The Best Modern Advice Harkens from the Past

US Banker, May, 2008 by Anthony Malakian

When The Modern Bank was launched in midtown Manhattan in 2006, executives’ philosophy was that private banking is a relationship-driven business—and they knew many affluent clients weren’t getting the hand-holding they expected. How can a 45-employee institution compete with goliaths like JPMorgan Chase, Merrill Lynch, Goldman Sachs, Citi and HSBC? Well, nabbing rivals’ employees is a start.

Founder Bippy Siegal, an entrepreneur and private investor, tapped then-retired Leslie Bains, with stints at HSBC, JPMorgan Chase and Citi, to be the bank’s vice chairman. In March 2006, Bains brought 18 former HSBC colleagues, each of whom has at least 20 years in the banking business, mostly at blue-chip institutions. But these executives don’t work so-called bankers’ hours. “We...

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