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<ul class="summary-list"><li>Demand for private wealth and banking services grew during the pandemic and shows no signs of stopping.</li><li>Firms are competing for talent to cater to moneyed clients who are worth at least $10 million.</li><li>These are five of the players on the hiring hunt.</li></ul>America's wealthy are getting richer thanks to a booming stock market. Private wealth managers and banks are <a href="https://www.businessinsider.com/financial-advisor-wealth-management-recruiters-competitive-hiring-trends-recruitment-playbook-2021-3">competing for talent</a> to service this niche clientele, which often have at least $10 million in assets.Though the pandemic showed that much of this work can be done remotely, firms are expanding geographically so they can provide concierge-level service to moneyed clients who moved during the pandemic. New York and California may still be home to most of America's wealthy, but now firms want advisors in popular relocation spots such as South Florida and Wyoming's Jackson Hole.Here's our running list of which private wealth firms and banks are looking to staff up.<h2><a href="https://www.businessinsider.com/jp-morgan-advisors-private-bank-hiring-wealth-management-2021-6?r=PBtalent">JPMorgan</a></h2>David Frame, CEO of the <keyword id="13272" type="CITY" weightage="60" keywordseo="Private-Bank" source="Orion">private bank</keyword>, is doubling down on a <keyword id="177739" type="PERSON" weightage="60" keywordseo="recruiting" source="Orion">recruiting</keyword> push. JPMorgan aims to <a href="https://www.businessinsider.com/jp-morgan-advisors-private-bank-hiring-wealth-management-2021-6?r=PBtalent">hire as many as 1,500 new private bank advisors over the next five years</a>, which would double its current headcount.His second goal is to have private-bank advisors in every city with at least 10,000 people worth at least $10 million. The new batch of hires will ideally be split between internal promotions and external hires of executives at vice president level or above."There's only 1.8 million people in this country that are worth $10 million or more. And so there's a rarefied amount of services that those clients expect," he said.<a href="https://www.businessinsider.com/jp-morgan-advisors-private-bank-hiring-wealth-management-2021-6?r=PBtalent">Read more here. </a><h2><a href="https://www.businessinsider.com/rockefeller-acquiring-hiring-grow-its-family-office-taxes-specialities-2021-6?r=PBtalent">Rockefeller Capital Management</a></h2>The wealth firm built from the 139-year-old Rockefeller family office is growing at a breakneck pace, poaching from larger rivals including Merrill Lynch and buying multifamily offices.Heather Flanagan, who left HSBC <keyword id="129590" type="COMPANY" weightage="60" keywordseo="Private-banking" source="Orion">Private Banking</keyword> to join Rockefeller last summer, told Insider that <a href="https://www.businessinsider.com/rockefeller-acquiring-hiring-grow-its-family-office-taxes-specialities-2021-6?r=PBtalent">more hires and acquisitions are on the way</a>. Staffing up will allow the firm, which has $75 billion in client assets, to branch into specialty areas such as tax planning and philanthropy."We're trying to build the services for an organization that has dramatically changed. It's not like the family calls in and says, 'We need you to get a mortgage for our $20 million apartment that we want to buy in New York City next month.' Now we've got clients that we have to serve from all different regions of the country, all different asset levels, and in different ways," Flanagan, head of trust, fiduciary and client accounting services, told Insider.<a href="https://www.businessinsider.com/rockefeller-acquiring-hiring-grow-its-family-office-taxes-specialities-2021-6?r=PBtalent">See more about the firm's plans here. </a><h2><a href="https://www.businessinsider.com/wells-fargo-julie-caperton-private-bank-wealth-management-hiring-advisors-2021-6https://www.businessinsider.com/wells-fargo-julie-caperton-private-bank-wealth-management-hiring-advisors-2021-6?r=PBtalent">Wells Fargo</a></h2>Wells Fargo's new private bank head Julie Caperton told Insider during her first week on the job that she had three priorities: <a href="https://www.businessinsider.com/wells-fargo-julie-caperton-private-bank-wealth-management-hiring-advisors-2021-6https://www.businessinsider.com/wells-fargo-julie-caperton-private-bank-wealth-management-hiring-advisors-2021-6?r=PBtalent">"growth, growth, and growth."</a>The Wells Fargo veteran's appointment coincides with the restructuring of the firm's wealth and investment management business. The firm is streamlining by folding the private bank the Abbot Downing family office arm into the brokerage business, among other moves.However, Caperton still wants to expand, <a href="https://www.businessinsider.com/wells-fargo-julie-caperton-private-bank-wealth-management-hiring-advisors-2021-6https://www.businessinsider.com/wells-fargo-julie-caperton-private-bank-wealth-management-hiring-advisors-2021-6?r=PBtalent">here's where they're looking to recruit.</a><h2><a href="https://www.businessinsider.com/rich-americans-tax-domicile-clarfeld-citizens-2021-6?r=PBtalent">Clarfeld</a></h2>Demand for private wealth services has surged according to Donna Cuiffo, head of family office services at Clarfeld, where she has worked for more than three decades. The $17 billion (client assets) firm hired 30 employees in the first six months of 2021, bringing the headcount to 185, and is still looking to hire.Clarfeld, owned by Citizens Bank since 2019, is expanding geographically as well. It opened a new <keyword id="153884" type="COMPANY" weightage="60" keywordseo="wealth-management" source="Orion">wealth management</keyword> office in West Palm Beach to follow <a href="https://www.businessinsider.com/rich-americans-tax-domicile-clarfeld-citizens-2021-6https://www.businessinsider.com/rich-americans-tax-domicile-clarfeld-citizens-2021-6?r=PBtalent">rich snowbird clients that fled the East Coast during the pandemic</a>.<h2><a href="https://www.businessinsider.com/pnc-rebranding-private-bank-wealth-management-carole-brown-florida-texas-2021-8?r=PBtalent">PNC</a></h2>The Pittsburgh-based bank is <a href="https://www.businessinsider.com/pnc-rebranding-private-bank-wealth-management-carole-brown-florida-texas-2021-8?r=PBtalent">staffing up</a> after finalizing its $11.5 billion acquisition of Spanish lender BBVA's US operations. Thanks to the takeover, the newly-branded PNC Private Bank now has a foothold in Arizona, California, and Texas, opportune for serving Americans who fled the Northeast during the pandemic for sunnier climes.Carole Brown, chief of the $355 billion asset management group, told Insider that she plans to form wealth teams in the new markets added from the BBVA buy as well as staff up preexisting branches. <a href="https://www.businessinsider.com/pnc-rebranding-private-bank-wealth-management-carole-brown-florida-texas-2021-8?r=PBtalent">Read more about the roles they're filling here.</a>

