Trading Places

Inside views on the jobs market

Bucking the firing trend

November 19, 2008

It’s a sad day in global finance when Deutsche Bank is poised to slash about 900 jobs and no one seems the least bit surprised. Granted, there’s stiff competition in the “shocking cutbacks” department these days. In the UK, the Lloyds/HBOS deal is inching ahead, and some expect a massive 40,000 jobs to be lost in the process.

But not everyone is on a firing spree. In fact, UBS — among those hit the hardest by the global credit meltdown — says it’s adding six senior executives to its wealth management division in Asia. True, six new jobs hardly seems like cause for celebration, but it signals an increasingly foreign concept of growth and expansion in time when contraction and cutbacks reign.

Meanwhile, State Bank of India is about to go on a hiring spree to the tune of 25,000 new jobs.  The bank is cashing in on the misfortune of its competitor ICICI, which suffered a major blow when jittery depositers yanked their money from the bank in favor or safer, state-run institutions.  Now State Bank stands to gain a huge slice of market share and plans to open a whopping 2,000 new branches in the coming year to keep up with its expanding customer base.

Does the latest hiring news offer a glimmer of hope? Share your thoughts below.

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