First New York Securities LLC

  www.fnysllc.com
  www.fnysllc.com
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First New York Securities LLC Reviews

Updated June 30, 2014
Updated June 30, 2014
12 Reviews
2.7
12 Reviews
Rating Trends

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Thomas Donino
0 Ratings

Employee Reviews

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  1.  

    Good Place To Work

    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee

    I have been working at First New York Securities LLC

    Pros

    congenial atmosphere to work in

    Cons

    Better training could be provied

  2.  

    amateur hour, lots of useless talent

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - IT  in  New York, NY
    Current Employee - IT in New York, NY

    I have been working at First New York Securities LLC full-time for more than a year

    Pros

    no dress code, do as you please, decent coffee. well paid.

    Cons

    Working in IT, upper management is non communicative, totally shut in, there are several individuals who are a total waste of space and should of been let go years ago. Senior managers play a lot of locker room antics and have their favorites. Highly disorganized environment. there is no real career advancement.

    Advice to ManagementAdvice

    Fire the dead weight, become more open with your communication, have work outings, provide mentor-ship.

    Doesn't Recommend
    Neutral Outlook
    Disapproves of CEO
  3.  

    FNY portfolio manager

    Former Employee - Portfolio Manager  in  New York, NY
    Former Employee - Portfolio Manager in New York, NY

    I worked at First New York Securities LLC full-time for less than a year

    Pros

    a good amount of flexibility in trading ideas/execution

    Cons

    6 months trading of flat returns and I was out the door. High cost per transaction on equities trading

    Advice to ManagementAdvice

    be more selective in hiring and give a longer do or die period

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  5.  

    disorganized and penny pinchers

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Portfolio Manager  in  New York, NY
    Former Employee - Portfolio Manager in New York, NY

    I worked at First New York Securities LLC

    Pros

    freedom to run book how you want (in theory), can take vacation, new mgmt might be better

    Cons

    they'll try to hit you with a lot of fees to pay you a smaller cut; not an ideal set up if you come from traditional hedge funds

    Advice to ManagementAdvice

    you need to pick where this business is going. if it is a day trading shop, make it a day trading shop. if you wanna run long/short and recruit credible long/short pms, you cant stand over a guys shoulder every time a $60 stock moves 30 cents.

  6.  

    Eat what you kill exemplified

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Trader  in  New York, NY
    Former Employee - Trader in New York, NY

    I worked at First New York Securities LLC full-time for more than 3 years

    Pros

    Control your own destiny and compensation is cut and dry based on returns. Not a bad place to learn trading. Just understand that they tend to favor quick trading rather than investing.

    Cons

    Limited rope if things start going against you. It is a total return shop so risk is constrained if you obtain any losses - which is bound to happen eventually even to the best of traders and risk managers.

    Recommends
    Negative Outlook
    No opinion of CEO
  7. 1 person found this helpful  

    Office Politics.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Former Employee - Junior Trader  in  New York, NY
    Former Employee - Junior Trader in New York, NY

    I worked at First New York Securities LLC

    Pros

    good pay and health benefit, good capital to play with, and potential to make quite a bit money for urself early on

    Cons

    Suggestion for future employee:
    1) keep your mouth shut
    2) do whatever the management ask u to do
    3) learn as much on your own, bc noone is gonna teach u, basically learn by watching
    4) Most importantly, dont show threat to the guy who runs the training program (not gonna name name here), bc even if u made money, u'll still likely to be let go if u pose a threat to his authority.

    Advice to ManagementAdvice

    do something to solve the office politics

    Doesn't Recommend
    Disapproves of CEO
  8.  

    1-100 make it, and that has nothing to do with FNY

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Current Employee - Assistant Trader  in  New York, NY
    Current Employee - Assistant Trader in New York, NY

    I have been working at First New York Securities LLC

    Pros

    -solid company name
    - A few partners there make money
    - when you end up not making money, you might find a job with the firm name attached

    Cons

    zerop effortin developing new traders.

    Advice to ManagementAdvice

    get real technology. the tools are behind etrade. Try to develop your traders, stop listing to the oldest guys in the room that just care about their partner checks.

    Doesn't Recommend
    Approves of CEO
  9.  

    A complete madhouse for anyone who is not trading on a desk, not worth the pain.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Former Employee - Anonymous Employee  in  New York, NY
    Former Employee - Anonymous Employee in New York, NY

    I worked at First New York Securities LLC

    Pros

    If you are a trader and want freedom to make your own decisions with minimal risk management or oversight, you are in.

    Cons

    The professionalism is non-existent. I would describe this place as worse then any I have ever experienced with more politics and lack of management then most.

    Advice to ManagementAdvice

    Respect. Give it and understand it if you want quality work from those supporting your core businesses.

    Doesn't Recommend
    Disapproves of CEO
  10.  

    Good place for prop trading

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Former Employee - Trader  in  New York, NY
    Former Employee - Trader in New York, NY

    I worked at First New York Securities LLC

    Pros

    - Good payout %
    - Some good co-workers
    - Convenient location in midtown
    - Flexible work schedule

    Cons

    - Very random process for who you sit next to (which can make or break your career)
    - Management out of touch with what's actually going on
    - Good traders do not necessarily make good managers

    Advice to ManagementAdvice

    Realize that just because somebody makes a lot of $ as a trader, that does not make them a competent manager.

    No opinion of CEO
  11.  

    Trading shop

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Current Employee - Anonymous Employee  in  New York, NY
    Current Employee - Anonymous Employee in New York, NY

    I have been working at First New York Securities LLC

    Pros

    FNY will pay you a set part of your PnL. It is very clear and clean. They will give you plenty of capital if you deserve it as well. They don't care at all about facetime. There are tons of smart, hardworking people there.

    Cons

    It's basically a day trading shop. There is enormous pressure to have positive PnL on a day to day basis and they pressure you to churn your acct and put more commission dollars back to the firm.

    Advice to ManagementAdvice

    I'm not sure that I have any. The partnership is doing very well and I have no doubt that it will continue to do well in the future. It doesn't mean that it's the best for all traders, but management knows what they want and excel at getting it.

    Recommends
    No opinion of CEO

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