UK
Tag: back office
Layoffs Coming at SocGen?
Societe Generale reported a larger-than-expected fourth quarter loss of 476 million euros and said it would reorganize around three businesses: retail banking in France, retail banking and financial services internationally and CIB, private banking and asset management. The bank didn’t say whether its restructuring would involve job losses, however, the head of retail banking in […]
Seven things Deutsche Bank’s fourth quarter results say about pay and hiring
Deutsche Bank’s fourth quarter results are out for 2012. The full details aren’t available yet – Anshu Jain and Jürgen Fitschen are embarking on the conference call accompanying the results as we write. But even at this stage, there are several things that anyone working in Deutsche’s investment bank should be aware of. 1. Deutsche Bank […]
Banks want to pay zero bonuses to back office staff says McLagan
If you work behind the scenes in an investment bank, in say a risk or compliance or operations job, you may not get a bonus this year. On the other hand, if you’re a big revenue earner in M&A or sales or trading and you work at a US bank, it seems you may possibly […]
Credit Suisse is nearshoring IT jobs. These are the roles you need to work in if you want to stay in London or New York
Poland and India are fast-becoming the places to be if you want to work in Credit Suisse’s IT team. In a bid to shave off another CHF2bn in costs, the bank is shifting more tech jobs to these locations and employing a shared services model to IT support. All is not lost if you want […]
If you’re in the big bubble: be scared
You may have seen a new Deutsche Bank report being bandied about in various publications today, suggesting that the easiest way for banks to cut costs is not to slash the bonus pool, but to increase redundancies in heavily-staffed, under-performing divisions. Essentially, it suggests, there’s a lot of scope for reducing headcount in M&A (banks […]
Why technologists should target the (fairly) buoyant back office
Last year, technologists working in investment banking were dragging their heels when it came to accepting roles on back office IT projects. Now, as it’s one of the few areas offering relatively large numbers of new opportunities, more are moving across. Capital markets firms are flagging the back office as a key priority for IT […]
In view of recent events, this is where the new jobs are going to be from now on
Compliance. Systems. Controls. When Bob Diamond appeared in front of the Treasury Select Committee yesterday, in between averring his love for Barclays, he admitted that the bank’s “systems and controls weren’t strong enough,” and that compliance should have been informed of the LIBOR low-balling. In situations where compliance was informed, the issue doesn’t appear to […]
A depressing account of life in operations, from someone who wanted to be a trader
If you’re a student who wants to be a trader, but you still haven’t found a place on an investment bank’s graduate or internship trader training programme and are therefore resigned to working in the middle or back office (ie.Compliance and risk, operations, or finance), the Guardian’s latest anonymous banker interview may prove a little […]
Bad back office bonuses have left UK employees demoralised, but do cost-cutting banks really care?
Bonuses in the back office have been particularly hard hit this year, with banks choosing to reward high performers in the front office at the expense of support staff. Zeros have been commonplace, and often coupled with redundancy announcements within the divisions. Short-term, this means a demotivated workforce, but in the long run this could […]
GUEST COMMENT: The farce that was bonus-day in the back office
When banking was booming and bonuses were big, there was a very healthy trickle of bonus money down to the back office. Sadly, this is not so now. I can personally testify that in the back office, the bonus trickle has dwindled to an intermittent drip and promotions are rarer than hen’s teeth. Come this […]
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