SNL Financial opens Richmond office

news-snlfinancialThe 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.

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30 comments

I worked in SNL's newsroom where my boss was some crazy, tree hugging with the same amount of experience I had. It was a sweat shop, no more like a plantation seeing as how I was the sole black person there. Anyone who stays for more than two years must have low self confidence. I'm just sayin...

As having been an SNL employee, I learned within 30 days that I had made a VERY bad decision. They did the usual "hack job" to any employee they didn't think could keep up with the "sweat shop" pace (ie: wanted a life and time with the family). Note, this was just before the notorious "bonuses" were issued. Within 60 days I was in Mr. Nagle's office only to see a letter from Ivan Bosky thanking him for his "wonderful" service. That letter, from what I have been told, has been taken down. I couldn't believe what I was seeing....I was now working for the "junk bond salesman's" right hand guy....10 months later, I was on my way to a much less stressful job, better conditions, and more time to spend with my family (same pay by the way). Many people were "let go" during my 12 months there, good people, smart people, and talented people. Just not ones to totally dedicate their lives to their job. I can say on the positive side, that my tenure with SNL gave me the self confidence I have today. I know that if I made it 12 months there, I can make it anywhere! (Sung with the same singsong of New York!)

Now where did I put that article? Oh yeah!!! Here it is!!! Just some past jouralism from Lisa Provence and the Hook! http://www.readthehook.com/Stories/2007/06/07/hotseat-nagle.aspx

Just some further reading if you are bored!

@josh, amen! Another employer that has "Press 1 for English"....and then it STILL won't be compreshensible.

"Nagle testified under immunity from prosecution at the securities fraud trial of former Boesky associate, John A. Mulheren Jr." - maybe Nagle moved to Cville to keep a low profile....sure that Ivan regreted that last Xmas bonus he bestowed on Nagle after this!

So let me throw some more gas on the fire! Between Reid and Jessica Nagle - $5300.00 in campain contributions to Obama....here's the link for you picky people that like proof: http://fundrace.huffingtonpost.com/neighbors.php?type=name&lname=Nagle

Note that I am neither Dem or Rep. I just like to watch the fight between the two!!! LMAO!!!

BUSINESS
Business article from the orlando Sentinel, three years after Nagle founded SNL.

Insider Trading
May 22, 1990

BIG SPENDER. Ivan F. Boesky bought stocks so voraciously that worried underlings curbed his appetite by telling him he had less money to spend than actually was available, a former aide testified Monday. Reid Nagle, one-time senior vice president for Ivan Boesky & Co., said the practice, which he called the ''fudge factor,'' was initiated in 1985 to comply with regulations that set the minimum capital a brokerage must have to operate. Nagle testified under immunity from prosecution at the securities fraud trial of former Boesky associate, John A. Mulheren Jr. Boesky is to appear as a government witness.

You must be joking.

Bloomberg and Capital IQ are vastly superior information services, both of which will be around long after Nagle cashes out of SNL, which he has been trying to do on and off for more than a decade, and skips off someone to raise ponies.

All is true above as I did my time there and found that the management is very poor. I would recommend for anybody still there to get out before the music stops and the company is sold. Once it is sold to a bigger player, they are going to take the data and leave all of you behind. Just saying.

? There aren't THAT many more Pakistanis in Richmond than in Cville...

Um. I've worked there for five years. Most of my friends have at least that much under their belts. It's a hard job, but a good one to have.
But yea, I'm sure it's for only nefarious reasons that we've opened a Richmond office!

Actual Employee, I'd like to know which of the corner offices you work in then. I know a number of the people who leave have been hired for more money, less stress, and seem better appreciated by their new employers. If they are so 'untalented' why is that?

I know there are some very good people who work for SNL and it baffles me why the screws are being tightened so much and have been since the 90's. ( I was mistaken I know 2 people who felt they had good compensation.) There is a cost to training, and you can only outsource so much.

or better yet they should finish the hotel and put their Richmond hiries up there

I think C'ville's art department is growing rather quick

"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.

JBO, SOL,LOL,

I am aware of all you say, and I am under no illusions about Mr. Nagle's previous associations. Over the years I have known people who have worked there, and some that currently do, along with a few who from graduate days simply refused to work there calling it a sweat shop.

I have only known one who felt they actually got a 'good deal' in terms of skills training and compensation, and that was because the company did pay for them to finish their degree. However that was back in the late 90's, when they simply had to do it, and I excpet Nagle hadn't perfected his squeeze scheme.

Anyone interested in some back story would do well to pick up a copy of Den of Thieves, in which the founder and chairman of SNL is a member of the supporting cast in the sections highlighting Ivan Boesky and his investment dealings with junk bond king Michael Milken.

It is interesting reading.

I've known no one in 10 years who worked at SNL and had anything positive to say about the time spent there.

@A bad experience: I agree completely, however, go to their website and check out the stats on their "2008 SNL Employee Survey"......http://www.snl.com/SNL-Financial/Home/Careers.aspx...make sure you click on the Corporate Culture tab....they boast 93% like working there, that 93% must be in India or the majority are afraid to voice their real opinion. Oh I feel like such a troll! LMAO!

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.

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 ââ?¬Å?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.

Even UVA's Darden grads know better than to schlep a resume over to SNL.

I worked there for several miserable years because of the compensation. The management was very demeaning/insulting. There were very few if any women in upper management. There was a limited amount of people of color with the exception of southeast asians. Nagle- wow no kind words for him. Anyone who worked JUST 40 hours a week was looked down upon. I would never recommend anyone applying for a position at SNL. Take one guess as to why they move jobs to India & Pakistan! Check out the GDP for India & Pakistan. The turn over was insane. Some managers were totally unprofessional- they would discuss employee issues with other employees. I know of an instance where a manager told the department that an employee was 'leaving' before said employee knew.

"I can say on the positive side, that my tenure with SNL gave me the self confidence I have today. I know that if I made it 12 months there, I can make it anywhere. . . . "

Oh so true! Reading the comments - I can verify the truth of the statements above. I made it working at SNL about a year - and have met so many others who worked there for various lengths of time - and we all say the same thing. Which is that it's a sweat shop which doesn't value it's greatest asset - the people who work there. Which I guess is fine if you're young, just out of school and don't have a life anyway and need to build up your resume with some hard-won experience - but if you have a family? Forget it - it's not worth it - you can make just as much working for employers who value you. You don't need to work for demoralizing, unprofessional management. Leave and regain your self confidence and awareness of your worth. I met some mighty intelligent, good, well-meaning, fun, hard-working, people in my time at SNL - but they don't stay for long. Not if they don't have to. . .

I worked for SNL for a year and a half....the worst and hardest 18 months of my life! I just recently left and my health is starting to finally improve. I have had over a dozen jobs and working for Reid Nagle was the worst job. I would not wish that place on my worst enemy. They are opening a sweat shop in Richmond because people in Charlottesville know not to apply...the truth is out! But, I agree, if you can survive SNL, you can survive just about anything!

I hope the powers to be at this place are reading these comments. I thought I was the only one who felt like this. Any normal person who works there knows the "culture" equates to socially awkward (albeit smart) people who are too afraid to go be real financial analysts, reporters, whatever. Because lo and behold, that would require interaction with (GASP) someone beyond the downtown mall.