There's hardly been a better time to be a wealth manager to the ultrarich as the war for talent escalates. Here are 5 firms on the hunt.

<ul class="summary-list"><li>Insider's <keyword id="14222455" type="UNKNOWN" weightage="60" keywordseo="banker-of-the-week" source="Orion">Banker of the Week</keyword> series appears in our weekday newsletter, <a href="https://www.businessinsider.com/subscription/newsletter/10-things-on-wall-street">10 Things on Wall Street</a>.</li><li>This week we're featuring Dega Nalayeh, a managing director and private-client advisor at <keyword id="11921643" type="UNKNOWN" weightage="60" keywordseo="bank-of-america" source="Orion">Bank of America</keyword>'s private bank.</li></ul>Dega Nalayeh told Insider that she's currently climbing Mount Kilimanjaro. She's doing it to honor her sister, Somali-Canadian journalist Hodan Nalayeh, who was killed during a <a href="https://www.nytimes.com/2019/07/13/world/africa/somalia-shabab-hotel-kismayo.html">terrorist attack at a hotel in Somalia</a> in July 2019.Dega Nalayeh and 14 other climbers have so far <a href="https://www.hiiraan.com/news4/2022/july/186870/hikers_to_climb_mt_kilimanjaro_to_develop_rural_schools_in_honour_of_hodan_nayaleh.aspx">raised more than $230,000</a> for the nonprofit Give to Learn to Grow Foundation. Proceeds help underserved communities in Somaliland.Today — when not climbing mountains — she is (figuratively) moving them for the ultra wealthy. Nalayeh is a managing director and advisor at Bank of America's private bank, where she manages $6.4 billion in client assets.She built that book from scratch, relying on tried-and-tested word-0f-mouth strategies. Her savvy networking capabilities have also come in handy, particularly when she met a professional basketball player with the Atlanta Hawks, whose identity she could not disclose.Climbing the highest mountain in Africa sounds easy when considering the adversity Nalayeh has faced. She moved to Canada from Somalia at just 11 years of age. While her father worked as a parking attendant, she ran a newspaper route as a teenager.Later, she moved from Georgia to California for her husband. But when Nalayeh joined BofA's private bank in 2006, she was divorced with a two-year-old son.Nalayeh, who is 49, told Insider that she <a href="https://www.businessinsider.com/dega-nalayeh-private-bank-of-america-bofa-immigrant-2022-7">doubted her ability to be a rainmaker</a> for the bank at a time when she was dealing with a divorce and a toddler. But in six months, she landed a high-net-worth client.The banker leads a team of 13 alongside Avi Cohen, a fellow MD and private client advisor who was once her rival within the bank.Most of their clients come from the entertainment and media industries, as well as tech, real estate, and healthcare.Nalayeh is also focused on finding more women clients, including those who are overwhelmed by responsibilities found both at home and in the workplace.The Banker of the Week series is featured in Insider's 10 Things on Wall Street — <a href="https://www.businessinsider.com/subscription/newsletter/10-things-on-wall-street">sign up here to get the newsletter each weekday morning.</a>

Dega Nalayeh is one of Bank of America's top advisors to the ultra-wealthy. She just clocked $6.4 billion in client assets, and is now climbing Mount Kilimanjaro.

