eFC Briefing: Rescue Plan's Job Impact

Increased disclosure rules for bailout recipients could prompt banks to beef up in-house accounting and financial analysis staff.

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Portions of the financial stability plan unveiled Tuesday by Treasury Secretary Timothy Geithner could boost banks' need for accountants, in-house financial analysts, credit analysts, risk managers, economists, RFP writers, programmers and compensation consultants. The plan could lead the government to hire risk quants and professionals who have managed portfolios of hybrid securities, an eFinancialCareers News review of its details indicates.

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At Deutsche Bank, senior-level employees bore the brunt of the bonus damage. eFinancialCareers News heard bonuses for senior and management roles shrank 85 percent on average from last year's level. Vice presidents were said to get 50 percent less, while associates, analysts and back office staff saw bonuses fall less than 50 percent.

Meanwhile, Deutsche's snagging of 12 bankers from Merrill Lynch may be just the beginning. DealJournal quotes Deutsche's head of FIG, Jorge Calderon, as saying the bank needs to get ready for a wave of consolidation among U.S. banks.

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Asking the boss for a raise is getting harder in Toronto as banks keep a close eye on costs. While Canada's banks have avoided the uproar over executive compensation seen in the U.S., Towers Perrin found 25 percent of Canadian financial services firms polled in January had frozen their salary budgets.

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You may have heard about the demise of Trader Monthly, that glossy collection of soft-core lifestyle porn that celebrated the in-your-face hedonism of the ubertrader. Given today's conditions, it's probably just as well it's not around to provide more ammunition for those bent on seeing Wall Street twist in the wind.

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Also noted:

The Senate's stimulus bill takes aim at employee - not just executive - bonuses [FinancialWeek]

Goldman, Others Getting Aid Are Eager to Pay It All Back [WSJ]

The UBS dilemma: Shrink the business, but keep the good people on-board [Dealbook]

Fortress reduced its staff by about 100 people in November, December [WSJ]

There's more need for fixed-income expertise, so shops are looking to grow [Pensions & Investments]