Around the World: Insurance jobs in the UK; more bank cuts in Asia

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Insurance is still an industry that is actually creating jobs in the UK

Every other week, there’s a rumor about a bank threatening to pull its headquarters out of London, but the UK’s reputation as an insurance hub remains as strong as ever. [UK]

This is not a nice dragon: More job cuts may come after Chinese New Year

If you are heaving a sigh of relief that you have managed to hold onto your job as we enter the Year of the Dragon, here is some rather inauspicious news: investment banks in Asia are not quite done with their cutting. [Hong Kong]

Standard Chartered set for African expansion in 2012

Few banks can start the new year on such a positive note as Standard Chartered. The emerging market specialist, which in contrast to many rivals has continued to hire throughout the downturn, has recently been upgraded by Standard & Poor’s and now plans to use its strong balance sheet and established presence to expand further into sub-Saharan Africa in 2012. [South Africa]

GUEST COMMENT: How to start safeguarding your bonus now if you work at a European bank

It’s too late to make any difference to your 2011 bonus if you work at a U.S. bank, but if you’re at a European bank you might still be in with a chance of favorably influencing its size. [UK]

Nordea isn’t hanging around when it comes to job cuts

This year will be “challenging,” Nordea chief executive Christian Clausen predicted today, as the bank revealed that more than half of its 2,000 planned job cuts have already taken place. The bank announced last summer that it would be shedding 2,000 of its staff from its global headcount of 34,000. [Nordics]

There does not appear to be a cash bonus cap at Citi; this does not mean people are happy

While Morgan Stanley bankers are being asked to get a life and stop complaining about the paucity of their cash bonuses this year, there do not appear to be similar issues at Citi. Citi announced its bonuses this week, and some people appear to have received large quantities of cash. [Hong Kong]

Banks are more likely to hold on to their long-in-the-tooth technologists

In the current age of austerity, banks outsourcing IT development work is a sad fact of life and – with tech budgets becoming even more strained this year – it seems logical to conclude that this will accelerate. However, banks may be more reticent to let go of their technology employees than you think. [UK]

Volcker Rules Could Impair Canadian Banks’ Ability to Handle Risk  

Canada’s financial services regulator and Canadian banks are complaining about a central piece of the 2010 Dodd-Frank rules, which are designed to limit banks’ prop trading activities, among other things. [Canada]

RBS is still interviewing graduates and is endeavoring to honor its student offers

As people have mentioned, it’s not a great year to have received an offer – either as an intern or as a full-time 2012 hire – from RBS. The bank is making 3,500 redundancies and reducing its investment banking headcount 50 percent from the peak in 2009. [UK]

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