Morning Coffee: Even Sandy Can't Stop New York
Financial firms in the London are expected to eliminate as many as 13,000 jobs in 2013, putting the sector at a 20-year low for employment, according to the Center for Economics and Business Research. Just 236,000 wholesale financial services workers will be employed by 2014.
The researchers, who previously predicted London would gain 6,000 financial services jobs next year, said a weaker European economy, lower investment returns, or yields, and stricter regulations will limit a bank’s aggressiveness.
"The business model for many firms in the City -- which was based on taking a percentage from yields of 8% plus -- has to change in a world where low yields are likely for many years to come,” said the center’s chief executive, Douglas McWilliam.
By choosing Colm Kelleher as Morgan Stanley’s institutional securities head, chief executive James Gorman is endorsing a more aggressive sales strategy, one that will see bankers push trading services and other business on the back of capital- markets deals.
Former MF Global customers have filed a civil lawsuit against accounting firm PricewaterhouseCoopers, which they believe failed to properly audit the internal controls over MF Global’s customer funds. PwC has denied the charges.
Regulators have launched an investigation into the trading activities of brokerage house Rochdale Securities, which compromised its financial position following an unauthorized investment in Apple stock.
The number of job openings in the U.S. fell by 100,000 in September to 3.56 million, suggesting that recent optimistic hiring numbers may be hard to sustain.
London bankers who were fired by their firm are seeing no sympathy from the local judges, who continue to throw out cases seeking unpaid bonuses.
The commodities trading business, once dominated by as many as 14 banks, is down to “five relevant ones,” said David Silbert, head of commodities trading at Deutsche Bank.
Buzz Around the Office
A 49-year-old defendant in a murder trial allegedly admitted guilt to the jury in the middle of questioning so that he could return to prison in time for Monday Night Football.
List of the Day: Going Corporate
Moving from a freelance contractor to an internal corporate position can be somewhat difficult. Here’s how to pull it off.
- List detailed projects on your resume, rather than just companies you have worked for.
- Create an online portfolio as a supplement to your resume.
- Identify yourself as an LLC, not a “freelancer.”