Wall Street has had its fill with the Type-A risk takers who can cost a firm billions after they have made their millions and moved on.
The New York Post reports that the hiring focus now is on the back-office compliance staff to rein in the risk takers.
But the Street also can’t find enough rock-star talent to advise America’s wealthiest individuals.
These financial advisers and private bankers belong to an exclusive club - one of the few bright and rewarding exceptions in a generally dismal Wall Street jobs scene.
'It’s a solid business, more the tortoise than the fast-moving hare', said adviser Gerry Klingman of Klingman & Associates on Avenue of the Americas. 'Before the financial crisis, sales and trading, derivatives and hedge funds were strong', he added. 'Not anymore. Now the baby boomers are aging and need financial advice, and things have become more complex with the fiscal cliff and everything else'.
Finally, Reuters reports that Nomura has wound down its five-member Hong Kong-based financial institutions group (FIG) banking team as part of a wider reorganisation of its investment banking business, sources familiar with the matter said on Monday.
The team, headed by Petter Sternby, was shut last week, though many in the group were prepared for such an outcome, the sources said. Sternby and insurance specialist Peter Goulston were the two managing directors in the team, while the rest were lower-ranking executives, the sources said.