Trading Places

Job Bank, Nov. 26

The following financial services industry appointments were announced on Nov. 26, linked where possible to personal profiles on LinkedIn. To inform us of other job changes, please e-mail moves@thomsonreuters.com.

FORTIS GROUP

The chief investment officer of the Indian asset management arm of Fortis Group, K.C. Reddy, has quit to join a Swiss bank.

PRICEWATERHOUSECOOPERS LLP Jarrod Haggerty, Partner, PricewaterhouseCoopers LLP’s (PwC) Forensic Services team, will take on the new role of Chief Information Officer on a six-month secondment at the Serious Fraud Office (SFO). Mr Haggerty starts at the SFO in December.

M.R. BEAL & CO

M.R. Beal & Co, an investment bank specializing in municipal and corporate finance and equity execution, said Sean Boyea has joined the firm to oversee its municipal finance activities on the West Coast. Boyea, a managing director, will be based in the company’s Sacramento office.

The perils of working in the Western world

Looking for a kinder, gentler work environment? If you’re in North America, you might consider heading east.  Human resource experts say cultural differences could be the difference between taking a hefty pay cut and losing your job entirely.

During a downturn in the East, ”the right thing to do is to share the burden. There’s that sense of collective responsibility. Whereas in the West, it’s more about individual survival,” says Michael Benoliel, associate professor of organizational behavior at Singapore Management University.

As the world economy slips into a recession, it’s little wonder all eyes are focused on how global companies are shouldering the burden. Turns out, slashing jobs may not be the best way to cut expenses and stay competitive. In fact, preserving employees — albeit at a lower salary — may stave off economic collapse.

But not everyone’s optimistic about their job prospects, particularly new finance graduates looking for a career start. Not only are they competing with the newly unemployed, but junior positions are often first to get axed when the economy hits the skids.

More good news if you’re an accountant: PricewaterhouseCoopers is hiring. The global accounting firm announced plans to hire 2,000 graduates in China next year as part of its global expansion plan.  Meanwhile, KPMG says it’s planning to create 200 high-end jobs in Toronto over the next year, despite the economic chill.

Do you think the West can learn anything from the work philosophy of the Eastern world - or is the other way around? Share your thoughts below.

Job Bank – Oct. 9

The following are job changes within the financial industry for Oct. 7, linked where possible to personal and company profiles on LinkedIn. To inform us of other job changes, please e-mail moves@thomsonreuters.com.

UBS INVESTMENT BANK The Swiss investment bank said Janine McGrath Shelffo will join its Investment Banking Department (IBD) as a Managing Director in its Technology, Media and Telecommunications Banking group. Prior to this assignment, Shelffo was a managing director and senior coverage banker for the media sector at Lehman Brothers, where she worked since 2004.

PRICEWATERHOUSECOOPERS LLP The New York based assurance, tax and advisory services firm said John McCaffrey has been appointed leader of the U.S. Transaction Services group, and Timothy Hartnett as U.S. Private Equity Leader. McCaffrey previously headed the firm’s U.S. Private Equity group and replaces Michael Burwell, who is now the U.S. firm’s chief financial officer.

RBC CAPITAL MARKETS The Canadian bank’s investment banking arm named Peter Walraven as managing director of the firm’s U.S. Debt Capital Markets efforts for Infrastructure and Project Finance. He will be based in New York. Prior to this appointment, Walraven worked at JP Morgan, most recently as a managing director and a member of that firm’s global private placements group.

MERRILL LYNCH BANK (SUISSE) The investment bank has appointed Mark Kahnau as the new office manager of its Global Wealth Management Zurich branch.