Word: talented
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...generation," says Bill Fitzsimmons, the dean of admissions at Harvard, "America wasted a lot of talent." Applying to college was less brutal mainly because "three-quarters of the population was excluded from these types of schools." Now 62% more students are going to college than did in the '60s, when Fitzsimmons was a Harvard undergrad, and while many of them head off to state universities and community colleges, the top schools are determined to tear down barriers to entry for the brightest of them. Admissions officers from Harvard, Yale and Stanford weave their outreach tours through low-income ZIP codes...
Several years ago, executives with Singapore's major private banks came to the government with an enviable problem. Asia was minting so many rich people, and the lucrative business of managing their wealth was growing so rapidly, that there weren't enough skilled private bankers to go around. The talent shortage was so acute that banks reportedly were hiring local hairdressers and car salesmen and turning them into private bankers. They were also stealing employees from rival banks. "There were a lot of complaints to the Monetary Authority of Singapore about poaching," says Annie Wee, a former private banker with...
...ever before. "The technology in private banking has evolved tremendously," says SocG?n's Truchi, exacerbating the need for more sophisticated bankers. "It's gone from simple brokerage services to hedge funds and derivatives." Says BCG's Scott: "The biggest pitfall is that customers are getting more demanding, but the talent base isn't able to [meet] their demands...
...single bank to satisfy them is that many savvy Asian clients open several accounts and play bankers off each other to get the cheapest price. "Some of the serious guys have four to five accounts," says Scott. Another result is rising salaries as banks tussle with one another for talent. Industry consolidation may be the inevitable endgame. Only the biggest banks will be able to satisfy the growing salary demands of private bankers, so middle-tier players may gradually be squeezed out. "The big will only get bigger," says Didier von Daeniken, head of private banking for Credit Suisse...
...increasingly other factors, like the combination of low wages and high education levels in India and the migration of human talent to Singapore, determine where capital flows. Winter also points out that in markets where corporate structure remains cloudy--China is a prime example--investors can more safely tap some of the excitement by owning multinationals. "You don't have to buy local stocks to do this," he says. A quarter of Procter & Gamble's sales come from emerging markets, for example, and China alone accounts for 14% of revenues at Anglo-Australian mining giant Rio Tinto. Buying more-established...