- March 16, 2010 - Goldman Sachs To Substantially Grow In Switzerland
Goldman Sachs is to massively increase its Swiss presence, WealthBriefing can confirm.
The US bank has leased 4,500 square meters of office space in Zurich, Bilanz, a Swiss business magazine, had reported.
While Goldman did not comment on this issue, a person familiar with the situation confirmed the details report to this publication.
- March 15, 2010 - Bestinvest Appoints CEO, Chairman
Bestinvest, the financial advisory firm, has appointed Michael Covell as chairman, and Peter Hall as chief executive officer to succeed founder John Spiers, who steps down from the position in June.
Mr Hall will join the business in June - subject to FSA approval - and initially work with Mr Spiers, “to ensure a smooth transition of executive responsibilities,” the firm said in a statement. After this period, Mr Spiers will continue to be involved with the business as joint chairman of the asset allocation committee, a non-executive director and shareholder.
- March 11, 2010 - Credit Suisse Hires For UHNW Business In France
Credit Suisse has hired two senior private bankers to develop its ultra high net worth business in France, as it continues to focus its efforts on building this service.
David Guermond and Gilles Marcel have been appointed as investment partners at Credit Suisse Private Bank in France. They are charged with using resources from the group’s private banking, investment banking and asset management activities to expand on the service offered to French-speaking entrepreneurs and wealthy families.
- March 3, 2010 - UBS Names Wealth Management Head For Germany
UBS has named Axel Hoerger head of wealth management in Germany, replacing Stephan Zimmermann, this publication can confirm.
Mr Hoerger, who previously worked at Goldman Sachs Group, takes up his new role on 1 June and joins the management board at the German unit.
Mr Zimmermann, who is also giving up his post as the head of the management board at the German unit, is taking over as group internal audit at UBS in Zurich, the report said.
- March 3, 2010 - Executive Moves - February 2010
US
BNY Mellon Wealth Management hired Michele Bucklin as a sales officer based in Seattle, reporting to Nancy Pellegrino, regional president for the Pacific Northwest.
Prior to joining BNY Mellon Ms Bucklin was a private wealth advisor and portfolio manager at Wachovia Securities and led a team that managed $250 million in client assets.
New York-headquartered Fiduciary Trust International named Gail Cohen, executive vice president and general trust counsel, and Mackintosh Pulsifer, executive vice president and chief investment officer, as vice chairpersons of the .
- February 25, 2010 - Lombard Odier Makes Senior Hire
Lombard Odier, the Geneva-based private bank, has appointed Kevin Corrigan as head of credit, based in London.
Mr Corrigan was latterly European and global head of credit at Goldman Sachs, responsible for $40 billion in credit assets. In his new role he heads up Lombard Odier's team of credit analysts and credit portfolio managers.
- February 23, 2010 - Goldman Sachs Drops Lawsuit Against Former Employees
Goldman Sachs has withdrawn a lawsuit it filed last week against seven former employees from its Atlanta-based private wealth management unit over their defection to Credit Suisse Securities USA, according to reports.
Goldmans was reported to have lodged its suit last week, alleging that the former employees - David Greene, Craig Savage, Andrew Thompson, Sharran Srivatsaa, John Pitt, Stephanie Dennard and Kim Tyson - had breached the terms of their employment contracts by contacting ex-clients following their move to Credit Suisse. A court order was sought by Goldmans to bar th.
- February 19, 2010 - Goldman Sachs In US Sues Former Employees Over Defection To Credit Suisse
Goldman Sachs has sued seven former employees who earlier this month resigned from the bank’s private wealth management division in the US to join Credit Suisse Securities USA, alleging that they had violated the terms of their employment contracts by attempting to poach former clients, Bloomberg reports.
In a complaint filed in federal court in Atlanta, Goldmans claims that the investment managers were lured to Credit Suisse Securities USA by offers of “tens of millions of dollars”, in what amounted to an act of “pirating”, according to the report. Having opted to join Credit Suiss.
- February 15, 2010 - Goldman Sachs' Co-Head Of Investment Management To Leave
The co-head of investment management at Goldman Sachs, Marc Spilker, is retiring after 20 years at the Wall Street firm, Dow Jones said, citing an internal memo.
Edward Forst, senior strategy officer, will fill Mr Spilker’s role, working with Tim O’Neill, the current co-head of investment management, the publication said.
The two executives "will lead our efforts to grow Goldman Sachs’ asset management and private wealth management businesses," the memo added.
- February 12, 2010 - Obama Proposals Mean Some Firms Must Give Up Bank Status - Volcker
Goldman Sachs and other banks should surrender their bank status if they want to avoid a proposed US ban on proprietary trading, Paul Volcker, head of president Barack Obama’s Economic Recovery Advisory Board, said according to the Financial Times.
Mr Obama has proposed curbs on the size of banks and the idea of splitting the proprietary trading activities of banks – blamed by some for fuelling the financial crisis – from the deposit, retail arms of banks. The idea, if it becomes law, would represent something of a return to the Glass-Steagall legislation that prevailed in the US be.
