Morgan Stanley is going long on Indonesia.
The firm just got a brokerage seat in the country, which means it will be able to trade securities and offer research. James Brewis, former head of sales at UBS's Indonesia office, will head the Morgan Stanley's Indonesia equities unit and plans to hire salesmen, traders and research staff over the next few months, Reuters reports.
The country is a priority for Morgan Stanley Chief Executive James Gorman, who said the bank would set a footprint there in mid-2012.
Godlman Sachs doesn't have a broking license in Indonesia, but MS will have plenty of competition: Nomura, Citigroup, Credit Suisse and Deutsche Bank all have an equity presence in the country.
Selling Insurance (FINS)
Wisconsin-based Northwestern Mutual Life Insurance Co. will hire 2,400 commissioned salespeople this year. The company is especially open to career-changers, so this may be a great opportunity.
Staying the Course (SFGate)
Nomura is sticking with its $1.2 billion figure in cost savings, the firm said yesterday. Most of the headcount reductions have been completed and the Japanese bank isn't planning on deeper cuts.
Earnings Season (Poets & Quants)
When looking at rankings to determine which business schools produce top-earning graduates, take their findings with a grain of salt.
Defending Their Actions (FINS)
The two most recent chief risk officers at MF Global are expected to say it was all Jon Corzine and the board's fault at today's congressional hearing.
Choosing a Mentor (The Globe and Mail)
Mentors aren't going to find you; you need to find them. Luckily, mentors come in all forms.
Making Bank (Reuters)
Move aside, bankers. Hedge fund managers are the new kings of London real estate. Well, after the Russians, of course.
Buzz Around the Office
Don't count sheep while you're driving.
List of the Day: Learn from Others' Mistakes
Trust the experts. Executive Career Coach Meg Montford shares the hard lessons she learned along the way.
1. Beware of blurting out what's on your mind.
2. Respect for your boss is expected.
3. "Friends" at work are different from friends outside of work.