More Financial News

Northwestern Mutual launches 2010 recruitment for reps; Executives’ salaries at large banks continue to soar

Northwestern Mutual launches 2010 recruitment for reps

Milwaukee-based Northwestern Mutual Life Insurance Co. plans to recruit more than 2,300 financial representatives and more than 2,500 financial representative interns in 2010 to help the company meet Americans’ growing need for financial guidance.

The projection comes on the heels of a record-setting recruiting year for Northwestern Mutual, which recruited 10 percent more financial professionals in 2009 than it did in 2008.

"There’s a high-demand for trained financial professionals and our forecasts show that this demand will continue to climb in the foreseeable future," said Michael Van Grinsven, Northwestern Mutual field recruitment director. "With all the market uncertainty and confusing options, people are seeking guidance and clarity in their long-term planning."

Executives’ salaries at large banks continue to soar

Major U.S. banks and securities firms are on pace to pay their executivs about $145 billion for 2009, a record sum that indicates how compensation is climbing despite public outcrites over Wall Street’s pay culture, according to a new study by The Wall Street Journal.

An analysis by The Journal shows that executives, traders, investment bankers, money managers and others at 38 top financial companies can expect to earn nearly 18 percent more than they did last year – and slightly more than in the record year of 2007.

The conclusions are based on an examination of securities filings for the first nine months of 2009 and revenue estimates through year-end.

President Barack Obama is seeking to impose a tax on the largest banks to recover the taxpayer dollars that were given to the banks through the Troubled Asset Relief Program (TARP) that was approved by former President George W. Bush.


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