A meme is developing among financial services recruiters. It seemed to start with Robert Walters and has now spread to Russell Clements of S3. The meme says: forget the UK market for it is old and mature, try Germany instead.
Hence, Robert Walters told us there was an “awful lot of growth” still to be had from persuading German companies to use recruiters rather than advertising directly. Yesterday, Russell Clements said the same thing. Until recently he claimed, “you didn’t really have [German] candidates using recruitment agencies to find their next job. Now, there’s a positive feedback loop: the more the candidates use recruitment agencies, the more employers are obligated to engage with the agency market.” Even better, Clements said that while the average fee for placing a candidate in the UK is £11k, in Germany it's £16.3k.
Conclusion: Expect a rush of UK financial services recruiters to Frankfurt.
Separately, fresh from insisting that he’s a nice man really, it transpires that Michel Barnier has (as predicted), been making some pronouncements about bonuses. According to Bloomberg, he's threatening tougher rules on bankers’ bonuses that go against, “all reason, common sense and morality.”
Francois Holland is coming to woo the City. "François Hollande is certainly not the bogeyman who has the City of London in his sights," a member of his campaign team said. (Guardian)
Cubitt wishes to hire 10 more PR people. (City Am)
Barclays will provide much more granular detail on remuneration in this year’s pay report. (Financial Times)
In spite of his reputation for having a fiery temper, Mr Hester’s mood that night [he gave up his bonus] was “businesslike” and “pragmatic”. (Financial Times)
"This Stephen Hester, I spent a couple of days in the desert with him when he first became chief executive of Royal Bank of Scotland. I can't say I warmed to him all that much, even though he was on fire. Burning brightly, as they say. I knew he was only interested in the money. He completely missed the spiritual/mystical side." (Money is the Way)
UBS wants to be big in investment banking in Brazil and might buy a bank there. (Bloomberg)
Aviva Investors is cutting 160 jobs from its active equities business. (The Times)
Aviva’s chief exec: “It’s fair to say that investors want us to maintain principles of sustainability in our investments - but we don't see the business coming in.” (Financial News)
The incredible power of infographics. (Flickr)