<ul><li>The Indian government has decided to merge 10 state-owned banks into four, a move that has been cheered by many market participants.</li><li>These mergers can be a challenging process and take at least until April 2020 to materialise, according to CLSA.</li><li>In the meantime, competing banks will gain market share as the 10 banks focus on executing the mergers and consolidating the business and not on growing the franchise.</li><li>These expectations from the brokerage are based on similar mergers that have taken place in recent years.</li></ul>The Indian government has decided to merge 10 state-owned banks into four, a move that has been cheered by many market participants. As a part of the merger, Punjab National Bank (PNB) will be merging with Oriental Bank and United Bank which will be the second largest public sector bank in India. While PNB will retain its identity as the anchor bank, it will be ‘acquiring’ the other two smaller banks. Canara Bank will merge with Syndicate Bank to become the fourth largest bank. Union Bank of India will subsume with Andhra Bank and Corporation Bank to turn into the fifth largest state-owned bank. Indian Bank and Allahabad Bank will also merge to become the seventh largest public sector bank. However, despite these moves, the country's largest lender, the State Bank of India, may emerge as a big winner. This may help SBI's share price that is reeling near a six-month low at this point. Even the private banks like ICICI Bank, HDFC Bank, and Axis Bank, may gain more customers despite the reach of their government peers in the time that these proposed mergers are executed. The following expectations from the brokerage are based on similar mergers that have taken place in recent years. 1. The mergers may be effective from April 1, 2020. The merger of Bank of Baroda, Vijaya Bank, and Dena Bank was announced around mid-September 2018 and was effective by April 1, 2019. 2. Generally growth suffers during the merger process but over the medium-term consolidation of infrastructure does improve profitability. 3. Low-cost savings and deposits grow faster than loans and advances. 4. The investors in anchor banks-- in the current scenario PNB, Canara Bank, and Indian Bank-- will get a better deal in the merger. This will offset some of the pain and price erosion of having to share the burden of weaker banks. Bank of Baroda shareholders had an advantage of 8-9% in the share swap deal during the merger with VIjaya Bank and Dena Bank. 5. Between the merger announcement and the listing of merged shares, Bank of Baroda, Vijaya Bank, and Dena Bank underperformed the PSU-bank Index, and SBI fared better. 6. With many PSU banks focussed on merger and integration, SBI and private banks will be better placed to gain market share. SEE ALSO: <a href="https://www.businessinsider.in/business/indian-government-merges-ten-public-sector-banks-to-form-four-large-entities/articleshow/70910392.cms" data-type="tilCustomLink" target="_blank">Indian government decides to merge ten public sector banks to form four large entities</a>

