- August 3, 2009 - Survey Shows Goldman's Image Has Been Tarnished - Report
Goldman Sachs’ reputation among both the general public and financially sophisticated US citizens has been damaged by the events of the past year, according to research conducted for the Financial Times.
As well as investment banking, the Wall Street firm operates businesses such as wealth management, catering to ultra high net worth clients. However, it has said little about its activities or strategies in this area when approached by WealthBriefing.
- July 31, 2009 - NY Government Turns Up Heat On Bank Bonuses - Report
US banking and wealth management powerhouses
Citigroup and
Merrill Lynch – the latter now owned by Bank of America - paid out a combined $9 billion in bonuses last year after suffering total losses of $54 billion, said a report by New York attorney general Andrew Cuomo, according to Bloomberg.
The bonuses came at a time when both banks, along with a raft of other financial institutions, received billions of dollars in public assistance under the Troubled Asset Relief Programme.
There has been debate over whether banks that receive taxpayers’ funds should have commerci.
- July 29, 2009 - Australian Bank Poised To Acquire Most Of Brokerage Business From Goldman
National Australia Bank is to acquire a majority stake in a private client stockbroking joint venture with
Goldman Sachs, according to media reports.
NAB is about to reach terms with Goldman Sachs JBWere for the JV. The Australian bank is expected to own up to 80 per cent of the joint venture, which will cover 120 private client advisors, research and distribution.
- July 28, 2009 - Big US Banks Set Sights On Brazilian Wealth Management
Big US banks have set their sights on the Brazilian private banking market by expanding their wealth management teams in the country.
Brazil has been one of the fastest growing private banking markets in the world and is living a less severe economic downturn than most countries. In the past few weeks, JP Morgan, Goldman Sachs, Bank of America Merrill Lynch and Citigroup have all announced plans to boost their businesses with wealthy clients in the country.
- July 26, 2009 - Asian Wealth Managers Must Modernise Or Die
Ask any private banker what their opinion is of the Asia Pacific wealth management market and the answer will tell you a great deal about their actual knowledge of the market and regional client demand.
The quick response is the market will be described as “hot”, “spicy” or any other food-like metaphor to suggest a boom. Others will suggest that the market is still green and the quicker you get there the better you will do.
- July 26, 2009 - Litigation Risk Becomes Asian Wealth Market Headache
As Asia joins the world's financial crisis, high net worth investors have proven ready to reach for their lawyers as part of an attempt to recover lost wealth, in court actions against big players like UBS, Goldman Sachs and Merrill Lynch.
But while litigious action is breaking out in a number of Asian jurisdictions, the problems are not yet serious enough to drive Western investment houses out of Asia. The Asian wealth management prize is too big for the major players to consider more than temporary staff cuts.
- July 24, 2009 - Morgan Stanley Salary Pool Hiked By 26 Per Cent
Morgan Stanley ramped up its bankers’ salary pool to 72 per cent of its net revenues for the second quarter - despite posting an overall quarterly loss from continuing operations of $159 million - in a move which is raising eyebrows among industry commentators.
Having reported net revenues of $5. 4 billion for the second quarter, Morgan Stanley said its compensation expenses for the period were $3.
- July 23, 2009 - HSBC Private Bank Lures Senior Private Banker From Goldmans
HSBC Private Bank has appointed Nicolai Gurbatov as an associate director for its Central Eastern Europe team, WealthBriefing can exclusively reveal.
Mr Gurbatov was formerly a banker withGoldman Sachs in Moscow. He now reports to Agnieszka Majdanska, head of Eastern Europe at HSBC in London.
- July 22, 2009 - Pictet Lifts Major Team From Goldmans To Drive Zurich Expansion
Pictet & Cie, the Geneva-based private bank, recently raided a four-strong team of bankers from the Zurich office of Goldman Sachs, WealthBriefing can exclusively report.
The team will cover the Italian-speaking market out of Zurich, a Pictet spokesperson told this publication, and their recruitment forms part of the bank's previously announced plans to expand its wealth management business in Switzerland’s largest city. The members of the team, who have not yet been named, are to join Pictet by October.
- July 21, 2009 - Credit Suisse Boosts Florida Team With Hire From Deutsche
Swiss bank Credit Suisse has expanded its West Palm Beach, Florida wealth management unit with the hire of financial advisor Barry Snyder from Deutsche Bank, according to Bloomberg.
Mr Snyder managed $3 billion of client assets at Deutsche and had worked for the German bank for six years, according to the news service. His career also includes a ten-year period spent at Goldman Sachs.
