Reuters reports that a lot of firms are miffed over in Asia, as the cost of decent private banking relationship managers continues to soar.
The news agency quotes DBS’s Su Shan Tan, who said: ‘The one common thread that everyone’s complaining of is the RMs’ musical chairs. We are all guilty to some extent of poaching people. We all agree that we shouldn’t be doing it, but we have no choice….The cost-income ratio is no longer sustainable in our business because the cost of human beings has just gone through the roof’.
In the meantime, The Centre for Economic and Business Research says that it expects City bonuses to hit around £7bn for 2010, marginally lower than the £7.3bn the City’s finest received for 2009.
And The Financial Times reports that JPMorgan has reopened an underground gold vault in New York as the high price of gold has made the gold storage business profitable once again. The firm is also said to have built a vault in Singapore, and both Barclays Capital and Deutsche Bank are thought to be mulling over opening new vaults in London.
Finally, Bloomberg reports that a collection of teddy bears worth around $1.9m will be sold at auction at Christies in London this month. The seller is Paul Greenwood, the former general partner in WG Trading, who is auctioning off his goods after admitting in the US that he had taken over $75m from clients. Greenwood remains free on bail, and is due for sentencing in December.