Monday's News: It's That Time Again - Goldman Prepares to to Name New Partners
Goldman Sachs may soon name 100 new partners. The firm is expected to reshuffle the ranks of its elite in November. On the flip side, as many as 60 execs will lose their partnership this year as the firm brings in fresh talent. [New York Times]
UBS Wealth Management Americas is set to open an office in New York. In a memo, David McWilliams, an Eastern division director for the company, said the firm will begin serving clients from its 101 Park Avenue office during the fourth quarter.
Pay for juniors at UK banks rose 12 percent over the past year. Astbury Marsden, a UK recruiting firm, said salaries at the level of assistant vice president level rose to ?70,480 ($108,856), up from ?62,945. The increases come as firms face a shortage in workers as a result of cuts in graduate hiring. [Bloomberg]
RBS Coutts sued the former head of its Asian operations after he left to join BSI SA last year and took 70 RBS staffers with him. Hanspeter Brunner is being sued for $128,000, the amount he received as an advance on a bonus. Brunner has filed a wrongful termination suit against RBS. Observers believe that the costs to litigate the case are likely to exceed the claims. [Bloomberg]