J.P. Morgan Securities, the financial adviser wing of J.P. Morgan Chase, is expanding in the City of Brotherly Love.
JPM is hiring around a dozen advisers for the Philadelphia office over the next two years, On Wall Street reports. The firm ended last year with 439 advisers and plans to bring on 1,000 in total over time.
The Philly office will be headed by John Borzi, who had spent almost 11 years at Barclays Wealth prior to jumping ship for JPM. Mike Lee, a New York-based regional director, will conduct the expansion of the securities wing into Philadelphia. He also oversees New York City, Cleveland and Florham Park, NJ.
The adviser unit trades stocks and bonds on commission and doesn't have any wealth minimum requirement, unlike the lender's private banking unit which takes families with at least $25 million in investable assets.
Another good thing about Philadelphia: the restaurants. And more square footage per dollar than you'd get in a New York apartment.
Leaving Graciously (FINS)
When you put in your two weeks' notice, you're not off the hook. On the contrary, it's at that moment that your character begins to really be noticed by people at the firm. Don't burn bridges.
A Promotion (Bloomberg)
Gérard Crémoux has been named head of investment banking for Latin America at UBS. He'll move to Sao Paulo from New York to make sure the firm's expansion in the region goes swimmingly.
Top of the Top (Financial News)
Take a gander at the top salaries in Europe for last year. You may be surprised to see the winner doesn't come from a bulge-bracket.
Under Harsh Lights (DealBook)
The Association of British Insurers, an industry group, is looking closely into Barclays' head Bob Diamond's pay for 2011. This issue just isn't going away, presumably to the consternation of the bank.
The Perfect Letter (Mergers & Inquisitions)
Keep your investment banking cover letter to fewer than 500 words, and don't bore HR personnel with your favorite Wall Street-themed interests. Everyone already assumes you fancy yourself Patrick Bateman's life double.
No. 2 Ain't Bad (WSJ)
Actuaries can feel free to get an extra beer at the bar tonight: They were ranked the second best job of 2012.
The Wrong Muppets (Dealbreaker)
Goldman's internal investigation found that 98% of emails that had to do with muppets referred to a movie that was released last year, not their clients like Greg Smith has alleged.
Buzz Around the Office
Making warm beer cold again.
List of the Day: Revamped Networking
Don't limit yourself to wine and cheese events that are boring even to the organizer.
1. Pick a fun Groupon and meet people who also chose that activity.
2. Find out which bar people in your industry tend to gravitate to. Go hang out there.
3. Wherever you are, work up the courage to talk to someone.