgan Stanley declined to comment on his departure. Montoya did not return a call and an email seeking comment.

Bank of America Chief Executive Brian Moynihan and Vice Chairman David Darnell have both asked Thiel to account for the trend of recent departures, the sources said.

In an emailed statement, Darnell told Reuters, "John (Thiel) is doing exactly what Brian (Moynihan) and I need him to do." Thiel did not return two calls seeking comment.

David Walker, a spokesman for Merrill Lynch’s wealth management business, told Reuters in an emailed statement, "The facts are that advisor attrition is at historic lows and our business has never been stronger. Our results, by every measure, show we’re headed in the right direction."

The brokers represent a relatively small percentage of the bank's 14,000-strong force, and it's unclear why they left. 

Rumblings from inside the bank, however, indicate a significant cultural shift, helmed by Thiel. Fox Business' Charles Gasparino reported that instead of beer and wine, brokers are being served wheat grass shots and getting lectures about meditation. Thiel has also told brokers that they should find their "noble purpose."

It doesn't help that he's also reshuffled the top ranks within the business. Bank of America purchased Merril Lynch's brokerage business in 2008, and it looks like so far the marriage has been an unhappy one. The two cultures aren't in sync.

This could also also be part of a wider trend, though, as brokers have been leaving big banks to strike out on their own for years. Brokers heading to the independent channel have been increasing while the number of brokers at big banks has remained flat since the financial crisis.

While Merrill said it managed to gain 155 brokers on a net basis in the third quarter, sources said that in recent weeks the bank has been losing more brokers than it gained. In one week in October, 13 left and just one joined, one of the sources said.  

Two of the sources familiar with the matter added that many of the brokers who departed had spent the majority of their careers at Merrill, while two-thirds of the additions in the third quarter were relatively inexperienced graduates of Merrill’s training program. Wealth management is one of the few areas where Wall Street banks are looking to expand or at least to hang onto staff, because the business produces relatively stable returns.

Also, more clients with assets of at least $250,000 left Merrill Lynch than joined during the third quarter, one of the sources said. Merrill's Walker said the bank has had a net gain of clients with at least $1 million of assets so far this year. He declined to give data for the third quarter for clients with $250,000 of assets or more.

Walker added that average production of brokers the bank attracted since the start of the year is “substantially higher” than those brokers who have left.    

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NEW YORK (Reuters) - At a retreat for Merrill Lynch financial advisers in a luxury Orlando hotel last month, a group of several dozen men and women in business attire swung their arms back and forth over their heads to Kid Rock's "All Summer Long" to get their circulation going.

The mild aerobics were part of a three-day event orchestrated by Chris Johnson, a wellness guru who has gained influence under John Thiel's leadership of Bank of America's Merrill Lynch wealth management business.

At Thiel's instruction, Johnson has for the last year been traveling the country teaching Merrill Lynch advisers how to lead healthier lives. He urges brokers - and, in some cases, their family members and clients - to include liver oil, wheatgrass, flax, chia and a type of algae called spirulina in their diets, and to take relaxing baths with Epsom salt to unwind.

"They're starting to go down the medication path. They have acid reflux. They don't sleep. They feel crummy. They're drinking too much. They gain too much weight," Johnson said of the Merrill employees who most need his advice. With that lifestyle, he said, "they're not going to be a good adviser. If I'm coming to my adviser, I want them to be healthy."

Thiel did not respond to requests for comment. David Walker, a spokesman for Bank of America's wealth management business, said that it was important for Merrill to focus on the health and wellness of its employees.

"We care that our advisers are taking care of themselves so they have the energy and capacity to best serve their clients and be present for their families," he said. "Any company that is not focused on wellness is behind. All of the most admired, most progressive companies with the most highly engaged employees are focused in this area."

He declined to comment on Johnson's description of health problems suffered by some members of Merrill's workforce.

NAP TIME

Known as the "thundering herd" because of their bull logo and their large numbers, Merrill's army of 14,000 brokers are not the only money-management employees being urged to take better care of themselves. Firms across Wall Street have been encouraging employees to eat right, sleep well and exercise. While Merrill is Johnson's biggest client, he has also done events with advisers at Morgan Stanley, Wells Fargo & Co and Raymond James Financial Inc.

Still, some Merrill employees have told Reuters in recent weeks that Thiel is so enthusiastic about healthy living that it has caused some hard-charging, long-time advisers to bristle.

