Inside views on the jobs market
It’s a sad day in global finance when Deutsche Bank is poised to slash about 900 jobs and no one seems the least bit surprised. Granted, there’s stiff competition in the “shocking cutbacks” department these days. In the UK, the Lloyds/HBOS deal is inching ahead, and some expect a massive 40,000 jobs to be lost in the process.
But not everyone is on a firing spree. In fact, UBS — among those hit the hardest by the global credit meltdown — says it’s adding six senior executives to its wealth management division in Asia. True, six new jobs hardly seems like cause for celebration, but it signals an increasingly foreign concept of growth and expansion in time when contraction and cutbacks reign.
Meanwhile, State Bank of India is about to go on a hiring spree to the tune of 25,000 new jobs. The bank is cashing in on the misfortune of its competitor ICICI, which suffered a major blow when jittery depositers yanked their money from the bank in favor or safer, state-run institutions. Now State Bank stands to gain a huge slice of market share and plans to open a whopping 2,000 new branches in the coming year to keep up with its expanding customer base.
Does the latest hiring news offer a glimmer of hope? Share your thoughts below.
The following financial services industry appointment was announced on November 6, linked where possible to personal profiles on Linkedin. To inform us of other job changes, please e-mail email@example.com.
Deutsche Bank has appointed Michele Gissi and Roger Naylor as co-heads of its global equity derivatives unit, replacing Richard Carson. Carson, along with Nino Kjellman, former head of Asia equity derivatives, and Andrew Kent, a trader in equity derivatives, are leaving the company.
The Federal Reserve Bank of New York has hired the former chief risk officer of Bear Stearns Cos, Michael Alix, to advise on bank supervision. Alix, whose appointment was effective Nov 3, will serve as a senior adviser to William Rutledge in the Bank Supervision Group.Alix was at Merrill Lynch & Co before joining Bear Stearns in 2006. OCTOPUS INVESTMENTS LTD
The investment company said it appointed Karl Jentoft as marketing director, with immediate effect. Prior to joining Octopus, Jentoft was chief executive and founder of City Living Ventures, a Washington DC real estate development company. BNY MELLON ASSET MANAGEMENT
The global asset management arm of The Bank of New York Mellon Corp said it appointed Thomas Connolly as managing director, head of asset management for the Middle East region. Connolly joins from the Abu Dhabi Investment Authority.
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.”
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 firstname.lastname@example.org.
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.
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.