Morning Coffee: The best months to land a new banking job. Strange allegations at Morgan Stanley
If you're looking for a new job in banking, you might think February's the time to find one. After all, bonuses at U.S. banks have been paid and hiring budgets have been refreshed for a new year. In fact, you may have missed your chance. By February, the best months to find a new banking job have passed.
So suggest figures from London finance recruitment firm Morgan McKinley. Extrapolating from its own new jobs and own new job-seekers, Morgan McKinley produces a monthly snapshot of the health of the London finance job market. The latest one suggests talent is hardest to come by in December and January, when there are just 1.3 new finance job-seekers chasing each new finance job. Once bonuses have been paid and hiring gets going, candidates flood onto the market: in February 2016, there were more than 2.1 people chasing each job in London.
Of course London's not New York City, and this year Brexit is throwing its own curve balls into the mix. Morgan McKinley suggests the recent demise in candidate numbers might have more to do with EU bankers leaving than any particular seasonality. Even so, there's a certain logic to the pattern. If you want to get hired, buck the trend - put yourself out there when everyone else is dormant. The next best time may be deep summer.
Separately, Morgan Stanley's U.S. wealth management team has fallen foul of some bizarre allegations. A former employee claims that senior employees in the unit made satirical mock-ups of famous movies, including a version of the Hunger Games in which employees were, “fighting to the death to keep their job.” The Hunger Games mock-up was reportedly made to be played at a company meeting and was leaked and widely played on the internet in 2015. Morgan Stanley said it's unable to locate the film now.
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