The broker wars of 2012 are heating up as a foreign invader tries to crack the U.S., Asian, British and Latin American markets.
Royal Bank of Canada's wealth management division wants to double its financial adviser headcount in Latin America and Asia to at least 220 by 2015, the unit's head George Lewis told Reuters. It wants to increase the number of advisers in Britain to 100, from 40, and plans to hire between 25 and 50 FAs each year to add to the 1,500-member roster in its home country of Canada.
The bank will also hire in the U.S., though no target has been set for a specific number of advisers. It now employs 2,100 in 42 states across the country.
While most other sectors in finance are lagging, wealth management is still a hot sector. Lewis said some of the bank's competitors are "growing their sales force," which has resulted in a war for talent that's put a premium on compensation.
In related news, the Canadians just decided to get rid of the penny as a unit of currency. A good thing to know if you plan on applying for a job at the bank.
Cuts at UBS (Financial News)
UBS cut 15 employees from its equity research division in London, a reduction of 10%. With new leadership, the firm is reassessing its focus within the investment bank.
Where the Money Is (Reuters)
It's no wonder people are always clamoring to get to the buy side. Hedge fund Bridgewater Associates head Ray Dalio took home nearly $4 billion in 2011.
The New Crowd (Deal Journal)
The Senate confirmed a few new bigwigs for various federal financial agencies. Bank lobbyists are probably at this minute inquiring into the new staff's dining preferences.
Moving On (Bloomberg)
Jonathan Simon, a managing director at Citigroup, resigned this week to join Deutsche Bank as a managing director in equity-derivatives sales.
Expense Accounts (WSJ)
If you're trying to be a good employee and save the company money on business trips, don't bother. Your thrifty ways may go unnoticed, or worse, put off clients and company execs.
The Honest Truth (Here is the City)
If you're working with a headhunter, it's good to know what they really think of your resume. Turns out it's all about where you've worked before, and Goldman remains the gold standard.
Buzz Around the Office
Is that Mowgli? A 22-month-old scales a rock wall.
List of the Day: Making a Decision
Don't accept a job just because it's offered to you. Make sure you carefully evaluate what's being proposed.
1. Don't take something because you're desperate.
2. Consider whether it's truly the right fit.
3. Say no if you have any inklings it may not be mostly perfect.
(Source: Harvard Business Review)