Hedge Funds to Boost Use of Trading Algorithms for Stocks, Tabb Group Says [Bloomberg News]
Hedge funds and other asset management firms are expected to boost reliance on algorithms next year, to the point that algorithms will execute as many stock trade orders as human traders, according to a report from Tabb Group.
Deutsche CEO: West's Levies on Banks May Lift Asia's Role [WSJ]
Financial industry jobs and opportunities will migrate to Asia from the U.S. and Europe even faster due to the West's new taxes on global banking profits, warns Deutsche Bank Chief Executive Josef Ackermann.
Succession Solution May Be Working In Next Cubicle [Investment News]
More advisory firms are giving a fresh look at making partners out of their employees.
'Supreme Court' Battle Begins Over Consumer Chief [Bloomberg News]
Battle lines are being drawn in Washington over who will head the new Consumer Financial Protection Bureau, which will have thousands of employees, a $400 million budget and power to impose federal rules on mortgages, credit cards and layaway plans.
UKFI Hires Merrill Man To Manage Bank Stakes [FT]
The UK government body that manages the government's stakes in bailed-out banks Royal Bank of Scotland hired Bank of America Merrill Lynch executive Jim O'Neil as head of market investments. O'Neil, who is Merrill's corporate finance chief, was born in the U.S. but is a naturalised UK citizen.
Benmosche Tightens Grip On AIG With New AIA Boss [Reuters]
The consolidation of CEO Robert Benmosche's power base at AIG continues with the naming of former Prudential plc CEO Mark Tucker to replace Mark Wilson as the head of its Asian life insurance business, AIA, ahead of an expected billion IPO of the Asian unit. That follows by a few days Harvey Golub's stepping down as AIG chairman, after clashing with Benmosche over how the AIA's disposition was handled.
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