London has already fallen behind New York as the world's largest financial center, but it’s only getting worse.
The City created just 1,800 finance jobs last month, marking the slowest November in terms of hiring in more than five years, according to financial services recruitment firm Astbury Marsden. In contrast, London created more than 13,000 finance jobs in November of 2007, according to Mark Cameron, chief operating officer at Astbury Marsden, who encouraged U.K. officials to use caution when regulating investment banks, lest they make the hiring landscape ever more barren.
Those City dwellers who remain employed aren’t all that hopeful for a joyous holiday season. In a separate study, recruitment firm Morgan McKinley found just 60% of London bankers expect to receive a bonus in 2012 or 2013, according to CNBC.
Things in New York aren’t fantastic, but Wall Street is clearly managing better than London, which is saddled with a weaker European economy and lower investment returns, along with similarly strict regulatory mandates.
Revenue at U.S. banks grew 3% in the third quarter from a year earlier, to $169.6 billion, marking the best three-month stretch for the U.S. banking industry since the financial crisis.
Management Reshuffle (Reuters)
JP Morgan has reconfigured its management team to better fit its new banking strategy. Treasury services head Don McCree will oversee corporate banking, with Jeff Urwin continuing to head up the investment banking group. A new role has yet to be defined for Greg Guyett, head of JP Morgan’s corporate bank.
Frankfurt Slashing Jobs (WSJ)
Roughly 15% of investment banking jobs in Germany's financial capital have been cut this year. Banks like Credit Suisse, UBS and Citigroup have done most of the slashing.
Four Weeks Left (Bloomberg)
Wall Street execs were back in Washington, this time sitting down with White House officials to give their thoughts on a potential resolution to the impending fiscal cliff. Goldman Sachs President Gary Cohn headlined the group making the trip.
Here She Comes (Bloomberg)
It’s nearly official. Newly-elected Senator Elizabeth Warren, a well-known Wall Street agitator, is set to join the Senate Banking Committee soon after being sworn into office in January.
The Jobseeker’s Guide to Christmas (eFinancialCareers)
December can be a slow month at work, making it the perfect time to work on your re-employment strategy.
New CEO (Financial News)
F&C Asset Management has named Richard Wilson, head of investments and institutional business, its next chief executive. Wilson will assume the role in January, succeeding current CEO Edward Bramson, who will remain with the firm as non-executive chairman.
Another One Down (FIN Alternatives)
Kleinheinz Capital Partners represents the latest hedge fund casualty. Founder John Kleinheinz will wind down the Texas firm, although he will provide financial backing to employee Mark Stupfel, who plans to launch a successor firm, bringing with him several Kleinheinz staffers.
Buzz Around the Office
That’s Just Plain Rude (MSN)
We love pets because they’re kind and loyal. Just not always to each other.
List of the Day: Asking for a Raise
Asking for a raise is a skillset. Here’s how to polish yours.
- Do research on what other people with your experience get paid.
- Document your contributions.
- Use adjectives, not numbers, when asked what you are looking for.