Jerome Kerviel? So 2008.
Daniel Truchi, chief executive of SocGen, Kerviel's former employer, wants to make headlines for a different reason: building up the private banking business.
Truchi, who was tapped to launch the bank's wealth management business in Asia in the late 1990s, is now turning his attention to the U.S. and Russia. He wants to increase client assets from 70 billion euros to 150 billion euros by 2015. To reach that goal, Truchi plans to double the number of advisors to 1,100. He expects the hiring to begin in 2012, and is on the lookout for younger talent.
Truchi is aggravated by the poaching that has plagued the advising game. "A jobs merry-go-round does not help our business," he told Financial News. "Clients end up being torn. They don't know whether to move with their advisers or not. And if an adviser gets a rise from $100,000 to $150,000, the clients can bet he will be expected to increase turnover, to their potential loss." (Financial News)
The Merger in DC (FINS)
Marriage between any two entities is a difficult process – just look at your in-laws. By July, the Office of Thrift Supervision will be subsumed by the Office of the Comptroller of Currency; the transition is not going as smoothly as many hoped.
Breaking Up (FT)
A UK banking commission is weighing a plan to split up Lloyds, the British lender that has axed thousands of jobs over the past three years. Those still at the bank are no doubt hoping for a different strategy.
Accounting Holidays (GoingConcern)
RSM McGladrey employees aren't just getting a regular bonus this year. The best and brightest among them will receive monetary rewards throughout the year for their hard work.
Inside Job (WSJ)
After a three-year investigation, federal authorities are drafting insider-trading charges against professionals across the financial industry. Expect some heads to roll.
Age Bias (Inside Nova)
The Equal Employment Opportunity Commission is leading the fight against ageism, which seems to be pervasive in a market where millions are still looking for jobs. Unemployment for people age 55 and older increased to 7.3% in August from 3% in November 2007.
Asia Rising (FINS)
If you want to make partner at Goldman, you should reconsider your area code. Of this year's honorees, slightly more than a quarter are based in Asia or cover the markets there, and that number is expected to grow.
Breezers to Business Suits (Dealbook)
Turns out hockey and hedge funds have a lot in common. Many Ivy League hockey players went on to score goals on Wall Street.
List of the Day – Getting a Raise
It's almost review and bonus season, so hone your strategies to sweeten your deal.
1. Just ask. The worst your boss can say is no.
2. Find out where you stand. Don't go into the meeting without knowing what people in similar positions make.
3. Negotiate. If you can't get cash upfront, how about more benefits? Or an extra vacation day?
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