UK
Company: PricewaterhouseCoopers
A Q&A with the compensation expert who thinks banking pay could fall another 50% in 5 years
What’s happening with investment banking compensation? Are lower pay and higher deferrals really inevitable? We asked Jon Terry, remuneration partner at PricewaterhouseCoopers. Q: Over the next five years, how much would you expect investment banking compensation to fall by – on average? Two big factors are likely to influence IB compensation levels: profitability and the [...]
25% redundancies across the board?
There is bad news this morning. The CBI and PricewaterhouseCoopers have finished their latest survey of UK financial services firms and concluded that there will be 8,000 job losses in the UK industry over the next three months. If this happens, 90,000 UK financial services jobs will have been lost since 2008. The CBI/PWC prognosis [...]
Behold: a boring job in a growth area, where there is pay inflation and a talent shortage
PricewaterhouseCoopers has declared all sorts of problems in managing the massive demand for its financial services regulatory consulting services. The Financial Times today points out that PWC’s consulting sales to its financial services clients rose 18% year-on-year in the 12 months to June 30th. Unfortunately, such growth may not be replicated in the coming 12 [...]
Lunchtime Links: Yet another reason why London is losing out to Asia; how “stupid and arrogant” bankers threatened to “bring us all down”
Much of the focus over the last couple of days has been the debate over the damage the ICB recommendations could cause UK banks, but other regulations may still dent London’s standing as a financial centre. Bloomberg has suggested that certain banks – including HSBC, UBS and Nomura – are attempting to book as many [...]
Revisiting the notion of rampant financial services recruitment in the UK
If you’ve been reading the papers this morning, you may be feeling excited. Specifically, you may have read that 11,000 people were hired into financial services jobs over the past three months and that 10,000 people should be hired into financial services over the next three! This seems a) exciting and b) weird. It seems [...]
It seems that only 40% – or less – of front office people working in the City are British
Yesterday, the Office of National Statistics produced some statistics. Among other things, they reflected the large number of non-British workers occupying ‘high skill’ jobs in London. As noted by the Evening Standard, 33% of these high-skilled jobs are occupied by people who aren’t British. 66% are occupied by ‘foreigners.’ We’ve been here before. In March, [...]
Lunchtime Links: The photographs that will make you want to work at PWC in Paris
PricewaterhouseCoopers has got a scene happening at its offices in Paris. According to Les Echos, it’s opened a special space, called PWC-Cool where persons in its employment can hang out for a bit of luminothérapie (light therapy), yoga, or a simple session on a vibrating armchair. There are photographs of this here. Elsewhere in France, [...]
Lunchtime Links: Statistical confirmation that it is now substantially harder to find a new financial services job than this time last year
Statistically, it was 43% more difficult to find a new financial services job in March 2011 than it was in March 2010. In 2010, there were 1.4 new jobseekers chasing each new job; in 2011 there were 2. Worse, in March 2011 the number of surplus new candidates over new jobs in London rose to [...]
Work at Citi if you want most of your bonus in cash; colour on the deferrals at Morgan Stanley
Now that bonuses have finally been announced, news is slowly filtering through about their size – and more importantly – their shape. This news suggests that Citi is being unduly generous with its cash bonuses. According to various headhunters, it’s paying 70% in cash and deferring just 30% over four years. “Citi seem to be [...]
Late Lunchtime Links: It’s ok – there will not be tens of thousands of redundancies; 45k A MONTH for Goldman’s philanthropy guy
If you’ve been reading Bloomberg this morning and are worried about your job, don’t be. Citing the latest report from PricewaterhouseCoopers and the CBI, Bloomberg says an estimated 45,000 jobs could go in the British financial services industry over the next six months. This may be true, but those jobs are not likely to go [...]
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