Monday, 23rd November 2009

 

12 January 2009 - Press Briefing

Austrian private bank appoints new management board

Bank Medici, whose clients invested $3.2bn (€2.4bn) in funds managed by Bernard Madoff, named a new management board after the Austrian regulator acquired the private bank last week, according to a Bloomberg report.

John Holliwell has been appointed as the chief executive, while Werner Tripolt’s board membership has been renewed. Holliwell is a 30-year veteran of the banking sector, having served at the likes of Barclays, Henry Ansbacher & Co and Smith & Williamson Consultancy, Medici said, as cited in the Bloomberg report.

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Relocation, relocation, relocation

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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