The Wall Street Job Report

Brokers Flee Brokerages as Declining Assets Show Broken Model

David Hopkins

Seth Lubove, Bloomberg News, October 26, 2010

After Morgan Stanley took control of Smith Barney in May 2009 from Citigroup Inc., David Hopkins grew disillusioned with his new bosses.

Hopkins, 50, says he had built a roster of about 150 clients with $38 million in assets in nine years as a stock broker at Smith Barney in Southern California. After the acquisition, the New York-based bank imposed new maintenance fees on Smith Barney accounts and stripped away some of the autonomy of its brokers -- moves that Hopkins says were hurting his relationships with investors.

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Deutsche Bank reports loss of 1.2bn euros

BBC News, October 27, 2010

Germany's largest bank, Deutsche Bank, has reported a third-quarter loss linked to its planned purchase of Deutsche Postbank.

It reported a pre-tax loss of 1.2bn euros ($1.66bn; £1.05bn) in the quarter, hit by a 2.3bn-euro charge connected to the Postbank deal.

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UBS Set Aside More Investment Banker Pay Than Credit Suisse

UBS AG Chief Financial Officer John Cryan

Elena Logutenkova, Bloomberg News, October 26, 2010

UBS AG, the Swiss bank that added more than 1,300 people to its securities unit this year, is setting aside 10 percent more in compensation for each employee of the division than Credit Suisse Group AG.

UBS set aside enough to pay the 17,006 employees 322,592 Swiss francs ($330,321) each in the first nine months of the year, company data show. Personnel costs per employee at Credit Suisse’s investment bank were 292,925 francs in the same period.

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UBS Investment Bank Loss Sours Client Money Turnaround

Jason Rhodes, ABC News, October 26, 2010

ZURICH (Reuters) - Switzerland's biggest bank UBS reported a shock investment banking loss on sluggish trading, overshadowing the fact it has stopped bleeding client money for the first time since early 2008, a key turnaround goal.

Third-quarter net profit at UBS came in higher than forecasts although that was due to a hefty tax credit that neutralized an investment bank loss on low equities and fixed rate trading activity that has also hit other banks.

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Wall Street News - October 25, 2010

Deutsche job cuts to come

The Bottom Line:

Deutsche Bank is currently reviewing its personnel and are expected to cut 5-10% of their staff.

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Investment Bank, Securities Dealing Job Count Sinks Again

The Bottom Line:

The number of workers in investment banking and securities in New York has declined more than 20% for the second year in a row. 

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Morgan Stanley Cuts Investment Bank's Bonus Pool 8% as Brokerage Pay Rises

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MOVES-FINRA, JP Morgan, Deutsche Bank, UBS

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Jefferies: the bank that keeps on hiring

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Traders strike out to sell skills in a buyer’s market

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Wall Street News - October 22, 2010

Nomura, Goldman Move Investment Bankers to Asia to Tap Growth

The Bottom Line:

Nomura, along with Goldman Sachs, and Bank of America are moving their investment bankers who specialize in advising financial-services companies, to Asia. Banks and insurers in Asia have been selling a record amount of shares.

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Buyout Firms’ Reinvention, With Wall St. Castoffs

Numerous firms on Wall Street, including Goldman Sachs and Citigroup, are unloading businesses to abide by the new banking rules.

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Wall Street News - October 18, 2010

Citigroup Reports $2.2 Billion Profit in Third Quarter

The Bottom Line:

Citigroup announced a profit of $2.2 billion in the third quarter. It is the third consecutive quarter where they have produced a profit.

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Wall Street News - October 15, 2010

BofA to Hire 1, 000 Small Business Bankers By 2012

The Bottom Line:

Bank of America is set to hire up to 1,000 small business bankers by 2012. Hirings will begin in Los Angeles, Dallas, Washington, D.C., and Baltimore through the end of the year, and they plan to expand into additional cities in 2011 and 2012.

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UBS eyes global prime broking boost, hires in Asia

The Bottom Line:

Over the last year UBS has hired eleven new people in their Asia office, and is aiming to increase its market share in the US. They also started a managed account business in London to help clients who want more transparency and greater liquidity when investing in alternative assets.

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