SBI and private banks may gain customers from India's government banks' mergers

<ul class="summary-list"><li>Private banks cater to the wealthiest clientele, who typically have at least $10 million in assets.</li><li>The advisor training can take years and spans from case studies to voicemail training.</li><li>Insider spoke to 4 top banks about how they prepare bankers to work with their most prized clients.</li></ul>America's wealthy continue to get richer, and the world's top banks are fighting for their business. Even banks with household names are <a href="https://www.businessinsider.com/financial-advisor-wealth-management-recruiters-competitive-hiring-trends-recruitment-playbook-2021-3">competing for talent</a> to service this niche clientele, which often have at least $10 million in assets.But getting hired is just the first step. <keyword id="11895526" type="UNKNOWN" weightage="60" keywordseo="wall-street" source="Orion">Wall Street</keyword> banks put analysts through their paces before letting them work with the most coveted clients. It can take hundreds of hours of lessons, sometimes spread out over years or condensed into a matter of weeks, as well as exams, case studies, and — more exams. Here's our running list of training programs for aspiring private bankers at top US banks.<h2><a href="https://www.businessinsider.com/jpmorgan-private-bank-careers-training-course-wealth-management-analyst-2021-11">JPMorgan</a></h2>David Frame, CEO of the private bank, is doubling down on a recruiting push. JPMorgan aims to <a href="https://www.businessinsider.com/jp-morgan-advisors-private-bank-hiring-wealth-management-2021-6?r=PBtalent">hire as many as 1,500 new private bank advisors over the next five years</a>, which would double its current headcount.About half these advisors will come from JPMorgan's analyst ranks, who are mostly newly minted college graduates. These young analysts have to complete 250 hours of training over three years with a mix of live lessons and self-study on topics from alternative investments to lending.There aren't any written exams, but analysts are tested on their mastery in role-play sessions with fictional clients, which Frame compares to language labs."We view a lot of these topics as like learning a foreign language. You have to be conversant," Frame said.<a href="https://www.businessinsider.com/jpmorgan-private-bank-careers-training-course-wealth-management-analyst-2021-11">Read more about JPMorgan's "objection clinics" with fictional clients and voicemail training.</a><h2><a href="https://www.businessinsider.com/morgan-stanley-advisor-training-course-wealth-management-2021-9">Morgan Stanley</a></h2>Every advisor in the <keyword id="12208936" type="UNKNOWN" weightage="60" keywordseo="wealth-management" source="Orion">wealth management</keyword> division has to pass an exam with a live case study in order to work with high-net-worth families.Only some 60% pass on their first try and about 75% eventually pass after retaking it, sometimes multiple times. "We don't have a requisite number that we're looking to put through the program," Alex Chester, who runs the bank's family wealth director program, told Insider. "We want to make sure that the advisors that we're promoting are equipped to work with the very best clients of the firm."In the case study, senior Morgan Stanley employees pretend to be a high-net-worth client and their accountant or attorney. Advisors get one hour to talk to the fictional client, and another three hours to prepare detailed recommendations.<a href="https://www.businessinsider.com/morgan-stanley-advisor-training-course-wealth-management-2021-9">See an example of Morgan Stanley's tough case studies here.</a><h2><a href="https://www.businessinsider.com/goldman-sachs-private-wealth-advisor-training-program-analysts-2021-12">Goldman Sachs</a></h2>After three years of working for Goldman Sachs, about 25 to 40 analysts from the bank's private wealth division are handpicked for its advisory program.The focus of the two-year course is to train young graduates to communicate with clients in a relatable way and ditch "business-school speak," Goldman partner David Fox told Insider. Trainees go through near-daily sessions of "verbal dexterity" exercises where they have to answer questions from fictional clients. The course culminates with three case studies that involve portfolio strategy and estate planning, as well as a written and oral exam.<a href="https://www.businessinsider.com/goldman-sachs-private-wealth-advisor-training-program-analysts-2021-12">Read all the details about the case studies that cap off Goldman's training program</a><a href="https://www.businessinsider.com/morgan-stanley-advisor-training-course-wealth-management-2021-9"></a><h2><a href="https://www.businessinsider.com/bank-of-america-bofa-private-bank-analyst-training-2022-2">Bank of America</a></h2>Analysts at Bank of America complete four department rotations within the private bank, shadowing senior bankers, trust officers, and portfolio managers. This "apprenticeship model" helps young graduates find their specialty before becoming associates, according to Jessica Walsh, who leads employee training for early talent at the private bank. At the end of the two-year program, analysts pick choose one of the bank's 25 specialty groups, such as wealth planning, custom lending, structured credit, philanthropy, or the chief investment office.Case studies are fundamental to the program, including a capstone case study with 15 possible outcomes, but analysts get to interact with clients while they are trainees.<a href="https://www.businessinsider.com/bank-of-america-bofa-private-bank-analyst-training-2022-2">Learn more about how young grads train to work with the ultra-rich.</a>

How top banks like Goldman Sachs and JPMorgan train young advisors to work with ultra-rich clients