These employees have been annoyed to receive advice about health and wellness from Thiel when they would prefer to discuss business concerns with him, several sources said.

One Bank of America executive said brokers have complained about tofu burgers served at a retreat for top producers. Another cited a message recently sent to some advisers encouraging them to take an afternoon nap to increase productivity.

Thiel has brought in another expert, Tony Schwartz, CEO and founder of The Energy Project, who has been advising Merrill employees to take a short afternoon nap to restore their energy.

Schwartz, who started working with Merrill after meeting Thiel at a conference 14 months ago, gives that advice as part of a broader curriculum aimed at pushing Merrill advisers to get the most out of their days. He said he has not convinced Merrill to implement a nap program, but that productivity increases dramatically for those who take his advice on resting, deep breathing and eating right, among other things.

"What makes Merrill Lynch special is that John is an unusually open and interested senior leader to champion this kind of work," said Schwartz. "When there is a leader like that, the power of the work is much higher."

BONGO DRUMS

Complaints by Merrill employees who are irritated by Thiel's wellness campaign come at a time when a number of high-profile brokers have left, causing some concern among top Bank of America Corp executives. Reuters found no evidence of a direct link between the focus on health and wellness and the departures.

The health advice has gone over well with some advisers who are happy their boss is encouraging them to take better care of themselves.

One high-producing broker who spoke on the condition of anonymity said "telling employees to stay fit mentally and physically – that's responsible leadership" and called Thiel the best manager he has ever had in over three decades with the firm.

In a testimonial on Johnson's website, Scott Schropp, a vice president in Merrill's wealth management business, wrote that his clients like being included in wellness events. "They come in with preconceived notions of what this program may be like and leave the program with excitement, determination and a fresh take on 'healthy living'," he wrote.

Thiel, a former American football player at college, met Johnson at an event in Arizona some time ago. Soon after, he went to Johnson's home in rural Michigan for a one-on-one training session. At such events, Johnson teaches corporate executives how to sleep better, shop for "super foods" and cook things like healthy chili. (Johnson declined to comment on Thiel's culinary talent.)

People who know Thiel say he has wholeheartedly embraced the New Age lifestyle that Johnson, Schwartz and another guru called davidji advocate. Davidji (pronounced david-gee and spelled with a lowercase "d") describes himself as a former banker on his web site, and specializes in wellness of the mind. Davidji said he was not immediately available for an interview.

People familiar with his Merrill training sessions say they feature bongo drum playing and meditation. A video on his web site - http://www.davidji.com/ - shows davidji sitting on the beach with his pet dog, named peaches, whom he says he meditates with every day.

"The next time you sit down to meditate, if your pet - your cat, your dog, your lizard, your parrot - feels like meditating with you, create a space," he says. "Close your eyes. Drift into stillness and silence, and you'll notice that your pet gravitates toward you."

Johnson said Thiel's embrace of health and wellness helps balance out his more rugged work on Wall Street.

"He's got a big job and wanted to have energy and stamina," Johnson said "The corporate world beats you up."

(Reporting by Peter Rudegeair and Lauren Tara LaCapra; Editing by Paritosh Bansal and Martin Howell)

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Bonus payouts might miss the expectations of many Wall Streeters this season.

Johnson Associates published its latest projections for Wall Street compensation on Monday. Incentives for people working in hedge funds, fixed income and equities could drop as much as 10 percent from 2013, a copy seen by Business Insider shows. 

Hedge fund bonuses rose by as much as 15% last year, according to a similar survey.

Retail and commercial banking bonuses are projected to stay flat, while employees in investment banking and private equity firms could see a 10 - 15% rise in their bonuses. 

The poll tallies responses from Wall Street's biggest banks and asset managers. 

Last month, we reported that 60% of Wall Streeters are expecting their bonuses to increase this year. We also reported that Bloomberg projects Morgan Stanley's investment bankers will have the best bonuses on Wall Street, while JP Morgan and Citi's bond traders will see the least payouts. 

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Christina Kelly — the estranged wife of Jefferies healthcare banker Sage Kelly — has issued an apology to the investment bank. 

"A substantial portion of what has been written in the press and other media over the past few weeks is inaccurate, untrue or hyperbolic, and I apologize to those who have been affected thereby — including those at Jefferies and those associated with Jefferies," Kelly said in a signed statement.

She didn't specifically point out what was inaccurate or untrue in the media reports. Bloomberg News reported that Kelly's attorney also declined to comment on whether she would walk back her accusations made in her affidavit.

