Bloomberg reports that AIG hired Robert Bleimeister, a former US Army Lt. Col., last month as global head of human resources operations. And he will be expected to go about his task with military efficiency.
According to an internal memo quoted by Bloomberg, AIG doesn't think much of its current HR set-up. The memo says: 'Our structure fosters duplication of effort, high costs, sub-optimal service and a limited ability to play a strategic role in support of AIG business goals. What is today a largely decentralized and primarily administrative function must become a global integrated organisation that is a strategic asset'.
In the meantime, Bloomberg also reports that Morgan Stanley is to hire around 100 private bankers in Asia in the next 3 years, while the BBC says that Royal Bank of Scotland is to cut some 500 jobs in wealth management over the same period as part of its current re-structuring plan.
The Financial Times reports that BNP Paribas is to create a team of super bankers to forge relationships with 200 leading European companies with the aim of bagging more investment banking business. The newspaper quotes Global Head of Corporate Finance Thierry Varene, who said: 'It's not a revolution, but it's taking advantage of what we have become'.
Finally, Reuters reports that JPMorgan has been fined a record $49.12m by UK market regulator The Financial Services Authority (FSA) for failing to segregate client money from the rest of the bank's activities. The FSA said that the error remained undetected for 7 years!