Tuesday's Headlines: Reform Law Will Create 800 New Jobs at SEC
The SEC will likely add 800 more staff positions to carry out its broadened mandates under the new financial reform law, Chairman Mary Schapiro says in prepared testimony to be presented at a House subcommittee hearing Tuesday.
Hewitt to buy Ennis Knupp [Pensions & Investments]
Consolidation in the investment consulting industry is ratcheting up: The move comes just one week after an announcement that Aon will buy Hewitt. Stephen Cummings, president and CEO of Ennis Knupp, will become CEO of the merged Hewitt Ennis Knupp. Another executive told P&I there are no plans to reduce staff, "outside of a few overlapping support roles."
Bank of America's private-client subsidiary U.S. Trust is adding bankers on the West Coast, in Florida, and in Washington D.C., among other U.S. locations. On Monday the bank announced five new hires in Florida.
An unnamed source says the bank made a "conscious decision" to locate Heidi Miller, the new president of its international business, away from London as a statement against new tax hikes enacted in the UK late last year that singled out banks and their higher-paid employees.
Goldman Sachs Profit Drops 82 Percent, Missing Analysts' Estimates [Bloomberg News]
Following the pattern set by other U.S. bulge-bracket bank results last week, Goldman reported a 31 percent overall revenue decline compared with the first quarter, with revenue from trading fixed-income, currencies and commodities shrinking some 40 percent quarter-to-quarter. Investment banking revenue dropped 23 percent.
An Outspoken Man in a Secretive Trade [NY Times]
A portrait of Hugh Hendry, who runs the successful global macro hedge fund firm Eclectica Asset Management and is publicly debating and criticizing prominent economists such as Jeffrey Sachs and Joseph Stiglitz.
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