The European Central Bank (ECB) may soon need to hang a “help wanted” sign on its front door. An Austrian regulator believes that the ECB, pegged as the next supervisor of European banks, will need to hire as many as 1,000 new employees in the near future to adequately cover the territory, according to Bloomberg.
Kurt Pribil, co-head of the Finanzmarktaufsicht regulator, told the news outlet that a huge bump in headcount will be needed for the central bank to fully exercise its authority. If the ECB is forced to rely on local regulators to conduct bank audits, it would essentially lose its jurisdiction.
The European Union’s finance ministers will meet today to iron out the ECB’s role in overseeing banks across the 17 Euro-area nations. While most thought leaders agree that a sole supervisor is necessary, debate continues over whether the ECB is best suited for the job, Financial Times reports.
The ECB “has no direct experience of supervision [and] no dedicated staff for the job,” says FT. Well, not right now it doesn’t.
NYC Cuts (Bloomberg)
Credit Suisse will cut roughly 120 New York-based jobs over the next three months.
Pricey Lunch (The Telegraph)
Heed this warning: When thinking about recruiting a colleague to come with you to a new firm over lunch, read your employee agreement first. Or it could cost you $2.7 million.
Post-Bailout Euphoria (WSJ)
The U.S. Treasury is selling its remaining stake in AIG, a move that “warrants a celebration like no other in AIG’s history,” chief executive Robert Benmosche told employees. With the first big step of the turnaround complete, questions have begun to surface as to how long Benmosche will remain at the helm.
First Libor Arrests (CNNMoney)
Three British bankers have been arrested for their role in the Libor rate-fixing scandal. No charges have been filed as of yet.
Record Settlement (Reuters)
HSBC has agreed to pay a record $1.92 billion fine for ignoring clear signs that it’s firm was being used to help launder money.
Higher Taxes (Bloomberg)
Warren Buffett, George Soros and 20 other billionaires have asked Congress to increase the estate tax when the current parameters expire at the end of the year.
New Chief (NASDAQ)
Insurer Genworth Financial has named former ING exec Thomas J. McInerney its new chief executive officer.
Buzz Around the Office
The Ultimate Job Creator (Fox News)
One of the quickest ways for a president to create jobs is through construction. Maybe that’s why over 15,000 people have signed a petition at WhiteHouse.gov asking the government to build a Star Wars-inspired Death Star.
List of the Day: Holiday Networking
The holidays are a great time to be social while pushing forward your career prospects. Here are a few holiday networking tips.
- At the office party, chat with colleagues you don’t know.
- Be prepared to talk work, not eggnog.
- Talk career aspirations with non-immediate family.
(Source: The Daily Muse)