Trading Places

Desperate times, desperate career measures

It’s no secret that the economic downturn is having an impact on the careers of millions of Americans.  Just ask Matthew Derra (pictured here), who found himself pursuing a degree in renewable energy after his job at American Axle disappeared.

As the U.S. braces for yet another monthly dismal jobs report, thousands more will be faced with one big question: what now?

Turns out, not everyone is looking for jobs in the field they once called home.

“We’re seeing people more willing to consider opportunities in places traditionally they wouldn’t locate to,’ says John Flanigan, VP of staffing company Aerotek.

Just as Derra found himself back at school, people are finding themselves in some unlikely scenarios. One former executive took an entry-level job after losing his job at Hewlett-Packard, a move he says set his career (and his salary) back by two decades.

Sound familiar? Now that the job market has narrowed, what are you doing with your career? Share your thoughts below.

HSBC’s local knowledge: not so good in U.S.?

HSBC, whose advertisements play on how one image can have different meanings in different cultures, appears to have settled on a single view of the U.S. consumer: you’re not worth the risk. The global bank, whose billboards proclaim the importance of local knowledge, said it would shut most of its U.S. consumer lending business with the loss of 6,100 jobs.

“With the benefit of hindsight, this is an acquisition we wish we had not undertaken,” HSBC Chairman Stephen Green said of its 2003 acquisition of Household, which was renamed HSBC Finance.

At Trading Places, we like to give people hit by job cuts a place to share information. So if you’re an HSBC employee, tell us what’s happening in your office.

Experts offer survival tips as job cuts spread

So, you’re one of the lucky ones. Name on your office door. Extra-glossy business cards. A bit of seniority.

Think again.

While recent MBA grads prowling for work face the uneviable task of breaking into the financial ranks for the first time (gasp!), the barrage of layoffs that’s spread into the upper echelons of the industry in recent months shows that title-toting execs face a formidable challenge of their own – protecting their hides. The recession’s official, more jobs will be cut and there’s no reason to assume your’s won’t be one of them.

With such rosy thoughts in mind, the folks over at BusinessWeek put together a helpful video detailing some of the practical steps you can take to protect your job. One suggestion, courtesy of executive coach Meredith Haberfeld, is to throw conventional wisdom out the window.

Keeping a low profile during tough times, she says, does nothing to secure your future. “Work your tail off,” she insists.”But make your successes and results visible. Not empty results.” She also suggests you find ways to show you care about the company’s bottom line, not just your own.

Elsewhere, the Harvard Business Review offers slightly less selfless advice. “Machiavellian as it may seem, holding on to your job when the economy softens is a matter of cool strategic planning,” write Janet Banks and Diane Coutu. And in addition to thinking like a survivor, they, too, encourage old-fashioned hard work. “If you’re not already wearing multiple hats, start imagining how you can support your company by leveraging experience your boss may know nothing about.”

Bank crunch hits end-of-year festivities – oh, and more jobs

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?

Job Bank – Nov. 28

The following financial services industry appointment was announced on Nov. 28, linked where possible to personal profiles on LinkedIn. To inform us of other job changes, please e-mail moves@thomsonreuters.com.

ALTIUM The pan-European investment-banking group appointed Craig Leppard as head of Market Making team and Chloe Ponsonby to its Corporate Broking team. Leppard, who was previously with Numis Corp <NUM.L>, will join in January. Ponsonby joins Altium from Daniel Stewart & Co PLC.

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.

Job Bank – Nov. 25

The following financial services industry appointments were announced on Nov. 25, linked where possible to personal profiles on LinkedIn. To inform us of other job changes, please e-mail moves@thomsonreuters.com.

STANDARD CHARTERED PLC

UK-based lender Standard Chartered Plc appointed Ebenezer Essoka as chief executive officer of its operations in South Africa. Cameroon-born Essoka, currently CEO of Standard Chartered’s west African business, will succeed Chris Low with immediate effect.

NOMURA HOLDINGS INC

Nomura today said it has appointed David Bizer as Head of Global Markets Sales for Europe, Middle East and Africa, effective immediately. Prior to his appointment, Bizer was head of fixed income sales for the same region at Lehman Brothers.

UBS

Job Bank – Nov. 24

The following financial services industry appointments were announced on Nov. 24, linked where possible to personal profiles on LinkedIn. To inform us of other job changes, please e-mail moves@thomsonreuters.com.

BNP PARIBAS

BNP Paribas Securities said it had appointed Manishi Raychaudhuri as India head of equity research. He was earlier with UBS as country strategist.

TULLETT PREBON PLC

Job Bank – Nov. 21

The following financial services industry appointments were announced on Nov. 21, linked where possible to personal profiles on LinkedIn. To inform us of other job changes, please e-mail moves@thomsonreuters.com.

UBS AG

Ramesh Singh, the head of UBS AG’s asset-backed securities division has decided to step down, UBS CEO Jerker Johansson said in an internal memo. The asset-backed securities business at the Swiss banking giant will be reduced in scope. Replacing Singh, will be a group co-led by Bill Chandler, Jack McCleary and Jim Reichek.

OPPENHEIMER FUNDS, INC.

William F. Glavin, Jr. has been appointed chief executive officer of Oppenheimer Funds Inc. effective Jan. 1, 2009. He will replace John V. Murphy, currently chairman and CEO. Murphy will remain with the company and continue to serve as President and a director/trustee of each of the Oppenheimer funds until his retirement at year-end 2009. Glavin has served as Co-CEO of Massachusetts Mutual Life Insurance Company (Mass Mutual), of which Oppenheimer Funds, Inc is a subsidiary, and Executive Vice- President and head of Mass Mutual’s U.S. Insurance Group.

THE INTERNATIONAL MONETARY FUND

Job Bank – Nov.20

The following financial services industry appointments were announced on November 20, linked where possible to personal profiles on LinkedIn. To inform us of other job changes, please e-mail moves@thomsonreuters.com.

LEHMAN BROTHERS HOLDINGS

Bryan Marsal will take over as Chief Executive of Lehman Brother’s Holdings, Inc at close of business December 31, 2008 according to court testimony by Harvey Miller, an attorney representing the firm. At a U.S. bankruptcy court hearing in Manhattan today, Miller said the firm’s board of directors had approved the appointment. Marsal, who is currently the chief restructuring officer of the firm, will replace Richard Fuld as company CEO.

ONTARIO TEACHERS’ PENSION PLAN

Neil Petroff has been named Executive Vice-President, Investments and Chief Investment Officer of the Toronto-based Ontario Teachers’ Pension Plan (Teachers’), replacing the retiring Robert Bertram, effective by year’s end. He is currently group senior vice-president of investments. Prior to joining Teachers’ in 1990, Bertram spent 18 years at Telus Corporation, formerly Alberta Government Telephone.

FIRST NATIONAL BANK