CA
Sector: FX & Money Markets
CIBC Continues To Add F/X Professionals
CIBC World Markets continues to build its currency operation outside Toronto, and it looks as though the firm has yet to cease making FX hires in New York, London, and Hong Kong. Just recently, the company-part of the Canadian Imperial Bank of Canada’s wholesale banking arm-added a new currency specialist for its macro strategy outfit [...]
Energy Traders Face Rocky Road, On and Off the Street
If you’re an energy trader, it’s a safe bet that you’re a bit worried about your job. Overall, due to tech and the big players taking over, there’s fewer jobs. Plus, the Commodity Futures Trading Commission is just about ready to announce position limits for physical commodity derivatives as mandated by Dodd-Frank. That, and expected [...]
Share-Based Pay Lifts Total Compensation at Scotiabank
Deferring compensation is working out nicely for staff at Scotiabank if the January quarter is any indication. While a new incentive plan multiplied stock-based pay, the total for salaries and other cash compensation also rose for the investment banking unit’s 1,568 employees and dipped just slightly for the company overall. In a table accompanying its [...]
RBC Unveils Pay Reforms
Jumping aboard the compensation reform train, Royal Bank of Canada told capital markets employees it will incorporate risk measures in bonus calculations, will defer a larger share of compensation, and is finalizing a bonus clawback policy. The changes outlined in a memo to RBC employees are similar to those adopted by Bank of Nova Scotia, [...]
Big Banks’ Bonuses Tracking 18 Percent Rise
Like their Wall Street counterparts, Canada’s bankers are in line for bigger bonus checks this year than in 2008, corporate filings indicate. Incentive pay among the six largest Canadian banks totaled $6.4 billion for the first nine months of this year, up 18 percent from the same period last year, the Globe and Mail reports [...]
Job Market May Be Stabilizing, Recruiter Says
Although Canada’s unemployment rate stands at 8.4 percent, its highest level in years, and the jobs picture in the Canadian financial industry is not exactly frothy, recruiters say signs of equilibrium are returning. “Clearly the financial services market globally has still not recovered, but the recruitment market has plateaued somewhat, “says James Mayo, operating director [...]
Two Top Research Figures Leaving B of A
Canada is reclaiming David Rosenberg. Bank of America’s chief North American economist, who held that role at Merrill Lynch for many years, reportedly will depart in May to join a Toronto-based private wealth management firm, Gluskin Sheff & Associates. Rosenberg is the latest in a parade of high-profile former Merrill Lynch staffers to exit since [...]
Finance Still Needs Scientists, Group Says
Wall Street is on its back, but scientists would be wise to take a contrarian approach and investigate careers in finance, says the American Association for the Advancement of Science. In a three-part feature on financial careers in its official publication, Science, the association likens preparing to enter the industry to the old investing maxim, [...]
Bank of Canada Economists Said Underpaid
Below-market salaries are impeding Canada’s central bank from fielding a world-class research team, according to a recently published report by an authoritative panel of U.S.-based economists commissioned by the Bank of Canada itself. The panel found “a substantial inconsistency” between pay scales and the bank’s official objective of operating a “second-to-none” research department. “The Bank [...]
Canadian Interest in CFA Soars
The ranks of Charter Financial Analysts in Canada are growing. More than 9,990 are registered to take the CFA exam in June, up 68 percent from 5,914 in 2006. Bob Johnson, deputy chief executive of the non-profit CFA Institute, says that’s a sign of growing interest in the certification by employers, and the greater availability [...]
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