SNL Financial opens Richmond office
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The 2006 opening of SNL’s five-story building in Ahmedabad, an Indian city of 5.2 million, attracted that city’s mayor. Will Richmond’s follow suit?PHOTO BY SNL
SNL Financial, the Charlottesville-based banking info powerhouse that already has offices in such diverse spots as London, Pakistan, and Hoboken, has just announced the opening of an office at Innsbrook in Richmond’s far West End because Charlottesville’s labor pool just can’t keep up with SNL’s insatiable need for talent.
In the release announcing the opening, Tom Corbitt, SNL Financial’s Chief Administrative Officer, says: “In the past 12-18 months, we’ve pulled nearly 40% of our Charlottesville-based new hires from the Richmond market. It’s a key talent pipeline for us that will help sustain our continued double digit revenue growth in the foreseeable future. This new office isn’t just great for recruiting, but it also gives a few hours a day back to our existing employees who regularly make the commute from Richmond to Charlottesville.”
Headquartered in a rehabbed LBJ-era government building downtown, SNL— which reports on banking, financial services, insurance, real estate, energy, and media/communications businesses— has more than 400 Central Virginia employees, more than 1,300 worldwide. The company claims annual revenues in excess of $100 million.
I think C’ville’s art department is growing rather quick
or better yet they should finish the hotel and put their Richmond hiries up there
Shouldn’t you have included the employee turnover in this article??? It the past, it was rather high.
“insatiable need for talent” = recent college grads willing to work for peanuts to replace the old timers who were forced out b/c their salaries got too big.
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Given the relevant history, this development is not newsworthy. But taking McGregor McCance’s abilities, I bet this makes front page in the Daily Depressed. How sad.
Actually “insatiable need for talent” = how many employees can SNL burn out in a 12 month period….most only last a few years at best. Thus the need for more remote talent.
Sounds more like the SNL model of overworking and underpaying recent graduates for experience has finally worn thin. You can only go so far before you demoralize people and they leave. Even in today’s bad times the real ‘talent’ does still have options.
Business Week had a long article warning companies not to do what SNL appears to be doing even if unemployent is high. They reminded them that when the economy turns the unhappy employees will leave, and they will not do their full capacity while they remain. to keep that talent will then cost far more.
With all the Fortune 500 companies in Richmond, I can’t imagine that they will find this large pool if supposed talent.
“With all the Fortune 500 companies in Richmond, I can’t imagine that they will find this large pool if supposed talent.”….Caesonia, they have no choice. The word is out that they go through employees like a hot knife through butter and burning them out as they go. According to a “top of the rung SNL person”, he can make any college grad a financial anaylst….don’t we wish our government officials had that talent as our country’s economy tanked a couple of years ago? :)
This explains the stench of sulfur along the I-64 corridor between Innsbrook and downtown C-ville.
Time to call up Ivan Boesky and ask that upstanding fellow about his old colleague and former CFO Reid Nagle, now sitting atop that “LBJ-era” building in Charlottesville as founder and chairman of SNL Securities cum Financial.
Whatever.
Anyone who ever pulled a stint with that company already knows the score. Those who enter unaware learn soon enough.
Turnover surpassed 100 percent in the SNL “newsroom” during the two years I worked there.
Even UVA’s Darden grads know better than to schlep a resume over to SNL.