Accounting, Banking & Finance Update

August, 2009

EDITORIAL FEATURE
• Advisor Today – October editorial features: The Secrets of Successful Women
Advisors; How to Sell 400 LTCI Policies Per Year; Annuities, Employee
Benefits
• Barron’s – August 24 editorial feature: Hedge Funds Monthly Report
• Business Finance – September editorial features: Advancing Governance
Without Headcount; New Functionality, Less Code; Best Practices for
Partnering with Factors; The New Risk Metrics
• The CFO – October editorial feature: CFO/ Duke Business Outlook Survey;
Banking & Finance Special Section
• The Deal – September 7 editorial feature: Deal Economy Forecast – 2nd Half
• National Mortgage News – September editorial features: REO Disposition;
Recruiting and Training the Mortgage Professional
• On Wall Street – October editorial features: Alternative Investments;
Healthcare, Big Pharma & Biotech
• US Banker – September editorial features: Semi-Annual Ranking of M&A
Advisors; Business Analytics and Decisioning Tools; Community Banking;
Consumer Finance; Mortgage Technology; Payments; Wealth Management

LAYOFFS
LPL Investment Holdings, Inc.
Boston, MA
West Palm Beach, FL
LPL Financial Corp. plans to lay off 84 employees in its West Palm Beach office over
the next several months, and eventually shut its office on Australian Avenue. It is
part of a larger nationwide layoff of 215 employees that the company announced
earlier this week. LPL Financial, the largest-broker-dealer of Boston-based LPL
Investment Holdings, said in a Securities and Exchange Commission filing that it will
consolidate the operations of its broker-dealers. Formed in 1989, LPL Financial is the
nation's largest provider of insurance and investment services to banks and credit
unions, partnering with more than 750 financial institutions nationwide, according to
its Web site.
Approximate Affected Workforce: 101-500 South Florida Business Journal

Marshall & Ilsley Corporation

Milwaukee, WI
Appleton, WI
Marshall & Ilsley Bank says it's eliminating 170 jobs in Appleton, moving at least
some of them to Brookfield. The company said Wednesday it is consolidating
operations in Brookfield, about 100 miles south of Appleton. The move will create
135 positions in southeastern Wisconsin.
Approximate Affected Workforce: 101-500 The Post-Crescent

The Colonial BancGroup, Inc.

Montgomery, AL
Colonial Bank has cut 136 jobs across five states this week, including about 30
positions at Montgomery and south Alabama locations. Colonial spokeswoman Merrie
Tolbert said the cuts impacted about 3 percent of Colonial's work force of 4,873
employees.
Approximate Affected Workforce: 101-500 The Associated Press

Cerberus Capital Management, LP

New York, NY
Kansas City, KS
Chrysler Financial, the newly independent lender owned by Cerberus Capital
Management and left behind as a "bad asset" after Chrysler Group LLC emerged
from bankruptcy in partnership with Fiat, has announced that it will lay off 350
workers, or about 9% of its total 3,900 employees worldwide. The majority of the
cuts will come from the closing of the Kansas City, Kansas customer center,
scheduled for August 31.
Approximate Affected Workforce: 101-500 Global Insight

TRENDS
AICPA 2009 Trends Report Shows High Level of Accounting Degrees,
Enrollment

Journal of Accountancy; July 28, 2009

The number of accounting graduates reached a record level during the 2007-08
academic year, according to the AICPA’s 2009 Trends in the Supply of Accounting
Graduates and the Demand for Public Accounting Recruits. More than 66,000
combined bachelor’s and master’s degrees were awarded, a 3.5% increase from
2006-07, and the highest number since 1972, when the AICPA began tracking this
data. Fifty-one percent of 2008 graduates were female, and 49% were male—a 1
percentage point increase for males from the previous year.

Other important findings include:

• Accounting degree enrollment (bachelor’s, master’s and doctoral combined)

climbed 4.7% in 2007–08.
• A strong demand for hiring in firms with 50 to 200 CPAs and a reduction in
hiring among smaller firms from the previous year’s totals. The demand
forecast for the coming year shows that among all firms, 64% expect hiring to
remain the same as this year with 26% predicting a decline.
• Universities are preparing for the U.S. transition to IFRS: 80% of accounting
programs surveyed indicated that they offer courses in IFRS material; 15%
plan to add IFRS to the curriculum by fall 2009.
• Larger firms have more than 500 full-time employees, on average, currently
enrolled in classes to satisfy CPA license requirements—suggesting that firms
support employees’ efforts to obtain the CPA credential, according to the
AICPA.

Worldata Releases New NetProspex Segments

DMNews.com, August 3, 2009

Worldata has released two new segments off its NetProspex file. Both are postal lists.
The CFO Contacts from NetProspex list contains 9,782 CFOs that manage and
oversee all accounting and financial practices for their companies. They make final
decisions on budget preparations, business investments and financial plans, guiding
all of the accounting, tax and audit departments. It is available beginning at $105/M.

The Accounting Professionals from NetProspex list includes 22,718 businessmen and
women who handle all accounting, auditing, tax and consulting information for their
businesses. They work in financial centers, banking institutions, accounting firms and
in the financial departments of corporations in other verticals. It also is available
beginning at $105/M.