Inside views on the jobs market
MORGAN STANLEY INVESTMENT MANAGEMENT
The asset manager appointed Richard Ford as managing director and portfolio manager in its Global Fixed Income Team. Previously he was with PIMCO.
AXA INVESTMENT MANAGERS
The asset management company named Eric Chaney, previously with Morgan Stanley, as chief economist, AXA Group. Chaney will join AXA on November 1.
The investment management group named William Porter director of U.S. consultant relations, and Scott Krattenmaker and George Lynch vice presidents of institutional sales. Previously, Porter was with State Street Global Advisors and
Krattenmaker with Standish Asset Management, while Lynch joins from Fidelity Family Office Service.
Here’s some advice from Robert Gordon, a coach who specializes in working with professionals with Attention Deficit Hyperactivity Disorder (ADHD):
Downturns and downsizing have a tendency to send the recently redundant scrambling for the personal development sections of their favorite business bookstores. Career Intelligence, a classic from more than a decade ago, reminds us that we’ve trodden this ground before. Written by career management specialist Barbara Moses as a guide to help baby-boomer knowledge workers navigate the lean, mean “new work” realities of the 1990s, its tone is remarkably resonant today, and Moses’ strategies remain clear and instructive.
The wooing of Merrill Lynch advisers has gone viral. Merrill's team, the 16,000 strong "Thundering Herd" has, for the past two weeks, been in the midst of an anxiety filled waiting game regarding retention packages from Bank of America. Many are desperate to find out whether they'll retain a sense of independence in the new configuration and just how the shotgun marriage will work in practice. Some recruiting firms are using unusual forums to profit from their misery.
Earlier this week, national recruiter RJ & Makay posted a video message specifically to Merrill advisers on YouTube, full of ego stroking, appeals to the firm's storied history and no small amount of fear mongering.
The five minute video blast uses an all instrumental soundtrack which for the first 90 seconds sounds like a poor man's Radiohead.
Naturally, the video suggests RJ & Makay is a possible and likely answer. If the difference in corporate culture, operating systems and department boundaries prove to be too burdensome, then the possible mass exit of the herd might go from possible to probable.
Merrill brokers hoping for a little escapism on the Internets look to be out of luck.
We asked Joshua Persky, a former investment banker who blogs about his search for work, to offer some advice to others facing unemployment.
You may have seen a photo of me wearing a sign-board, “Experienced MIT Grad for Hire.” My goal was to hand out some resumes, generate a few new leads, and find a job. Instead, I became world-famous for being unemployed. OK, I’ve had my 15 minutes of fame – for the past three months – and my publicity is still generating more publicity.
A timely book called “150 Best Recession-Proof Jobs” arrived in our office this week, packed with tables ranking professions that should survive the downturn. No surprise that investment bankers don’t make the list, although economists do scrape in at #107, one spot above taxi drivers but below podiatrists.
If you’re a computer systems analyst at a bank, you’re in luck: you top the table for recession-proof industries. Bulge-bracket workers might want to skip to the list of best-paying recession-proof jobs, which is led by physicians and surgeons. If you can’t afford to stay out of the job market long enough to graduate from med school, then a career as an air-traffic controller might beckon.
It’s not just Lehman Brothers and Merrill Lynch that look to be shedding jobs amid the deepening financial crisis: HSBC announced on Friday that it’s cutting 1,100 jobs in its global banking and markets operation, or about 4 percent of the unit’s total.
“We’re doing it because of market conditions and the economic environment, and our cautious outlook for 2009,” Hong Kong-based spokesman Gareth Hewett told Reuters.
The Swiss bank has hired former Bear Stearns executive Jeffrey Mayer as joint head of the fixed income, currencies and commodities business. Mayer will be based in New York and Stamford.
U.S. lawmakers are insisting that Wall Street chiefs feel the pain in their own pocketbooks in exchange for a $700 billion bailout, but Washington has a poor record when it comes to trying to rein in executive pay, as my colleague Martha Graybow writes here.
Regardless, the era of lavish Wall Street paychecks looks to be over. “The higher risk, higher reward strategies the investment banks used are going to be tamed,” said John Challenger, who runs outplacement firm Challenger Gray & Christmas and tracks pay trends. “The same de-leveraging seen at the banks will go on in compensation,” he says in this analysis by Joseph A. Giannone.
By Ingrid Melander
BRUSSELS, Sept 25 (Reuters) – European Union interior ministers gave initial backing on Thursday to a fast-track scheme to attract highly skilled migrant workers from developing countries, hoping to compete with the U.S. Green Card system.
Ministers also rubber-stamped a “European pact on immigration and asylum” in which the bloc pledged to boost the fight against illegal migration while promoting legal migration and a common asylum policy.
By Alister Bull
WASHINGTON, Sept 25 (Reuters) – The number of U.S. workers filing new claims for jobless benefits jumped 32,000 last week, with all of the increase due to the impact of hurricanes Ike and Gustav, the Labor Department said on Thursday.
Initial claims for state unemployment insurance benefits rose to a seasonally adjusted 493,000 in the week ended Sept 20 from a revised 461,000 the prior week, the Labor Department said. It was the highest reading since Sept. 29, 2001, in the aftermath of attacks on New York and Washington.