Sadly, multi-million pound luxury London properties are now unaffordable for most investment bankers
Bonus time used to be an opportunity for (senior) investment bankers to splash out on, among other things, a luxury property. Now, with most of it deferred or tied up in stock, they're suffering the ignominy of having to take out a mortgage. [UK]
HSBC hacks, Credit Suisse sacks, and Asia doesn't quite avoid the axe
It has not been a good week for employees of international banks. As disappointing results trickle out of the US and Europe, firms are again turning to mass sackings to tackle rising costs. Layoffs are likely in Asia and hiring here has already slowed down compared with last year, but the job losses shouldn't be on the same scale as in the West. [Singapore]
Canada's Big Five Set To Eat Wall Street's Lunch?
Are the top five Canadian banks about to eat Wall Street's lunch with new hiring efforts? They're set on taking a nice big bite, at least. Canadian career coach Alan Kearns says Canada's Big Five banks are finding a new window of opportunity given the present troubles in the U.S. "It's an opportunity for them to grow different parts of their business with access to some really good people when U.S. markets are in turbulence and our banking system is really strong," says Kearns, founder of Toronto-based CareerJoy, the national career and leadership coach.
Top tips for moving from Hong Kong to the mainland
For Hong Kong candidates who want a job at a foreign bank in the mainland, the good news is that CVs usually aren't so different to those in Hong Kong. But you need to pay attention to the following areas. [Hong Kong]
NAMA is hiring 60 more staff by the end of Q3: here's where
NAMA's expansion since the beginning of last year has been big - it started with seven staff, increased headcount to 104 by year-end and now has 140 employees. Despite this, it still plans on recruiting 60 more before the end of the third quarter of 2011.
UBS has increased its headcount in the MENA region by 21%
UBS has just released its Q2 results and they're not good; net profit has fallen by nearly 50%. Cost cutting is coming (by up to $2.5 bn over the next two to three years) and inevitably this means big redundancies. Within its relatively diminutive MENA team, however, there are reasons to believe that overall headcount will remain relatively stable and job opportunities could continue to present themselves. [Middle East]
Recruiters: UBS job cuts won't affect Asia greatly
UBS announced it will cut jobs hot on the heels of a 49 per cent plunge in Q2 net profits. Earnings at its investment bank dropped by 71 per cent due to slow trading in fixed income, currencies and commodities (FICC). While the bank won't specify how many jobs will go (about 5,000 according to Swiss newspaper Tages-Anzeiger), its investor release says "significant restructuring" will happen later this year. Client advisors in wealth management however can heave a sigh of relief, chief financial officer Tom Naratil has said these bankers won't be affected by job cuts. [Hong Kong]
From the ashes of Kinsey Allen, a whole new headhunting firm appears
Ok, well not exactly a whole new headhunting firm, but a larger manifestation of something that existed already. Five former members of Kinsey Allen have accumulated at Berkeley Frost. This is the headhunting boutique set up by Jonathan Robin, one of the founder members of Kinsey Allen, after he left there in March last year. [UK]
Yannick Mallegol, the professional Ferrari-racing head of derivatives sales at Barclays Capital, has left the bank
If you were trying to conceive an ideal job in financial services, you would struggle to come up with something more appealing than that recently occupied by Yannick Mallegol. Mallegol was the former head of equity derivatives flow sales at Barclays Capital and and raced Ferraris.
Why NRI private bankers are the new hot property in the Gulf
Wealth management in the Middle East remains a relative hot bed of job opportunities, but within the sector competition for private bankers with the expertise to service the non-resident Indian (NRI) high net worth population is really heating up. The Middle East is home to 750 ultra-high net worth NRIs, which is the fourth largest population globally, according to new research from Wealth-X. These individuals are worth around $465bn globally, it suggests.
The sad, sad shrivelling of the investment banking redundancy package
It used to be the case that investment banks were as indulgent with their severance payments as they were with their bonuses: everyone got them; one month per year of service was the norm; some people got pro-rated bonuses; and there was usually a three month consultation period. Nowadays, it seems that bankers who are made redundant are being treated far less lavishly. "People aren't getting great packages," an MD at one European bank tells us. "It's gone down to 5-10 days' salary for each year of service. It used to be a month for every year.