Wednesday's Headlines: J.P. Morgan beats goal to hire 300 for its global corporate bank
J.P. Morgan will meet its goal of hiring at least 300 bankers in its global corporate bank unit a year ahead of schedule, according to Businessweek, which reports that the business has grown faster than expected. The goal is expected to be reached by the end of 2012 and has already expanded to 250 employees from 100 since 2009.
J.P. Morgan's Corporate Banking unit will have a third of its people in Asia, a third in North America and the rest in Latin America, Europe, the Middle East and Africa.
The division will focus on offering services to foreign companies operating in developing markets and local firms with overseas ambitions, according to Gregory Guyett, the unit's London-based CEO. He was previously the Tokyo-based president and CEO of J.P. Morgan Securities Japan Co. and senior country officer in Japan. Muhammad Aurangzeb is CEO for the division's Asian operations.
"We're not in business to compete with local banks that have the ability to raise money very cheaply, have huge networks across China," Guyett told Businessweek. "That's not our target market."
Morgan Stanley swung to a $2.2 billion profit, helped by accounting. [Financial Times]
BNY Mellon reports a 4.7 percent profit on fees in challenging year. [Financial Times]
Analysts see dark days ahead for investment banks. [WSJ]
Life insurance companies have become major commercial real estate lenders. [NY Times]
The number of family offices is set to triple in Asia within the next decade. [Bloomberg]
Meet the worst-ever hiring managers. [Businessweek]
Steve Eisman, whose bet against mortgage securities featured in the book "The Big Short," will launch a new fund in January. [FIN Alternatives]
Companies hold on to older workers. [CNN Money]
Slideshow: Top 10 reasons employees leave advisory firms. [Investment News]
3 Degrees Asset Management was asked by Singapore's central bank to shutter its operations following allegations that founder Moe Ibrahim diverted assets. [Bloomberg]
Qatar National Bank, which is 50 percent owned by the country's sovereign wealth fund, is in talks to buy a controlling stake in Dexia's DenizBank. [DealBook]