Lunchtime Links: Talent shortages in far-flung locations

Many of you will be starting 2012 with renewed enthusiasm for finding a new job. Obviously, the new year hasn't suddenly brought a raft of new opportunities for financial services professionals in the UK, but it seems that companies are struggling to find people in more exotic locations.

Firstly, there are the opportunities in Brazil, Russia, India and China. A recent survey by PwC, cited in the Telegraph, suggests that 90% of chief executives working in the banking, insurance and asset management industries have plans to expand in these countries, yet a skills shortage is the biggest hurdle to growth.

Those willing to move to these far-flung locations are also more expensive – typically they cost three to four time more when you factor in compensation, relocation and benefits packages, suggests the survey.

Elsewhere, the FT points to the fact that number of banks have been ramping up in Africa. Currently, this is largely either representative offices or back office functions, but this looks set to change in going forward and banks are taking steps to ensure that they're well-placed for the future.

“The opportunity we see in Africa is really to build out our commercial banking business to deliver treasury and corporate banking services to our clients across Africa, at the same time opening up the way for investment banking opportunities," said John Coulter, JPMorgan’s senior country officer for sub-Saharan Africa. “If we invest now, then we will reap the upturn in Africa, whether it’s in five years, 10 years or 20 years, but we recognise that we need to make that investment now.”

Leo Reif, head of the investment banking department at Credit Suisse South Africa, says “The dialogue these days with clients is about emerging markets to an increasing extent and they talk about Asia and then they want to talk about Africa."

Financial services is still a very popular career path (Telegraph)

Big Four accountancy firms are still being flooded with graduate applications, but more are now willing to work outside of London (Times)

New Year's resolution employment hope: "Contribute more to charity (perhaps hire an out-of-work banker in need)," says Rohan Douglas, chief executive, Quantifi (possibly tongue in cheek) (Financial News)

John Duffield has responded to the allegations levelled against him by former employee Patrick Evershed on his personal website (John Duffield)

David Cameron says he will crack down on "excessive" pay in the financial sector (Bloomberg)

2012 could be a good year for M&A (Dealbook)

Aviva Investors has started its restructuring programme that will see 20% of its staff cut (Citywire)

BBVA is cutting around a third of its global markets staff in Asia (Wall Street Journal)