Trading Places

Inside views on the jobs market

Weekend Roundup

September 22, 2008

Wall Street Journal: China Investment Corp. Wants You
Job-seeking Wall Street types don’t have a lot of options. Cutbacks have eliminated tens of thousands of jobs. The number of investment banks narrows seemingly by the day. How about going to work for China? China Investment Corp., Beijing’s $200 billion sovereign wealth fund, is launching a new round of recruiting, aiming to fill more than 30 spots from macroeconomic research to stock picking.

The Guardian: Bidders raise hope for UK Lehman jobs
Administrators of Lehman Brothers were racing last night to save up to 3,000 City jobs by selling the UK operations to potential bidders believed to include Barclays and Japan’s Nomura.

New York Magazine: Trickle-Down New York
New York City’s proximity to extreme wealth—and the sense that New York has been fashioned by and for billionaires—is now at risk, along with the budgets of both the city and the state.

The Scotsman: HBoS chief pledges end staff uncertainty over jobs
HALIFAX Bank of Scotland boss Andy Hornby today pledged to staff that he will end the uncertainty on jobs as soon as he can.
In an open letter to staff, seen by the News, the Edinburgh-based firm’s chief executive admitted the merger with Lloyds TSB will “inevitably” lead to job cuts.

IT World: Financial industry turmoil: What’s in store for IT workers?
“There’s clearly going to be a reshuffling of the deck” inside IT departments, says Marc Lewis, CEO of executive recruiter Leadership Capital Group (LCG). So far, the reshuffling of the deck is looking more like a collapsing house of cards.

Information Week: Wall Street Crisis Won’t Impact IT Jobs… At First
The shock waves roiling the U.S. economy haven’t hit the IT job market yet, but high-tech specialists in demand today will still be in demand when the dust settles over the financial services markets, IT employment specialists maintain in an informal survey.

New York Times: New York’s Resilience Put to the Test
After the recession of 2002, Mayor Michael R. Bloomberg said that New York City’s economy had diversified enough through the fostering of tourism, manufacturing and other businesses that the city had “reduced our dependency on the fortunes and failures of Wall Street.” Now, with the financial sector in turmoil after the failure of two of its biggest investment banks, the forced sale of another and the loss of thousands of its best-paying jobs, the mayor and his city face a true test of that claim.

Boston Herald: Hub job losses likely in Merrill takeover, Lehman bankruptcy
Boston workers were bracing yesterday for hundreds of job losses as the financial world reeled from the bankruptcy filing of Lehman Brothers and the planned $50 billion takeover of Merrill Lynch by Bank of America.

Washington Post: Financial World’s New Job Market Sinks Big Plans
Wall Street’s meltdown this week stirred such angst among University of Virginia business students that professor Susan Chaplinsky tried coaxing her wannabe Masters of the Universe to think positively.

Bloomberg: NYC Loses More Jobs, London Homes Drop as Banks Reel
The London-New York tug-of-war for bragging rights as the world’s preeminent financial center is now a race to the bottom. Six months after Bear Stearns Cos. was bailed out by JPMorgan Chase & Co. and a week after Lehman Brothers Holdings Inc. filed for bankruptcy, both cities are bleeding.

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