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Sector: Global custody
Where you can still get a job fairly easily: Luxembourg
Now that redundancies have come to London, if you’re a financial services professional with an accounting qualification and an urge to see the world, you might want to check Luxembourg. Recruiters in Lux say there’s still plenty of hiring going on there. “It’s been picking up since last year,” says Robert Van den oord at [...]
Could you (and would you) work in Malta?
In one of the more bizarre recent job moves, the former co-chief of global credit at Citigroup, Mark Watson, has re-emerged as chief executive of Malta’s Mediterranean Bank. This begs the question whether the island is keen to attract UK financial talent. The simple answer is that it does want to tap UK financial services [...]
Prime broking recruitment has gone truly crazy
Two weeks ago we said prime broking recruitment was looking a little wild. Now it’s frothing at the mouth. In the past few weeks, Citigroup has hired a new head of global trading for its prime finance unit (the sixth senior prime broking hire it’s made this year), JPMorgan has reshuffled management of its prime [...]
Pity the victims of the back office
It’s tempting to conclude that the back office is being unfairly targeted for redundancy. Most of the latest 1,800 cuts revealed at Morgan Stanley will come from support functions, Citigroup plans to trim its operations, Bank of America/Merrill is set to scale-back admin teams and Lazard’s intention to reduce staff by 10% will mainly affect [...]
So who will get paid at Citigroup?
Citigroup bankers won’t be informed of their bonuses until the end of this month, but as anyone who read Vikram Pandit’s New Year’s Eve memo will already know, the Citigroup bonus pool is ‘dramatically lower than last year.’ The overall implication of the memo appeared to be that a lot of Citi bankers will receive [...]
Fund management IT jobs drying up
Fund managers faced with large redemptions and shrinking assets under management are putting IT spend on the back burner, and hiring has slowed to a snail’s pace. The drop isn’t as sharp as it is in sectors in the securities and investment space, however. US fund managers are expected to cut technology spend by 4% [...]
Ageism – one banker’s personal perspective
After 30+ years plus in global custody and middle-office operations, it seems to me ageism is still rife in financial services. Over the years, I’ve dealt successfully with various employment agencies as an employer. However, when the boot is on the other foot and people of my age are looking for a job, it’s a [...]
Glowing reports for global custody
Investment banks may be struggling, but their custody arms are quietly posting stellar revenues and hiring enthusiastically. In the first quarter of this year, revenues from Citigroup’s Global Transaction Services arm rose 42% as against last year, with assets under custody swelling 21%. JPMorgan’s treasury and securities services business saw revenues rise 53% in Q1 [...]
Fund administrators replaced by machines?
Automation in the custody industry might offload some of the donkey work, but it doesn’t look like great news for some jobs. The Dublin office of Fortis Prime Fund Solutions is spearheading a new automated reconciliation platform that it will eventually migrate across to its 18 offices worldwide. “We began with the Dublin office as [...]
Bigger bonuses, fewer jobs (updated)
Commiserations if your bonus was down – most were apparently static or up. That may not hold true at UBS. Research from recruitment firm Morgan McKinley suggests a hefty 43% of people in the City received bonuses that were equal to last year’s payouts, and 37% saw a rise. A mere 20% were paid down. [...]
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