<ul class="summary-list"><li>Private banks cater to the wealthiest clientele, who typically have at least $10 million in assets.</li><li>The advisor training can take years and spans from case studies to voicemail training.</li><li>Insider spoke to 4 top banks about how they prepare bankers to work with their most prized clients.</li></ul>The world's top banks are fighting for America's wealthiest. Even banks with household names are <a href="https://www.businessinsider.com/financial-advisor-wealth-management-recruiters-competitive-hiring-trends-recruitment-playbook-2021-3">competing for talent</a> to service this niche clientele, which often have at least $10 million in assets.But getting hired is just the first step. <keyword id="11895526" type="UNKNOWN" weightage="60" keywordseo="wall-street" source="Orion">Wall Street</keyword> banks put analysts through their paces before letting them work with the most coveted clients. It can take hundreds of hours of lessons, sometimes spread out over years or condensed into a matter of weeks, as well as exams, case studies, and — more exams. Here's our running list of training programs for aspiring private bankers at top US banks.<h2><a href="https://www.businessinsider.com/jpmorgan-private-bank-careers-training-course-wealth-management-analyst-2021-11">JPMorgan</a></h2>Two years ago, JPMorgan laid out its plans to <a href="https://www.businessinsider.com/jp-morgan-advisors-private-bank-hiring-wealth-management-2021-6?r=PBtalent">hire as many as 1,500 new private bank advisors over the next few years</a>, which would double its current headcount. About half these advisors will come from JPMorgan's analyst ranks, who are mostly newly minted college graduates. These young analysts have to complete 250 hours of training over three years with a mix of live lessons and self-study on topics from alternative investments to lending.There aren't any written exams, but analysts are tested on their mastery in role-play sessions with fictional clients, which Frame compares to language labs."We view a lot of these topics as like learning a foreign language. You have to be conversant," Frame said.<a href="https://www.businessinsider.com/jpmorgan-private-bank-careers-training-course-wealth-management-analyst-2021-11">Read more about JPMorgan's "objection clinics" with fictional clients and voicemail training.</a><h2><a href="https://www.businessinsider.com/morgan-stanley-advisor-training-course-wealth-management-2021-9">Morgan Stanley</a></h2>Every advisor in the <keyword id="12208936" type="UNKNOWN" weightage="60" keywordseo="wealth-management" source="Orion">wealth management</keyword> division has to pass an exam with a live case study in order to work with high-net-worth families.Only some 60% pass on their first try and about 75% eventually pass after retaking it, sometimes multiple times. "We don't have a requisite number that we're looking to put through the program," Alex Chester, who runs the bank's family wealth director program, told Insider. "We want to make sure that the advisors that we're promoting are equipped to work with the very best clients of the firm."In the case study, senior Morgan Stanley employees pretend to be a high-net-worth client and their accountant or attorney. Advisors get one hour to talk to the fictional client, and another three hours to prepare detailed recommendations.<a href="https://www.businessinsider.com/morgan-stanley-advisor-training-course-wealth-management-2021-9">See an example of Morgan Stanley's tough case studies here.</a><h2><a href="https://www.businessinsider.com/goldman-sachs-private-wealth-advisor-training-program-analysts-2021-12">Goldman Sachs</a></h2>After three years of working for Goldman Sachs, about 25 to 40 analysts from the bank's private wealth division are handpicked for its advisory program.The focus of the two-year course is to train young graduates to communicate with clients in a relatable way and ditch "business-school speak," Goldman partner David Fox told Insider. Trainees go through near-daily sessions of "verbal dexterity" exercises where they have to answer questions from fictional clients. The course culminates with three case studies that involve portfolio strategy and estate planning, as well as a written and oral exam.<a href="https://www.businessinsider.com/goldman-sachs-private-wealth-advisor-training-program-analysts-2021-12">Read all the details about the case studies that cap off Goldman's training program</a><a href="https://www.businessinsider.com/morgan-stanley-advisor-training-course-wealth-management-2021-9"></a><h2><a href="https://www.businessinsider.com/bank-of-america-bofa-private-bank-analyst-training-2022-2">Bank of America</a></h2>Analysts at Bank of America complete four department rotations within the private bank, shadowing senior bankers, trust officers, and portfolio managers. This "apprenticeship model" helps young graduates find their specialty before becoming associates, according to Jessica Walsh, who leads employee training for early talent at the private bank. At the end of the two-year program, analysts pick choose one of the bank's 25 specialty groups, such as wealth planning, custom lending, structured credit, philanthropy, or the chief investment office.Case studies are fundamental to the program, including a capstone case study with 15 possible outcomes, but analysts get to interact with clients while they are trainees.<a href="https://www.businessinsider.com/bank-of-america-bofa-private-bank-analyst-training-2022-2">Learn more about how young grads train to work with the ultra-rich.</a>

How elite banks like JPMorgan and Goldman Sachs train young wealth managers to work with ultra-rich clients

The <keyword id="6354335" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword> (RBI) has imposed <keyword id="512003" type="General" weightage="20" keywordseo="penalties" source="Orion">penalties</keyword> to the tune of Rs 40.39 crore on banks, non-banking financial companies (NBFCs) and other entities for breach of norms during 2022-23, Minister of State for Finance Bhagwat Karad said in a written reply to the Lok Sabha on Monday. As many as 176 of these cases involving fines of Rs 14.04 crore pertained to <keyword id="6554737" type="General" weightage="20" keywordseo="cooperative-banks" source="Orion">cooperative banks</keyword>. <keyword id="141219" type="General" weightage="20" keywordseo="private-sector-banks" source="Orion">Private sector banks</keyword> were fined Rs 12.17 crore while public sector banks (PSBs) were levied penalties of Rs 3.65 crore, foreign banks Rs 4.65 crore, and NBFCs ended paying up Rs 4.39 crore. "RBI has informed that it is mandated to take enforcement action as per Enforcement Policy and Framework approved by the Board for Financial Supervision of RBI, in the form of imposition of monetary penalty on regulated entities for contraventions of different statutes and directions," the Minister stated. The RBI issued guidelines on fair practices code to be adopted by banks, NBFCs, and HFCs and these covered various aspects of lending, he added.

