Inside views on the jobs market
Ahh, just when you could use a stiff drink on the company’s tab to kill the sobering mood wrought by this year’s financial carnage, you find out you’ll be coughing up for the bill yourself at the annual holiday shindig. Such is the case for scores of London’s financial workers. As Reuters’ Olesya Dmitracova reports, employees at some of the biggest names in town – Goldman Sachs, BNP Paribas, Barclays and so on – will be on the hook for their own year-end parties. A reasonable cost-cutting measure, it seems, during these often unreasonable times. Too bad, though, for those who get stuck drinking swill should their annual bonus get slashed too.
Across the pond, some employees of failed Washington Mutual received some less digestible news on Friday. JPMorgan, which bought WaMu’s banking operations in September, announced job cuts were on the way for some at the former thrift’s Seattle headquarters and elsewhere. Though overall numbers are still not known, and most will retain their jobs, at least 1,600 back-office WaMu staff who worked in California got word they’d be out of a job by March. More concrete figures and dates for others are expected on Monday. How’s that for a start to the holiday season?
Has the credit crunch hurt your end-of-year party plans?
The following financial services industry appointments were announced on Oct. 27, linked where possible to personal profiles on LinkedIn. To inform us of other job changes, please send an e-mail to: firstname.lastname@example.org.
Deloitte Financial Advisory Services (Deloitte FAS) said it elected David Williams as chief executive officer and Kerry Francis as chairman for the U.S. portion of the unit. Williams, 46, replaces Frank Piantidosi who has been CEO since 2003. Piantidosi is moving into the role of chief executive of Deloitte North America Financial Advisory. Francis, 47, will continue to hold her standing title as leader of the group’s national Corporate Investigations practice.
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:
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.