Trading Places
Inside views on the jobs market
Job Bank – Oct. 29
The following financial services industry appointment was announced on October 29, linked where possible to personal profiles on LinkedIn. To inform us of other job changes, please e-mail moves@thomsonreuters.com.
Goldman Sachs Goldman Sachs Group Inc on Wednesday promoted 94 employees to partner, the firm’s highest rank and one offering lucrative bonuses. Every two years, Goldman names a class of managing directors to the exclusive rank of “partner managing director.” The system offers about 400 employees the chance to share a fifth of the firm’s total compensation pool.
Credit Suisse Credit Suisse AG hired a former Lehman Brothers banker for a newly created investment banking position as it continues to refocus its business. Colin Welch will join the Swiss bank in November as head of investment banking for retail and luxury goods in Europe, Middle East and Africa, according to an internal memo provided by Credit Suisse. Welch headed retail investment banking for Europe and the Middle East at the collapsed Lehman.
Moody’s Corp Moody’s, parent of credit ratings agency Moody’s Investors Service, said Darrell Duffie was elected to its board of directors. Duffie, 54, is the Dean Witter Distinguished Professor of Finance at the Stanford Graduate School of Business.
MF Global Ltd
The futures and options broker appointed Bernard Dan, currently the chief operating officer, to replace Kevin Davis as chief executive.
Banks for the wealthy still hiring in Asia
New York City Comptroller William Thompson has increased his forecast for the number of securities industry workers who could be laid off in the city to 35,000 from 25,000, but banks in Asia are still looking to bulk up. Top brass speaking at the Reuters Wealth Management Summit this week said their expansion plans for Asia are largely intact.
Joseph Poon, who heads the Private Wealth Asia division of Australia’s Macquarie Group, said its recently set-up Asian private banking unit will hire another 30-35 client advisers in the next three to five years.
Marcel Kreis, head of Asia-Pacific private banking for Credit Suisse, said the credit crisis has not derailed plans to expand its private bank in Asia, where it could boost its team by as much as 80 percent in three years.
UBS is adding staff at a slower rate but is ready to pounce on experienced talent. “Even if we wanted to hire a lot of people there are not that many good people in the market,” said Kathryn Shih, chief executive for UBS’s wealth management business in the Asia-Pacific. “Normally into the second year of the crisis you start getting good people.”
Picture: Marcel Kreis, Credit Suisse Managing Director and Head of Private Banking for Asia-Pacific, speaks during an interview at the Reuters Wealth Management Summit in Singapore October 13, 2008. REUTERS/Vivek Prakash
Job Bank – Oct. 13
The following are job changes within the financial industry for Oct. 10, linked where possible to personal and company profiles on LinkedIn. To inform us of other job changes, please e-mail moves@thomsonreuters.com.
LLOYDS TSB CORPORATE MARKETS
The bank appointed Grant Harrison as a director in its equity capital markets (ECM) and M&A advisory business.
Harrison joins the team having spent seven years with Panmure Gordon as an executive director in corporate finance division.
CREDIT SUISSE <CSGN.VX>
The Swiss investment bank said it appointed Steven Kwok and Sokho Jung as managing directors at Credit Suisse Private Equity Asia.
Kwok joins from Bear Stearns Private Equity, where he was a senior managing director and head of the eagle china retail and consumer fund. Jung joins from Standard Chartered Private Equity, where he was head of Korea from 2002.
Job Bank – Oct. 10
The following are job changes within the financial industry for Oct. 10, linked where possible to personal and company profiles on LinkedIn. To inform us of other job changes, please e-mail moves@thomsonreuters.com.
CREDIT SUISSE Laurent Charbonnier will join Credit Suisse as a Director on the Metals & Mining team in the EMEA Energy Group in the Investment Banking Department, starting in December, according to an internal memo. Charbonnier will move to Credit Suisse from UBS AG, where he most recently served as executive director and European head of steel, paper, packaging in global industrial group.
VANGUARD The U.S.-based investment management company announced that Peter Volanakis has been elected to its board of directors. He is president and chief executive of Corning Inc.
HSBC HOLDINGS PLC The parent company of the HSBC Group appointed Marvin Kin Tung Cheung as a director, effective Feb. 1, 2009. Before joining HSBC, Cheung was chairman and chief executive officer of KPMG’s operations in China and Hong Kong from 1996 to 2003.
ING ING Investment Management Australia has hired Bradley Gibson to head interest rate strategy within its fixed income team, the company said. Gibson, who starts on Nov. 3, will report to Greg Michel, director of fixed income. He previously worked at the Commonwealth Bank of Australia as head of global markets in Singapore and AMP Capital Investors in Sydney and London where he was managing fixed income and currency portfolios.
STANDARD CHARTERED BANK PLC The Asia-focused British bank named Peter Wheeler as head of wholesale banking, West. Wheeler, who will be based in London, joins the Wholesale Banking Management Group, effective immediately. COLONIAL FIRST STATE GLOBAL ASSET MANAGEMENT Australia’s largest fund manager said it has hired Annette Mullen as a senior portfolio manager in its fixed interest and credit team. Mullen, who starts on Oct. 27, joins from the New South Wales state Treasury where she managed fixed interest, cash assets and risk. DTZ HOLDINGS The global real estate adviser appointed Paul Idzik as group chief executive officer. Idzik, who will join the company and the board on Nov. 3, was chief operating officer of Barclays plc from 2004 to 2008.
Wall Street’s high-profile ‘job jumpers’
The New York Times’ Dealbook takes a look at some of Wall Street’s biggest movers and shakers as they have played musical chairs in the last few months:
Days after Lehman Brothers’ bankruptcy, it emerged that Mr. Shafir, a global cohead of mergers and acquisitions, was leaving for Citigroup. Mr. Shafir stayed long enough to help sell Lehman’s United States capital-markets business to Barclays.
As head of Lehman’s communications banking group, Mr. Young, known as Woody, was that firm’s biggest rainmaker. After abruptly leaving Lehman in early 2007, he resurfaced last month at Merrill Lynch, just a week before Merrill agreed to be sold to Bank of America.
A banker’s banker, Mr. Sarkozy, the halfbrother of the French president, brokered transactions as joint global head of UBS’s financial institutions group. In March, he became co-head of the global financial services group at Carlyle Group, the private equity giant.
In his 22 years at Goldman Sachs, Mr. Kraus rose as high as co-head of its investment management division. But in May, he left to become head of strategy at Merrill Lynch, where another Goldman alum, John Thain, had recently taken the helm.
As chief financial officer at Lehman Brothers, she was one of Wall Street’s most powerful women. But she was demoted after her defense of the firm’s health failed to comfort skittish investors. In July, she jumped to Credit Suisse to run its global hedge fund business.
Mr. Schwartz became chief executive at Bear Stearns a few months before its sale to JPMorgan Chase & Company. He decided in July to leave JPMorgan and has not announced his next move. He has reportedly talked to investment banks and private equity firms.
Photo: Children play musical chairs after taking part in a role play exercise during an induction course at Mexico City’s stock market July 15, 2005. Mexico City’s stock market holds an induction course for children who’s parents would like them to learn the basics of market capitalism during their summer holidays. REUTERS/Andrew Winning
If we get any closer to a depression these people won’t be jumping jobs, they’ll be jumping buildings.
