Sometimes a relationship can last a lifetime. But just because two people might seem perfect for each other does not mean their marriage will last a lifetime. All too often, it ends in divorce.
That could be the case for our nation’s biggest banks, and that is exactly what Sanford I. Weill, the former Chairman and CEO of Citigroup, wants to see happen. In an interview with CNBC this morning, Weill said that banking should be “split up” from investment banking.
“Have banks be deposit takers, have banks make commercial loans and real estate loans, have banks do something that’s not going to risk the taxpayer dollars, that’s not too big to fail,” Weill told CNBC’s Squawk Box.
In short, Weill is more concerned about taxpayers than anyone else. “I’m suggesting that they be broken up so that the taxpayer will never be at risk, the depositors won’t be at risk, the leverage of the banks will be something reasonable, and the investment banks can do trading, they’re not subject to a Volker rule, they can make some mistakes, but they’ll have everything that clears with each other every single night so they can be mark-to-market,” he said.
Weill did not comment on how a banking breakup could impact jobs on Wall Street. But it is widely believed that micro businesses, including smaller brokerages, could be the catalyst for future job growth.
Indeed, younger, growing firms like Wealthfront and Blueleaf are hiring full-time employees, while FutureAdvisor is searching for interns. Swift Exchange, a company ran by former Wall Street execs that is attempting to turn rewards into a new form of currency, is also hiring “brilliant, creative, and energetic people” who are visionaries “with an insatiable drive.”
BrightScope, a young financial information company with clients as large as Lockheed Martin, is hiring as well. HelloWallet, a financial guidance firm that ABC News referred to as one of the top five coolest startups in America, is currently looking for a Vice President of Sales. The company is also looking for a senior UX designer, as well as a handful of engineers.
Unlike many of the larger institutions it competes with, HelloWallet is upfront about some of the perks of working at the firm, including free Friday lunches, time to work on personal projects, and a kitchen that’s stocked with snacks and coffee. HelloWallet employees also enjoy the health benefits (medical, dental, and vision) commonly found at larger organizations.
Betterment, an investment engine based in New York, NY, is looking to fill a whole host of positions that range from a Marketing Analyst and a Chief Marketing Officer to a Business Development Director and a PR Manager, who will ultimately serve as the firm’s lead spokesperson. Like so many other financial startups, Betterment is also looking for developers and engineers to power the firm’s technology.
Vanguard, one of Betterment’s chief competitors, may not be a startup. But it is hiring for a number of positions, including three Senior Estate and Trust Attorneys (one in Scottsdale, AZ; another in Charlotte, NC; and a third in Valley Forge, PA) and two Broker-Dealer Field Sales Executives (one in Los Angeles, CA; another in San Francisco, CA). The company is also looking for a couple of High Net-Worth Client Managers — one in Valley Forge, PA, and another in Scottsdale, AZ.
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