“there might be a more legitimate reason why many wealth managers steer clear of Norway” -- David Bain
Sunday, 22nd November 2009
Jack Doerge and Chad Smith, two of Bear Stearns’ senior most bankers, have joined Morgan Stanley’s Private Wealth Management office in Chicago, according to a Private Asset Management report.
The move is part of Morgan Stanley’s ongoing efforts to expand its private banking operations in the US.
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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