In a neat turn of history, Germany is relying on the Swiss for guidance.
Deutsche Bank will look to Credit Suisse and UBS when it restructures its investment banking and wealth management operations under incoming co-chief executive Anshu Jain, people familiar with the matter told the FT.
Jain wants the investment bank and wealth and asset management arms to work more closely together, in hopes of cross-selling products to clients. This collaboration will be near the top of his to-do list in the first year and a half of his reign.
As part of the plan, Jain will make Michele Faissola head of the wealth and asset management business. Faissola is charged with expanding Deutsche's private wealth management operations, which so far isn't proving much competition for its Swiss competitors.
UBS in recent months has moved toward a model of cooperation between its i-banking and wealth management arms, quelling fears among some that the investment bank would be entirely subordinated to the wealth management division.
Making the wealth management unit more important at Deutsche Bank could open up opportunities for aspiring private bankers. Deutsche has already been bulking up that division with hires.
Uncle Sam Meets Wall Street (FINS)
Citigroup is hiring more than 1,000 veterans this year. It already brought on a total of 300 in January and February.
Hiring at MS (Bloomberg)
Morgan Stanley wants to add five people for its OTC derivatives clearing business in Japan.
French Offense (Financial News)
BNP Paribas has made two appointments to its metals team in London. The appointments are part of the bank's strategy to break further into commodities.
New Push (WSJ)
BlackRock, the world's largest money manager, is seeking to bypass the Wall Street middlemen and will install its own trading platform. It could be a good alternative to the Street for would-be sales and traders.
Playing Nice (Mergers & Inquisitions)
Be good to the people in the back office who put together your pitch books. It may just help you get a good bonus.
Leaving in a Hurry (IFR)
Goldman may be losing partners left and right, but don't start worrying about the plight of the firm. It's got a plenty deep bench of talent just waiting to move up the ranks.
Buzz Around the Office
That is one angry customer.
List of the Day: Meeting Madness
Whether the meeting is five minutes or 50, here's how to get through it efficiently.
1. Stop checking your phone. You only look bored.
2. Stick to the agenda.
3. Send emails afterward to ensure everyone knows their task.
(Source: Glassdoor.com)