Bank of New York

The big bailout gravy train

Jim Kim — Mon, 22 Sep 2008 09:35:00 -0400

The big bailout will likely mean big bucks to a few lucky asset managers, all of whom are jockeying for their piece of the pie. The $700 billion bailout is looking more and more like a gravy train. Institutions of all stripes want to offload their assets. Which has the likes of Pimco, BlackRock, Morgan Stanley, JPMorgan Chase, Bank of New York Mellon and others at least intrigued. The New York Times says that $1 billion in fees are at stake. There may well be multiple managers for multiple asset classes. All in all, there are lots of details that must still be worked out. But clearly there is an opportunity here. Some have already discerned some lobbying going on. For example, the industry wants more than just mortgage eligible for bailout funds.

For more:
- here's the New York Times article

More financial advisors hiring psychologists

Jim Kim — Tue, 05 Aug 2008 14:30:28 -0400

There was once a day when advisors used to give clients a lame risk tolerance questionnaire. The industry has certainly changed. Now advisory firms are adding psychologists to their staffs, to help with a wide array of financial, familial and advisor training issues, reports Investment News. Wachovia just hired a full-time associate director of family dynamics for one of its wealth management units. Bank of New York Mellon Corp., Commonwealth Financial Network of Waltham, Mass., and Wells Fargo & Co. also use psychologists and therapists. In many cases, the psychologist get directly involved with client issues. This is a great idea, a way to help tether clients to the firm, boosting wallet share. Which is what the industry is all about. It may be hard to quantify the ROI, but it can't hurt.

For more:
- here's the Investment News article

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Thu, 08 May 2008 06:59:49 -0400

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Wachovia's PR problem with money launderers

Mon, 28 Apr 2008 06:59:58 -0400

Recall that when the Bank of New York was dogged a few years ago for the alleged involvement of one of its star employees with Russian organized crime, it was seen as an example of the risks of globalization. That is, more savvy mobsters gaming a borderless system. Wachovia certainly has some PR work to do in the wake of the news that it is being investigated for possible ties to drug money laundering via its remittances services. The bank broke its ties to controversial Mexican money transfer firms recently, as the investigation heated up. Other banks were said to be part of the government's probe. Wachovia's $144 million settlement of charges that it failed to stop telemarketers from abusing elderly customers does not help

For more:
- here's a CNNmoney.com article

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Thu, 24 Apr 2008 06:59:49 -0400

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ALSO NOTED: Temasek adds to Merrill Lynch stake; More on JP Morgan beating estimates; and much more...

Thu, 17 Apr 2008 06:59:50 -0400

Company News:
> More on JP Morgan beating estimates. Article
> Wells Fargo beats estimates. Article
> Bank of New York Mellon misses estimates. Article
> Temasek adds to Merrill Lynch stake. Article
> UBS faces reputation problems. Article
> Is Goldman Sachs really a superior trader? Article
> Tiger's surgery is a loss for Wachovia. Article
> Analysts expect a 95 cent loss at Citigroup. Article

Industry News:
> Banks holding down the LIBOR? Article
> JP Morgan Chase: Tough economy ahead. Article

And Finally... How to deal with a buffoon boss. Article

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Mon, 24 Mar 2008 07:59:50 -0400

Company News:
> S&P negative on Goldman, Lehman. Article
> $6.5 billion writedown coming at Bank of America? Article

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C&L: Executive Moves

Wed, 10 Oct 2007 06:59:51 -0400

Barbara Lee tapped as global head of institutional sales at Barclays

Bear Stearns taps Lee Stettner as global head of equity capital

Michael Bryson to leave Bank of New York Mellon

Annette Nazareth to step down as SEC commissioner

Mike Clark to leave JP Morgan for Fidelity

Ex-Highbridge exec Ron Resnick to start fund

Jefferies names David Weaver president of Jefferies International

American Stock Exchange names Patricia Rado president and COO

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ALSO NOTED: Goldman to advise U.K. Treasury on Northern Rock; KKR completes First Data deal; and much more...

Wed, 26 Sep 2007 06:59:50 -0400

Company News:
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> Preview of bank earnings. Article

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