Last month, in a 26-page sworn affidavit as part of a divorce proceeding and custody battle seeking $7 million in damages, Kelly, who has two daughters with Sage, said her husband and numerous Jefferies bankers and clients had abused cocaine.

All of the Jefferies bankers and clients named in the affidavit categorically denied her allegations. 

Kelly also alleged that her husband had used other illicit substances like ecstasy, molly, mushrooms, and ketamine. She also accused him of having extramarital sex, including an alleged partner swap with a client and his girlfriend. 

Shortly after the allegations were circulated in the media, Sage Kelly took a leave of absence from Jefferies.

The firm's CEO Richard Handler later issued a public memo showing his support for Sage Kelly and the Jefferies team. He also said that the team volunteered to take a drug test and that everyone passed.

Here's a copy of Kelly's full statement: 

After careful consideration and in the best interests of our children, Sage and I have reached an amicable custody arrangement that ensures loving homes for our children. 

The presentation of facts in divorce proceedings is a function of subjective viewpoints. When a person's statements in a divorce proceeding become public, there is a danger that the publication of those statements can create misimpressions that, regrettably can cause unintended harm to innocent individuals. 

A substantial portion of what has been written in the press and other media over the past few weeks is inaccurate, untrue, or hyperbolic, and I apologize to those who have been affected thereby — including those at Jefferies and those associated with Jefferies. 

Sage is an individual of high integrity. He is a great father who deeply loves our children. While it is unfortunate when a marriage ends, Sage and I are fortunate that our family is moving forward, with our children as the centerpiece. We are both fully committed to co-parenting our children. 

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A bunch of nervous and anxious folks inside Goldman Sachs offices all around the world are awaiting an important phone call from chief executive Lloyd Blankfein. 

On Wednesday morning, Blankfein or the firm's president Gary Cohn will inform a select few that they have been made a partnership managing director.

Being made a partner at Goldman is one of the most highly coveted titles on Wall Street.

Joining this elite group comes with a nice paycheck and numerous perks. 

Here's everything you need to know about becoming a Goldman partner: 

1. It happens every two years: Partners are selected every two years in an extremely secretive process. 
2. Potential candidates are identified in the summer: The firm doesn't explicitly tell the candidates. It's not a surprise, though. We heard that you would have an idea that you were in the running.
3. Candidates are vetted through an intense process called cross-ruffing: The term cross-ruffing comes from the card game bridge. Cross-ruffing is when current partners and other Goldman employees engage in a series of lengthy conversations on whether a candidate deserves to be made partner. The candidates, however, are not interviewed, and they are blind to who is interviewing and who is being interviewed.
4. The selection committee looks for folks who've made an impact at the firm: When selecting the partner class, the committee looks for excellence defined by your responsibilities. The committee is also looking for folks who have built strong franchise businesses, adding value to the firm. It wants leaders and people who embody the firm's business principles and standards. Everyone being vetted is excellent, and during the process it might come down to choosing between excellent and super excellent.
5. Blankfein will personally call you with the great news: Blankfein or Cohn will call the employee to let him or her know that he or she has made partner. As you can imagine, folks will probably be anxiously waiting by their phones. 
6. The calls start with the Asia offices: At about 5 a.m. ET, the new partners in Asia start receiving their phone calls from Goldman's CEO and president. The calls typically go until about 9 a.m. 
7. Those who didn't make the cut are told: For many who didn't make it, Wednesday morning can be a disappointment. They will be told in some form that they didn't make it but were close. They will also get feedback so they can work toward making partner in a future cycle.   
8. Current partners are forbidden from congratulating the new partner class right away: The current partners will find out who made the cut in the morning, too. However, they can't say "congratulations" until the list is released to the entire firm (usually around noon ET). The idea is that they don't want to accidentally say something before the person has received that very special phone call. 
9. Making partner is supposed to be an incredible feeling: One former partner told eFinancial News: "Don’t tell my wife this, but being made partner was the greatest moment of my life."
10. Your day-to-day doesn't really change: After two or three days of congratulations, you get back to normal. While your day-to-day doesn't really change, the firm expects more of you. You'll be in partner meetings. You'll sit on committees. You'll also probably make some campus recruiting trips. 
11. Being a partner means getting a boost in your base salary: One of the biggest benefits of being a partner at Goldman is the lucrative paycheck. A partner's base salary changes. The salary doesn't become official until 2015. 
12. They get a nice chunk of the bonus pool: In addition to the base salary, a portion of the bank's bonus pool is divvied up among the 400-plus Goldman partners.
13. There are special investment opportunities, too: Partners are given access to investment opportunities not available to other employees. 
14. The number of partners in a class isn't set: The number tends to fall between 1.5% and 1.9% of the full-time Goldman Sachs employee population. 
15. Age doesn't matter: Age isn't a parameter. Performance is what is important. However, the firm would look at the time someone has spent in a role. 
16. Vice presidents can be made partner: While the committee usually taps managing directors, there have been instances in which a VP has made it. 
17. You can go through the process more than once: If you don't make partner, it doesn't mean you won't have another shot. Timing is everything. You might make it the next cycle or the one after that.

