Lunchtime Links: The Bank of England's little hiring spree
Yesterday, the Bank of England released its annual report for the year to February 2009. The publication makes interesting reading for anyone aspiring to work at Threadneedle Street.
Performance related pay at the Bank is up: bonuses now account for 8.1% of salary (they were 7% historically). And for the first time since 1987, the Bank says there was a 'significant increase' in staff numbers last year; 344 people joined (and 241 left). As the chart below shows, the additions come after long years of trimming, during which employees have fallen from nearly 8,000 in the 1970s to nearly 2,000 today.
Although the Bank has been adding staff to work on the Special Resolutions Regime, a spokesman says there's likely to be little net hiring in 2009. However, he adds that this year there will still be jobs on offer in the Bank's banking services and markets business areas.
Headcount at the BofE
Close Brothers selling corporate finance arm to Daiwa. (Telegraph)
Daiwa and the five year incentive scheme. (Wall St Journal)
Former head of UK investment banking at Dresdner moves into Social Finance. (Financial News)
UBS hires three people for leveraged finance. (Wall Street Journal)
Credit Suisse hires from Citigroup to strengthen its team of government advisors. (Wall Street Journal)
UK banks get lawyers for free. (Bloomberg)
JPMorgan, Morgan Stanley and Goldman want to repay $45bn of TARP. (Bloomberg)
"I don't think our government should set caps on compensation." (Financial Times)
Wall Street expects to escape banking pay caps. (Bloomberg)
Did Barclays pay too little for Lehman? (Reuters)
Asset manager bonus cuts coming. (Financial News)
More on average UK household income. (ONS)
Was the credit crunch was caused by a bunch of overpaid young traders swilling champagne and snorting cocaine in nightclub toilets? (Bloomberg)
Are bankers like rebellious teenagers? (Economist)
