Surprise! Here’s whose pay is being squeezed at BofA

eFC logo

For all the talk about investment banks wanting people who know how to code and Goldman Sachs being more tech company than investment bank, it remains the case that whenever banks want to cut costs, they like to hack away at their technology functions.

Earlier this week we reported that Deutsche Bank is eliminating around 27% of the jobs in its tech team. Now, Bank of America is said to be squeezing pay for its contractors. The Charlotte Business Journal reports that BofA has informed contractors at its Charlotte head office that their rates are being reduced by 10% and they may be obliged to take two weeks off with compensation.

It’s not clear whether BofA’s rate cuts will be rolled out globally, but if they are it won’t be the first time that technology staff in the world’s financial centres have borne the brunt of cost cutting. Barclays, HSBC and RBS have all done something similar in London. 

Separately, you want to work in Luxembourg. UBS’s 2015 prices and earning report reveals that, when pay and the cost of living are factored in, Luxembourg based workers earn an average of 23.8% more than workers in New York and 35% more than workers in London. They also work a mere 1,703 hours a year, compared to 1,847 in New York and 1,740 in London.

Big Four Questions (eFinancialCareers)

Interview questions at PWC, Deloitte, KPMG and EY. The definitive list.

Wide PE Net (eFinancialCareers)

Private equity firms are still struggling to hire from investment banks, and are casting the net ever wider.

Stan Chart’s Search (Bloomberg)  

Standard Chartered has engaged a search firm to find a new head of its investment bank.

Equities Up At BofA (Bloomberg) 

Fixed income traders haven’t had a good third quarter at BofA, but equities traders are up ‘strongly.’

Why So Few? (Financial Times) 

Why is it there are so few female hedge fund managers when they’re so much better than men?

Jefferies Sued (Bloomberg) 

Now Jefferies is being sued for disability discrimination.

Know When (Inc) 

How you’ll know that you have to quit your job.

Jefferies’ Distress (WSJ) 

Don’t talk to Jefferies about distressed debt and high yield energy bonds.

Devaluation? (CNBC) 

Will China devalue its currency by 20%?

Politics First (PIOnline)

Politician goes into finance, instead of the other way around.

Robots Wanted (Quartz) 

New millionaires want their money managed by robots.

Quote Of The Day

“This is now the most cautious, overly risk management oriented Federal Reserve in history. They aren’t done yet. They just won’t stop easing.”

Bank of Tokyo Mitsubishi economist Chris Rupkey on the Fed’s decision to leave left short-term interest rates unchanged.

Related articles

Popular job sectors

Loading...

Search jobs

Search articles

Close
Loading...