Tuesday's Headlines: It's Getting Easier and Easier to Poach Goldman Executives
Headhunters tell the Financial Times that poaching Goldman Sachs execs for rival banks has never been easier. [FT]
Jérôme Kerviel is going to prison for three to five years (two years are suspended). He also owes SocGen €4.9bn, initially repayable at a legal interest rate of 0.65% per annum, an increase of €87k a day. [eFinancialCareers UK]
U.S. and European banks like Morgan Stanley and JPMorgan are shifting away from riskier businesses - such as mortgages. Stock trading is also taking a hit as banks move to meet capital requirements mandated by new Basel III rules. [WSJ]
UBS is targeting its wealthiest Asian clients, moving investment bankers closer to asset managers to meet their demands for research and advice. [Bloomberg]
BNP Paribas expanded its alternative fund administration business as it seeks to take advantage of opportunities created by tighter regulations. BNP joins JPMorgan and other institutions that have stepped up their focus on private equity fund administration.
Chicago market-maker Getco tapped the FSA's Jennifer Boneham for its European compliance team. Under pressure to make changes that meet demands from the SEC and FSA, high-frequency trading firms are raiding the regulators themselves for talent. [FT]