Global News: European banks want compensation breaks in return for Greek aid
In return for cooperation on Greek debt, banks said to be expecting EU concessions on compensation
Mercer produced some research suggesting banks in Europe are at a disadvantage when it comes to pay. Not only are banks in Europe obliged to defer a higher proportion of their bonuses, but they must do so for longer than banks in the US. To make matters worse, the EU has indicated it might like to tighten the rules even further. However, senior bankers are said to be hoping this will all be forgotten if they agree to voluntarily rollover Greek debt in a manner the European authorities would deem appropriate. [UK]
Financial sector needs more Asia-based board members but it's already doing better than all other industries
Only 4 per cent of Fortune 500 companies have directors from Asia on their boards, according to recent research from search firm CTPartners. But here's a bit of good news: compared with other businesses, more financial institutions (six) have Asia-based executives. [Singapore]
More Danish banks are likely to fail, but job losses will be minimal
First the bad news. Don't expect the collapse of a second Danish bank last week to be the end of the woes facing the country's banking sector, investors and financial services workers are being warned. The good, or better, news is that there is no indication any serious Danish players are in difficulty, with only relatively small, regional banks likely to suffer from the government's tough line on state support. [Finland]
Are cuts coming to Middle Eastern investment banking teams?
It's inevitable; with investment banks cutting staff in London and New York, and revenues slumping in the Middle East, talk has already turned to when global institutions will start paring back their regional teams. The message seems to be that cuts are coming, but any redundancies within international investment banks' Middle East teams are likely to be minimal - possibly even single digits. [Middle East]
Did Goldman Sachs include a clause in its contracts saying it would review its salary increases after two years?
When we suggested a few months ago that banks might reduce their salaries this year, someone said we were ignorant of the principles of employment law and that salaries - having been increased - can't be reduced again. Not if you include a clause in the contract stating the increase will be subject to review after 24 months. According to headhunters, this is the situation at Goldman Sachs. [UK]
Standard Bank strengthens corporate and investment banking
On July 1st David Munro will take up his new role as CEO of Standard Bank's Corporate and Investment banking business, but unlike his predecessors he will not have to move to London. Africa's biggest bank has decided to shift the position of CIB Ceo to Johannesburg and appointed Munro, who until now was head of the South African investment banking division. [South Africa]
The talent shortage is no longer the elephant in the room
China's banking and financial services industry is experiencing a severe talent shortage as foreign banks expand throughout the country and Shanghai tries to become an international financial centre. According to the recently published Hudson Report, respondents in the banking and finance industry are experiencing great difficulty finding talented candidates in China. [China]
Relax, you're at a local bank; Panic, you're at a foreign bank
There are more and more vacancies these days at both local and foreign banks in China. These positions are across the board: cashiers, credit, compliance - all the way up to CEOs. But nowhere is the battle between domestic and overseas firms as intense as in sales. As Miss Wang, an HR director of a state-owned commercial bank in Shanghai, recently explained: "Based on what we have seen in the past two years, Chinese banks will keep focusing on attracting a large number of sales people."
The fickle world of funds management hiring in Australia
Funds management recruitment is down but not out. Vacancy volumes are lower than 12 months ago mainly because of a lack of new inflow through retail and institutional channels, says Ashton Bilbie, director, Profusion Wealth Management.
"The associated lack of revenue stymies growth plans for funds managers. Most opportunities within the industry are a result of resignations and musical chairs," he adds. [Australia]