Trading Places

Inside views on the jobs market

Where the jobs are

November 17, 2008

“We’ve hardly felt the financial crisis.”

Now there’s a sentence you don’t expect to hear these days.  It comes from a headhunter for a temp agency in Germany, where apparently the financial sector is like Teflon: although German banks foresee some of the job cuts afflicting its peers  –  RBS among the most recent — there have been relatively few layoffs so far.

In a refreshing twist to a dire employment situation, headhunters in Germany are now scrambling to fill a slew of temporary banking jobs. Problem is, jittery bankers don’t want to switch firms in the middle of a crisis.

But it’s a different ballgame in London, where there the number people chasing jobs has doubled from last year in what one job expert calls “one of the most difficult periods in decades.” To top it off, the city once poised to replace New York as the financial center of the world is being blamed for the greed that sparked the financial crisis.

Back on Wall Street, Citibank is readying to slash another 10,000 jobs worldwide and trim its compensation budget as its shares skid.

On a bright note, some good news for women seeking a corner office in the finance sector: Japan’s Michiko Achilles recently became the first female director of Aozora Bank in what she calls a “new experience” for her male peers.

Is the job situation going to get worse before it gets better? Share your thoughts below.

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