JPMorgan is proceeding with plans to move its prop trading unit into its asset management business and infuse it with $2 billion in capital. [Financial News] UBS Wealth Management hired Alexander S. Friedman as chief investment officer and expanded his team. [On Wall Street] SAC Capital's private equity unit is set for a spin-off into a debut fund focused on technology, telecommunications and healthcare investments. [Finalternatives] Corporate boardrooms are becoming grayer, as many... Read more

Financial services institutions worldwide expect to make substantial investments in IT this year, spending $363 billion on technology, up 3.7 percent from 2010, according research firm Celent. Last year, tech spending grew only 2.5 percent. The report, IT Spending in Financial Services: A Global Perspective, says financial institutions will spend a larger portion of their earnings in hardware, software and technology-related services. Among banks, (as opposed to other financial institutions),... Read more

If you're an energy trader, it's a safe bet that you're a bit worried about your job. Overall, due to tech and the big players taking over, there's fewer jobs. Plus, the Commodity Futures Trading Commission is just about ready to announce position limits for physical commodity derivatives as mandated by Dodd-Frank. That, and expected regulation in the EU, is sure to shake things up. "There's been some downsizing already, but... Read more

Deutsche Bank hired Greg Kuppenheimer as a managing director and co-head of equity structuring for North America, at least the third senior-level poach from Goldman Sachs in two months. [Bloomberg] Heritage Financial Corp.'s Heritage Bank announced that Charles M. Folsom has joined as senior vice president for commercial lending. [PRN] Genworth Financial Wealth Management hired Michael Kim, formerly of Fidelity Investments, as senior vice president of business and channel development. Kim will... Read more

Financial institutions will be forced to scale down, merge or sell off their investment banking businesses to avoid becoming obsolete in the wake of Basel III, says the former president of Goldman Sachs International. [WSJ] After a year of reassessment and retrenchment, many firms appear to have reached an inflection point in their staffing plans and are cautiously planning for new hires. Many say they'll increase their staffing levels from last... Read more

M&A activity among U.S. banks could spike next year as the financial crisis and continued bank failures bring more consolidation to the industry. [Reuters via International Business Times] Bankers in Europe could see their compensation curtailed by regulators, with bonuses capped based on links between performance and risk. [FT] Hiring in London’s financial services industry may soon come to a halt, according to a report by the Centre for Economics and Business... Read more

Women continue to lag behind men when it comes to pay in financial services, according to data from the Government Accountability Office. [Bloomberg] Hot areas on Wall Street include trading securities for clients, processing trades, exchanging currency, managing assets and advising clients on deals and financing as U.S. and European firms shift their business models. [Financial News] JPMorgan Chase ranked first among investment banks based on fees generated during the first nine... Read more

The $30 million package given to ex-UBS energy banker Stephen Tauber by Citigroup is a sign the bank is distancing from government aid. [Dealbook via WSJ] Commerzbank plan to cut 1,650 more investment banking jobs as part of consolidation following its acquisition of Dresdner Bank. [Bloomberg] B-school graduates in India will soon be subject to testing as part of the job application process at many large firms. [Businessweek] British private equity firm 3i... Read more

CIBC hired Helen Hayes, who will be based in London and lead the Canadian bank's sales to European clients. [Globe and Mail] Philadelphia-based middle market lender LBC Credit Partners named Jeffrey L. Blumin as a managing director in its New York office. [Distressed Debt] Columbia Management appointed Toby Cromwell and Mark Dence help build out its institutional business. [Businesswire] Fund of fund Hermes BPK Partners named Pawel Kisielewsk... Read more

Bank of America is eliminating several hundred positions in global banking and markets. The cuts equal less than 5 percent of the unit's workforce, and those affected will be informed later this week. [Charlotte Observer] The FDIC said pay at U.S. banks may be scrutinized sooner than at foreign ones as new capital requirements are imposed. [Reuters] Twenty percent of hedge funds globally may close during the first quarter, accoring to Merrill... Read more

