The story is an oldie but a goodie: Large bank will hire dozens of wealth managers in, where else, Asia.
This time the bank is Barclays Wealth, and it will increase its 100-member staff in Hong Kong, Singapore and India by 50% by the end of 2012, Chief Executive Thomas Kalaris told The Wall Street Journal.
The unit will focus on hiring senior bankers, or those with at least 10 to 15 years' experience who can bring along relationships and also be "trusted," he said.
"I see the growth of ultra-high-net-worth clients in Asia, and I also see a definite increase in the number of private banks focused on that space," he said. "There is a lot of competition for bankers, and also there is a shallow pool of talent with a limited number of high-quality private bankers, but we are investing in wealth management. So bankers know we're committed."
The hiring fits into the bank's overall strategy of relying more heavily on wealth management as a source of revenue. It hopes to double the number of wealth managers in the Americas to 500 by 2015.
French Expectations (Bloomberg)
Add another one to the list of U.S. casualties: French-based Societe Generale will cut at least 200 jobs, about 10%, in the U.S. investment and corporate banking business.
Action at the Top (UBS)
Newly named UBS Chief Executive Sergio Ermotti is wasting no time removing heads and installing his own lieutenants. Chief Risk Officer Maureen Miskovic will be replaced by Philip Lofts, who previously held the position. Meanwhile, Robert McCann, head of wealth management, will also become CEO of the Americas.
Russian Appointment (DealBook)
Citigroup has appointed Slava Slavinskiy as head of banking for Russia and the Commonwealth of Independent States. Slavinskiy was formerly the head of energy for Europe, the Middle East and Africa at the bank.
The Right Time (Poets & Quants)
If you're 30 or older, you may think you're too old for an MBA and too young for an executive MBA. Don't be deterred: There's still room for those with clear career goals.
Making the Grade (American Banker)
The 2011 Banker of the Year isn't going to some flashy executive from a bulge bracket. Instead, it's going to Robert Wilmers, the 77-year-old CEO of Buffalo, N.Y.-based M&T Bank Corp.
New Strategy (Economist)
If you want to get an MBA at Harvard, be prepared to work in the field. A new overhaul of the business school will result in an emphasis on "learning by doing," instead of merely cracking case studies in the library.
Buzz Around the Office
Black Friday pranks.
List of the Day: Organizing Your Inbox
If you have 7,432 unread messages in your inbox, it's time to give yourself a break.
1.Just clear it out. Delete everything you will never need again.
2.Unsubscribe to pesky listserves.
3.Auto-filter your incoming mail into separate files.