Best Response

Yeah a friend of mine worked there a few years ago said no one was happy there & turnover was massive. I guess the CEO treats people like crap.. threatens employees, doesnt let them take vacation, and pays well below anyone else on the street. He said a number of former employees who've left are still owed money years later. I found this on google, some guy is even taking them to arbitration http://dockets.justia.com/docket/new-york/nysdce/1:2008cv06866/330173/. I heard the CEO runs some other company, i think janitor services, out of the same office and only works a few days a week.. but to monitor employees makes people write some kind of daily summary about each and every thing they did all day.. phone calls, emails etc and badgers them when these summaries arent long enough. Also heard about some sketchy accounting going on with a few trades but I don't know what kind exactly. Sounds like a bad situation. Did they give you an offer?

 

Don't waste your time if you have an offer. If you do your life will be miserable, terrible pay, no vaca, long hours, major stress. WOW! Former employee taking CEO to arbitration. Yeah, that will be good for business. My friend knows someone that used to work there and he can't believe how the place could still be in business. Very poorly run company. They have like 6 people working there, but if you check them out on Bloomberg PEOPLE, they have 2 pages of employees. Those are all people who have been through the TCP revolving door.

 

Wow! Dead on SD. You describe the place to a T!!! My buddies friend did work there and he described the place almost identical to how you did. To answer your question, no I did not receive an offer. A few months ago I was looking to apply to boutique b/d's and did a search. Toussaint sounded familiar. When I found out how bad the situation is over there, I didn't even bother to send a resume, and glad I didn't.

 

From what I've heard, dictator is too nice a word to describe the guy. I wanna hear from some current or very recently liberated employees to see how bad it really is over there.

 

Bottom line, it's impossible to make money at this firm. You get paid next to nothing to work the company's book of business. There are pleanty of other small b/d's out there that pay much better. Don't waste your time or a few months out of your career at this place.

 

that place is a joke and it is surprising that they are still in business; bunch of idiots over there. It is a hell as I have learned. Stay away from that place; better stay home than waste time there.

 

If you want to work at a place where the pay is horrible, you get NO Vacation, get badgered by the boss all the time, major strees, work in a environmentof fear and intimidation, no chance for any hope, no health insurance, no trust, then Toussaint Capital is the place for you. If you want to work at a decent place that treats people with respect then go elsewhere. I hear turnover is so great, people last an average of 2 months!!! Pathetic, just pathetic!!!!

 

As someone who actually did work there briefly, I can tell you that the descriptions above are entirely accurate. Complete nightmare. In addition, it is my opinion that the CEO is quite the racist. From my perspective, white people were treated as second class citizens. For example, black employees had their requests approved to take certain holidays and / or days off while white people's requests for the same days off were not approved and they were made to work. There were incidents in which I and others were cursed at, yelled at and even threatened by the "management committee", which was entirely made up of black people. As such there were literal occasions in which the all black management committee would sit in the room, yelling at and criticizing all of the white people in the room, while usually complimenting the work product of the black employees, or at the very least saving them from the bombardment of abuse. There have been numerous incidents in which he flat out just didn't pay certain employees, who happened to be white. There was even an incident in which he almost got into a fist fight with a white trader who had resigned that day - right in the middle of the office.

In my opinion, you should stay away - he is a bad guy.

My sense / opinion is that Toussaint at one point was actually a good firm when the other partners who had real banking backgrounds were still there (circa 2007 I believe). However they are long gone and now I suspect the firm will follow suit soon as well.

 

WOW!!! That's a heckuva post eblaster. My friend who worked there never said anything about racism., but he did say the ceo could be in a great mood in the morning and then an hour later he'll be yelling and threatening you. Never know what you'll get every day. Very unpredictable, almost bi-polar. Wow, a fist fight in the middle of the office? CRAZY!!!!! How did the labor dept not take any action?

 

I used to work there a few years ago. Couldn't stand the CEO, the meager pay and the overall atmosphere of the place. I quit after a few months even though I had no job!!! I got a job offer a few months later, and when my company called to do an employment verification, the CEO told my employer that he fired me and told them i would be a poor choice. He tried to sabotage my career. It didn't work!! I got the job and I'm happy!! I can't believe the place is still open

 

I hear there are only like 3 people still there. Just a bad place to be. You can't expect employees to bust their butt, when they are constantly harassed and threatened. I feel for those who had to put up with that place and best of luck finding something new.

 

Youngbusinessman, go with insurance sales. You will get terrible experience and not learn anything about how a Wall St Inv bank should operate at Toussaint.

 

I once worked at Toussaint Capital Partners and sd4786, Eblaster and Atom151 have all posted accurate descriptions of what it is like to work there. The CEO is bipolar and will tell you what a great job you are doing and literally hours later will call you into his office and you'll be fearing for your job. He also likes to talk for unnecessarily long periods of time, repeating himself and beating his point to death. He makes the work environment extremely difficult, stressful and inefficient. His wife runs a commercial cleaning company (Bradford & Byrd) which is going out of business and employs ex-convicts and she is also the head Administrator of TCP even though she has NO financial licenses and FINRA conducted an audit recommending that make serious managerial changes (none of which they actually made). The firm is severely undercapitalized and conducts much of its business below board. I am surprised FINRA hasn't shut them down yet. TCP has been working out of Bradford & Byrd's awful office in Freehold, NJ ever since their office at 110 Wall St. was compromised by Hurricane Sandy.

Strongly recommend that you look elsewhere.

 

Hi, ehunter44, I'm trying to make the right decision as to whether I should interview with Toussaint or not. I've done my research and I've yet to see one positive review on the firm. What scares me also is the pay. Should I waste my time? I'm currenlty an underwriter at a huge financial conglomerate and I'm looking to make a critical move to investment banking. Thanks for your help.

 

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