Trading Places
Inside views on the jobs market
Bucking the firing trend
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.
Job Bank – Nov.6
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 moves@thomsonreuters.com.
DEUTSCHE BANK
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.
PALI HOLDINGS
The institutional securities firm and investment bank said Joseph Schenk has been named chief executive officer and has been appointed to the board of directors. Schenk previously served as chief operating officer at Pali, having joined the firm in July from Jeffries Group.
INSIGHT INVESTMENT MANAGEMENT (GLOBAL) LTD
Students brace for workplace changes
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.”
Employers overseeing these young workers better brace themselves. According to The Wall Street Journal, this group, born after 1980 and referred to as Generation Y, are not afraid to ask for what they want. Feedback is a biggie. A survey of Generation Y workers at Ernst & Young said that “providing detailed guidance in daily work” was moderately or extremely important, compared with 39 percent of Baby Boomers.
With feedback a priority for these recent college graduates, employers are adapting. Ernst & Young launched an online “Feedback Zone,” where employees can request feedback whenever they wish. IBM provides training for managers to sharpen their critiquing skills. The Journal offers advice such as minimizing surprises, being clear and “keeping it loose,” or avoiding formalities.
Say goodbye to the annual review.
Picture: 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
THEY WON’T MAKE SIX FIGURES, BUT THEY WON’T WORK NEARLY AS MANY HOURS AS THE MBA’S……SPEECH THERAPISTS. THEY ARE NEARLY IMPOSSIBLE TO HIRE. OUR CHILDREN’S SERVICES NEED THEM AND ARE GOING BEHIND THE BACKS OF OTHER AGENCIES AND STEALING THEM AWAY!
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.
HARGREAVES LANSDOWN PLC U.K. investment manager Hargreaves Lansdown Plc, announced on Wednesday that Tracey Taylor, who joined the firm in 1999, will be appointed group finance director, replacing Martin Mulligan, who will be leaving at the end of 2008.
RESIDENTIAL FINANCE CORP The mortgage lender named Obiora Egbuna as vice president of sales. Egbuna was senior vice president of sales and served as co-head of retail franchise for Delta Funding Corporation D/B/A Fidelity Mortgage.
DEUTSCHE BANK AG The German investment bank appointed Munish Varma as head of global markets India, effective immediately. Varma joins from Deutsche Bank in London, where he was head of global principal finance Europe.
STANDARD CHARTERED BANK PLC The Asia-focused British bank said it named Lennart Augustsson as developer, modeling and analytics group, financial markets. Lennart, who was formerly with Credit Suisse, will be based in London.
STATE STREET CORP The world’s largest money manager for institutions appointed Gunjan Kedia to a newly created role as an executive vice president in its US Investment Servicing business. Kedia joins State Street from Bank of New York Mellon.
Job Bank – Sep. 29
The following are recent job changes within the financial industry, linked where possible to profiles on LinkedIn. To inform us of other job changes, please e-mail moves@thomsonreuters.com.
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.
PIONEER INVESTMENTS 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.
MORTGAGEBROKERS.COM HOLDINGS INC The mortgage brokerage hired Glen Collier as regional vice president. Collier was earlier with Royal Bank of Canada.
WELLS FARGO INSURANCE SERVICES INC The insurance brokerage hired Alan Boring as a senior vice president and sales executive in the Southern California region. Boring was previously with Rollins Burdick Hunter and Aon.
