Trading Places

Inside views on the jobs market

Retirement plans, interrupted

Office workers rush across a city street during peak hour in central Sydney May 20, 2008.REUTERS/Tim Wimborne

Those lucky enough to hold on to their jobs during the market meltdown are facing another conundrum as the clock ticks towards retirement: should they stay or should they go? Canada’s Globe and Mail reports that an increasing number of soon-to-be retirees are opting to stay in the workforce, at least until their retirement savings recover.

“Retirement at 65 years is now headed for retirement at 70 years,” says Mike Harvey, talent manager for Prime 50, which focuses on employment for the 50-plus set.

That’s bad news for those dreaming of putting their work days behind them, and even worse news for up-and-coming professionals looking to fill their shoes.

But aging workers might find it difficult to stick around. A recent study by the Conference Board of Canada found that only 6 percent of major Canadian employers are focused on retaining older workers, and 11 percent said they are attracting and recruiting mature workers as part of their hiring programs.

Read this before you take that new job

It might seem like a no-brainer to jump at any opportunity that snaps your unemployment streak. But the Business Pundit blog gently urges you to think twice — or even five times — before accepting new work, by asking yourself a series of questions:

1) Can I handle it?

I love a good challenge, so it’s sometimes hard to say no. But I have learned to choose projects that are within or just beyond my skill level, so that I grow sustainably rather than get frustrated and overworked on something that either doesn’t interest me at all or is so far outside my scope of knowledge that I burn myself out catching up on the topic itself.

2) Do I have time for it?

Job Bank – Oct. 22

The yellow caution light shows on a traffic light beside the Wall Street road sign in the financial district of New York September 19, 2008. REUTERS/Lucas Jackson  

The following financial services industry appointments were announced on Oct. 22, linked where possible to personal profiles on LinkedIn. To inform us of other job changes, please e-mail moves@thomsonreuters.com.

 LASAIR CAPITAL

Hedge fund group Lasair Capital has appointed Jennifer Coffey as senior investment officer. Coffey previously worked at Credit Suisse First Boston and Lehman Brothers.

Job Bank – Oct. 21

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

MERRILL LYNCH & CO

Merrill Lynch’s Global Wealth Management (GWM) group appointed Alla Fedorova as a financial advisor. The company also hired Katalin Cseh, previously with UBS wealth management. Fedorova & Cseh will be based in London and will work as a part of emerging European markets team.

Big isn’t always better for brokers

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Beaten-down brokers are weighing the benefits of staying at Wall Street mammoths Morgan Stanley and Merrill Lynch in a time when even the big guys aren’t so safe anymore. Turns out, well-established firms are still attractive to many brokers even as some decide to break ties altogether to set up their own shop.

“Merrill advisors are looking at the prospect of working for Ken Lewis and Bank of America and fear they will find themselves in a cost-cutting mentality,” says Howard Diamond, CEO of Diamond Consultants, a New Jersey-based financial services recruiter.

Job Bank – Oct. 13

The following are job changes within the financial industry for Oct. 10, linked where possible to personal and company profiles on LinkedIn. To inform us of other job changes, please e-mail moves@thomsonreuters.com.

LLOYDS TSB CORPORATE MARKETS

The bank appointed Grant Harrison as a director in its equity capital markets (ECM) and M&A advisory business.

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