“there might be a more legitimate reason why many wealth managers steer clear of Norway” -- David Bain
Monday, 23rd November 2009
State Bank of India, which has over 140 million account holders across 12,000 branches across the country, will soon unveil its wealth management business across important Indian cities and towns, a top bank official told the PTI news agency.
The SBI would focus on middle income groups as several big players are already catering to high net worth individuals, the official added.
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”.
Luxury brands that thought they were immune to the vagaries of the global economy because they marketed their wares to the wealthy, have had a rude awakening this year.
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