RBI penalties on banks, NBFCs add up to Rs 40.39 crore for 2022-23

The retail loans of private banks such as <keyword id="45123" type="CITY" weightage="20" keywordseo="HDFC">HDFC</keyword> and <keyword id="6355975" type="CITY" weightage="20" keywordseo="Axis-Bank">Axis Bank</keyword> are increasing, thereby also raising the risk of defaults. 
 
HDFC Bank’s personal loan book grew by 41 per cent at Rs 41,000 crore, and its credit card business grew by 26 per cent to Rs 21,000 crore. 
 
"These products have an expected loss which is higher because you are pricing in a certain level of loss. As long as actual losses are within what you expect for those products, it's the cost of doing that business," Paresh Sukthankar, DMD, HDFC Bank, told ET. 
 Even Axis Bank’s <keyword id="947940" type="UNKNOWN" weightage="20" keywordseo="unsecured-lending">unsecured lending</keyword> portfolio grew and touched double digits. Its personal loan and credit card business added Rs 15,000 crore to its total retail loan portfolio. 
 
The bank, which recorded retail NPAs upwards of Rs 300 crore, is not worried about growth in retail delinquencies. 
 
"If you look at the scale at which we have grown, the retail book and scale at which delinquencies have grown is not a cause of concern," V Srinivasan, DMD, Axis Bank, told ET. 
 <keyword id="6376194" type="CITY" weightage="20" keywordseo="Kotak-Mahindra">Kotak Mahindra</keyword> Bank was also not behind in increasing its unsecured lendings and its small business, personal and credit card portfolio grew over 18 per cent compared with last year. 
 
Kotak’s total portfolio stood at Rs 14,684 crore and as per a RBI data, total personal loans in the banking system grew at 19.1 per cent to over Rs 14.2 lakh crore. 
 
(Image: Thinkstock)

Unsecured retail lending is rising in private banks and this could be dangerous

<div class="image-container display-table float_right"><div><div class="image">REUTERS/Jon WooAn employee carries bundles of 100 yuan Chinese bank notes to store after counting at a bank in Taiyuan, Shanxi province July 4, 2013.</div></div></div>BEIJING (Reuters) - <keyword id="1334" type="COUNTRY" weightage="60" keywordseo="China">China</keyword> has approved a pilot scheme allowing the setting up of three to five private banks, the regulator said on Monday, in a step to boost financial support for cash-starved smaller firms.
The China Banking Regulatory Commission (CBRC) would maintain "prudential regulatory standards" in approving private banks, it said in a statement following a meeting on banking supervision.
"The first-batch of three to five private banks will be set up under a pilot scheme," it said, adding that a private bank would be established only when conditions are mature. It did not elaborate.
Chinese leaders have pledged to open up the banking sector, now dominated by big state-owned lenders, to private investors to help boost competition and increase lending to small firms, who are often neglected by the big banks.
China Minsheng Banking Corp. &lt;600016.SS&gt; is the only private bank among the country's 10 largest commercial lenders.
Small- and medium-sized enterprises (SMEs) account for 60 percent of China's gross domestic product and some 75 percent of new jobs, but they are struggling to cope with weaker global demand and tight credit.
Retailer Suning Commerce Group &lt;002024.SZ&gt; and the Internet giant Tencent Holdings &lt;0700.HK&gt; are among firms keen to establish private banks.
The banking regulator also said it would take steps to rein in banking risks in 2014, and reiterated that it would take measures to resolve risks linked to local government financing vehicles and tighten rules on wealth management products.
Separately, banking industry sources told Reuters that Chinese banks made 8.9 trillion yuan ($1.5 trillion) in new loans in 2013, which implied around 500 billion yuan in new loans in December alone.
China's central bank is scheduled to release December's loan data between Jan 10 and Jan 15.
For all of 2013, Chinese banks' outstanding loan growth was 14.2 percent while banks' non-performing loan ratio stood at 1.05 percent as of December, the sources said, citing a speech made on Monday by Shang Fulin, the head of CBRC.
(Reporting by Victoria Bi in HONG KONG and Kevin Yao in BEIJING; Editing by Nick Macfie)

