“there might be a more legitimate reason why many wealth managers steer clear of Norway” -- David Bain
Sunday, 22nd November 2009
US bank JP Morgan has hired a managing director and senior banker for its private banking team in France.
Emmanuel Siac will be based in Paris, reporting to Jean-Baptiste Douin, head of the private bank in France.
Siac joins from BNP Paribas Wealth Management, Paris, where he was responsible for the coverage and development of an ultra high net worth client base.
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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