Wells Fargo is reaffirming its commitment to growing its investment banking division with several recent hires. The firm hired John Fowler, who led European health care at Deutsche, to become vice chairman of health care investment banking.
Wells also hired five managing directors to staff the division. The firm has risen one spot in the current U.S. debt underwriting league tables, from 13 to 12. It now holds the No. 8 spot in U.S. equity underwriting, up from No. 10 last year.
Elise Wilkinson, a spokesperson for Wells Fargo, said the bank plans to make more strategic hires in 2011 but is not looking to bring on large numbers of bankers. (
Bloomberg)
Brain Drugs Encourage Bonus Buys (FINS)
New York City retailers spend all year getting excited for the spike in business at the end of Wall Street bonus season. Now, science explains why: Dopamine is released once a person gets a check or does well, and causes the person to indulge in some instant gratification -- like a Harley.
More Changes (Reuters)
Legg Mason is undergoing a series of personnel changes at the top. The musical chairs game unfolds with the arrival of new CFO Peter Nachtwey. Head of the Americas David Odenath will depart the company while Chief Administrative Officer Joseph Sullivan will become head of global distribution. Related:
Q&A With Peter Nachtwey on His New Position
On the Prowl (Mortgage Daily News)
Colorado State Bank & Trust is hiring loan originators for its
mortgage group. The announcement comes at a time when the company no doubt wants to tap into mortgage employees' dreams of skiing down a mountain and drinking spiked cider by the fire.
On Hold (GoingConcern)
New York prosecutors want to wrap up their lawsuit against
Ernst & Young for its actions -- or inaction -- in the Lehman collapse, but there's a slight problem: One of the lead investigators is already on Christmas vacation. Guess this will just have to wait in the inbox until he gets back.
Beggars Can Be Choosers (Financial News)
A recent survey conducted in London found that just under half of City employees would consider looking for a new gig if their bonus payout doesn't pan out they way they'd like. Recruiters are no doubt getting ready for a busy first half of 2011.
Regulation Complications (Reuters)
Registered independent advisors are spending the bulk of their money on acquiring staff to shepherd them through a host of regulatory changes, a survey found. Respondents said that compliance will become an increasingly important issue as more rules are crafted.
Getting Some Rest (Forbes)
Flying around the country for holidays -- and job interviews -- can take a temporary toll on your body. But too much jet lag can actually have a permanent effect on your brain that results in memory loss. The trick is to give yourself one full day of rest after you mess with your circadian rhythms.
The Giving Tree (AOL Jobs)
Over the holidays, you may be expected to give your boss and colleagues a small gift. Try to think of something that will increase their good will, like a bottle of wine they may enjoy or a box of chocolates.
List of the Day: Bank Rankings
The competition to be Asia Pacific's top-earning bank is heating up as more banks duke it out for the title. For the eighth straight year, UBS comes out on top. The region excludes Japan.
1. UBS
2. JPMorgan
3. Credit Suisse
(Source: DealJournal)
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