Summit Notebook

Private bankers must show restraint in Europe

October 4, 2010

Private bankers remain in demand in some key European markets, but they will have to live with lower salaries if they want to continue to be part of this business.
Top wealth managers told the Reuters Global Private Banking summit that they have stopped offering the huge packages seen in the run up to the financial crisis of 2008-2009.
“We are not offering packages that are outlandish. And I do not see the other banks doing that either,” said Samir Raslan, General Manager of Citibank (Switzerland).
Raslan said the structure of banker’s salaries had also changed. Relationship managers who form the backbone of a private bank’s workforce were getting higher fixed salaries than before, but no more huge bonuses.
“We see more rational hiring, rather than aggressive, open cheque-book hiring,” said Raslan.

That’s rich. I meant the wine.

June 8, 2010

Jeffrey Rubin

What do gold and wine have in common?

Price.

Well, too high of a high price, according to Jeffrey Rubin, director of research at Birinyi Associates, the stock market research and money management firm.

Ritholtz: I zig when everybody zags

June 8, 2010

INVESTMENT-SUMMIT/RITHOLTZ

The U.S. economy is experiencing an ongoing but slow recovery, says Barry Ritholtz, director of equity research at Fusion IQ. But that’s not stopping him from enjoying discounted prices in a low-inflation environment, at least when it comes to his personal spending habits. The world is on sale if you’ve got the money to spend, he told the Reuters Investment Outlook summit in New York when asked, for example, if he might spend less while on a vacation or forego a purchase or two.

Angelides: People make mistakes, take Alan Greenspan and Captain of Titanic

April 29, 2010

Phil Angelides, Financial Crisis Inquiry Commission chairman, says he’d rather see some taking of responsibility than hear another “I’m sorry.”

Shunning bankers

April 28, 2010

Banker bashing has become a bit of an international sport — and fraud allegations against Wall Street giant Goldman Sachs and a U.S. class-action suit against Germany’s Deutsche Bank has added more grist to the mill. So it’s small wonder that a bank lobby group struck a wistful note at the Reuters Global Financial Regulation Summit in London on Tuesday.

Eliot Spitzer loved politics, so will he run again?

April 28, 2010

This much is clear — Eliot Spitzer loved politics, he loved being New York governor, he loved being New York attorney general.

Against high Hill drama, SEC chief mum on Goldman

April 27, 2010

First of all, Securities and Exchange Commission Chairman Mary Schapiro would not talk about Goldman Sachs.

FDIC Chair Bair: think before you point that finger…

April 27, 2010

The latest blame game circulating in Washington on financial regulation may end up with those who point fingers  finding that they have three fingers pointing back.

What if there were no “too big to fail”? Fed’s Hoenig has a vision

April 26, 2010

USA/Democrats and Republicans alike on Capitol Hill say they want to toss out the concept of “too big to fail” in the financial regulation reform they are tussling over. That way if a financial firm is going to go under, it will go under, with no thought for a taxpayer handout.