We'll get to meet the new class Wednesday. Best of luck to everyone in the running! 

SEE ALSO: Check Out All The Cool Stuff That's Hidden Behind Goldman Sachs

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It's partner day at Goldman Sachs!

The list of the 78 new partners is out. (See below.) 

That brings the total number of partners at Goldman to 467, or 1.6% of the full-time staff at the firm.

Being named a partner at Goldman is a huge deal. It's one of the most coveted titles on Wall Street.

The bank picks new partners every two years in an extremely intensive and secretive selection process. 

In 2012, the bank tapped only 70 partners compared to 110 in the previous cycle. The size of the partner class isn't pre-dictated, though. However, it usually tends to be between 1.5% and 1.9% of the full-time employee population at the firm. 

Here are some quick stats about this year's class:

• Of the 78 new partners, 23 of them were in Investment Banking, up from 21 in 2012; 25 came from the Securities Division, down from 27 in 2012; 11 came from IMD, up from 8 in 2012; 4 came from Merchant Banking, up from 3 in 2012; 3 came from GIR, down from 4 in 2012; the Federation has 12 new partners, up from 8 in 2012.
• Out of the 78 partners, 50 of them work in the Americas; 19 are in EMEA; 8 work in Asia Pacific and 1 person works in India.
• 11 of the 78 are women. There were 10 women in 2012. 

This morning, CEO Lloyd Blankfein and president/COO Gary Cohn personally called folks at their desks to let them know they've been made a partner. The calls usually begin around 5 a.m. EST with the Asia offices and continue until around 9 a.m. EST.

"We are pleased to announce that the following individuals have been invited to become partners as of January 1, 2015, the start of our next fiscal year. These appointments recognize some of Goldman Sachs’ most valued senior professionals, their embodiment of our culture and values, and their leadership of the firm’s business and people.  We look forward to their continued strong performance and leadership in the years ahead," Blankfein and Cohn wrote in an internal email to Goldman employees. 

Here's the full list: 

SEE ALSO: A Tiny Group Of Goldman Sachs Employees Are About To Get The Phone Call Of A Lifetime

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The Economist, traditionally a pro-capitalism, pro-business publication, is now blaming bankers for defaming the good name of capitalism.

In a Saturday commentary about capitalism's increasingly negative reputation, the classical liberal magazine said that nearly half of Americans had a less-than-positive view of the term and associated it with financial capitalism and greedy banks.

It's almost reminiscent of the 2011 OWS movement, which led protestors to occupy Zuccotti Park and other financial districts for months, denouncing big banks and the government's leniency toward them.

While most people actually do like the underlying elements of capitalism — competition, private property — those things no longer come to mind when they think of capitalism, the article said.

"In the past 30 years or so, capitalism has become associated less with businesses operating in a competitive market, and more with the banking sector. ... Financial capitalism is inherently less appealing. It produces not iPads, but complex structured products with obscure acronyms. And when governments and central banks are forced to step in to rescue the titans of finance, the idea of a free market also goes out the window. A system that privatises profits and nationalises losses is impossible to justify."

Yup, that's The Economist. The same magazine that backed the Iraq and Afghanistan wars and endorsed, at various points, Margaret Thatcher, Ronald Reagan, and George W. Bush. The same Economist whose conservative roots run so deep that it opposed providing food aid during the Irish Potato Famine, in which 1 million people starved to death.

Now they're concerned that a general aversion to the idea of capitalism will lead voters to back harmful, anti-business politicians.

And this, they say, is all the doing of the big bad guys on Wall Street: "Somehow, capitalism, for want of a better word, must be rescued from the bankers."

Harsh.

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