“there might be a more legitimate reason why many wealth managers steer clear of Norway” -- David Bain
Sunday, 22nd November 2009
Richard Macfarlane, head of HSBC Private Bank’s Singapore-based investment group, has joined Citigroup as chief of execution services for India, according to a Bloomberg report.
Macfarlane, who will be based in Mumbai, will oversee the US firm’s equity and equity derivatives sales trading and trading platforms, a newly created role, Citigroup said.
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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