China Approves Pilot Plan To Set Up Private Banks

Hiya! <a href="https://twitter.com/dandefrancesco">Dan DeFrancesco</a> in NYC. The Fed bumped rates again — surprise, surprise — <a href="https://www.businessinsider.com/did-fed-raise-interest-rates-may-pause-hikes-jerome-powell-2023-5">but could this finally be the end?</a>Today, we've got stories on <a href="https://www.businessinsider.com/goldman-sachs-tmt-investment-banking-leaders-2023-5">Goldman Sachs shaking up leadership in its investment bank</a>, <a href="https://www.businessinsider.com/bank-of-america-security-exec-new-role-overseeing-developer-experience-2023-5">a new executive role in Bank of America's tech division,</a> and <a href="https://www.businessinsider.com/most-expensive-home-250-million-nyc-penthouse-central-park-tower-2022-9">what the most expensive home in the US looks like.</a>But first, <a href="https://www.youtube.com/watch?v=pQTgLXl1qXI">you can't do anything with five, Greg!</a>If this was forwarded to you, <a href="https://www.businessinsider.com/subscription/newsletter/10-things-on-wall-street">sign up here</a>. Download Insider's app <a href="https://www.insider.com/app">here</a>.<a href="https://www.businessinsider.com/wells-fargo-private-bank-transformation-and-abbott-downing-talent-exodus-2023-5"></a>1. The little things about big money.Want to know the best way to identify a really rich person? Check if they're wearing a coat.See, the ultra-rich don't spend enough time outside to wear a jacket. Unlike the rest of us waiting for Ubers or, God forbid, the subway, they get door-to-door service everywhere they go. HBO's "Succession" worked hard to get those details right, one of the show's executive directors <a href="https://robbreport.com/lifestyle/news/succession-billions-details-1234808621/">recently told the Robb Report.</a> And while the minutiae of a person's outerwear might seem trivial, it speaks to a larger point: Extremely wealthy people operate very differently than the rest of us. Which brings us to a fantastic story about <a href="https://www.businessinsider.com/wells-fargo-private-bank-transformation-and-abbott-downing-talent-exodus-2023-5">Wells Fargo's decision to reorganize how it serves its ultra-rich clients.</a> Insider's Hayley Cuccinello and Reed Alexander have all the juicy details on the bank's decision in late 2020 to fold Abbot Downing, which catered to Wells' richest clients, into its wider private bank.Spoiler alert: <a href="https://www.businessinsider.com/wells-fargo-private-bank-transformation-and-abbott-downing-talent-exodus-2023-5">It didn't go well.</a>Hayley and Reed spoke to nearly 20 people who were at the firm during the transition. And while many understood some changes were necessary, nearly everyone agreed the bank didn't go about it the right way.At its core, insiders say the bank tried applying a one-size-fits-all strategy to a group that is very much not one-size-fits-all.As one former wealth advisor put it, it's like a car shop that services only Ferraris deciding one day to start fixing every other car model. (For the record, my Mazda CX-5 rides pretty smooth, thank you very much.)To be fair, I understand Wells' wider philosophy. Serving the mass affluent is an easier business to grow than advising the ultra-rich, who expect more customized service. But, <a href="https://www.businessinsider.com/wells-fargo-private-bank-transformation-and-abbott-downing-talent-exodus-2023-5">as Hayley and Reed's story lays out</a>, some of the decisions made seemed a bit rash. And when you consider how aggressively Wells' peers (e.g. <a href="https://www.businessinsider.com/morgan-stanley-wealth-management-james-gorman-2023-4">Morgan Stanley</a>, <a href="https://www.businessinsider.com/goldman-sachs-private-wealth-management-asset-david-solomon-2023-1">Goldman</a>) are pushing into the market, you start to wonder if the bank will regret its choice in the long run. <a href="https://www.businessinsider.com/wells-fargo-private-bank-transformation-and-abbott-downing-talent-exodus-2023-5">Read more about Wells Fargo's chaotic reorganization of its private bank.</a>In other news:<a href="https://www.businessinsider.com/goldman-sachs-tmt-investment-banking-leaders-2023-5"></a><div type="image" title="Kim Posnett" height="1125" width="1500" msid="99989849" hostid="261" sizebytes="65954"></div>2. Goldman's new-look investment bank. The prestigious Wall Street firm made a slew of changes among its senior dealmakers. Most notably, Kim Posnett was named head of the bank's TMT group. <a href="https://www.businessinsider.com/goldman-sachs-tmt-investment-banking-leaders-2023-5">Read about it here.</a> And for more on Posnett's rising profile at Goldman, <a href="https://www.businessinsider.com/kim-posnett-goldman-sachs-profile-interview-investment-banking-services-tech-2021-1">click here.