Leaving 2009 behind, the banks are aggressively seeking to hire and grow in 2010. As weak sisters fall by the wayside, capital is being injected into banks, mostly by foreign investors, the results of which will shortly be felt by the local economy. Remaining estate problems are being isolated and addressed and banks realize they need new business going forward. New rules, compliance and adaptation are part of the game. Financial services, real estate, logistics and tourism are the engines that drive our economy and they are on the way back sooner than one might expect. Fueled by their own strong economies, and the weak dollar, Latins and Europeans are seeking to invest, especially the Brazilians. Trade Finance is booming, especially with the improvement of the Latin American economies.

Spanish banks, in particular Caja Madrid and Banco Sabadell (which have bought City National and Mellon United respectively) and the Brazilian banks led by Banco Itau are aggressively seeking to expand their presence in this market. The Canadian banks have also zeroed in on Miami as Bank of Nova Scotia reopened and office and Royal Bank of Canada has grown into one of the largest foreign banks in town. TD Bank, Canadian owned, is very active in the domestic market. UBS is back in business, EFG is a market leader and Standard Chartered is rolling out a new platform geared toward today’s banking environment. Credit Agricole, from France, has quietly been picking up the market share. Only Banco Santander, the largest foreign bank in South Florida, has pulled in their horns as a result of the Madoff exposure.

Lastly, many of the players are changing. Boutiques have sprung up to compete with the big boys, such as Merrill Lynch, now part of Bank of America, as family offices, hedge funds and independent brokerage firms. That is not to say that Merrill is not active in the market. They are, very much so, as is Wells Fargo Securities, UBS Securities, Smith Barney and Morgan Stanley also creative family offices, which may be the vehicle of the future. One cannot point to one institution or line of business. They must be taken in their totality, but one thing is for sure- they are back in business.