Around the World: Saudi Nationalization Push, Mixed Hiring in Japan
Why expat bankers should feel a little threatened by Saudi nationalisation push
Saudi Arabia's new nationalisation push will no doubt have some expats feeling worried about the long-term viability of their career in the kingdom. However, those working in banking can breathe easy - for now. In a bid to tackle unemployment in the kingdom, the Saudi government has rolled out an aggressive nationalisation programme, called Nitaqat, aimed at reducing the expat workforce in the private sector, which currently stands at around 90%.
Some 1st year M&A analysts in the City of London are earning 12.60 an hour - or less
Admittedly, this is after tax, but it's worth reiterating that the money earned by some of the extremely keen young graduates who get jobs in investment banking isn't that great. As we mentioned yesterday, the parameters for total 1st year M&A analyst compensation are anything from 65k-75k - all in. After tax, an analyst on 65k would be left with 44k.
[UK]
Mixed hiring fortunes for foreign banks in Japan
The report card for 10 major foreign banks in Japan in the last fiscal year (ending March 31) was quite a mixed bag and correspondingly, hiring plans for these firms have varied this year. [Japan]
Hard hiring truths of being a small fry in the Asian private banking scrum
Every bank wants a slice of the Asian wealth pie and many are recruiting in the region, especially the Swiss, it seems. We've all heard about how Swiss private banks - ranging from UBS, Credit Suisse, Julius Baer, Sarasin, Pictet, BSI, and Border & Cie - are eager to grow their Asian business this year. Now meet the latest to join the fray: Union Bancaire Privee (UBP).
Just how difficult is it for a foreigner to find an insurance job in Australia?
Insurers in Australia have high standards when it comes to recruiting foreign nationals, but there are still strong pockets of demand for international talent. It is generally more difficult than before the GFC for overseas candidates to find insurance work in Australia. "These days, when firms apply for 457 visas, they usually only sponsor exceptionally good candidates," says Philip O'Sullivan, managing director, Callaways.
These are the general parameters for 2011 analyst bonuses in M&A at leading investment banks
With the alleged exception of BAML, where the announcement of a few analyst bonuses has apparently been delayed due to the holiday-related absence of some senior staff, most M&A analysts at investment banks now know their 2011 compensation. According to Nick Silver, an M&A headhunter at search firm Berkeley Frost, this year's analyst bonuses are up - marginally on last year's. [UK]
The sweet homecoming of the returnee Asian banker
With global banks slashing jobs in the West and reiterating their commitment to
hire strategically in the East, it's perhaps not surprising that there seems to be trend of Asian bankers returning home after overseas stints. A recent Michael Page poll found that more Singaporean professionals are flocking home to work because of the stronger job market.
It has happened: an international bank is moving its international headquarters far away from London
It's only Standard Bank, but even so. When we suggested back in October 2010 that Standard Bank might be pulling back from the City, the bank strenuously exerted itself in the direction of complete and total denial. First it told us, "There was no truth" in our statement. And then it came back and told us, "We remain firmly committed to our international business and its head office location in London." Not. [UK]
