Trading Places

Inside views on the jobs market

Read this before you take that new job

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It might seem like a no-brainer to jump at any opportunity that snaps your unemployment streak. But the Business Pundit blog gently urges you to think twice — or even five times — before accepting new work, by asking yourself a series of questions:

1) Can I handle it?

I love a good challenge, so it’s sometimes hard to say no. But I have learned to choose projects that are within or just beyond my skill level, so that I grow sustainably rather than get frustrated and overworked on something that either doesn’t interest me at all or is so far outside my scope of knowledge that I burn myself out catching up on the topic itself.

2) Do I have time for it?

In my field, work tends to either appear in droves, or disappear entirely. This “feast or famine” setup sometimes leads me to take on more work than I have time to handle. I’m committed to doing a good job on everything I turn in. When I have too much to do, I sacrifice sleep and free time. I get tired and frustrated, a state which comes across both in my work and to my clients. Everybody loses when I take on too much—even if the money looks good.


3) Does it pay well?

This question could also be stated as: Is it worth my time? This question is tricky. Some clients don’t want to pay a lot, but could be excellent contacts in the future. Others pay well for work that isn’t particularly interesting. Answering this question requires having a sense of overall goals. For example, if my goal is to make $60,000 this year after taxes, I’m likely to prioritize pay, not excitement. If my goal is to establish myself in a certain field, I might prioritize projects and contacts over pay.

4) Who am I building a relationship with?
This is the crucial question I didn’t ask myself when I took on the copy job I mentioned in the introduction. When the client offered the job, I asked myself questions #1, 2, and 3—and utterly overlooked the fact that I primarily valued my relationship with my referrer, and was far more interested in building it than forming a relationship with the client, whose work is rather tangential to my field.When I overlooked this question, I ended up sabotaging both relationships. This question will definitely be on my list from now on.

5) Do I want to
work with this person/organization? This question is also crucial. It doesn’t relate directly to income or time commitment, but has a strong influence on both topics. If you take on a job you love for a client you don’t trust, is the experience worth it? Does getting paid feel good?

Job Bank – Oct. 22

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The yellow caution light shows on a traffic light beside the Wall Street road sign in the financial district of New York September 19, 2008. REUTERS/Lucas Jackson  

The following financial services industry appointments were announced on Oct. 22, linked where possible to personal profiles on LinkedIn. To inform us of other job changes, please e-mail moves@thomsonreuters.com.

 LASAIR CAPITAL

Hedge fund group Lasair Capital has appointed Jennifer Coffey as senior investment officer. Coffey previously worked at Credit Suisse First Boston and Lehman Brothers.

Job Bank – Oct. 21

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The following financial servies industry appointments were announced on Oct. 21, linked where possible to personal profiles on LinkedIn. To inform us of other job changes, please e-mail moves@thomsonreuters.com.

MERRILL LYNCH & CO

Merrill Lynch’s Global Wealth Management (GWM) group appointed Alla Fedorova as a financial advisor. The company also hired Katalin Cseh, previously with UBS wealth management. Fedorova & Cseh will be based in London and will work as a part of emerging European markets team.

More “slash and burn” to come?

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An electronic ticker is seen inside a Bank of America Corp branch in New York September 15, 2008.REUTERS/Shannon Stapleton

Nerves are likely frayed at newly-acquired Merrill Lynch after analyst Richard Bove wrote a daunting note to clients warning of Bank of America’s “slash and burn” post-acquisition style, Bloomberg reports. A BofA spokesperson is mum on the size of the cuts, but Merrill CEO John Thain estimated in an earlier TV interview that cuts would be in the thousands. CNBC reported that about 500 sales and trading jobs across fixed-income and equity divisions have already been cut.

Meanwhile, some 4,000 National City employees are expected to get the axe as the Cleveland-based lender looks to shave costs over the next three years.

from MediaFile:

Outsource, baby, outsource!

Reading newspapers at Martin Place in central SydneyAiling ad sales? Restive workers? Colossal costs? If your media company is experiencing one or more of the above symptoms, try outsourcing. While the long-term side effects are not yet known, outsourcing is proving to be an increasingly popular remedy for media companies looking to buff up their balance sheets.

The latest one -- and potentially a harbinger for others in U.S. media companies -- is MediaNews Group, the privately held, Colorado-based newspaper publisher run by "Lean" Dean Singleton.

Big isn’t always better for brokers

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Beaten-down brokers are weighing the benefits of staying at Wall Street mammoths Morgan Stanley and Merrill Lynch in a time when even the big guys aren’t so safe anymore. Turns out, well-established firms are still attractive to many brokers even as some decide to break ties altogether to set up their own shop.

“Merrill advisors are looking at the prospect of working for Ken Lewis and Bank of America and fear they will find themselves in a cost-cutting mentality,” says Howard Diamond, CEO of Diamond Consultants, a New Jersey-based financial services recruiter.

Job Bank – Oct. 20

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The following financial services industry appointments were announced on Oct. 20, linked where possible to personal profiles on LinkedIn. To inform us of other job changes, please send an e-mail to moves@thomsonreuters.com.

BANKUNITED FINANCIAL CORP

BankUnited Financial, the parent of BankUnited FSB, said Chairman and Chief Executive Alfred Camner will retire as an officer and director of the parent company and the bank on Monday. Ramiro Ortiz, current president and chief operating officer, has been named president and CEO.

Job Bank – Oct. 17

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The following are job changes within the financial industry for Oct. 17, linked where possible to personal profiles on LinkedIn. To inform us of other job changes, please e-mail moves@thomsonreuters.com.

DELOITTE FINANCIAL ADVISORY SERVICES LLP
The unit of Deloitte LLP said it is expanding its real estate consulting practice with the addition of Constantine Korologos, who will be based in New York. He is also a managing director for Deloitte Corporate Finance LLC.

Job Bank – Oct. 16

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The following are job changes within the financial industry for Oct. 14 – 15, linked where possible to personal profiles on LinkedIn. To inform us of other job changes, please e-mail moves@thomsonreuters.com.

RODMAN & RENSHAW
The U.S. investment bank named Michael G. King, Jr. to the newly created role of head of healthcare. He was previously director of research at the firm. The firm also said Christopher James, formerly a senior associate analyst working for King, had rejoined the firm and will assume esearch coverage of many of King’s stocks.

Job Bank – Oct 14-15

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The following are job changes within the financial industry for Oct. 14 – 15, linked where possible to personal profiles on LinkedIn. To inform us of other job changes, please e-mail moves@thomsonreuters.com.

PIMCO
The U.S. investment management firm hired Christopher Getter as senior vice president and emerging markets product manager, based in Newport Beach, California. Getter leaves Fidelity, where he was an emerging market debt research analyst.

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