The Talent Drain on Wall Street
With all the job cuts on Wall Street, you wouldn’t figure banks would be having trouble filling empty seats. Apparently they are, at least according to a new survey. Nearly nine out of 10 financial services executives find it a challenge to recruit skilled financial services employees.
The new study, commissioned by search firm Robert Half, found financial services executives are having serious difficulty identifying potential employees who are capable of flourishing on the new Wall Street. They need people who can drive profitability while ensuring compliance, according to the study. The demand has begun to outweigh the supply.
The issue appears more concerning in Asia and Europe than in the U.S., where 84% of executives find it challenging to identify skilled workers.
In somewhat less of a surprise, financial services firms are becoming increasingly worried about losing top performers to other opportunities. More than eight out of 10 financial services executives expressed concern over retaining their best and brightest.
"Employers will need to focus on competitive compensation, progressive perks and rewarding career paths to keep their best people,” said Neil Owen, global practice director of financial services recruitment for Robert Half. That’s much easier said than done on today’s Wall Street.
Investment banks may not be going overboard when it comes to recruiting technologists at the moment, but most firms understand that pay is one advantage the financial sector has when it comes to attracting and retaining talent. The result is that technical salaries are continuing to rise.
So much for the demise of UBS’s investment bank. After slashing its fixed income trading unit late last year, the Swiss bank booked a massive 50% return on attributed equity in its investment bank. The reorg is working.
Apparently sick of watching high-profile firms collapse in front of their eyes, U.S. regulators are turning their attention to accounting firms, which have shown a propensity to miss red flags that scream fraud.
Rules preventing Americans from sponsoring same-sex partners, to enable them to earn citizenship, are becoming a drain on the talent on Wall Street.
The daughter of J.P. Morgan Chief Executive Jamie Dimon is a journalist. Her latest piece doesn’t cover the corner office or the boardroom, but the bathroom stall, and the lengths women go to avoid being seen entering them.
Is it better to get your CFA or your MBA? It depends largely how much money and time you’re willing to invest.
Private equity firm Blackstone Group has made a pledge to hire 50,000 U.S. military veterans across its portfolio of companies over the next five years.
Here’s an interesting report. Disgraced CIA Director David Petraeus may soon be joining the private equity world. PE giants like KKR and Carlyle sound like a possibility.
Buzz Around the Office
A passenger on a Virgin Atlantic flight was detained by federal agents after failing to flush the lavatory toilet. He’s suing for $500,000 in damages.
List of the Day: Co-Worker No-Nos
If you want to remain happily employed, refrain from saying these things to co-workers.
- I can’t take on any more work.
- I’m bored.
- That’s not how we did it at my old company.