eFC Briefing: BNY Mellon, Credit Suisse, Merrill

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BNY Mellon is adding treasury services jobs in Pittsburgh. Credit Suisse is cutting asset management support staff. Ex-Bear Stearns banker to lead Merrill's sovereign wealth funds and Middle East business.

The Bank of New York Mellon's treasury services group will add 135 positions in Pittsburgh this year. That will bring to 755 the number of new jobs in the area the company has announced since January 2007.

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Credit Suisse is eliminating 100 administrative jobs from its asset management unit, shrinking the division's global headcount by about 3 percent. Citing a company spokesperson, theTRADEnews.com said the cutbacks were "targeted staff reductions from non-investment related roles." The move comes a month after the bank reportedly cut its investment banking division by 5 percent.

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Merrill Lynch hired a top Bear Stearns investment banker, Fares D. Noujaim, as leader of the Middle East and sovereign wealth funds businesses. He'll divide his time between the Middle East and New York, reporting to Gregory J. Fleming, president and chief operating officer. In his 20 years with Bear Stearns, Noujaim's roles included global head of the capital markets group and vice chairman of the board of directors.

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A global bonus survey among users of eFinancialCareers News found 62 percent were dissatisfied with their compensation last year. Only 18.6 percent received bonuses in excess of $200,000, while 46 percent received less than $50,000. Seventy percent said the current system encourages emphasis on short term performance, and 50 percent said it should be reformed.

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The ranks of Wall Street's top leveraged-buyout bankers are thinning, and not only due to layoffs. With LBO volume running at a third last year's pace, some leading names have left, or announced plans to leave, bulge-bracket employers.

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JPMorgan Chase hired Washington lobbyist Peter Scher to head up its government relations efforts around the world. A former U.S. trade negotiator and senior aide to at least two prominent U.S. senators, Scher has most recently been managing partner of law firm Mayer Brown's Washington office.

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Nasdaq OMX Group hired Steve Matthews from Credit Suisse to be chief legal and compliance officer for its Pan-European Market initiative, a new multi-market trading platform slated to launch in September. Matthews was a senior compliance officer at Credit Suisse in London, and previously co-led Citigroup's core control group in London.

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First Republic Bank appointed Douglas M. Smith managing director in Boston, servicing high net worth individuals and families.

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