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Neiman Named to Key Post in PwC Global Financial Services Regulatory Practice


Former New York Banking Superintendent Richard Neiman has joined PricewaterhouseCoopers as vice chairman of the firm's global financial services regulatory practice. Neiman was also a member of the Congressional panel overseeing the implementation of the Troubled Asset Relief Program (TARP).

Previously, Neiman was chairman, president and chief executive officer of TD Bank USA, a subsidiary of the Toronto-Dominion Bank. He joined TD Waterhouse Group in 1994, initially serving as executive vice president and general counsel and overseeing all legal, regulatory and compliance matters.

Earlier, Neiman was a director in the regulatory advisory services practice of what was then Price Waterhouse. He has also served in positions within Citicorp's investment bank, including as general counsel of the global equities group. He began his career in the Office of the Comptroller of the Currency, serving initially as a staff attorney and then as special assistant to the chief counsel.

In his new role, Neiman will advise and work with financial institutions, financial market utilities and regulators around the world on issues arising from the new regulatory environment, particularly the effects of the Dodd-Frank Wall Street Reform and Consumer Protection Act. In addition, Neiman will lead PwC's foreign bank regulatory practice, advising banks on governance, compliance and business issues with respect to their operations in the U.S.

"Richard Neiman is one of the most respected global regulatory leaders in the financial services industry, and has been in the middle of much of the regulatory reform debate in his role as the New York Superintendent of Banks and member of the Congressional Oversight Plan," said Dan Ryan, partner and chairman of PwC's financial services regulatory practice. "In this time of regulatory-driven change, we think our clients will appreciate the unique perspective that Richard will bring them as a former regulator and industry executive. We are especially pleased that Richard, who was a director in our practice in the 1990s, and had many options for the next phase of his career, both in the public and private sector, has chosen to re-join our team at PwC."

 

Jefferies Group Gets New Fixed Income Executive

Jefferies Group has tapped Clifford Lanier as its new managing director and head of fixed income cross product sales.

Lanier joins the global securities and investment banking firm from Deutsche Bank, where he held the title of managing director of fixed income sales and head of generalist sales.

"We are pleased to welcome Clifford to Jefferies," William Jennings and Johan Eveland, global co-heads of fixed income at Jefferies, said in a joint statement. "His experience in cross product sales will make a meaningful and immediate contribution as we continue the expansion of our global fixed income business to better serve clients."

Prior to joining Deutsche Bank, Lanier served as director of Merrill Lynch's fixed income strategic solutions group.

Jefferies' fixed income unit includes more than 500 staffers focused on the sales and trading of mortgage- and asset-backed securities, investment grade corporate bonds, high yield bonds, U.S. and European government and agency securities, municipal bonds, repo finance, whole loans, leveraged loans, distressed securities and emerging markets debt.

 

UBS Hires Adviser Mattia For Rochester Branch

UBS Wealth Management Americas has hired financial adviser David Mattia from Convergent Wealth Advisors to serve in its Rochester, N.Y., office.

Mattia previously had $1.2 million in fees and commissions and $170 million in assets under management. He reports to Director Sam Messina.

Mattia has been registered with UBS since May 27, according to the Financial Industry Regulatory Authority. Before that, he had been registered with City National Securities, operator of affiliate business Convergent Wealth Advisors, since May 2009. Mattia has also held posts at Citigroup Global Markets and Lehman Brothers.

The new hire comes as UBS has also recently added new advisers in Cleveland and Akron, Ohio, Century City, Calif., Bedminster, N.J., Newport Beach, Calif., Las Vegas and New York. The firm reported that it had 6,811 total financial advisers in its U.S. wealth management business in its April first quarter earnings report.

 

Morgan Stanley to Cut Even More Advisers

Morgan Stanley Smith Barney plans to continue to trim underperformers from its financial advisor force in addition to the 300 positions that it severed in the first quarter. The plan to continue scaling down Morgan Stanley Smith Barney's wealth management force was first made public in statements by Morgan Stanley Chief Financial Officer Ruth Porat at the Deutsche Bank Global Financial Services Conference.

The plans for further cuts come after Morgan Stanley Smith Barney shed about 300 financial adviser and trainee positions in the first quarter. The firm reported a total financial adviser count of 17,800 in its first quarter earnings report in April, within the targeted range of 17,500 to 18,500 after those cuts.

That first round of cuts was aimed at low-producing financial advisers and trainees. That included financial advisers who had been at the firm for more than a year and had less than $75,000 in annual production. It also included trainees that had been at the firm for six to 36 months and had $25,000 or less in annual production.

Plans for those cuts were on a case-by-case basis, and employees showing signs of improvement were said to be eligible for a reprieve.