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☆ Merrill's Lindsay Hans and Eric Schimpf were thrust to the top of the $3.3 trillion wealth unit last year. Here's a look at their new playbook.
  + stars: | 2024-04-22 | by ( Hayley Cuccinello | ) www.businessinsider.com   time to read: +9 min
Thirteen months ago, Andy Sieg unexpectedly left Merrill Wealth Management to run Citi's ailing wealth unit. His replacements, Lindsay Hans and Eric Schimpf, had big shoes to fill. Hans and Schimpf were company veterans but lesser known before they were anointed to lead the $3 trillion wealth business attached to behemoth Bank of America. Schimpf is more soft-spoken than his cohead Hans, who was promoted to run the private wealth business one month before Sieg left. AdvertisementMerrill has the benefit of being part of a bank with some 69 million consumer bank clients.
Persons: Andy Sieg, Lindsay Hans, Eric Schimpf, Merrill, Hans, Schimpf, Sieg, Lindsay, it's, Sieg's, Louis Diamond, Schimpf's, Hans said, AdvisorHub Organizations: Service, Merrill Wealth Management, behemoth Bank of America, Business, Merrill, Army, UBS, Schimpf, Northeast, Merrill . Bank of America, Bank of America, Customers, Bank of, First, JPMorgan Locations: Los Angeles, Coast, New York City, Nevada, First Republic, Merrill
☆ Swiss Miss: Why UBS's deal with Credit Suisse will threaten its hold on rich clients
  + stars: | 2023-03-22 | by ( Hayley Cuccinello | ) www.businessinsider.com   time to read: +7 min
UBS was already the largest private wealth manager in the world before it agreed to buy fellow Swiss bank Credit Suisse. UBS and Credit Suisse are both known for servicing the ultra-rich, though UBS does so on a much larger scale. The acquirer had $2.8 trillion in global wealth management assets as of the end of 2022 while Credit Suisse's totalled $585 billion. But the merger gives UBS and Credit Suisse clients the thing that matters mostBut the acquisition wasn't just about rescuing Credit Suisse but restoring confidence in the Swiss banking system, Ibrahim noted. For one Irish billionaire and Credit Suisse client, this is what matters most.
☆ UBS will become a Swiss wealth behemoth after buying Credit Suisse, but blending the two rivals could get awkward and messy
  + stars: | 2023-03-21 | by ( Hayley Cuccinello | ) www.businessinsider.com   time to read: +7 min
UBS was already a giant in wealth management before it agreed to buy doomed rival Credit Suisse. UBS was already the largest private wealth manager in the world before it agreed to buy fellow Swiss bank Credit Suisse. UBS and Credit Suisse are both known for servicing the ultra-rich, though UBS does so on a much larger scale. The acquirer had $2.8 trillion in global wealth management assets as of the end of 2022 while Credit Suisse's totalled $585 billion. But the merger gives UBS and Credit Suisse clients the thing that matters mostBut the acquisition wasn't just about rescuing Credit Suisse but restoring confidence in the Swiss banking system, Ibrahim noted.
☆ From wealth managers to quants, 14 Wall Street headhunters told us which jobs and skills are in the highest demand right now
  + stars: | 2023-01-31 | by ( Alex Morrell | Bianca Chan | Emmalyse Brownstein | ) www.businessinsider.com   time to read: +15 min
Some hedge funds, wealth managers, and asset managers are still hiring. Recruiters told us what roles are in demand and what skills can help you land them. Big-name hedge funds like Citadel, D. E. Shaw, and Millennium Management posted double digits in a year that many other investment managers would rather soon forget. Alternative asset managers, meanwhile, are hiring in the private-wealth-management businesses they've spent recent years building out. … if you're in or interested in wealth managementDespite the market downturn, wealth managers are in high demand.
☆ Here's where Wall Street is hiring even as layoffs and hiring slowdowns take hold, according to 14 recruiters
  + stars: | 2023-01-25 | by ( Alex Morrell | Bianca Chan | Emmalyse Brownstein | ) www.businessinsider.com   time to read: +15 min
Some hedge funds, wealth managers, and asset managers are still hiring. Layoffs across industries have been dominating headlines in January, and Wall Street has been no exception. Big-name hedge funds like Citadel, D. E. Shaw, and Millennium Management posted double digits in a year that many other investment managers would rather soon forget. Alternative asset managers, meanwhile, are hiring in the private-wealth-management businesses they've spent recent years building out. Emily Landon, the CEO of the Chicago-based headhunting firm The Crypto Recruiter, pointed to the job board Crypto Careers, which has over 2,400 openings.
☆ Why wealth management is Goldman Sachs' new 'crown jewel' with dealmaking at a standstill
  + stars: | 2023-01-18 | by ( Hayley Cuccinello | ) www.businessinsider.com   time to read: +5 min
CEO David Solomon acknowledged that a stronger wealth and asset management business would have helped the bank weather the storm. One of Solomon's three key priorities for Goldman Sachs is growing management fees in the asset and wealth management arm. Solomon touted the potential for its workplace wealth offering Ayco in October, but private wealth management is another opportunity. Of 43 job postings in asset and wealth management based in the US, 15 are within the private wealth unit. The wealth management business also boosts Goldman's other services, as the bank's co-head of asset management Julian Salisbury said in September.
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