Investment Banks Look to Step up Accounting Talent
J.P Morgan Chase, Morgan Stanley Make New Hires. Â Other Banks May Follow in Move to Increase Accounting Credibility Â Â
At the Wall Street Journal’s Overheard On the Street blog David Reilly reportsÂ that JP Morgan Chase and Morgan Stanley have made new accounting hires. Â Other banks may soon follow suit: Â Â
Iâ€™ll see your bean counter and raise you one. Given the skepticism that hung over bank balance sheets during the crisis, it is no surprise that many are hungry for accounting credibility.
J.P. Morgan Chase recently announced Timothy Flynn, former chairman of accounting firm KPMG LLP, was joining its board. Morgan Stanley last week said its board was adding Robert Herz, the former chairman of the Financial Accounting Standards Board, the body that sets U.S. accounting rules. That is on top of Donald Nicolaisen, a former chief accountant of the Securities and Exchange Commission, who is already on Morgan Stanleyâ€™s board.
Other banks looking to keep up with the Morgans may want to keep an eye on James Kroeker, the SECâ€™s current chief accountant. He recently said that he would leave the agency in July and has yet to disclose future employment plans.
The Job Market for Accountants on Wall Street Seems To Be Looking Up!