UK
Two institutions have unveiled/reiterated three figure hiring plans. Another two organisations are hiring tens of people. Are things suddenly getting a lot, lot better?
The biggest hirers are Standard Chartered and Barclays. Standard Chartered is reportedly planning a ‘big wealth push’ that will see it hiring another 100 relationship managers across Asia, Europe, and the Middle East in the next 12 months.
Barclays is doing its best to disprove any speculation that it might not really be hiring and has announced a flurry of new equities recruits. According to the Independent it intends to hire another 100 M&A and equities bankers in the near future.
Meanwhile, Evolution has hired 46 people from Dresdner and apparently has every intention of hiring even more. And SocGen has announced plans to add up to 35 M&A bankers. Given it’s a long time since there was such a favourable constellation of positive hiring news, we can’t help but feel optimistic.
Blankfein says no further job cuts planned at Goldman. (Reuters)
Commerzbank: We will cut investment banking even further than previously indicated.
(Financial Times)
Bank of America puts its pay plans on ice. (Dealbreaker)
Big US banks headed for imminent extinction. (CNBC)
What happened to all the Wamu mortgage losses in the JPM stress tests? (Clusterstock)
CDS market suggests BofA and Citigroup are stress test winners. (MarketWatch)
Hedge funds the next investment banks. (PragmaticCapitalist)
Crispin Odey thinking of moving elsewhere for reasons of tax. (The Times)
Guy Hands going to Guernsey for reasons of tax. (Telegraph)
Most interesting, of course, is how bankers think. They regard themselves as entitled to outsized compensation that encourages excessive risk taking. (BaselineScenario)
Swine flu infiltrates the FSA. (Guardian)
I had heard, before coming here, that the mood in London was darker than it is in New York, but I didn’t really find that to be the case. (DealBook)
Hester: “I won’t tell you there haven’t been moments of political interference.” (Telegraph)
Losing your job could be the making of you. (Telegraph)
Standard Chartered might simply be replacing more-cheaply the good-quality people that recently got purged.
Standard Chartered are definitely replcing at lower cost the good-quality people that they recently got rid of !
Revolving Doors aplenty at Stan Chart
Are firms simply interviewing for information? Is there an actual will to hire? Could efinancialcareers investigate?
I think it’s sensationalistic to put a headline like “recruitment to come roaring back?” on a story before the end of the year.
Lazy headline, poor reporting – its going to get worse for the rest of the year, especially for those out of market.
AB – unless you are in sales role it is unlikely that people are are simply interviewing for info. What is more likely is that most hiring managers are incredibly fussy.