Inside views on the jobs market
It wasn’t so long ago that one could write a book called “Damn It Feels Good to be a Banker” with plenty of satire but only the merest pinch of irony. Now, not so much, as times have clearly changed.
The AP reports that MBA students are deploying their expensive new business acumen and concluding that these aren’t the best days to be entering the wonderful world of investment banking:
“Clearly if you wanted to become an investment banker, those aspirations need a reality check at this point,” Georgetown finance professor Sandeep Dahiya told the AP.
Justin Bakewell, a second-year student at the George Washington University School of Business, “already has felt the changes. He was set to be a summer associate at Bear Stearns when the firm fell into trouble and was acquired by JPMorgan Chase & Co.”
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 email@example.com.
JEFFERIES & CO
Kelly R. Holloway has joined as a senior vice president in the Jefferies Group Inc unit’s fixed income group. Holloway will focus on the sales and trading of U.S. agency bonds, corporate bonds, mortgage-backed and other fixed income securities for institutional investors based in the Middle East. Holloway was most recently a senior vice president at Vining Sparks, a regional broker-dealer based on Memphis, Tennessee, where he worked for the past 10 years.
NEW YORK (Reuters) – In a typical week, Scott Dell’Orfano, executive vice president of Fidelity’s Institutional Wealth Service, would meet with three or four teams of financial advisers coming into his Boston office.
But on a recent rainy Wednesday, he met with four groups before noon.
More brokers are considering moving from a big brokerage house to set up their own shop and aligning themselves with a custodial firm such as Fidelity, the big mutual fund firm.
The following are job changes within the financial industry for Oct. 2, linked where possible to personal and company profiles on LinkedIn. To inform us of other job changes, please e-mail firstname.lastname@example.org.
BANK OF AMERICA CORP
The bank said John Thain, chief executive of Merrill Lynch & Co Inc, will be president of global banking, securities, and wealth management when his company is acquired by the bank next year.
Looking to put the recent market meltdown in perspective? Brother Nikanor, a Nasdaq broker turned Christian Orthodox monk, advises former colleagues to put a jar with soil on their desks “to remind them where we are all heading.”
Don’t you feel better already?
So what if the markets lose a percentage point or 10? It doesn’t faze Brother Nikanor — real name Hristo Mishkov, 32 — who has dropped out of the rat race for a dilapidated Bulgarian monastery that once served as a communist labor camp.
The following are recent job changes within the financial industry, linked where possible to personal and company profiles on LinkedIn. To inform us of other job changes, please e-mail email@example.com.
FEDERAL AGRICULTURAL MORTGAGE CORP
Farmer Mac appointed Michael Gerber as acting president and chief executive officer, succeeding Henry Edelman, effective immediately. Gerber will continue to serve as chief executive of Farm Credit of Western New York, an association in the Farm Credit System.
Wall Street banks are seeing a glut of resumes from Lehman Brothers, as staff there are contacting colleagues at other firms directly to find new jobs after their investment bank went bankrupt. Some banks, including JPMorgan Chase and Credit Suisse, have told headhunting firms looking to find jobs for former Lehman Brothers employees that they will not pay the firms for putting them in touch with these job candidates, because they are already inundated with direct applications.
Lehman Brothers Holdings Inc, which filed for bankruptcy last week, has 26,000 employees. About 10,000 have been given jobs through at least the end of the year, after Barclays Capital bought Lehman’s North American capital markets business and other assets.
HONG KONG, Sept 30 (Reuters) – Japan’s Nomura Holdings plans to match last year’s bonus pool for Lehman Brothers’ Asia group, according to sources familiar with the matter, in an effort to prevent Lehman bankers from leaving.
The move is also aimed at showing Nomura’s commitment to Lehman bankers, who are still reeling from the collapse of the 158-year old New York institution.
John A. Challenger is chief executive officer of global outplacement and business coaching consultancy Challenger, Gray & Christmas, Inc. The opinions expressed here are his own.
The turmoil that is shaking Wall Street to its core could eventually go down as the worst financial crisis in American history. We are already hearing comparisons of the current situation to the bank failures and stock market crash that ignited the Great Depression in the 1930s.
LONDON (Reuters) – A wave of job cuts in the wake of the financial markets meltdown is causing hundreds of City bankers to turn to UK charities in search of work.
Charities are keen to hire the former star bankers to help them raise funds and are able to pay better salaries than in the past, said forum3, a recruitment agency.