</a>3. Bank of America shakes up its tech division. BofA's chief information security officer is taking on a brand-new role in the bank that's focused on the developer experience. It's the latest move in what has been an active 12 months for the bank's tech division. <a href="https://www.businessinsider.com/bank-of-america-security-exec-new-role-overseeing-developer-experience-2023-5">Read more here.</a>4. As if buying a house wasn't expensive enough, real estate agents are slipping in more fees. A new fee is popping up in closing statements across the country. And while it goes by many aliases — administrative, transaction, regulatory compliance — it's really just a junk fee. <a href="https://www.businessinsider.com/real-estate-junk-fees-home-buying-house-prices-more-expensive-2023-5">More on the latest real-estate shake down.</a>5. Google's VC firm just backed a startup looking to usurp financial advisors with AI. Range landed a $12 million Series A round led by Gradient, Google's AI-focused VC fund. <a href="https://www.businessinsider.com/google-backs-startup-hoping-to-make-human-financial-planners-obsolete-2023-5">More on how the startup wants to upend financial planning.</a>6. KPMG previously audited the three banks that recently failed. Yikes! The accounting firm had signed off on financial statements from Silicon Valley Bank, Signature Bank, and First Republic, the Financial Times reports. <a href="https://www.ft.com/join/licence/8a2da4d4-3315-4846-a013-029e04237cd6/details?ft-content-uuid=feb33914-493e-467c-b67e-28fcd1b3814d">Here's why KPMG could face some scrutiny.</a>7. No more hiding those losses, hedge funds. A new rule from the SEC will require big hedge funds to report major losses to regulators within 72 hours of occurring, <a href="https://www.bloomberg.com/news/articles/2023-05-03/big-hedge-funds-face-new-72-hour-deadline-to-report-major-losses?sref=5xrDvJna">Bloomberg reports.</a>8. Here's how a software engineer job-hopped his way to an early retirement. Frank Niu made stops at Netflix, IBM, and Grubhub before packing it in at the ripe old age of 30. <a href="https://www.businessinsider.com/how-much-i-made-job-hopping-as-a-software-engineer-2022-2">Here's how much he made every step of the way.</a>9. Take a peak inside the most expensive home in the US. Listed at $250 million, this NYC penthouse (of course it's in New York!) is on Billionaires' Row and overlooks Central Park. And with 17,545 square feet of interior living space, you've got some room for guests. <a href="https://www.businessinsider.com/most-expensive-home-250-million-nyc-penthouse-central-park-tower-2022-9">Check out the jaw-dropping pics.</a> 10. Some advice from a Costco vet. Having spent nearly two decades working at Costco, Veronica Thatcher knows all the tips and tricks for shopping at the warehouse. <a href="https://www.insider.com/best-tips-shopping-at-costco-according-to-employee">Here's some of her best advice.</a>Curated by Dan DeFrancesco in New York. Feedback or tips? Email <a href="mailto:ddefrancesco@insider.com">ddefrancesco@insider.com</a>, tweet <a href="https://twitter.com/dandefrancesco">@dandefrancesco</a>, or <a href="https://affiliate.insider.com?h=b83e78f6bb45aba7034c3baf1ec66d1b6c1d3afa26264bdb8604d5b9f2351262&amp;postID=64526b4a186a0b701b65f7f4&amp;site=bi&amp;u=https%3A%2F%2Fwww.linkedin.com%2Fin%2Fdan-defrancesco-29b12449%2F">connect on LinkedIn</a>. Edited by Jeffrey Cane (tweet <a href="https://twitter.com/jeffrey_cane">@jeffrey_cane</a>) in New York and Hallam Bullock (tweet <a href="https://twitter.com/hallam_bullock">@hallam_bullock</a>) in London.

You Searched For "Private banks" and got 9 results

There's hardly been a better time to be a wealth manager to the ultrarich as the war for talent escalates. Here are 5 firms on the hunt.

Hayley Cuccinello

Dega Nalayeh is one of Bank of America's top advisors to the ultra-wealthy. She just clocked $6.4 billion in client assets, and is now climbing Mount Kilimanjaro.

Hayley Cuccinello,Aaron Weinm…

SBI and private banks may gain customers from India's government banks' mergers

Sriram Iyer

How top banks like Goldman Sachs and JPMorgan train young advisors to work with ultra-rich clients

Hayley Cuccinello

How elite banks like JPMorgan and Goldman Sachs train young wealth managers to work with ultra-rich clients

Hayley Cuccinello

RBI penalties on banks, NBFCs add up to Rs 40.39 crore for 2022-23

IANS

Unsecured retail lending is rising in private banks and this could be dangerous

BI India Bureau

China Approves Pilot Plan To Set Up Private Banks

Reuters

Wells Fargo is pushing for quantity over quality in its private bank

Dan DeFrancesco

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