Trading Places

Inside views on the jobs market

Banks for the wealthy still hiring in Asia

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New York City Comptroller William Thompson has increased his forecast for the number of securities industry workers who could be laid off in the city to 35,000 from 25,000, but banks in Asia are still looking to bulk up. Top brass speaking at the Reuters Wealth Management Summit this week said their expansion plans for Asia are largely intact.

Joseph Poon, who heads the Private Wealth Asia division of Australia’s Macquarie Group, said its recently set-up Asian private banking unit will hire another 30-35 client advisers in the next three to five years.

Marcel Kreis, head of Asia-Pacific private banking for Credit Suisse, said the credit crisis has not derailed plans to expand its private bank in Asia, where it could boost its team by as much as 80 percent in three years.

UBS is adding staff at a slower rate but is ready to pounce on experienced talent. “Even if we wanted to hire a lot of people there are not that many good people in the market,” said Kathryn Shih, chief executive for UBS’s wealth management business in the Asia-Pacific. “Normally into the second year of the crisis you start getting good people.”

from Summit Notebook:

No more musical chairs in banking industry-Merrill exec

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rahul.jpgAs global markets rallied over the past five years, talent in the private banking industry had become a heavily fought over commodity. Rain makers, top bankers and entire teams were poached constantly by rival organizations who offered top dollar for the move.

However the unprecedented financial crisis has dramatically changed the talent landscape, with rookie bankers facing a harder time to move up the ladder, said a Merrill Lynch executive.

Job Bank – Oct. 13

The following are job changes within the financial industry for Oct. 10, linked where possible to personal and company profiles on LinkedIn. To inform us of other job changes, please e-mail moves@thomsonreuters.com.

LLOYDS TSB CORPORATE MARKETS

The bank appointed Grant Harrison as a director in its equity capital markets (ECM) and M&A advisory business.

Students brace for workplace changes

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A student graduating from Harvard's Business School holds a U.S. flag with a dollar bill tied to it during the 357th Commencement Exercises at Harvard University in Cambridge, Massachusetts June 5, 2008. REUTERS/Brian Snyder

The New York Times is reporting a shift in campus recruiting, thanks to the Wall Street meltdown. Firms such as JP Morgan Chase, Deutsche Bank and others have canceled recruitment sessions at Harvard, Princeton, Stanford and other universities. With more than 100,000 financial industry jobs lost so far this year, students who had been banking on six-figure salaries following graduation are rethinking their career trajectories. Matriculating into the highest-ranked schools and dual degrees are at the top of the list. Law school is becoming an increasingly appealing option.

Perhaps more notable is that students pay attention now in career services workshops. According to Robin Mount, interim director of career services at Harvard, students were more focused. “In previous years, they often spent these sessions sending text messages; this year, the sessions have been purposeful and heavily attended. Ms. Mount said she could have heard a pin drop.”

Job Bank – Oct. 10

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The following are job changes within the financial industry for Oct. 10, linked where possible to personal and company profiles on LinkedIn. To inform us of other job changes, please e-mail moves@thomsonreuters.com.

CREDIT SUISSE
Laurent Charbonnier will join Credit Suisse as a Director on the Metals & Mining team in the EMEA Energy Group in the Investment Banking Department, starting in December, according to an internal memo. Charbonnier will move to Credit Suisse from UBS AG, where he most recently served as executive director and European head of steel, paper, packaging in global industrial group.

Job Bank – Oct. 9

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The following are job changes within the financial industry for Oct. 7, linked where possible to personal and company profiles on LinkedIn. To inform us of other job changes, please e-mail moves@thomsonreuters.com.

UBS INVESTMENT BANK
The Swiss investment bank said Janine McGrath Shelffo will join its Investment Banking Department (IBD) as a Managing Director in its Technology, Media and Telecommunications Banking group. Prior to this assignment, Shelffo was a managing director and senior coverage banker for the media sector at Lehman Brothers, where she worked since 2004.

Job bank – Oct. 8

The following are job changes within the financial industry for Oct. 7, linked where possible to personal profiles on LinkedIn.  To inform us of other job changes, please e-mail moves@thomsonreuters.com.

REED ELSEVIER PLC
The U.K.-based publisher has appointed Arnout van der Veer as Chief Risk Officer and he will be based in its London office. Van der Veer has headed that office’s corporate audit function for the past eight years.

Job Bank – Oct. 7

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The following are job changes within the financial industry for Oct. 7, linked where possible to personal and company profiles on LinkedIn. To inform us of other job changes, please e-mail moves@thomsonreuters.com.

BLACKROCK
U.S. money management firm BlackRock Inc appointed John Athill to its UK institutional account management team as a director. He joins BlackRock from Schroders, where he was a client director for UK Institutional Pension Funds.

Wall Street’s high-profile ‘job jumpers’

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The New York Times’ Dealbook takes a look at some of Wall Street’s biggest movers and shakers as they have played musical chairs in the last few months:

MARK SHAFIR

Days after Lehman Brothers’ bankruptcy, it emerged that Mr. Shafir, a global cohead of mergers and acquisitions, was leaving for Citigroup. Mr. Shafir stayed long enough to help sell Lehman’s United States capital-markets business to Barclays.

Job Bank – Oct 6

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The following are job changes within the financial industry for Oct. 3, linked where possible to personal and company profiles on LinkedIn. To inform us of other job changes, please e-mail moves@thomsonreuters.com.

ELX
ELX, Electronic Liquidity Exchange, said it named Neal Wolkoff as its chief executive officer. The futures exchange said Wolkoff most recently served as chairman and chief executive of the American Stock Exchange and previously as chief operating officer and executive vice president of the New York Mercantile Exchange.

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