“there might be a more legitimate reason why many wealth managers steer clear of Norway” -- David Bain
Monday, 23rd November 2009
French bank Crédit Agricole has launched an online private bank, BforBank.
The bank, www.bforbank.com, will initially target the French market and investors with a minimum of €50,000.
Andre Coise is to be the bank's chief executive; he joins from ING Direct France. Crédit Agricole has recruited around 100 staff to work at the online offering.
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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