Poor third quarter forecasts at the largest U.S. banks have renewed fears that job losses are looming. [FT] Dexia plans to eliminate nearly 700 jobs as part of a cost cutting move. [WSJ] Broker Securities America Financial Corp. will take on 45 reps managing $500 million in assets from defunct broker-dealer Equitas Financial Advisors Inc. [Investment News] Lawyers for Morgan Stanley say that the bank should not be liable for damages as a... Read more

Private equity executives admit they face lower fees and consolidation as the tough fundraising environment leads to better terms for investors in their battle for more power over private equity firms. [Financial News] Credit Suisse acquired a stake in hedge fund York Capital Management, strengthening its position in alternative investments. [WSJ] Man Group is building its North American institutional and private client businesses in the U.S., hiring four people for its sales... Read more

Bank of America appointed former hedge-fund manager Mike Lyons to a corporate strategy and planning post to help it decide which businesses to sell. [Bloomberg] Citigroup hired London hedge fund manager Roger Bacon to lead Asia-Pacific operations for its private bank. [Finalternatives] UBS Wealth Management named Alexander Kobler to Asia-Pacific head of investment products and services. [FinanceAsia] Goldman Sachs named Brett Olsher as a partner / managing director and co-head of the natural... Read more

Describe your career path. I've been in banking for 24 yrs, and with Wells Fargo for the past nine years. I received an MBA from the University of Wisconsin-Madison. I wasn't sure what I wanted to do in my career and focused on banking because I saw it as a way to see a broad view of how business gets done. I've continued to learn and take on new challenges that... Read more

Describe your career path. I began my career as a consultant with Andersen Consulting and spent three years there. I was hired by my client, a predecessor to Wells Fargo. I've been with the bank for 23 years, working in various technology groups and culminating in trust systems management. I moved into trust operations, where I've been for the past 17 years. Initially my role was to assist with the conversion... Read more

Despite the shakeup in traditional banking, asset-based lenders appear to be standing on solid ground. For finance professionals interested in commercial finance, the field can be a great long-term option. But finding opportunities may require some creativity. In a nutshell, asset-based lending is secured credit, with the loan traditionally backed by inventory, accounts receivables, or company equipment. Even less tangible items can back the loan - such things as trademarks or... Read more

This question was asked by a multinational financial consultancy to an unsuspecting candidate interviewing for a corporate finance advisory position. And the candidate’s response was: Umm, well, I guess it would be cool [inward cringe] if they said that I was a stand-up fellow, who'd made a lot of people happy, err, not by dying, and...yeah, that’s what I'd want said. Did He Get the Job? Alas, my earnest and articulate response did not... Read more

Jessica Mazor, a recruiter with KForce Finance & Accounting Professional Staffing, speaks to eFC's Emma Johnson about placing finance and accounting professionals in new media companies. Before the recession, those in the financial sector wanted to say on Wall Street, but that is changing. There are a lot of weird little startups popping up – especially in publishing and social media and the technology that backs such projects, and they... Read more

UBP Asset Management hires Morgenthal from liquidating Ivy Asset Management as CEO, replacing Stadtmauer. Morgenthal also assumes role of CIO of alternatives for parent Union Bancaire Privee, replacing Sprung [Pensions & Investments] RiverFront Investment Group hires Nicholson from Wells Fargo Advisors as senior fixed income portfolio manager [RiverFront, via PRN] Mercer hires van Zyl from Towers Watson as senior consultant in financial strategy group in London [Mercer] Consorteum Holdings hires Sernova's Smeth... Read more

Searching for a senior-level financial role requires proper organization, even before you start. Laid-off CFO Gary Starr recently began dissecting his own job-search strategy and tactics for a series in CFO Magazine. Starr's advice in the initial installment is familiar but worth repeating. The main points: - "Searching for a position is a full-time job and should be approached with the same organization and zeal that one brings to his or her... Read more