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Lessons for keeping your job: You do NOT want to be working for a bank’s hobby business
Piyush Gupta, chief executive officer of Singaporean bank DBS coined the phrase. Thanks to a lot of ill-thought out expansion under his predecessors, DBS had ended up with a lot of, “hobby businesses,” he explained when the bank announced its results this week. At DBS, these were especially in the UK, the US and the Middle [...]
The frosty outlook for the Nordic banking sector
Even when Europe’s big winter freeze finally eases, the climate for bankers (and bankers’ bonuses) is likely to remain distinctly icy this year. Full-year and Q4 2011 results from Danske Bank, SEB and DnB this week are pointing to much the same message: the next 12 months in the Nordic banking sector will be a [...]
ELI LEDERMAN: It’s not sufficient simply to be a perfect robot if you want to make money in finance now
Back in the big banks’ glory years, clever professionals progressed up the ranks almost mechanically, like perfect robots programmed to achieve their appointed tasks. In that environment – now a forlorn memory – just pulling levers on established businesses was enough to post higher numbers every year, and if one wasn’t richly rewarded for it, [...]
There are still some opportunities for investment bankers in the Nordic region
The decisions by Nordea and Danske Bank last year to shelve 2,000 jobs apiece was initially viewed as disastrous for good reason. Banking jobs, in the front or back office, are not expected to grow in the Nordic region for next few years. As we pointed to previously, Nordea’s job cuts are largely restricted to [...]
Nordea job cuts leaving the front office unscathed – for now
Remember those iconic images of shell-shocked newly-redundant Lehman Brothers’ employees wandering about with boxes containing their worldly possessions? You’re unlikely to see similar scenes in the Nordic region, despite some large job cut announcements of late. Nordea confirmed last week that more than half of its 2,000 job cuts proposed last summer had already been [...]
GUEST COMMENT: The first 48 hours of redundancy are critical
Have you ever had a sporting injury? If so, you’ll know that taking some key actions in the first 48 hours plays a key part in minimizing damage and speeding your recovery. Whether you’ve strained a muscle, damaged some ligaments or incurred something more serious, it will help if you rest, apply ice or compression, [...]
GUEST COMMENT: There are lots of benefits to working in Luxembourg – it’s a mystery why more people don’t give it a shot.
Months before finishing my Masters degree in Investments at the University of Birmingham, I applied for jobs in all the usual places – the big investment banks and the major financial cities, London,New York and Hong Kong. During this process, I came across an advertisement for a role in Luxembourg and decided to give the [...]
Nordea isn’t hanging around when it comes to job cuts
This year will be “challenging”, Nordea chief executive Christian Clausen predicted today, as the bank revealed that more than half of its 2,000 planned job cuts have already taken place. The bank announced last summer that it would be shedding 2,000 staff from its global headcount of 34,000. In full-year and fourth quarter results unveiled [...]
How long are you out of the market before you become completely unemployable?
Someone has asked a question. Specifically: they’ve been unemployed for 10.5 months having previously worked in fund derivatives structuring and sales and want to know when to give up hope. As they point out, we’ve previously suggested that it becomes difficult to re-establish yourself in a financial services career after a mere six months away. [...]
Nordic banks may have already see the worst of the jobs pain
The reporting season gets into swing next week, with Nordea the first Nordic bank to lay out it stall in 2012, with Q4 and year-end results due on Tuesday, and other Nordic banks set to follow suit in the following weeks. Yet, while last year was marked by a succession of announcements around job cuts [...]
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