- October 29, 2009 - JP Morgan Will Not Raid Rivals "Hamstrung" On Pay, Says CEO - Report
JP Morgan’s chief executive, Jamie Dimon, said his bank will not be poaching staff from rivals labouring under recently imposed compensation caps, AP reports.
The US authorities recently reviewed executives' pay packages within those banks which received public bailout funds under the Troubled Asset Relief Program, with the result that pay czar Kenneth Feinberg ordered pay cuts at firms including Citigroup and Bank of America.
“I morally have an issue with people going against these companies that are hamstrung and making it worse.
- October 28, 2009 - Retirement Service Connects Merrill And BoA
Bank of America Merrill Lynch has launched a retirement service that combines Merrill Lynch Global Wealth Management and Bank of America operations.
The Comprehensive Retirement Income Management Solution has been integrated with Bank of America’s My Retirement Income service and its proprietary investment framework.
The joint operation means that Merrill clients will be able to periodically transfer funds, set aside to provide retirement income, into a BoA deposit account from their cash management accounts.
- October 27, 2009 - Merrill Lynch Hires Three For French Wealth Management Business
Bank of America Merrill Lynch has bolstered its French wealth management business with three new hires.
Nicolas Beyaert has joined the firm as a financial advisor, having previously been with Lombard Odier's private banking business for six years. Prior to this, he was a principal and investment specialist at wealth management boutique Beo Finance, which he co-founded with four partners.
- October 27, 2009 - UBS Confirms Former Merrill Lynch Executive As Wealth CEO For Americas
UBS has confirmed recent media reports that ex-Merrill Lynch wealth management top executive Robert McCann is to take up the reins as the chief executive of UBS Wealth Management Americas.
The move, which takes immediate effect, UBS said in a statement, means Mr McCann will be responsible for the Swiss bank’s wealth management businesses in the US and Canada. Almost 8,000 financial advisors work in the group, based from more than 320 branches with SFr695 billion of assets.
- October 21, 2009 - Merrill's EMEA Wealth Management Head Resigns
The head of Merrill Lynch’s wealth management business in Europe, Middle East and Africa, Eva Castillo, has left the US firm, WealthBriefing can exclusively report.
An announcement about a replacement for Ms Castillo will be made in due course, this publication understands.
Merrill Lynch declined to comment on the matter.
- October 19, 2009 - Banks Must Not Forget The Client In the M&A Merry-Go-Round
One group of financial market players has certainly been busy so far this year: merger and acquisition advisors. And the M&A circus has thrown out a few surprises: last week saw Commerzbank agree to sell Kleinwort Benson to Belgian-based RHJ International, and ING sell its Asian private banking assets to Singapore’s Oversea-Chinese Banking Corporation. The game goes on: Lloyds Banking Group confirmed last week that it is discussing selling some private client assets to Rathbone Brothers.
- October 16, 2009 - No Pay Or Bonus For BoA Head In 2009 – Report
Bank of America chief executive officer Kenneth Lewis will take neither pay nor bonus for 2009, a spokesman for the bank has told Bloomberg. “Lewis felt that it was not in the best interest of Bank of America to get involved in a dispute with the pay master,” he said.
The decision was based on advice from the government pay supervisor Kenneth Feinberg.
- October 15, 2009 - Overseas Banks In London Back G20 Bonus Moves
The UK subsidiaries and branches of major overseas banks have agreed to support the implementation of reforms to bank pay agreed by the G20 in Pittsburgh, the UK government announced.
Bank of America, Merrill Lynch, Citigroup, Credit Suisse, Goldman Sachs International, JP Morgan Securities, Morgan Stanley, Nomura and UBS have all confirmed their commitment to the financial regulator’s rule and supporting code on remuneration practices, which was published in August and comes into force on 1 January 2010, and their full support for the G20 agreement, which sets global standards for . .
- October 13, 2009 - Austrian Insurer To Sell Stake Of Liechtensteiner Private Bank
Vienna Insurance Group has confirmed media reports about the firm's plan to sell its 25 per cent stake in Bank Frick, the Liechtenstein-based private bank.
A spokesperson at Vienna Insurance Group, one of the biggest insurance companies in Austria as well as Eastern Europe, told WealthBriefing that these media reports were accurate and the bank is indeed planning to sell its stake in the private bank.
Reuters reported that Bank Frick had net profits of SFr6.
- October 12, 2009 - Citi Private Bank Hires Senior Investments Manager From BoA
Citi Private Bank has announced that David Bailin will join from Bank of America as managing director and global head of managed investments
In his new role Mr Bailin will be responsible for expanding and distributing Citi Private Bank`s full suite of managed investment products and solutions, including alternative and traditional investments.
Mr Bailin will also be responsible for Citi`s Tailored Portfolio Group that provides discretionary asset management services globally. He will report directly to Jane Fraser, chief executive of Citi Private Bank and be based in New Yo.
