eFinancialCareers

JPMorgan's chief takes a prominent role in a major campaign aimed at persuading other institutions to hire displaced Bear Stearns staffers. Pyramis, Fidelity's institutional division, is aggressively hiring investment managers. KKR is seeking infrastructure investing and operating managers to join its new team headed by Lazard's former global infrastructure chief. *** JPMorgan Chase is conducting an outplacement effort on an unprecedented scale, as its chief executive and an in-house team reportedly approach... Read more

A revised economic analysis by a New York City agency forecasts that the city's financial services job losses will total 33,300 from late 2007 through mid-2009 – including 17,300 jobs in the more narrowly defined "securities" industry. Those numbers are dwarfed by the amount of job cuts already announced by Wall Street and big European banks, which exceed 60,000. They're also well below the 41,300 New York City jobs erased by... Read more

Media reports this week indicate Lehman Brothers recently began laying off an estimated 1,400 people or about 5 percent of its worldwide work force. The reduction appears come on top of a reduction of identical proportions the firm reportedly carried out in March. The March reports of a mass layoff from Lehman were never officially confirmed. The latest round of job cuts "are expected to affect all divisions of the company... Read more

When it comes to working with search firms, "when and if" are just as important as "how." Retained search firms are appropriate vehicles for candidates seeking a "career lateral" - a position whose responsibilities and pay are similar to the job they currently have, says Ann S. Boland, an executive recruiter in the Washington, D.C., area. However, if you've previously performed the role but aren't doing so currently, or if you... Read more

Some 1,500 employees or 3 percent of the worldwide work force of the newly merged Thomson Reuters Corp. reportedly are about to lose their jobs as a result of the combination. The job cuts include 650 from the company's content, technology and operations division, and 140 journalists located primarily in Europe, according to separate internal memos cited in a Reuters news story. An Associated Press story pegged the total number of jobs... Read more

JPMorgan Chase is conducting an outplacement effort on an unprecedented scale, as its chief executive and an in-house team reportedly approach hundreds of companies about hiring some 5,000 Bear Stearns workers who will become casualties of the banks' pending combination. The campaign could become a template for how both JPMorgan and the rest of Wall Street will manage the impact of future major mergers and layoffs, the Financial Times reports in... Read more

Dumpsters suddenly show up outside your office. Your corporate email stops working. A customer mentions that you're being replaced. The boss calls with bad news while you're recovering from surgery. These are among the practices banks resort to these days to inform individual human resources that they are no longer considered resources. As Wall Street firms downsize in a series of waves, the New York Times reports that managements are concealing... Read more

Would you call a prospective employer 63 times if your calls weren't picked up or returned? How about 24 times over a two-year period? If you fear being that persistent will cost you an opportunity, you're in for a shock. In at least two instances cited by career experts recently, candidates who did not persist to that degree would have lost opportunities. "I have a client who called an employer contact 63... Read more

Citigroup's turnaround strategy will merge duplicative data centers. UBS is cutting 2,600 jobs from its investment bank, and plans to eliminate 5,500 jobs company-wide by mid-2009. *** Achieving operational efficiencies - which inevitably means further headcount reductions - form the core of Citigroup's three-year turnaround strategy, unveiled Friday by Chief Executive Vikram Pandit. While Pandit didn't say how many more positions would bite the dust, he and top aides left little... Read more

If you think Wall Street was stingy at bonus time last year, brace yourself: 2008 is on track to be far worse, according to a top compensation consultant's latest soundings of its blue-chip client base. Johnson Associates is projecting smaller departmental bonus pools this year across each of the 12 business areas examined in its first-quarter compensation trends report. Company wide average bonuses are seen shrinking between 15 percent and 35... Read more

JPMorgan could be the next bank to unveil a large-scale layoff, and it won't be confined to employees of the newly acquired Bear Stearns, a published report said. Citing unnamed sources, Reuters reported Wednesday that absorbing Bear Stearns will displace some 2,000 current JPMorgan employees. What's more, market-driven cutbacks could claim an additional 1,000 to 2,000 JPMorgan jobs in coming weeks, Reuters said. Both the merger-related and market-related cuts are expected to... Read more

As many as 6,000 of Bear Stearns' 14,000 employees reportedly have been offered jobs by new owner JPMorgan Chase & Co. But for thousands of technology and operations staffers whose fate remains up in the air, the outlook is gloomy. "The remaining roughly 3,500 employees will learn their fates in the next two weeks," Reuters reported late Monday. "These staffers, mostly in technology and operations, and will likely see a lower... Read more

The latest in a string of former Goldman Sachs executives to join the firm's inner circle, Peter S. Kraus was named executive vice president of Merrill Lynch, and will oversee business strategy and investments, global growth and corporate acquisitions. Kraus worked 22 years at Goldman, serving as co-head of investment management, a member of the management committee, and head of firm-wide strategy. He also co-led Goldman's financial institutions group until 2001,... Read more

The world's biggest bond fund is asking Wall Street firms to refer recently downsized employees as it seeks to fill 275 new slots. A Morgan Stanley technology center in Montreal will create 500 local jobs. While securities industry employment in the U.S. posts record highs each month, industry payrolls within New York City are falling. And San Francisco boutique Thomas Weisel Partners is cutting 13 percent of its work force. *** Sensing... Read more

UBS will lay off as many as 2,600 people from its investment bank over the remainder of this year, and will cut 2,900 more jobs elsewhere in the company by the middle of 2009. The casualties include the Swiss bank's entire 300-person U.S. municipal bond department. The cuts were outlined in the bank's first quarter results announcement, issued Tuesday. UBS AG reported a quarterly net loss of 11.5 billion Swiss francs... Read more

Official employment figures for the securities industry are sending mixed signals, with industry headcount in New York City shrinking steadily since September while nationwide employment in securities and related fields continues to post record highs. Friday's non-farm payrolls report for April showed U.S. payrolls in "securities, commodity contracts, and investments" climbed by a seasonally adjusted 2,200 jobs last month, to a record 867,600. It was the fourth monthly record in... Read more