Big names to launch private bank

We've grown accustomed to executives leaving top investment banks to join private equity firms and launch hedge funds. But David Komansky, William Schreyer and Dan Tully--all former CEOs of Merrill Lynch--have agreed to financially back Fieldpoint Private Bank & Trust, expected to open for business in February, according to Financial News Online. Other big-name backers include Jerome Kohlberg, Jospeh Grano and Joe Moglia. The launch may strike many as ill-timed, given the pressure on margins in the wealth management business. But hey, that never stopped anyone from starting up yet another hedge fund. Fieldpoint expects to make an immediate splash, a must if it wants to survive.  

For more:
- here's the Financial News Online article