J.P. Morgan is making overtures to American investors and needs more employees to do it.
The firm is courting clients for its brokerage arm, J.P. Morgan Securities. The 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, according to Reuters.
The brokerage unit will add up to 75 advisers this year as part of its plan to reach 650 in total during the next four years, the unit's chief executive, Greg Quental, told Reuters. At the end of 2011, the firm had 439 brokers. The firm's long-term goal is to reach 1,000 brokers.
Quental believes advisers may be attracted by the relative flat hierarchy at the unit: just the brokers, branch managers and himself. At rival firms, there can be multiple layers of regional and division managers.
Tough Times (Bloomberg)
Allied Irish Banks, the biggest state-controlled Irish lender, will shed up to 2,500 jobs, a quarter more than it had planned to cut.
Gaining Confidence (Robert Half)
Nearly all of the CFO respondents to a recent survey said they planned to keep staffing levels where they are in the second quarter.
Moving Around (DealBook)
Andrew Bell, global head of mergers and acquisitions at HSBC, is reportedly joining Jefferies as head of Asian and European mergers.
Trimming Costs (Bloomberg)
Wells Fargo may be expanding its corporate and investment banking units, but it's shrinking its consumer banking operations. The firm may close or consolidate some branches.
Too Much Money (DealBook)
Wall Streets lobbyists are out in full force to protest a new federal agency, the Office of Financial Research. Wall Street banks think it's unfair for them to foot the bill for the start-up costs and think the Fed should provide the money.
Pulling Out (Deal Journal India)
As part of its plan to divest non-essential operations, HSBC is selling its general insurance businesses in Hong Kong, Singapore, Argentina and Mexico.
Shuffling at the Top (Deal Journal)
Citigroup made some changes to its senior banker roster in London, according to an internal memo. Philip Robert-Tissot becomes chairman of Europe, the Middle East and Africa M&A.
Buzz Around the Office
A visual trip from animator Cyriak Harris.
List of the Day: Networking with Ease
Try these verbal cues if you need to start or stop a conversation at a networking event.
1. I'm going to look at that exhibit over there if you'd like to come.
2. I see you work at Company X. Please tell me about your experience.
3. It's been great chatting, but I see a few other folks I need to connect with.
(Source: The Daily Muse)