“there might be a more legitimate reason why many wealth managers steer clear of Norway” -- David Bain
Saturday, 21st November 2009
Bank of Montreal, Canada’s fourth- biggest bank, said that profit from its private client unit declined 24% to C$78m (€49m) in the fourth quarter, according to a Bloomberg report.
The division, which comprises brokerage, investing services and mutual funds, took a C$19m charge associated with the bankruptcy of Lehman Brothers.
Banks have never been shy of firing staff at the merest whiff of a downturn. First the fat, then the muscle and finally the bone. In the past, cuts have been so deep that firms have found it hard to benefit when the markets rebounded, paying over the odds to restaff at speed. Such wild oscillations in staffing numbers are known as “doing a Merrill”.
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