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...One person familiar with the restructuring said about 175 permanent roles were in jeopardy as a result of the changes, 150 of them in the risk division....
...In 2021, he hired three former Goldman partners — Paul Russo, Scott Rofey and Jeffrey Verschleiser — to lead the risk management of the firm’s equity, macro and rates, and credit divisions respectively....
...The survey results, which were presented at a meeting for 270 employees last week, pointed to low morale and discontent with how management at the division had handled the cuts....
...Partners will be taken out of management positions.”...
...Ryan had been expected to become global chair of PwC but encountered opposition to his management style....
...The move is an edict from Andy Sieg, who runs Citi’s wealth management division and joined the company last year from Bank of America....
...Management of the division was taken over by Thomas Coesfeld, the 33-year-old scion of Bertelsmann’s owners, the Mohn family, last year....
...James GinnsHead of Risk Management Policy, Centre for Long-Term ResilienceLondon SW1, UK...
...Rebecca Gooch, global head of insights at Deloitte Private, a division of the Big Four consultancy group, adds: “With inflation showing signs of moderation, it is no longer the number one worry for the wealthy...
...The probes of the wealth management division are the latest regulatory scrutiny faced by Morgan Stanley following a long-running federal investigation into its block trading business....
...Saperstein, who runs Morgan Stanley’s wealth management division, was one of three leading internal candidates for the top job but it ultimately went to his fellow co-president Ted Pick....
...Three more US regulators have opened investigations into how Morgan Stanley’s wealth management division handles potentially risky clients, according to a person familiar with the matter....
...Bob Sternfels has been re-elected as global managing partner of McKinsey after a tougher than expected contest that exposed divisions among the consultancy’s senior partners about his leadership style....
...Gerard Walsh at Northern Trust and this risk alert from the SEC explaining what its Orwellian-sounding Division of Examinations is thinking about the whole thing....
...Management plans further clearance activity for the remainder of the financial year to “unlock the full benefit of the new commercial model from [full-year 2025]”....
...China’s Ping An has reported a drop in its 2023 profits in a year when it said “capital markets fluctuated significantly, credit risk heightened, and risks in the real estate industry were still being mitigated...
...Looking ahead, with the prospect of interest rates falling, “it’s more of a risk-on environment”, said Harrison....
...Last year, Marc Nachmann, who heads the asset and wealth division, told investors that it could provide one-third of the bank’s net revenues by the end of 2025....
...The wealth management division has been a cornerstone of the bank’s strategy over the past 15 years to diversify away from investment banking and trading, but the unit’s performance has struggled of late...
...Morgan Stanley’s profits rose 14 per cent in the first quarter, boosted by its investment banking and trading business, while its juggernaut wealth management division took on billions of dollars more in...
...Two UK divisions of struggling electric van group Arrival have gone into administration, putting more than 170 jobs at risk and spelling the end of the road for the start-up....
...The division drew in billions of dollars more than investors were expecting in the quarter. Net new assets in wealth were around $95bn, well ahead of expectations for $62bn....
...JPMAM is bringing aboard ETF veteran Jon Maier (formerly chief investment officer of Global X) who starts today as chief ETF strategist and will lead a new division dubbed ETF Insights....
...It also suggested companies automate their collateral management to reduce the possibility of operational delays or failures....
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