Look out, world: Wells Fargo is barreling through.
The U.S.-based bank plans to expand in 20 new markets by offering corporate banking services to customers based in the U.S. and expanding overseas, the Financial Times reports. Countries targeted for growth include the U.K., Germany, Holland, France, China, Japan and others. So far, only 2% of the bank's 260,000 employees are based outside of the U.S. Expect that number to increase with the new venture.
Wells gained a foothold outside the U.S. when it scooped up offices from Wachovia, which it bought in 2008. Now it's time to actually do something with them.
Richard Yorke, formerly chief executive of HSBC China and current head of Wells Fargo International, is pushing through the initiative. The bank may compete with J.P. Morgan and Standard Chartered in this particular part of the international arena.
Moving Overseas (Bloomberg)
Royal Bank of Scotland is shedding 215 finance support staff positions in London and Edinburgh and moving them outside the U.K., though it's not clear where. RBS has announced plans to lay off 6,800 since August.
Expanding in Asia (WSJ)
Check out BlackRock's Asia Pacific chairman's approach to the company's plans in Asia.
Starting Anew (Bloomberg)
Mike Stewart, a J.P. Morgan head who oversaw 50 traders in the asset-management division, is leaving the firm to launch his own hedge fund.
Watch Your Step (Poets & Quants)
If you haven't taken the GMAT yet but plan to do so, write it sooner rather than later. A new version of the test is set to debut in three months and you're more likely to do better on the current test, an expert says.
Finding the Loophole (Fast Company)
If you're stuck working late, follow the system devised by your Wall Street brethren and order a feast from an online food site.
Weak Managers (The Globe and Mail)
If you don't want to become a bad manager, avoid always being too busy for things, try to set specific goals for your team and don't blame others for your own errors.
Buzz Around the Office
A big fling.
List of the Day: Handling Criticism
Managers occasionally have to come down hard on their employees to keep things running smoothly. Don't take it personally.
1. If you are under constant scrutiny, step back and evaluate the validity of what is being said.
2. Keep an open mind and choose your battles carefully if you feel the need to fight back.
3. Keep your perspective and focus on the future. Nothing is permanent.
(Source: AOL Jobs)