eFinancialCareers

A survey of Wall Street recruiters sees firms bidding 20 percent less than a year ago to lure new talent. NYSE is offering buyouts to a quarter of its New York staff. Bank of America hired several Bear Stearns investment bankers for senior roles. *** Compensation packages offered to new Wall Street hires may fall 20 percent from peaks, according to a survey released by the smart cube, a global research boutique.... Read more

Tudor Investment Corp. launched a credit investment strategy spearheaded by five former Bear Stearns distressed-debt executives and analysts. The hedge fund joins a growing list of prominent financial institutions scooping up talent in the wake of Bear's shotgun wedding with JPMorgan Chase. Gregory Hanley and Alan Mintz will establish Tudor's new investment management business focused on credit-related strategies, the company said. The two had co-led Bear's distressed debt team, and Hanley... Read more

With the economy and markets still on uncertain ground, the financial job market in Chicago remains mixed. According to Jim Geiger, an executive recruiter with Analytic Recruiting Inc., in New York, the general mood in Chicago is uneven, with high demand in some fields but continued layoffs in others. Areas such as trading and risk management show demand, but hiring in structured products and asset management is slow to non-existent.... Read more

The New York Stock Exchange's parent company is offering buyouts to a quarter of its New York-based staff, and plans further job reductions both in the U.S. and Europe. NYSE Euronext Chief Executive Duncan Niederauer said last week that he decided to slash headcount in the U.S. first, "because I don't want anyone in Europe to accuse us of being an American-led company," according to Financial News. The company, formed a... Read more

BNY Mellon is adding treasury services jobs in Pittsburgh. Credit Suisse is cutting asset management support staff. Ex-Bear Stearns banker to lead Merrill's sovereign wealth funds and Middle East business. The Bank of New York Mellon's treasury services group will add 135 positions in Pittsburgh this year. That will bring to 755 the number of new jobs in the area the company has announced since January 2007. *** Credit Suisse is eliminating... Read more

If you get a job offer on Wall Street, the compensation may be roughly 20 percent below what you could have commanded a year ago. That's the upshot of a new survey of recruiters released this week by the smart cube, a London-based global research boutique. The survey aimed to pinpoint and quantify how the market downturn is affecting employer and candidate expectations and bargaining power, particularly in terms of compensation. In... Read more

So you think you're underpaid? In a global bonus survey conducted by eFinancialCareers News, 62 percent of securities professionals thought they should have been paid more for their efforts in 2007. The survey was conducted in the days before Bear Stearns was subsumed by JPMorgan and Bradford & Bingley cast a deathly pallor across the British banking sector. Some 938 users of eFinancialCareers sites around the world responded. Only 18.6... Read more

The Bank of New York Mellon's Treasury Services group expects to add 135 positions to its operations area in Pittsburgh this year. That will bring to 755 the number of new Pittsburgh-based jobs the company has announced since January 2007. When Bank of New York and Mellon merged, the firm promised to create between 1,000 and 2,000 jobs in Pittsburgh. The city "remains a key global growth center, and our businesses... Read more

Chicago has opened up as a market for operations professionals as the city's small and mid-sized financial firms manage to grow despite the markets' recent turbulence. Erin Polczynski, division director of Robert Half Finance & Accounting there, says "the majority" of the searches she's seen over the last two months have been for operations positions. While roles exist in traditional firms, operations specialists are particularly needed at trading and hedge fund... Read more

Lehman gears up for Middle East growth, but downsizes elsewhere. Credit Suisse relocates global FIG head to Hong Kong, and launches an onshore wealth management operation in India. Thomson Reuters merger said to cost 1,500 jobs. JPMorgan reportedly let go some 200 investment bankers due to market conditions, not the Bear Stearns takeover. *** Lehman Brothers announced its second top-level Middle East appointment in a month, naming Philip Lynch as chief executive... Read more

Say "bully," and people think of school days, and the big kid on the bus who demanded everyone's milk money or, nowadays, their iPod. But if you think bullying is unique to the pre-teen and teen-age years, think again. Researchers find bullies are alive and well in the workplace. Indeed, a 2007 survey found 13 percent of more than 7,000 adults had seen some form of bullying in the workplace... Read more

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 of training at colleges. Moreover, Johnson says, the number of candidates taking the exam for the... Read more

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

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